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: JPMorgan Chase & Co.
383 Madison Avenue, New York, NY				10179
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	March 31, 2023
Date of reporting period:	September 30, 2022

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

(b) Not Applicable

SEPTEMBER

30,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Biotechnology

ETF

|

IBB

|

NASDAQ

iShares

Expanded

Tech

Sector

ETF

|

IGM

|

NYSE

Arca

iShares

Expanded

Tech-Software

Sector

ETF

|

IGV

|

Cboe

BZX

iShares

North

American

Natural

Resources

ETF

|

IGE

|

Cboe

BZX

iShares

North

American

Tech-Multimedia

Networking

ETF

|

IGN

|

NYSE

Arca

iShares

Semiconductor

ETF

|

SOXX

|

NASDAQ

Dear

Shareholder,

The

12-month

reporting

period

as

of September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi

Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

10

Disclosure

of Expenses

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

10

Schedules

of

Investments

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

11

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

33

Statements

of

Operations

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

35

Statements

of

Changes

in

Net

Assets

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

37

Financial

Highlights

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

40

Notes

to

Financial

Statements

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

46

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

56

General

Information

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

62

Glossary

of

Terms

Used

in

this

Report

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

63

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Biotechnology

ETF

Investment

Objective

The

iShares

Biotechnology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

biotechnology

sector,

as

represented

by

the

ICE

Biotechnology

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

(a)

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

NASDAQ

Biotechnology

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Biotechnology

Index.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(9.94‌)%

(27.36‌)%

1.27‌%

9.64‌%

(27.36‌)%

6.53‌%

151.12‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.09‌)

(27.45‌)

1.26‌

9.64‌

(27.45‌)

6.45‌

151.08‌

Index

(a)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(9.76‌)

(27.09‌)

1.63‌

9.98‌

(27.09‌)

8.43‌

159.01‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

900.60‌

$

2.14‌

$

1,000.00‌

$

1,022.81‌

$

2.28‌

0.45‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Biotechnology

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

80.1‌

%

Life

Sciences

Tools

&

Services

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

16.7‌

Pharmaceuticals

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

2.0‌

Other

(each

representing

less

than

1%)

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

1.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Gilead

Sciences,

Inc.

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

8.0‌

%

Amgen,

Inc.

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

7.8‌

Vertex

Pharmaceuticals,

Inc.

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

7.6‌

Regeneron

Pharmaceuticals,

Inc.

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

7.3‌

Moderna,

Inc.

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

4.1‌

Biogen,

Inc.

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

4.0‌

IQVIA

Holdings,

Inc.

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

3.5‌

Illumina,

Inc.

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

3.1‌

BioNTech

SE

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

2.6‌

Seagen,

Inc.

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

2.6‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

5

Fund

Summary

iShares

®

Expanded

Tech

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

technology

sector

and

select

North

American

equities

from

communication

services

and

consumer

discretionary

sectors,

as

represented

by

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(28.67‌)%

(31.38‌)%

12.67‌%

15.58‌%

(31.38‌)%

81.58‌%

325.46‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(28.73‌)

(31.32‌)

12.70‌

15.60‌

(31.32‌)

81.80‌

326.04‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(28.53‌)

(31.10‌)

13.15‌

16.10‌

(31.10‌)

85.45‌

344.85‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

713.30‌

$

1.76‌

$

1,000.00‌

$

1,023.01‌

$

2.08‌

0.41‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

24.1‌

%

Semiconductors

&

Semiconductor

Equipment

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

17.8‌

IT

Services

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

17.8‌

Interactive

Media

&

Services

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

13.0‌

Technology

Hardware,

Storage

&

Peripherals

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

9.7‌

Internet

&

Direct

Marketing

Retail

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

9.0‌

Communications

Equipment

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

3.1‌

Electronic

Equipment,

Instruments

&

Components

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

3.1‌

Entertainment

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

2.3‌

Other

(each

representing

less

than

1%)

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

0.1‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.7‌

%

Apple,

Inc.

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

8.6‌

Amazon.com,

Inc.

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

8.4‌

Alphabet,

Inc.,

Class

A

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

4.5‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.0‌

Meta

Platforms,

Inc.,

Class

A

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

3.5‌

NVIDIA

Corp.

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

3.4‌

Visa,

Inc.,

Class

A

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

3.2‌

Mastercard,

Inc.,

Class

A

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

2.7‌

Broadcom,

Inc.

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

2.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Expanded

Tech-Software

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech-Software

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

software

industry

and

select

North

American

equities

from

interactive

home

entertainment

and

interactive

media

and

services

industries,

as

represented

by

the

S&P

North

American

Expanded

Technology

Software

Index

TM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(27.27‌)%

(37.26‌)%

11.52‌%

14.99‌%

(37.26‌)%

72.52‌%

304.30‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(27.48‌)

(37.33‌)

11.51‌

14.99‌

(37.33‌)

72.41‌

304.15‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(27.14‌)

(37.03‌)

11.88‌

15.41‌

(37.03‌)

75.29‌

319.31‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

727.30‌

$

1.78‌

$

1,000.00‌

$

1,023.01‌

$

2.08‌

0.41‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Software

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

93.1‌

%

Entertainment

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

6.2‌

Other

(each

representing

less

than

1%)

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

0.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Salesforce,

Inc.

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

8.8‌

%

Microsoft

Corp.

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

8.7‌

Adobe,

Inc.

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

6.9‌

Intuit,

Inc.

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

6.8‌

Oracle

Corp.

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

5.8‌

ServiceNow,

Inc.

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

4.7‌

Activision

Blizzard,

Inc.

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

3.3‌

Palo

Alto

Networks,

Inc.

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

3.0‌

Synopsys,

Inc.

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

2.9‌

Cadence

Design

Systems,

Inc.

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

2.8‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

7

Fund

Summary

iShares

®

North

American

Natural

Resources

ETF

Investment

Objective

The

iShares

North

American

Natural

Resources

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

natural

resources

sector,

as

represented

by

the

S&P

North

American

Natural

Resources

Sector

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.61‌)%

21.97‌%

4.24‌%

1.49‌%

21.97‌%

23.09‌%

15.92‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.53‌)

22.08‌

4.27‌

1.50‌

22.08‌

23.28‌

16.09‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.37‌)

22.59‌

4.80‌

2.00‌

22.59‌

26.39‌

21.92‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

873.90‌

$

1.93‌

$

1,000.00‌

$

1,023.01‌

$

2.08‌

0.41‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

74.0‌

%

Metals

&

Mining

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

11.0‌

Energy

Equipment

&

Services

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

6.2‌

Containers

&

Packaging

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

6.0‌

Construction

Materials

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

2.4‌

Other

(each

representing

less

than

1%)

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

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Chevron

Corp.

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

10.1‌

%

Exxon

Mobil

Corp.

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

10.1‌

ConocoPhillips

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

4.6‌

Enbridge,

Inc.

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

3.7‌

EOG

Resources,

Inc.

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

3.2‌

Canadian

Natural

Resources

Ltd.

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

2.6‌

Pioneer

Natural

Resources

Co.

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

2.6‌

Schlumberger

NV

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

2.5‌

Marathon

Petroleum

Corp.

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

2.4‌

Occidental

Petroleum

Corp.

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

2.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

8

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Investment

Objective

The

iShares

North

American

Tech-Multimedia

Networking

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

multimedia

and

networking

technology

sectors,

as

represented

by

the

S&P

North

American

Technology

Multimedia

Networking

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.68‌)%

(6.20‌)%

7.47‌%

9.85‌%

(6.20‌)%

43.36‌%

155.77‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.72‌)

(6.36‌)

7.46‌

9.84‌

(6.36‌)

43.29‌

155.67‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12.53‌)

(5.83‌)

7.82‌

10.23‌

(5.83‌)

45.69‌

164.92‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

873.20‌

$

1.93‌

$

1,000.00‌

$

1,023.01‌

$

2.08‌

0.41‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Communications

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Arista

Networks,

Inc.

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

8.4‌

%

F5,

Inc.

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

8.4‌

Juniper

Networks,

Inc.

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

8.3‌

Motorola

Solutions,

Inc.

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

8.2‌

Cisco

Systems,

Inc.

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

8.1‌

Calix,

Inc.

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

5.2‌

NetScout

Systems,

Inc.

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

4.8‌

Viavi

Solutions,

Inc.

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

4.5‌

Ciena

Corp.

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

4.5‌

Extreme

Networks,

Inc.

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

4.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

9

Fund

Summary

iShares

®

Semiconductor

ETF

Investment

Objective

The

iShares

Semiconductor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

semiconductor

sector,

as

represented

by

the

ICE

Semiconductor

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

(a)

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

PHLX

Semiconductor

Sector

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

ICE

Semiconductor

Index.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(32.16‌)%

(27.84‌)%

16.25‌%

21.38‌%

(27.84‌)%

112.30‌%

594.33‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(32.18‌)

(27.74‌)

16.29‌

21.40‌

(27.74‌)

112.63‌

595.58‌

Index

(a)

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(32.03‌)

(27.53‌)

16.80‌

21.99‌

(27.53‌)

117.40‌

629.67‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

678.40‌

$

1.73‌

$

1,000.00‌

$

1,023.01‌

$

2.08‌

0.41‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Semiconductors

&

Semiconductor

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Texas

Instruments,

Inc.

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

8.8‌

%

Broadcom,

Inc.

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

8.4‌

NVIDIA

Corp.

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

6.8‌

QUALCOMM,

Inc.

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

6.0‌

Advanced

Micro

Devices,

Inc.

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

5.1‌

Microchip

Technology,

Inc.

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

4.5‌

ON

Semiconductor

Corp.

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

4.2‌

Analog

Devices,

Inc.

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

4.1‌

Micron

Technology,

Inc.

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

4.1‌

NXP

Semiconductors

NV

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

4.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2022

iShares

Semi-Annual

Report

to

Shareholders

10

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Biotechnology

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Biotechnology

—

79.9%

4D

Molecular

Therapeutics,

Inc.

(a)(b)

.......

220,618

$

1,773,769

89bio,

Inc.

(a)(b)

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

270,527

1,566,351

Abcam

plc,

ADR

(a)(b)

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

1,345,367

20,167,051

AC

Immune

SA

(a)(b)

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

327,410

1,034,616

ACADIA

Pharmaceuticals,

Inc.

(a)(b)

........

1,203,773

19,693,726

Achilles

Therapeutics

plc,

ADR

(a)(b)

.......

236,234

533,889

Acumen

Pharmaceuticals,

Inc.

(a)(b)

........

184,319

1,848,720

Adaptimmune

Therapeutics

plc,

ADR

(a)(b)

...

831,897

894,289

ADC

Therapeutics

SA

(a)(b)

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

296,791

1,430,533

Adicet

Bio,

Inc.

(b)

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

200,054

2,844,768

ADMA

Biologics,

Inc.

(a)(b)

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

1,408,516

3,422,694

Adverum

Biotechnologies,

Inc.

(a)(b)

........

690,419

655,898

Aeglea

BioTherapeutics,

Inc.

(b)

..........

372,674

196,027

Aerovate

Therapeutics,

Inc.

(a)(b)

..........

126,140

2,091,401

Affimed

NV

(a)(b)

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

988,292

2,035,882

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

409,422

11,578,454

Akebia

Therapeutics,

Inc.

(a)(b)

...........

1,286,220

406,703

Akero

Therapeutics,

Inc.

(a)(b)

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

232,865

7,929,053

Akouos,

Inc.

(a)(b)

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

145,895

986,250

Alaunos

Therapeutics,

Inc.

(a)(b)

..........

1,492,062

2,566,347

Alector,

Inc.

(a)(b)

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

456,287

4,316,475

Aligos

Therapeutics,

Inc.

(b)

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

195,349

214,884

Alkermes

plc

(a)(b)

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

1,226,137

27,379,639

Allakos,

Inc.

(a)(b)

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

358,675

2,195,091

Allogene

Therapeutics,

Inc.

(a)(b)

..........

593,315

6,407,802

Allovir,

Inc.

(a)(b)

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

223,245

1,761,403

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

902,425

180,629,388

Alpine

Immune

Sciences,

Inc.

(b)

.........

148,508

1,069,258

Altimmune,

Inc.

(a)(b)

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

364,395

4,653,324

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

137,721

1,317,990

Amgen,

Inc.

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

2,532,579

570,843,307

Amicus

Therapeutics,

Inc.

(a)(b)

...........

2,054,527

21,449,262

AnaptysBio,

Inc.

(a)(b)

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

187,973

4,795,191

Anavex

Life

Sciences

Corp.

(a)(b)

.........

569,012

5,872,204

Annexon,

Inc.

(a)(b)

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

275,883

1,704,957

Annovis

Bio,

Inc.

(a)(b)

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

41,302

565,837

Apellis

Pharmaceuticals,

Inc.

(b)

..........

691,500

47,229,450

Applied

Molecular

Transport,

Inc.

(a)(b)

......

186,204

181,214

Applied

Therapeutics,

Inc.

(b)

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

224,984

209,258

Arbutus

Biopharma

Corp.

(b)

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

998,199

1,906,560

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

171,026

2,534,605

Arcus

Biosciences,

Inc.

(a)(b)

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

338,484

8,854,741

Arcutis

Biotherapeutics,

Inc.

(a)(b)

.........

313,399

5,989,055

Argenx

SE,

NVS,

ADR

(a)(b)

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

323,105

114,072,220

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

......

772,245

25,522,697

Ascendis

Pharma

A/S,

ADR

(a)(b)

.........

324,047

33,461,093

Atara

Biotherapeutics,

Inc.

(a)(b)

..........

688,401

2,602,156

Athenex,

Inc.

(a)(b)

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

942,556

253,925

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

........

972,151

7,310,576

Autolus

Therapeutics

plc,

ADR

(a)(b)

........

397,995

851,709

Avidity

Biosciences,

Inc.

(a)(b)

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

353,957

5,780,118

Avrobio,

Inc.

(a)(b)

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

283,029

181,846

Beam

Therapeutics,

Inc.

(a)(b)

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

415,591

19,798,755

BeiGene

Ltd.,

ADR

(a)(b)

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

605,104

81,580,121

BELLUS

Health,

Inc.

(a)(b)

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

795,195

8,397,259

Bicycle

Therapeutics

plc,

ADR

(a)(b)

........

169,654

3,946,152

BioAtla,

Inc.

(a)(b)

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

233,319

1,796,556

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

.......

1,383,928

17,437,493

Biogen,

Inc.

(a)(b)

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

1,094,036

292,107,612

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

(b)

.

472,867

71,483,304

BioMarin

Pharmaceutical,

Inc.

(b)

.........

1,374,752

116,537,727

Biomea

Fusion,

Inc.

(a)(b)

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

176,486

1,726,033

BioNTech

SE,

ADR

(a)

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

1,426,617

192,422,101

Security

Shares

Shares

Value

Biotechnology

(continued)

Black

Diamond

Therapeutics,

Inc.

(a)(b)

.....

179,298

$

303,014

Bluebird

Bio,

Inc.

(a)(b)

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

570,206

3,609,404

Blueprint

Medicines

Corp.

(a)(b)

...........

436,028

28,729,885

Bolt

Biotherapeutics,

Inc.

(a)(b)

...........

154,025

227,957

Bridgebio

Pharma,

Inc.

(a)(b)

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

793,519

7,887,579

Brooklyn

ImmunoTherapeutics,

Inc.

(a)(b)

....

175,764

43,396

Burning

Rock

Biotech

Ltd.,

ADR

(a)(b)

.......

508,683

1,215,752

C4

Therapeutics,

Inc.

(a)(b)

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

291,078

2,552,754

Cabaletta

Bio,

Inc.

(a)(b)

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

168,864

109,778

Candel

Therapeutics,

Inc.

(a)(b)

...........

74,306

233,321

CareDx,

Inc.

(a)(b)

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

395,450

6,730,559

Caribou

Biosciences,

Inc.

(a)(b)

...........

385,457

4,066,571

Cellectis

SA,

ADR

(a)(b)

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

272,750

624,597

CEL-SCI

Corp.

(a)(b)

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

306,720

947,765

Centessa

Pharmaceuticals

plc,

ADR

(a)(b)

....

271,671

1,092,117

Century

Therapeutics,

Inc.

(a)(b)

..........

177,255

1,753,052

ChemoCentryx,

Inc.

(a)(b)

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

440,124

22,736,806

Chimerix,

Inc.

(a)(b)

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

559,441

1,079,721

Chinook

Therapeutics,

Inc.

(a)(b)

..........

332,569

6,538,307

Clovis

Oncology,

Inc.

(a)(b)

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

1,056,629

1,257,389

Codiak

Biosciences,

Inc.

(b)

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

116,275

90,927

Cogent

Biosciences,

Inc.

(a)(b)

...........

410,995

6,132,045

Coherus

Biosciences,

Inc.

(a)(b)

...........

548,191

5,268,116

Compass

Pathways

plc,

ADR

(a)(b)

........

249,085

2,672,682

Connect

Biopharma

Holdings

Ltd.,

ADR

(a)(b)

.

274,012

353,475

Crinetics

Pharmaceuticals,

Inc.

(a)(b)

.......

326,864

6,419,609

CRISPR

Therapeutics

AG

(a)(b)

...........

542,014

35,420,615

Cullinan

Oncology,

Inc.

(a)(b)

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

218,233

2,797,747

CureVac

NV

(a)(b)

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

406,230

3,201,092

Curis,

Inc.

(b)

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

645,981

452,187

Cyteir

Therapeutics,

Inc.

(a)(b)

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

103,512

198,743

Cytokinetics,

Inc.

(a)(b)

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

662,924

32,118,668

CytomX

Therapeutics,

Inc.

(a)(b)

..........

468,623

679,503

Day

One

Biopharmaceuticals,

Inc.

(a)(b)

.....

241,092

4,829,073

DBV

Technologies

SA,

NVS,

ADR

(a)(b)

.....

1,039,223

1,839,425

Decibel

Therapeutics,

Inc.

(a)(b)

...........

71,348

246,864

Deciphera

Pharmaceuticals,

Inc.

(a)(b)

......

352,840

6,527,540

Denali

Therapeutics,

Inc.

(a)(b)

...........

772,055

23,694,368

Design

Therapeutics,

Inc.

(a)(b)

...........

235,153

3,931,758

Dyne

Therapeutics,

Inc.

(b)

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

208,898

2,653,005

Editas

Medicine,

Inc.

(a)(b)

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

515,882

6,314,396

Eiger

BioPharmaceuticals,

Inc.

(a)(b)

.......

309,152

2,327,915

Emergent

BioSolutions,

Inc.

(a)(b)

.........

308,122

6,467,481

Enanta

Pharmaceuticals,

Inc.

(b)

.........

146,244

7,585,676

Erasca,

Inc.

(a)(b)

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

486,311

3,793,226

Evelo

Biosciences,

Inc.

(a)(b)

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

421,056

880,007

Exelixis,

Inc.

(a)(b)

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

2,375,424

37,246,648

Fate

Therapeutics,

Inc.

(a)(b)

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

686,411

15,382,471

FibroGen,

Inc.

(a)(b)

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

649,262

8,446,899

Forma

Therapeutics

Holdings,

Inc.

(b)

......

314,652

6,277,307

Frequency

Therapeutics,

Inc.

(b)

..........

247,772

443,512

G1

Therapeutics,

Inc.

(a)(b)

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

263,885

3,295,924

Galapagos

NV,

NVS,

ADR

(a)(b)

..........

386,884

16,496,734

Gamida

Cell

Ltd.

(a)(b)

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

330,255

525,105

Generation

Bio

Co.

(b)

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

354,346

1,881,577

Genetron

Holdings

Ltd.,

NVS,

ADR

(a)(b)

.....

499,665

390,638

Genmab

A/S,

NVS,

ADR

(a)(b)

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

3,879,047

124,633,780

Geron

Corp.

(a)(b)

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

2,529,180

5,918,281

Gilead

Sciences,

Inc.

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

9,470,273

584,221,141

Global

Blood

Therapeutics,

Inc.

(b)

........

480,164

32,699,168

Gossamer

Bio,

Inc.

(a)(b)

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

513,196

6,148,088

Gracell

Biotechnologies,

Inc.,

ADR

(a)(b)

.....

345,080

1,111,158

Graphite

Bio,

Inc.

(b)

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

188,913

598,854

Gritstone

bio,

Inc.

(b)

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

471,488

1,211,724

Halozyme

Therapeutics,

Inc.

(a)(b)

.........

1,030,986

40,765,186

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Biotechnology

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Harpoon

Therapeutics,

Inc.

(b)

...........

141,754

$

137,516

Homology

Medicines,

Inc.

(b)

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

294,039

473,403

Humacyte,

Inc.

(a)(b)

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

384,081

1,252,104

Icosavax,

Inc.

(a)(b)

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

178,894

565,305

Ideaya

Biosciences,

Inc.

(a)(b)

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

276,912

4,131,527

IGM

Biosciences,

Inc.

(a)(b)

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

126,136

2,868,333

I-Mab,

ADR

(a)(b)

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

486,064

1,949,117

Imago

Biosciences,

Inc.

(a)(b)

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

152,438

2,294,192

Immuneering

Corp.,

Class

A

(a)(b)

.........

142,812

2,045,068

Immunic,

Inc.

(a)(b)

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

170,142

537,649

ImmunityBio,

Inc.

(a)(b)

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

609,710

3,030,259

ImmunoGen,

Inc.

(b)

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

1,654,431

7,908,180

Immunovant,

Inc.

(a)(b)

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

299,235

1,669,731

Immutep

Ltd.,

NVS,

ADR

(a)(b)

...........

517,096

806,670

Impel

Pharmaceuticals,

Inc.

(a)(b)

.........

76,107

370,641

Incyte

Corp.

(a)(b)

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

1,664,965

110,953,268

Infinity

Pharmaceuticals,

Inc.

(a)(b)

.........

651,526

775,316

Inhibrx,

Inc.

(a)(b)

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

192,843

3,461,532

Innate

Pharma

SA,

NVS,

ADR

(a)(b)

........

482,645

965,290

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

1,854,801

3,199,532

Insmed,

Inc.

(a)(b)

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

887,135

19,108,888

Instil

Bio,

Inc.

(a)(b)

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

472,287

2,285,869

Intellia

Therapeutics,

Inc.

(a)(b)

...........

531,864

29,763,109

Intercept

Pharmaceuticals,

Inc.

(a)(b)

.......

178,668

2,492,419

Ionis

Pharmaceuticals,

Inc.

(a)(b)

..........

1,053,589

46,600,241

Iovance

Biotherapeutics,

Inc.

(a)(b)

.........

1,082,559

10,370,915

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

.

1,125,300

11,658,108

iTeos

Therapeutics,

Inc.

(a)(b)

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

218,185

4,156,424

IVERIC

bio,

Inc.

(a)(b)

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

808,824

14,510,303

Janux

Therapeutics,

Inc.

(a)(b)

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

166,610

2,255,899

Jounce

Therapeutics,

Inc.

(a)(b)

...........

259,764

607,848

KalVista

Pharmaceuticals,

Inc.

(a)(b)

........

160,419

2,327,680

Kamada

Ltd.

(a)(b)

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

169,296

763,525

Karuna

Therapeutics,

Inc.

(b)

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

184,280

41,450,100

Karyopharm

Therapeutics,

Inc.

(a)(b)

.......

531,015

2,899,342

Keros

Therapeutics,

Inc.

(a)(b)

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

120,154

4,520,193

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

435,238

3,747,399

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)(b)

...

249,247

3,200,331

Kinnate

Biopharma,

Inc.

(a)(b)

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

134,610

1,608,589

Kodiak

Sciences,

Inc.

(b)

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

367,829

2,846,996

Kronos

Bio,

Inc.

(b)

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

303,196

1,015,707

Krystal

Biotech,

Inc.

(a)(b)

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

147,573

10,285,838

Kura

Oncology,

Inc.

(a)(b)

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

478,038

6,529,999

Kymera

Therapeutics,

Inc.

(a)(b)

..........

301,740

6,568,880

Larimar

Therapeutics,

Inc.

(a)(b)

...........

128,476

411,123

Leap

Therapeutics,

Inc.

(a)(b)

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

531,405

467,636

Legend

Biotech

Corp.,

ADR

(a)(b)

.........

946,646

38,623,157

Ligand

Pharmaceuticals,

Inc.

(a)(b)

.........

120,887

10,409,580

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

1,308,079

1,478,129

Lyell

Immunopharma,

Inc.

(a)(b)

...........

599,062

4,391,124

MacroGenics,

Inc.

(a)(b)

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

458,974

1,588,050

Madrigal

Pharmaceuticals,

Inc.

(a)(b)

.......

93,531

6,078,580

Magenta

Therapeutics,

Inc.

(a)(b)

..........

257,048

362,438

MannKind

Corp.

(a)(b)

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

1,816,393

5,612,654

Matinas

BioPharma

Holdings,

Inc.

(a)(b)

.....

1,558,525

991,222

MeiraGTx

Holdings

plc

(b)

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

261,330

2,197,785

Mereo

Biopharma

Group

plc,

ADR

(a)(b)

.....

609,047

524,450

Mersana

Therapeutics,

Inc.

(a)(b)

..........

586,062

3,961,779

Merus

NV

(a)(b)

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

256,021

5,128,101

Mesoblast

Ltd.,

NVS,

ADR

(a)(b)

..........

869,435

2,212,712

Mirati

Therapeutics,

Inc.

(a)(b)

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

391,182

27,320,151

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

170,363

3,579,327

Moderna,

Inc.

(a)(b)

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

2,551,074

301,664,500

Molecular

Templates,

Inc.

(a)(b)

...........

311,358

233,425

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

226,480

1,850,342

Security

Shares

Shares

Value

Biotechnology

(continued)

Morphic

Holding,

Inc.

(a)(b)

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

212,702

$

6,019,467

Mustang

Bio,

Inc.

(a)(b)

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

672,422

315,635

Myovant

Sciences

Ltd.

(a)(b)

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

318,202

5,714,908

Myriad

Genetics,

Inc.

(a)(b)

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

583,200

11,127,456

Natera,

Inc.

(a)(b)

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

660,086

28,924,969

Neoleukin

Therapeutics,

Inc.

(a)(b)

.........

256,838

164,376

Neurocrine

Biosciences,

Inc.

(b)

..........

707,239

75,115,854

NextCure,

Inc.

(a)(b)

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

122,704

337,436

Nkarta,

Inc.

(a)(b)

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

248,291

3,267,510

Novavax,

Inc.

(a)(b)

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

589,846

10,735,197

Nurix

Therapeutics,

Inc.

(a)(b)

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

297,170

3,872,125

Nuvalent,

Inc.,

Class

A

(a)(b)

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

271,201

5,272,147

ObsEva

SA

(a)(b)

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

293,051

41,643

Olema

Pharmaceuticals,

Inc.

(a)(b)

.........

255,458

705,064

Omega

Therapeutics,

Inc.

(a)(b)

...........

129,854

703,809

Oncocyte

Corp.

(a)(b)

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

851,617

621,680

Oncorus,

Inc.

(a)(b)

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

119,571

101,635

Orchard

Therapeutics

plc,

ADR

(a)(b)

.......

712,001

356,000

ORIC

Pharmaceuticals,

Inc.

(a)(b)

.........

218,762

700,038

Ovid

therapeutics,

Inc.

(a)(b)

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

407,628

750,036

Oyster

Point

Pharma,

Inc.

(a)(b)

...........

89,367

502,243

Passage

Bio,

Inc.

(b)

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

188,585

235,731

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

232,491

2,766,643

Poseida

Therapeutics,

Inc.

(a)(b)

..........

418,112

1,475,935

Praxis

Precision

Medicines,

Inc.

(a)(b)

.......

279,591

634,672

Precigen,

Inc.

(b)

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

742,959

1,575,073

Precision

BioSciences,

Inc.

(a)(b)

..........

612,642

796,435

Prelude

Therapeutics,

Inc.

(a)(b)

..........

196,130

1,296,419

Prometheus

Biosciences,

Inc.

(a)(b)

........

192,190

11,341,132

ProQR

Therapeutics

NV

(a)(b)

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

452,623

336,752

Protagonist

Therapeutics,

Inc.

(a)(b)

........

328,686

2,770,823

Prothena

Corp.

plc

(b)

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

333,301

20,208,040

PTC

Therapeutics,

Inc.

(a)(b)

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

525,828

26,396,566

Puma

Biotechnology,

Inc.

(b)

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

291,495

690,843

Quince

Therapeutics,

Inc.

(a)(b)

...........

165,929

220,686

Rallybio

Corp.

(a)(b)

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

97,957

1,417,438

RAPT

Therapeutics,

Inc.

(a)(b)

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

168,593

4,056,348

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

630,665

6,710,276

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

......

775,499

534,217,996

REGENXBIO,

Inc.

(a)(b)

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

294,991

7,796,612

Relay

Therapeutics,

Inc.

(a)(b)

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

556,164

12,441,389

Repare

Therapeutics,

Inc.

(a)(b)

...........

231,380

2,806,639

Replimune

Group,

Inc.

(a)(b)

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

236,124

4,077,861

REVOLUTION

Medicines,

Inc.

(a)(b)

........

468,782

9,244,381

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

328,103

8,038,523

Rigel

Pharmaceuticals,

Inc.

(b)

...........

1,301,155

1,535,363

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

462,153

7,375,962

Roivant

Sciences

Ltd.

(a)(b)

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

2,569,011

8,272,215

Rubius

Therapeutics,

Inc.

(a)(b)

...........

339,267

147,174

Sage

Therapeutics,

Inc.

(a)(b)

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

385,368

15,091,011

Sana

Biotechnology,

Inc.

(a)(b)

...........

606,968

3,641,808

Sangamo

Therapeutics,

Inc.

(a)(b)

.........

980,623

4,805,053

Sarepta

Therapeutics,

Inc.

(a)(b)

..........

628,725

69,499,262

Scholar

Rock

Holding

Corp.

(a)(b)

.........

287,385

1,991,578

Seagen,

Inc.

(b)

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

1,374,779

188,111,011

Selecta

Biosciences,

Inc.

(a)(b)

...........

806,850

1,323,234

Sensei

Biotherapeutics,

Inc.

(a)(b)

.........

125,372

194,327

Seres

Therapeutics,

Inc.

(a)(b)

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

699,512

4,490,867

Sesen

Bio,

Inc.

(a)(b)

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

1,491,997

634,099

Shattuck

Labs,

Inc.

(b)

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

236,047

637,327

Silverback

Therapeutics,

Inc.

(a)(b)

.........

183,279

967,713

Solid

Biosciences,

Inc.

(b)

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

626,498

292,324

Spectrum

Pharmaceuticals,

Inc.

(b)

........

1,262,743

542,979

Spero

Therapeutics,

Inc.

(a)(b)

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

187,440

374,880

SpringWorks

Therapeutics,

Inc.

(a)(b)

.......

288,472

8,230,106

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Biotechnology

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

SQZ

Biotechnologies

Co.

(a)(b)

...........

157,197

$

358,409

Stoke

Therapeutics,

Inc.

(b)

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

164,584

2,113,259

Summit

Therapeutics,

Inc.

(a)(b)

...........

212,972

253,437

Surface

Oncology,

Inc.

(a)(b)

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

336,841

350,315

Sutro

Biopharma,

Inc.

(a)(b)

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

336,326

1,866,609

Syndax

Pharmaceuticals,

Inc.

(a)(b)

........

360,580

8,664,737

Syros

Pharmaceuticals,

Inc.

(a)(b)

.........

46,817

301,501

Talaris

Therapeutics,

Inc.

(b)

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

160,791

422,880

Taysha

Gene

Therapies,

Inc.

(a)(b)

.........

157,359

303,703

TCR2

Therapeutics,

Inc.

(a)(b)

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

215,628

388,130

Tenaya

Therapeutics,

Inc.

(a)(b)

...........

214,753

622,784

Travere

Therapeutics,

Inc.

(a)(b)

..........

454,863

11,207,824

Twist

Bioscience

Corp.

(a)(b)

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

411,352

14,496,044

Ultragenyx

Pharmaceutical,

Inc.

(a)(b)

.......

492,146

20,379,766

uniQure

NV

(a)(b)

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

314,244

5,895,217

United

Therapeutics

Corp.

(b)

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

337,302

70,624,293

UroGen

Pharma

Ltd.

(a)(b)

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

150,389

1,251,236

Vanda

Pharmaceuticals,

Inc.

(b)

..........

408,848

4,039,418

Vaxcyte,

Inc.

(a)(b)

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

292,906

7,029,744

Veracyte,

Inc.

(a)(b)

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

531,928

8,830,005

Verastem,

Inc.

(a)(b)

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

1,387,930

1,179,741

Vertex

Pharmaceuticals,

Inc.

(a)(b)

.........

1,931,576

559,268,515

Verve

Therapeutics,

Inc.

(a)(b)

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

264,280

9,078,018

Vir

Biotechnology,

Inc.

(a)(b)

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

578,640

11,156,179

Viracta

Therapeutics,

Inc.

(a)(b)

...........

196,747

840,110

Vor

BioPharma,

Inc.

(a)(b)

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

186,747

743,253

Werewolf

Therapeutics,

Inc.

(a)(b)

.........

97,837

441,245

Xencor,

Inc.

(a)(b)

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

440,489

11,443,904

Xenon

Pharmaceuticals,

Inc.

(a)(b)

.........

447,079

16,139,552

Y-mAbs

Therapeutics,

Inc.

(a)(b)

..........

267,815

3,861,892

Zai

Lab

Ltd.,

ADR

(a)(b)

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

568,371

19,438,288

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

381,033

8,253,175

Zymeworks,

Inc.

(a)(b)

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

402,793

2,477,177

5,868,173,425

Health

Care

Equipment

&

Supplies

—

0.9%

(b)

Meridian

Bioscience,

Inc.

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

325,517

10,263,551

Novocure

Ltd.

(a)

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

777,663

59,086,835

69,350,386

Health

Care

Providers

&

Services

—

0.3%

(a)(b)

Castle

Biosciences,

Inc.

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

178,158

4,646,361

Fulgent

Genetics,

Inc.

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

156,402

5,962,044

Invitae

Corp.

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

1,724,001

4,241,042

OPKO

Health,

Inc.

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

3,132,920

5,921,219

20,770,666

Life

Sciences

Tools

&

Services

—

16.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

644,447

18,353,851

AbCellera

Biologics,

Inc.

(a)(b)

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

1,403,952

13,885,085

Absci

Corp.

(a)(b)

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

444,019

1,389,779

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

1,054,237

7,506,167

Akoya

Biosciences,

Inc.

(a)(b)

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

129,525

1,521,919

Alpha

Teknova,

Inc.

(b)

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

51,856

173,199

Berkeley

Lights,

Inc.

(a)(b)

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

392,308

1,122,001

Bio-Techne

Corp.

(a)

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

292,336

83,023,424

Bruker

Corp.

(a)

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

756,350

40,131,931

Charles

River

Laboratories

International,

Inc.

(a)

(b)

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

380,151

74,813,717

Codex

DNA,

Inc.

(a)(b)

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

64,850

107,651

Codexis,

Inc.

(a)(b)

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

474,298

2,874,246

Compugen

Ltd.

(a)(b)

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

592,424

389,223

Cytek

Biosciences,

Inc.

(a)(b)

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

563,834

8,299,636

Harvard

Bioscience,

Inc.

(b)

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

272,536

697,692

Illumina,

Inc.

(a)(b)

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

1,184,824

226,052,571

IQVIA

Holdings,

Inc.

(a)(b)

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

1,399,255

253,461,051

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

(b)

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

823,881

$

21,033,682

MaxCyte,

Inc.

(a)(b)

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

650,202

4,226,313

Medpace

Holdings,

Inc.

(a)(b)

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

190,110

29,879,589

Mettler-Toledo

International,

Inc.

(b)

.......

167,710

181,817,765

NanoString

Technologies,

Inc.

(a)(b)

........

344,319

4,396,954

Nautilus

Biotechnology,

Inc.

(a)(b)

.........

333,922

707,915

Olink

Holding

AB,

ADR

(a)(b)

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

207,490

2,518,929

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

1,528,005

8,870,069

Personalis,

Inc.

(a)(b)

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

277,408

823,902

Quanterix

Corp.

(a)(b)

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

250,473

2,760,212

Repligen

Corp.

(a)(b)

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

390,096

72,990,863

Seer,

Inc.,

Class

A

(a)(b)

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

308,483

2,387,658

Singular

Genomics

Systems,

Inc.

(a)(b)

......

256,028

640,070

Standard

BioTools,

Inc.

(a)(b)

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

585,213

643,734

Stevanato

Group

SpA

(a)

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

250,026

4,235,440

Syneos

Health,

Inc.,

Class

A

(a)(b)

.........

773,008

36,447,327

Waters

Corp.

(a)(b)

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

450,549

121,436,472

1,229,620,037

Pharmaceuticals

—

2.0%

(b)

Aclaris

Therapeutics,

Inc.

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

391,569

6,163,296

Ampio

Pharmaceuticals,

Inc.

(a)

..........

1,583,934

95,828

Arvinas,

Inc.

(a)

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

346,934

15,435,094

ATAI

Life

Sciences

NV

(a)

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

882,335

2,920,529

Atea

Pharmaceuticals,

Inc.

(a)

...........

553,521

3,149,534

Athira

Pharma,

Inc.

(a)

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

264,844

786,587

Axsome

Therapeutics,

Inc.

(a)

...........

241,717

10,785,413

Cara

Therapeutics,

Inc.

(a)

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

317,175

2,968,758

Clearside

Biomedical,

Inc.

(a)

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

355,452

401,661

Cybin,

Inc.

(a)

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

748,212

362,135

Cymabay

Therapeutics,

Inc.

(a)

..........

596,194

2,086,679

Edgewise

Therapeutics,

Inc.

(a)

..........

211,528

2,081,435

Fulcrum

Therapeutics,

Inc.

(a)

...........

314,616

2,545,243

Ikena

Oncology,

Inc.

(a)

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

182,390

647,484

Intra-Cellular

Therapies,

Inc.

(a)

..........

652,324

30,352,636

KemPharm,

Inc.

(a)

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

230,659

1,439,312

Landos

Biopharma,

Inc.

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

255,675

166,189

Marinus

Pharmaceuticals,

Inc.

(a)

.........

246,439

1,638,819

Nektar

Therapeutics

(a)

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

1,389,126

4,445,203

NGM

Biopharmaceuticals,

Inc.

(a)

.........

235,463

3,079,856

NRX

Pharmaceuticals,

Inc.

(a)

...........

257,139

190,283

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,005,654

2,252,665

Phathom

Pharmaceuticals,

Inc.

(a)

........

147,820

1,637,846

Pliant

Therapeutics,

Inc.

(a)

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

296,100

6,185,529

Provention

Bio,

Inc.

(a)

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

557,700

2,509,650

Rain

Therapeutics,

Inc.

(a)

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

96,171

469,314

Rani

Therapeutics

Holdings,

Inc.,

Class

A

(a)

.

126,073

1,207,779

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)

....

217,043

5,454,291

Redhill

Biopharma

Ltd.,

NVS,

ADR

(a)

......

315,646

158,612

Relmada

Therapeutics,

Inc.

(a)

...........

200,769

7,432,468

Revance

Therapeutics,

Inc.

(a)

...........

515,503

13,918,581

Terns

Pharmaceuticals,

Inc.

(a)

...........

125,413

738,683

Theravance

Biopharma,

Inc.

(a)

..........

495,710

5,026,499

Tricida,

Inc.

(a)

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

251,763

2,638,476

Verrica

Pharmaceuticals,

Inc.

(a)

..........

179,743

524,850

WaVe

Life

Sciences

Ltd.

(a)

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

506,529

1,828,570

143,725,787

Total

Common

Stocks

—

99.8%

(Cost:

$11,079,182,988)

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

7,331,640,301

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Biotechnology

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.1%

Biotechnology

—

0.1%

Grifols

SA

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

1,541,642

$

9,496,514

Total

Preferred

Securities

—

0.1%

(Cost:

$27,672,523)

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

9,496,514

Rights

Biotechnology

—

0.0%

Achillion

Pharmaceuticals,

Inc.,

CVR

(a)(b)(c)

..

4,112

1,892

Total

Rights

—

0.0%

(Cost:

$1,892)

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

1,892

Total

Long-Term

Investments

—

99.9%

(Cost:

$11,106,857,403)

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

7,341,138,707

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

11.7%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(f)

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

845,429,251

$

845,682,879

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

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

13,462,710

13,462,710

Total

Short-Term

Securities

—

11.7%

(Cost:

$858,655,159)

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

859,145,589

Total

Investments

—

111.6%

(Cost:

$11,965,512,562

)

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

8,200,284,296

Liabilities

in

Excess

of

Other

Assets

—

(11.6)%

...........

(853,787,960)

Net

Assets

—

100.0%

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

$

7,346,496,336

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

790,386,973

$

54,899,895

(a)

$

—

$

(6,146)

$

402,157

$

845,682,879

845,429,251

$

2,920,654

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

15,470,000

—

(2,007,290)

(a)

—

—

13,462,710

13,462,710

47,122

—

$

(6,146)

$

402,157

$

859,145,589

$

2,967,776

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

29

12/16/22

$

3,562

$

(190,943)

Russell

2000

E-Mini

Index

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

20

12/16/22

1,670

(161,928)

$

(352,871)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Biotechnology

ETF

Schedules

of

Investments

15

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

352,871

$

—

$

—

$

—

$

352,871

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

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

$

—

$

—

$

(1,341,773)

$

—

$

—

$

—

$

(1,341,773)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(359,016)

$

—

$

—

$

—

$

(359,016)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

5,416,030

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

7,331,640,301

$

—

$

—

$

7,331,640,301

Preferred

Stocks

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

9,496,514

—

—

9,496,514

Rights

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

—

—

1,892

1,892

Short-Term

Securities

Money

Market

Funds

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

859,145,589

—

—

859,145,589

$

8,200,282,404

$

—

$

1,892

$

8,200,284,296

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(352,871)

$

—

$

—

$

(352,871)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Expanded

Tech

Sector

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

3.2%

ADTRAN

Holdings,

Inc.

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

21,714

$

425,160

Arista

Networks,

Inc.

(a)

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

76,906

8,681,918

Calix,

Inc.

(a)(b)

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

17,711

1,082,850

Ciena

Corp.

(a)(b)

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

46,713

1,888,607

Cisco

Systems,

Inc.

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

1,292,780

51,711,200

Clearfield,

Inc.

(a)

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

3,665

383,506

CommScope

Holding

Co.,

Inc.

(a)(b)

........

64,963

598,309

Digi

International,

Inc.

(a)

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

11,422

394,859

DZS,

Inc.

(a)

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

5,151

58,206

Extreme

Networks,

Inc.

(a)

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

40,634

531,086

F5,

Inc.

(a)

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

18,585

2,689,807

Harmonic,

Inc.

(a)

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

33,732

440,877

Infinera

Corp.

(a)(b)

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

57,356

277,603

Juniper

Networks,

Inc.

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

100,665

2,629,370

Lumentum

Holdings,

Inc.

(a)

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

21,530

1,476,312

Motorola

Solutions,

Inc.

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

52,074

11,663,014

NETGEAR,

Inc.

(a)

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

7,859

157,494

NetScout

Systems,

Inc.

(a)

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

21,190

663,671

Ubiquiti,

Inc.

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

1,319

387,206

Viasat,

Inc.

(a)

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

23,575

712,672

Viavi

Solutions,

Inc.

(a)

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

71,091

927,738

87,781,465

Consumer

Finance

—

0.0%

Bread

Financial

Holdings,

Inc.

..........

15,631

491,595

Electrical

Equipment

—

0.0%

SunPower

Corp.

(a)

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

26,876

619,223

Electronic

Equipment,

Instruments

&

Components

—

3.1%

Advanced

Energy

Industries,

Inc.

........

11,865

918,470

Amphenol

Corp.,

Class

A

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

185,701

12,434,539

Arrow

Electronics,

Inc.

(a)

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

20,195

1,861,777

Avnet,

Inc.

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

29,391

1,061,603

Badger

Meter,

Inc.

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

9,133

843,798

Belden,

Inc.

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

13,686

821,434

Benchmark

Electronics,

Inc.

...........

10,987

272,258

CDW

Corp.

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

42,200

6,586,576

Celestica,

Inc.

(a)(b)

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

32,670

274,755

Cognex

Corp.

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

54,106

2,242,694

Coherent

Corp.

(a)

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

40,448

1,409,613

Corning,

Inc.

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

237,391

6,889,087

ePlus,

Inc.

(a)

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

8,206

340,877

Fabrinet

(a)

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

11,608

1,107,983

Insight

Enterprises,

Inc.

(a)(b)

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

9,527

785,120

IPG

Photonics

Corp.

(a)

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

10,455

881,879

Itron,

Inc.

(a)

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

14,158

596,193

Jabil,

Inc.

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

43,046

2,484,185

Keysight

Technologies,

Inc.

(a)

...........

56,178

8,840,170

Knowles

Corp.

(a)

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

27,850

338,934

Littelfuse,

Inc.

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

7,725

1,534,880

Methode

Electronics,

Inc.

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

11,764

437,033

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

38,081

284,465

National

Instruments

Corp.

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

41,287

1,558,171

Novanta,

Inc.

(a)

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

11,122

1,286,259

OSI

Systems,

Inc.

(a)

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

4,947

356,481

PAR

Technology

Corp.

(a)(b)

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

9,011

266,095

Plexus

Corp.

(a)

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

8,647

757,131

Rogers

Corp.

(a)

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

5,844

1,413,547

Sanmina

Corp.

(a)

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

18,290

842,803

TD

SYNNEX

Corp.

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

13,160

1,068,460

TE

Connectivity

Ltd.

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

99,801

11,014,038

Teledyne

Technologies,

Inc.

(a)

...........

14,624

4,935,161

Trimble,

Inc.

(a)

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

77,277

4,193,823

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

TTM

Technologies,

Inc.

(a)

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

32,172

$

424,027

Vishay

Intertechnology,

Inc.

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

41,020

729,746

Vontier

Corp.

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

50,107

837,288

Zebra

Technologies

Corp.,

Class

A

(a)

......

16,160

4,234,082

87,165,435

Entertainment

—

2.3%

Activision

Blizzard,

Inc.

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

222,250

16,522,065

Electronic

Arts,

Inc.

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

82,464

9,541,910

Netflix,

Inc.

(a)

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

138,834

32,687,077

Playtika

Holding

Corp.

(a)

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

32,090

301,325

Take-Two

Interactive

Software,

Inc.

(a)

......

48,892

5,329,228

64,381,605

Interactive

Media

&

Services

—

13.0%

Alphabet,

Inc.,

Class

A

(a)

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

1,304,363

124,762,321

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

1,166,402

112,149,552

Bumble,

Inc.,

Class

A

(a)

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

24,666

530,072

Cargurus,

Inc.,

Class

A

(a)(b)

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

29,095

412,276

Eventbrite,

Inc.,

Class

A

(a)

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

24,925

151,544

IAC,

Inc.

(a)(b)

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

24,462

1,354,706

Match

Group,

Inc.

(a)

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

88,301

4,216,373

Meta

Platforms,

Inc.,

Class

A

(a)

..........

712,010

96,605,517

Pinterest,

Inc.,

Class

A

(a)

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

181,878

4,237,757

Shutterstock,

Inc.

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

7,759

389,269

Snap,

Inc.,

Class

A,

NVS

(a)

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

322,044

3,162,472

TripAdvisor,

Inc.

(a)

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

32,506

717,733

Twitter,

Inc.

(a)

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

209,906

9,202,279

Vimeo,

Inc.

(a)

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

49,026

196,104

Yelp,

Inc.

(a)

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

21,927

743,545

Ziff

Davis,

Inc.

(a)

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

14,725

1,008,368

ZoomInfo

Technologies,

Inc.

(a)

..........

84,344

3,513,771

363,353,659

Internet

&

Direct

Marketing

Retail

—

9.0%

Amazon.com,

Inc.

(a)

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

2,072,057

234,142,441

Chewy,

Inc.,

Class

A

(a)(b)

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

28,339

870,574

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

157,724

115,754

DoorDash,

Inc.,

Class

A

(a)

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

81,537

4,032,005

eBay,

Inc.

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

171,421

6,310,007

Etsy,

Inc.

(a)(b)

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

39,506

3,955,736

Overstock.com,

Inc.

(a)(b)

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

14,560

354,536

Qurate

Retail,

Inc.

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

100,673

202,353

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

13,286

288,173

Stitch

Fix,

Inc.,

Class

A

(a)(b)

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

24,362

96,230

Wayfair,

Inc.,

Class

A

(a)(b)

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

23,830

775,666

251,143,475

IT

Services

—

17.8%

Accenture

plc,

Class

A

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

197,477

50,810,832

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

64,250

1,205,330

Akamai

Technologies,

Inc.

(a)(b)

...........

49,600

3,983,872

Automatic

Data

Processing,

Inc.

.........

129,722

29,341,819

BigCommerce

Holdings,

Inc.

(a)

..........

19,258

285,018

Block,

Inc.,

Class

A

(a)

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

165,317

9,090,782

Broadridge

Financial

Solutions,

Inc.

......

36,579

5,279,081

CGI,

Inc.

(a)(b)

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

66,246

4,984,349

Cloudflare,

Inc.,

Class

A

(a)(b)

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

88,312

4,884,537

Cognizant

Technology

Solutions

Corp.,

Class

A

161,649

9,285,119

Concentrix

Corp.

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

13,317

1,486,577

Conduent,

Inc.

(a)

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

52,301

174,685

CSG

Systems

International,

Inc.

.........

10,010

529,329

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

17,272

70,470

DXC

Technology

Co.

(a)

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

71,730

1,755,950

EPAM

Systems,

Inc.

(a)

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

17,900

6,483,201

Euronet

Worldwide,

Inc.

(a)

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

14,697

1,113,445

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

EVERTEC,

Inc.

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

20,586

$

645,371

ExlService

Holdings,

Inc.

(a)

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

10,348

1,524,881

Fastly,

Inc.,

Class

A

(a)

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

34,424

315,324

Fidelity

National

Information

Services,

Inc.

..

189,807

14,343,715

Fiserv,

Inc.

(a)

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

199,674

18,683,496

FleetCor

Technologies,

Inc.

(a)

...........

23,441

4,129,601

Gartner,

Inc.

(a)(b)

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

24,680

6,828,709

Genpact

Ltd.

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

52,673

2,305,497

Global

Payments,

Inc.

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

86,528

9,349,350

GoDaddy,

Inc.,

Class

A

(a)

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

48,690

3,451,147

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

15,302

286,607

International

Business

Machines

Corp.

....

281,966

33,500,381

Jack

Henry

&

Associates,

Inc.

..........

22,735

4,143,908

Kyndryl

Holdings,

Inc.

(a)(b)

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

63,682

526,650

Marqeta,

Inc.,

Class

A

(a)(b)

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

125,161

891,146

Mastercard,

Inc.,

Class

A

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

266,370

75,739,646

Maximus,

Inc.

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

18,961

1,097,273

MongoDB,

Inc.,

Class

A

(a)

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

21,254

4,220,194

Nuvei

Corp.

(a)(b)(c)

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

20,281

548,601

Okta,

Inc.,

Class

A

(a)

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

47,056

2,676,075

Paychex,

Inc.

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

99,950

11,215,390

Payoneer

Global,

Inc.

(a)

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

63,467

383,975

PayPal

Holdings,

Inc.

(a)

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

361,044

31,075,057

Perficient,

Inc.

(a)

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

10,971

713,334

Rackspace

Technology,

Inc.

(a)(b)

.........

15,593

63,619

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

22,209

156,796

Sabre

Corp.

(a)(b)

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

103,648

533,787

Shift4

Payments,

Inc.,

Class

A

(a)

.........

15,923

710,325

Shopify,

Inc.,

Class

A

(a)(b)

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

370,402

9,978,630

Snowflake,

Inc.,

Class

A

(a)(b)

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

88,385

15,021,915

SolarWinds

Corp.

(a)

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

13,397

103,827

Squarespace,

Inc.,

Class

A

(a)(b)

..........

13,097

279,752

SS&C

Technologies

Holdings,

Inc.

.......

69,232

3,305,828

Switch,

Inc.,

Class

A

(b)

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

43,395

1,461,978

TELUS

International

CDA,

Inc.

(a)(b)

........

21,075

551,322

TTEC

Holdings,

Inc.

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

6,107

270,601

Twilio,

Inc.,

Class

A

(a)

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

54,078

3,738,953

Unisys

Corp.

(a)

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

19,880

150,094

VeriSign,

Inc.

(a)

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

29,124

5,058,839

Verra

Mobility

Corp.,

Class

A

(a)

..........

44,453

683,243

Visa,

Inc.,

Class

A

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

510,440

90,679,666

Western

Union

Co.

(The)

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

120,368

1,624,968

WEX,

Inc.

(a)

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

13,784

1,749,741

495,483,608

Semiconductors

&

Semiconductor

Equipment

—

17.8%

ACM

Research,

Inc.,

Class

A

(a)

..........

12,848

160,086

Advanced

Micro

Devices,

Inc.

(a)

.........

503,980

31,932,173

Allegro

MicroSystems,

Inc.

(a)(b)

..........

20,293

443,402

Ambarella,

Inc.

(a)

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

11,209

629,722

Amkor

Technology,

Inc.

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

32,335

551,312

Analog

Devices,

Inc.

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

162,280

22,612,095

Applied

Materials,

Inc.

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

271,591

22,251,451

Axcelis

Technologies,

Inc.

(a)

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

10,262

621,467

Broadcom,

Inc.

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

126,069

55,975,897

Cirrus

Logic,

Inc.

(a)

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

17,532

1,206,202

Cohu,

Inc.

(a)

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

15,403

397,089

Diodes,

Inc.

(a)

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

14,226

923,410

Enphase

Energy,

Inc.

(a)

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

42,289

11,733,929

Entegris,

Inc.

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

46,482

3,858,936

First

Solar,

Inc.

(a)

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

30,933

4,091,508

FormFactor,

Inc.

(a)

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

24,369

610,443

Ichor

Holdings

Ltd.

(a)

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

9,386

227,235

Impinj,

Inc.

(a)(b)

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

6,551

524,276

Intel

Corp.

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

1,281,865

33,033,661

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

KLA

Corp.

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

44,270

$

13,397,430

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

18,537

714,231

Lam

Research

Corp.

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

42,763

15,651,258

Lattice

Semiconductor

Corp.

(a)

..........

42,848

2,108,550

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

15,944

825,740

Marvell

Technology,

Inc.

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

265,197

11,379,603

MaxLinear,

Inc.

(a)(b)

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

22,523

734,700

Microchip

Technology,

Inc.

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

172,482

10,526,576

Micron

Technology,

Inc.

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

344,394

17,254,139

MKS

Instruments,

Inc.

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

17,843

1,474,545

Monolithic

Power

Systems,

Inc.

.........

13,869

5,039,995

NVIDIA

Corp.

(b)

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

781,736

94,894,933

NXP

Semiconductors

NV

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

81,939

12,086,822

ON

Semiconductor

Corp.

(a)(b)

...........

135,253

8,430,319

Onto

Innovation,

Inc.

(a)

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

15,502

992,903

Power

Integrations,

Inc.

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

17,996

1,157,503

Qorvo,

Inc.

(a)

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

32,204

2,557,320

QUALCOMM,

Inc.

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

350,593

39,609,997

Rambus,

Inc.

(a)

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

34,654

880,905

Semtech

Corp.

(a)

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

20,042

589,435

Silicon

Laboratories,

Inc.

(a)(b)

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

10,679

1,318,216

SiTime

Corp.

(a)

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

5,081

400,027

Skyworks

Solutions,

Inc.

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

50,064

4,268,957

SolarEdge

Technologies,

Inc.

(a)

..........

17,360

4,018,145

Synaptics,

Inc.

(a)

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

12,363

1,224,061

Teradyne,

Inc.

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

48,953

3,678,818

Texas

Instruments,

Inc.

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

285,253

44,151,459

Ultra

Clean

Holdings,

Inc.

(a)

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

13,837

356,303

Universal

Display

Corp.

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

13,558

1,279,197

Wolfspeed,

Inc.

(a)(b)

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

38,578

3,987,422

496,773,803

Software

—

24.1%

8x8,

Inc.

(a)

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

36,153

124,728

ACI

Worldwide,

Inc.

(a)

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

35,939

751,125

Adobe,

Inc.

(a)

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

146,106

40,208,371

Alarm.com

Holdings,

Inc.

(a)

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

15,520

1,006,627

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

16,288

720,255

Alteryx,

Inc.,

Class

A

(a)(b)

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

18,960

1,058,726

ANSYS,

Inc.

(a)

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

27,169

6,023,367

Appfolio,

Inc.,

Class

A

(a)(b)

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

5,907

618,581

Appian

Corp.,

Class

A

(a)(b)

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

13,062

533,321

Asana,

Inc.,

Class

A

(a)

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

23,538

523,250

Aspen

Technology,

Inc.

(a)(b)

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

9,029

2,150,708

Autodesk,

Inc.

(a)

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

67,796

12,664,293

Avalara,

Inc.

(a)

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

27,542

2,528,356

Bentley

Systems,

Inc.,

Class

B

..........

61,317

1,875,687

Bill.com

Holdings,

Inc.

(a)(b)

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

29,282

3,876,058

Black

Knight,

Inc.

(a)

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

48,685

3,151,380

Blackbaud,

Inc.

(a)

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

14,279

629,133

BlackBerry

Ltd.

(a)(b)

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

163,281

767,421

Blackline,

Inc.

(a)(b)

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

16,932

1,014,227

Box,

Inc.,

Class

A

(a)(b)

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

44,950

1,096,331

BTRS

Holdings,

Inc.,

Class

A

(a)

..........

27,840

257,798

C3.ai,

Inc.,

Class

A

(a)(b)

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

25,643

320,537

Cadence

Design

Systems,

Inc.

(a)

........

85,457

13,966,238

Cerence,

Inc.

(a)

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

12,218

192,434

Ceridian

HCM

Holding,

Inc.

(a)

...........

47,759

2,668,773

Citrix

Systems,

Inc.

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

38,917

4,043,476

CommVault

Systems,

Inc.

(a)

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

14,039

744,629

Confluent,

Inc.,

Class

A

(a)(b)

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

44,053

1,047,140

Consensus

Cloud

Solutions,

Inc.

(a)

.......

5,506

260,434

Coupa

Software,

Inc.

(a)

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

23,574

1,386,151

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

66,628

10,980,961

CS

Disco,

Inc.

(a)(b)

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

6,132

61,320

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech

Sector

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Datadog,

Inc.,

Class

A

(a)

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

77,133

$

6,847,868

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

26,455

1,680,686

Digital

Turbine,

Inc.

(a)

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

28,688

413,394

Docebo,

Inc.

(a)(b)

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

3,923

105,960

DocuSign,

Inc.

(a)

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

62,389

3,335,940

Dolby

Laboratories,

Inc.,

Class

A

........

19,076

1,242,801

Domo,

Inc.,

Class

B

(a)

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

9,253

166,461

Dropbox,

Inc.,

Class

A

(a)

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

85,898

1,779,807

Duck

Creek

Technologies,

Inc.

(a)(b)

........

23,909

283,322

Dynatrace,

Inc.

(a)

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

62,762

2,184,745

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

55,324

335,817

Elastic

NV

(a)(b)

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

23,975

1,719,967

Envestnet,

Inc.

(a)(b)

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

13,228

587,323

Everbridge,

Inc.

(a)

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

12,177

376,026

Fair

Isaac

Corp.

(a)

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

7,880

3,246,639

Five9,

Inc.

(a)

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

21,875

1,640,187

Fortinet,

Inc.

(a)

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

204,322

10,038,340

Guidewire

Software,

Inc.

(a)(b)

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

26,154

1,610,563

HubSpot,

Inc.

(a)(b)

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

14,984

4,047,478

InterDigital,

Inc.

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

9,510

384,394

Intuit,

Inc.

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

88,062

34,108,174

Jamf

Holding

Corp.

(a)(b)

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

13,934

308,777

Lightspeed

Commerce,

Inc.

(a)(b)

..........

42,437

746,042

LivePerson,

Inc.

(a)(b)

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

20,803

195,964

LiveRamp

Holdings,

Inc.

(a)

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

20,809

377,891

Manhattan

Associates,

Inc.

(a)

...........

19,570

2,603,397

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

34,627

370,855

Matterport,

Inc.,

Class

A

(a)(b)

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

66,710

252,831

Microsoft

Corp.

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

1,040,517

242,336,409

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

2,984

633,384

Momentive

Global,

Inc.

(a)

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

40,357

234,474

N-able,

Inc.

(a)(b)

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

20,061

185,163

nCino,

Inc.

(a)(b)

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

23,727

809,328

NCR

Corp.

(a)

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

42,718

812,069

New

Relic,

Inc.

(a)

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

17,678

1,014,364

NortonLifeLock,

Inc.

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

184,749

3,720,845

Nutanix,

Inc.,

Class

A

(a)

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

69,988

1,457,850

Open

Text

Corp.

(b)

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

84,101

2,223,630

Oracle

Corp.

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

474,224

28,960,860

PagerDuty,

Inc.

(a)(b)

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

24,942

575,412

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

545,371

4,433,866

Palo

Alto

Networks,

Inc.

(a)(b)

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

93,316

15,284,228

Paycom

Software,

Inc.

(a)

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

15,167

5,004,958

Paylocity

Holding

Corp.

(a)

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

12,764

3,083,527

Pegasystems,

Inc.

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

12,474

400,914

Ping

Identity

Holding

Corp.

(a)(b)

..........

23,594

662,284

Progress

Software

Corp.

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

13,495

574,212

PROS

Holdings,

Inc.

(a)(b)

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

12,901

318,655

PTC,

Inc.

(a)

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

32,988

3,450,545

Q2

Holdings,

Inc.

(a)

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

18,145

584,269

Qualtrics

International,

Inc.,

Class

A

(a)

.....

34,144

347,586

Qualys,

Inc.

(a)

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

10,893

1,518,375

Rapid7,

Inc.

(a)

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

18,316

785,756

RingCentral,

Inc.,

Class

A

(a)

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

23,972

957,921

Riot

Blockchain,

Inc.

(a)(b)

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

42,233

296,053

Roper

Technologies,

Inc.

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

33,078

11,896,172

Salesforce,

Inc.

(a)

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

310,632

44,681,307

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

62,317

1,592,823

ServiceNow,

Inc.

(a)

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

63,063

23,813,219

Smartsheet,

Inc.,

Class

A

(a)

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

40,393

1,387,903

Splunk,

Inc.

(a)(b)

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

46,189

3,473,413

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

14,629

887,688

SPS

Commerce,

Inc.

(a)

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

11,255

1,398,209

Sumo

Logic,

Inc.

(a)

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

33,692

252,690

Synopsys,

Inc.

(a)

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

47,756

14,589,936

Security

Shares

Shares

Value

Software

(continued)

Tenable

Holdings,

Inc.

(a)

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

34,837

$

1,212,328

Teradata

Corp.

(a)

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

32,489

1,009,108

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

138,549

8,278,303

Tyler

Technologies,

Inc.

(a)

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

12,975

4,508,813

UiPath,

Inc.,

Class

A

(a)

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

108,185

1,364,213

Unity

Software,

Inc.

(a)(b)

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

55,823

1,778,521

Varonis

Systems,

Inc.

(a)(b)

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

34,289

909,344

Verint

Systems,

Inc.

(a)

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

20,294

681,473

VMware,

Inc.,

Class

A

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

64,438

6,860,069

Workday,

Inc.,

Class

A

(a)

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

62,095

9,452,101

Workiva,

Inc.,

Class

A

(a)(b)

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

14,401

1,120,398

Xperi

Holding

Corp.

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

32,815

464,004

Zendesk,

Inc.

(a)

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

38,525

2,931,752

Zoom

Video

Communications,

Inc.,

Class

A

(a)

69,115

5,086,173

Zscaler,

Inc.

(a)

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

26,117

4,292,851

Zuora,

Inc.,

Class

A

(a)

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

39,933

294,706

673,127,939

Technology

Hardware,

Storage

&

Peripherals

—

9.7%

3D

Systems

Corp.

(a)

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

42,458

338,815

Apple,

Inc.

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

1,741,516

240,677,511

Avid

Technology,

Inc.

(a)(b)

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

10,577

246,021

Corsair

Gaming,

Inc.

(a)

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

11,956

135,701

Dell

Technologies,

Inc.,

Class

C

.........

83,392

2,849,505

Hewlett

Packard

Enterprise

Co.

.........

405,435

4,857,111

HP,

Inc.

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

283,964

7,076,383

NetApp,

Inc.

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

68,565

4,240,745

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

86,827

2,376,455

Seagate

Technology

Holdings

plc

........

60,940

3,243,836

Super

Micro

Computer,

Inc.

(a)

...........

14,091

775,991

Western

Digital

Corp.

(a)

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

97,719

3,180,753

Xerox

Holdings

Corp.

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

35,846

468,866

270,467,693

Total

Long-Term

Investments

—

100.0%

(Cost:

$2,942,723,278)

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

2,790,789,500

Short-Term

Securities

Money

Market

Funds

—

3.4%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(f)

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

90,674,803

90,702,005

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

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

3,552,752

3,552,752

Total

Short-Term

Securities

—

3.4%

(Cost:

$94,228,962)

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

94,254,757

Total

Investments

—

103.4%

(Cost:

$3,036,952,240

)

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

2,885,044,257

Liabilities

in

Excess

of

Other

Assets

—

(3.4)%

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

(95,856,170)

Net

Assets

—

100.0%

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

$

2,789,188,087

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

19

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

66,304,568

$

24,359,446

(a)

$

—

$

35,173

$

2,818

$

90,702,005

90,674,803

$

125,464

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,479,000

2,073,752

(a)

—

—

—

3,552,752

3,552,752

32,884

—

$

35,173

$

2,818

$

94,254,757

$

158,348

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

12

12/16/22

$

1,444

$

(171,164)

S&P

E-Mini

Communication

Services

Index

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

11

12/16/22

693

(79,478)

$

(250,642)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

250,642

$

—

$

—

$

—

$

250,642

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

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

$

—

$

—

$

(356,233)

$

—

$

—

$

—

$

(356,233)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(298,494)

$

—

$

—

$

—

$

(298,494)

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech

Sector

ETF

20

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,685,974

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Communications

Equipment

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

$

87,781,465

$

—

$

—

$

87,781,465

Consumer

Finance

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

491,595

—

—

491,595

Electrical

Equipment

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

619,223

—

—

619,223

Electronic

Equipment,

Instruments

&

Components

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

87,165,435

—

—

87,165,435

Entertainment

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

64,381,605

—

—

64,381,605

Interactive

Media

&

Services

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

363,353,659

—

—

363,353,659

Internet

&

Direct

Marketing

Retail

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

251,143,475

—

—

251,143,475

IT

Services

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

495,483,608

—

—

495,483,608

Semiconductors

&

Semiconductor

Equipment

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

496,773,803

—

—

496,773,803

Software

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

669,084,463

4,043,476

—

673,127,939

Technology

Hardware,

Storage

&

Peripherals

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

270,467,693

—

—

270,467,693

Short-Term

Securities

Money

Market

Funds

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

94,254,757

—

—

94,254,757

$

2,881,000,781

$

4,043,476

$

—

$

2,885,044,257

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(250,642)

$

—

$

—

$

(250,642)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Entertainment

—

6.3%

Activision

Blizzard,

Inc.

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

2,052,360

$

152,572,443

Electronic

Arts,

Inc.

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

761,506

88,113,859

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

451,727

49,238,243

289,924,545

Interactive

Media

&

Services

—

0.6%

Snap,

Inc.,

Class

A,

NVS

(b)

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

2,975,398

29,218,408

Software

—

93.8%

8x8,

Inc.

(b)

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

358,286

1,236,087

ACI

Worldwide,

Inc.

(a)(b)

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

334,673

6,994,666

Adobe,

Inc.

(a)(b)

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

1,168,506

321,572,851

Alarm.com

Holdings,

Inc.

(a)(b)

...........

143,635

9,316,166

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

151,912

6,717,549

Alteryx

,

Inc.,

Class

A

(a)(b)

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

175,946

9,824,825

ANSYS,

Inc.

(b)

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

251,013

55,649,582

Appfolio

,

Inc.,

Class

A

(b)

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

53,652

5,618,437

Appian

Corp.,

Class

A

(a)(b)

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

119,249

4,868,937

Asana,

Inc.,

Class

A

(a)(b)

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

218,279

4,852,342

Aspen

Technology,

Inc.

(a)(b)

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

83,491

19,887,556

Autodesk,

Inc.

(a)(b)

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

626,381

117,007,971

Avalara,

Inc.

(b)

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

254,632

23,375,218

Bentley

Systems,

Inc.,

Class

B

(a)

.........

567,018

17,345,081

Bill.com

Holdings,

Inc.

(a)(b)

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

270,545

35,812,042

Black

Knight,

Inc.

(b)

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

450,043

29,131,283

Blackbaud

,

Inc.

(b)

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

128,764

5,673,342

BlackBerry

Ltd.

(a)(b)

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

1,497,704

7,039,209

Blackline,

Inc.

(a)(b)

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

156,739

9,388,666

Box,

Inc.,

Class

A

(a)(b)

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

416,301

10,153,581

BTRS

Holdings,

Inc.,

Class

A

(b)

..........

251,526

2,329,131

C3.ai,

Inc.,

Class

A

(a)(b)

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

237,849

2,973,113

Cadence

Design

Systems,

Inc.

(a)(b)

.......

789,550

129,036,157

Cerence

,

Inc.

(a)(b)

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

114,688

1,806,336

Ceridian

HCM

Holding,

Inc.

(b)

...........

441,525

24,672,417

Citrix

Systems,

Inc.

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

335,077

34,814,500

CommVault

Systems,

Inc.

(b)

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

129,934

6,891,699

Confluent,

Inc.,

Class

A

(a)(b)

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

407,681

9,690,577

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

51,175

2,420,577

Coupa

Software,

Inc.

(a)(b)

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

218,536

12,849,917

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

615,269

101,402,484

CS

Disco,

Inc.

(a)(b)

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

50,406

504,060

Datadog

,

Inc.,

Class

A

(a)(b)

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

712,639

63,268,090

Descartes

Systems

Group,

Inc.

(The)

(a)(b)

...

244,419

15,527,939

Digital

Turbine,

Inc.

(a)(b)

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

260,289

3,750,764

Docebo

,

Inc.

(a)(b)

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

39,984

1,079,968

DocuSign,

Inc.

(b)

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

576,703

30,836,309

Dolby

Laboratories,

Inc.,

Class

A

........

177,795

11,583,344

Domo,

Inc.,

Class

B

(b)

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

89,395

1,608,216

Dropbox,

Inc.,

Class

A

(b)

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

794,334

16,458,600

Duck

Creek

Technologies,

Inc.

(a)(b)

........

218,540

2,589,699

Dynatrace

,

Inc.

(b)

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

580,305

20,200,417

E2open

Parent

Holdings,

Inc.,

Class

A

(b)

...

499,181

3,030,029

Elastic

NV

(b)

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

221,725

15,906,552

Envestnet

,

Inc.

(a)(b)

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

109,005

4,839,822

Everbridge

,

Inc.

(b)

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

115,392

3,563,305

Fair

Isaac

Corp.

(a)(b)

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

72,838

30,009,984

Five9,

Inc.

(b)

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

202,811

15,206,769

Fortinet,

Inc.

(a)(b)

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

1,886,802

92,698,582

Guidewire

Software,

Inc.

(a)(b)

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

241,883

14,895,155

HubSpot

,

Inc.

(b)

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

138,435

37,394,062

InterDigital

,

Inc.

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

85,906

3,472,321

Intuit,

Inc.

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

813,209

314,972,110

Jamf

Holding

Corp.

(a)(b)

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

129,639

2,872,800

Lightspeed

Commerce,

Inc.

(a)(b)

..........

387,950

6,820,161

Security

Shares

Shares

Value

Software

(continued)

LivePerson

,

Inc.

(a)(b)

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

201,769

$

1,900,664

LiveRamp

Holdings,

Inc.

(b)

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

199,740

3,627,278

Manhattan

Associates,

Inc.

(b)

...........

180,931

24,069,251

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

321,329

3,441,434

Matterport

,

Inc.,

Class

A

(a)(b)

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

641,585

2,431,607

Microsoft

Corp.

(a)

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

1,734,000

403,848,600

MicroStrategy

,

Inc.,

Class

A

(a)(b)

..........

27,051

5,741,845

Momentive

Global,

Inc.

(b)

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

377,541

2,193,513

N-able,

Inc.

(a)(b)

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

199,742

1,843,619

nCino

,

Inc.

(a)(b)

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

219,655

7,492,432

NCR

Corp.

(b)

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

397,147

7,549,764

New

Relic,

Inc.

(b)

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

165,234

9,481,127

NortonLifeLock

,

Inc.

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

1,707,682

34,392,715

Nutanix

,

Inc.,

Class

A

(b)

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

647,359

13,484,488

Open

Text

Corp.

(a)

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

777,011

20,544,171

Oracle

Corp.

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

4,379,203

267,437,927

PagerDuty

,

Inc.

(a)(b)

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

231,105

5,331,592

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,038,748

40,965,021

Palo

Alto

Networks,

Inc.

(b)

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

861,727

141,142,265

Paycom

Software,

Inc.

(a)(b)

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

140,128

46,240,839

Paylocity

Holding

Corp.

(a)(b)

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

117,991

28,504,266

Pegasystems

,

Inc.

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

118,580

3,811,161

Ping

Identity

Holding

Corp.

(b)

...........

218,539

6,134,390

Progress

Software

Corp.

(a)

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

127,583

5,428,657

PROS

Holdings,

Inc.

(a)(b)

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

118,821

2,934,879

PTC,

Inc.

(b)

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

304,926

31,895,260

Q2

Holdings,

Inc.

(b)

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

166,103

5,348,517

Qualtrics

International,

Inc.,

Class

A

(b)

.....

310,455

3,160,432

Qualys

,

Inc.

(b)

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

100,755

14,044,239

Rapid7,

Inc.

(b)

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

169,851

7,286,608

RingCentral,

Inc.,

Class

A

(a)(b)

...........

221,868

8,865,845

Riot

Blockchain

,

Inc.

(a)(b)

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

391,173

2,742,123

Roper

Technologies,

Inc.

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

305,621

109,913,536

Salesforce,

Inc.

(a)(b)

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

2,857,067

410,960,516

SentinelOne

,

Inc.,

Class

A

(a)(b)

..........

576,353

14,731,583

ServiceNow

,

Inc.

(b)

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

582,354

219,902,694

Smartsheet

,

Inc.,

Class

A

(a)(b)

...........

374,934

12,882,732

Splunk

,

Inc.

(b)

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

426,952

32,106,790

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

135,538

8,224,446

SPS

Commerce,

Inc.

(b)

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

103,951

12,913,833

Sumo

Logic,

Inc.

(b)

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

305,496

2,291,220

Synopsys,

Inc.

(b)

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

441,003

134,730,827

Tenable

Holdings,

Inc.

(b)

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

322,307

11,216,284

Teradata

Corp.

(b)

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

296,857

9,220,378

Trade

Desk,

Inc.

(The),

Class

A

(b)

........

1,280,085

76,485,079

Tyler

Technologies,

Inc.

(a)(b)

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

119,875

41,656,563

UiPath

,

Inc.,

Class

A

(a)(b)

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

1,000,769

12,619,697

Unity

Software,

Inc.

(a)(b)

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

516,237

16,447,311

Varonis

Systems,

Inc.

(a)(b)

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

318,706

8,452,083

Verint

Systems,

Inc.

(a)(b)

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

187,493

6,296,015

VMware,

Inc.,

Class

A

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

595,348

63,380,748

Workday,

Inc.,

Class

A

(a)(b)

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

573,705

87,329,375

Workiva

,

Inc.,

Class

A

(a)(b)

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

131,516

10,231,945

Xperi

Holding

Corp.

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

304,014

4,298,758

Zendesk

,

Inc.

(a)(b)

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

356,146

27,102,711

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

638,563

46,991,851

Zscaler

,

Inc.

(a)(b)

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

241,298

39,662,152

Zuora

,

Inc.,

Class

A

(b)

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

352,337

2,600,247

4,329,407,260

Total

Long-Term

Investments

—

100.7%

(Cost:

$7,329,396,513)

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

4,648,550,213

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech-Software

Sector

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

5.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

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

225,848,139

$

225,915,893

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

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

5,872,669

5,872,669

Total

Short-Term

Securities

—

5.0%

(Cost:

$231,663,904)

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

231,788,562

Total

Investments

—

105.7%

(Cost:

$7,561,060,417

)

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

4,880,338,775

Liabilities

in

Excess

of

Other

Assets

—

(5.7)%

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

(262,275,233)

Net

Assets

—

100.0%

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

$

4,618,063,542

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

224,839,162

$

959,255

(a)

$

—

$

32,743

$

84,733

$

225,915,893

225,848,139

$

434,621

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

3,730,000

2,142,669

(a)

—

—

—

5,872,669

5,872,669

32,292

—

$

32,743

$

84,733

$

231,788,562

$

466,913

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

18

12/16/22

$

2,166

$

(180,550)

Russell

2000

E-Mini

Index

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

12

12/16/22

1,002

(56,726)

$

(237,276)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

237,276

$

—

$

—

$

—

$

237,276

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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

(unaudited)

(continued)

September

30,

2022

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

23

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

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

$

—

$

—

$

(763,797)

$

—

$

—

$

—

$

(763,797)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(362,526)

$

—

$

—

$

—

$

(362,526)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,567,810

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Entertainment

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

$

289,924,545

$

—

$

—

$

289,924,545

Interactive

Media

&

Services

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

29,218,408

—

—

29,218,408

Software

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

4,294,592,760

34,814,500

—

4,329,407,260

Short-Term

Securities

Money

Market

Funds

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

231,788,562

—

—

231,788,562

$

4,845,524,275

$

34,814,500

$

—

$

4,880,338,775

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(237,276)

$

—

$

—

$

(237,276)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

North

American

Natural

Resources

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Construction

Materials

—

2.4%

Eagle

Materials,

Inc.

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

14,168

$

1,518,526

Martin

Marietta

Materials,

Inc.

..........

23,455

7,554,621

Summit

Materials,

Inc.,

Class

A

(a)

........

44,478

1,065,693

Vulcan

Materials

Co.

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

49,972

7,881,084

18,019,924

Containers

&

Packaging

—

6.0%

Amcor

plc

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

564,965

6,062,074

AptarGroup,

Inc.

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

24,564

2,334,317

Avery

Dennison

Corp.

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

30,558

4,971,787

Ball

Corp.

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

118,182

5,710,554

Berry

Global

Group,

Inc.

(a)(b)

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

47,038

2,188,678

Crown

Holdings,

Inc.

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

45,539

3,690,025

Graphic

Packaging

Holding

Co.

.........

115,727

2,284,451

Greif,

Inc.,

Class

A,

NVS

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

10,060

599,274

International

Paper

Co.

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

136,121

4,315,036

O-I

Glass,

Inc.

(a)

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

58,457

757,018

Packaging

Corp.

of

America

...........

35,247

3,957,886

Pactiv

Evergreen,

Inc.

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

14,849

129,632

Sealed

Air

Corp.

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

54,595

2,430,024

Silgan

Holdings,

Inc.

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

31,485

1,323,629

Sonoco

Products

Co.

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

36,666

2,080,062

WestRock

Co.

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

95,606

2,953,269

45,787,716

Energy

Equipment

&

Services

—

6.1%

Baker

Hughes

Co.,

Class

A

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

380,426

7,973,729

Cactus,

Inc.,

Class

A

(b)

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

22,860

878,510

ChampionX

Corp.

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

76,304

1,493,269

Halliburton

Co.

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

341,017

8,395,839

Helmerich

&

Payne,

Inc.

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

39,582

1,463,347

Liberty

Energy,

Inc.,

Class

A

(a)

..........

59,702

757,021

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

59,643

441,358

NOV,

Inc.

(b)

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

147,668

2,389,268

Patterson-UTI

Energy,

Inc.

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

81,522

952,177

Schlumberger

NV

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

531,819

19,092,302

TechnipFMC

plc

(a)(b)

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

170,014

1,438,319

Transocean

Ltd.

(a)(b)

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

243,503

601,452

Valaris

Ltd.

(a)

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

22,619

1,106,974

46,983,565

Metals

&

Mining

—

10.9%

Agnico

Eagle

Mines

Ltd.

(b)

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

171,544

7,244,303

Alamos

Gold,

Inc.,

Class

A

(b)

...........

147,205

1,090,789

Alcoa

Corp.

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

67,641

2,276,796

Arconic

Corp.

(a)(b)

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

38,588

657,540

B2Gold

Corp.

(b)

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

399,527

1,286,477

Barrick

Gold

Corp.

(b)

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

665,696

10,318,288

Compass

Minerals

International,

Inc.

......

12,918

497,731

Equinox

Gold

Corp.

(a)(b)

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

105,671

385,699

First

Majestic

Silver

Corp.

(b)

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

88,775

676,465

Franco-Nevada

Corp.

(b)

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

72,026

8,605,666

Freeport-McMoRan,

Inc.

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

537,689

14,695,040

Hecla

Mining

Co.

(b)

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

210,700

830,158

Kinross

Gold

Corp.

(b)

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

488,747

1,837,689

Lithium

Americas

Corp.

(a)(b)

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

39,970

1,048,413

MP

Materials

Corp.,

Class

A

(a)(b)

.........

34,700

947,310

Newmont

Corp.

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

298,429

12,542,971

Novagold

Resources,

Inc.

(a)

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

92,256

432,681

Pan

American

Silver

Corp.

(b)

...........

79,117

1,256,378

Royal

Gold,

Inc.

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

24,676

2,315,102

SSR

Mining,

Inc.

(b)

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

79,642

1,171,534

Teck

Resources

Ltd.,

Class

B

(b)

.........

174,560

5,308,370

Turquoise

Hill

Resources

Ltd.

(a)(b)

........

37,035

1,095,125

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Wheaton

Precious

Metals

Corp.

(b)

........

169,839

$

5,495,990

Yamana

Gold,

Inc.

(b)

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

361,297

1,636,675

83,653,190

Oil,

Gas

&

Consumable

Fuels

—

73.9%

Antero

Midstream

Corp.

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

125,920

1,155,946

Antero

Resources

Corp.

(a)

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

105,873

3,232,303

APA

Corp.

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

122,777

4,197,746

California

Resources

Corp.

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

28,347

1,089,375

Callon

Petroleum

Co.

(a)

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

19,232

673,312

Cameco

Corp.

(b)

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

149,803

3,971,278

Canadian

Natural

Resources

Ltd.

(b)

.......

422,489

19,675,313

Cenovus

Energy,

Inc.

(b)

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

522,794

8,035,344

Cheniere

Energy,

Inc.

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

93,920

15,582,267

Chesapeake

Energy

Corp.

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

36,353

3,424,816

Chevron

Corp.

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

533,945

76,711,878

Chord

Energy

Corp.

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

15,592

2,132,518

Civitas

Resources,

Inc.

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

19,506

1,119,449

CNX

Resources

Corp.

(a)

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

71,218

1,106,016

Comstock

Resources,

Inc.

(a)(b)

..........

34,347

593,860

ConocoPhillips

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

345,928

35,402,271

Continental

Resources,

Inc.

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

20,460

1,366,933

Coterra

Energy,

Inc.

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

299,149

7,813,772

Crescent

Point

Energy

Corp.

(b)

..........

211,859

1,305,051

CVR

Energy,

Inc.

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

11,034

319,765

Denbury,

Inc.

(a)

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

18,701

1,613,148

Devon

Energy

Corp.

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

246,209

14,804,547

Diamondback

Energy,

Inc.

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

66,836

8,051,065

DT

Midstream,

Inc.

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

36,355

1,886,461

Enbridge,

Inc.

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

761,333

28,245,454

Enerplus

Corp.

(b)

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

87,369

1,238,019

Enviva

,

Inc.

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

11,539

693,032

EOG

Resources,

Inc.

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

220,357

24,620,488

EQT

Corp.

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

139,106

5,668,569

Equitrans

Midstream

Corp.

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

162,697

1,216,974

Exxon

Mobil

Corp.

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

877,345

76,600,992

Hess

Corp.

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

104,776

11,419,536

HF

Sinclair

Corp.

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

54,627

2,941,118

Kinder

Morgan,

Inc.

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

745,486

12,404,887

Kosmos

Energy

Ltd.

(a)

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

170,871

883,403

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

63,183

1,251,655

Marathon

Oil

Corp.

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

254,776

5,752,842

Marathon

Petroleum

Corp.

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

187,486

18,622,984

Matador

Resources

Co.

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

42,183

2,063,592

Murphy

Oil

Corp.

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

54,935

1,932,064

New

Fortress

Energy,

Inc.,

Class

A

(b)

......

17,944

784,332

Northern

Oil

and

Gas,

Inc.

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

25,796

707,068

Occidental

Petroleum

Corp.

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

280,198

17,218,167

ONEOK,

Inc.

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

168,023

8,609,498

Ovintiv

,

Inc.

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

95,617

4,398,382

PBF

Energy,

Inc.,

Class

A

(a)(b)

...........

40,327

1,417,897

PDC

Energy,

Inc.

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

36,215

2,092,865

Peabody

Energy

Corp.

(a)

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

43,808

1,087,315

Pembina

Pipeline

Corp.

(b)

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

208,764

6,340,163

Phillips

66

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

180,878

14,600,472

Pioneer

Natural

Resources

Co.

.........

89,740

19,431,402

Range

Resources

Corp.

(b)

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

93,169

2,353,449

SM

Energy

Co.

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

46,083

1,733,182

Southwestern

Energy

Co.

(a)

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

418,930

2,563,852

Suncor

Energy,

Inc.

(b)

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

518,934

14,607,992

Targa

Resources

Corp.

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

85,187

5,140,184

TC

Energy

Corp.

...................

380,493

15,330,063

Texas

Pacific

Land

Corp.

..............

2,326

4,133,837

Valero

Energy

Corp.

.................

148,135

15,828,225

Vermilion

Energy,

Inc.

................

62,116

1,330,525

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

North

American

Natural

Resources

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Williams

Cos.,

Inc.

(The)

..............

458,175

$

13,117,550

World

Fuel

Services

Corp.

.............

23,271

545,472

564,191,935

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

...............

27,773

1,421,700

West

Fraser

Timber

Co.

Ltd.

...........

23,119

1,675,896

3,097,596

Total

Long-Term

Investments

—

99.7%

(Cost:

$870,697,602)

.............................

761,733,926

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

46,637,266

$

46,651,257

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

1,553,145

1,553,145

Total

Short-Term

Securities

—

6.3%

(Cost:

$48,190,008)

..............................

48,204,402

Total

Investments

—

106.0%

(Cost:

$918,887,610

)

.............................

809,938,328

Liabilities

in

Excess

of

Other

Assets

—

(6.0)%

............

(46,134,006)

Net

Assets

—

100.0%

..............................

$

763,804,322

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

7,685,209

$

38,948,929

(a)

$

—

$

3,949

$

13,170

$

46,651,257

46,637,266

$

48,201

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,640,000

—

(86,855)

(a)

—

—

1,553,145

1,553,145

8,986

—

$

3,949

$

13,170

$

48,204,402

$

57,187

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

..............................................

20

12/16/22

$

1,507

$

(138,066)

E-Mini

Materials

Select

Sector

Index

.............................................

3

12/16/22

217

(18,496)

$

(156,562)

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

North

American

Natural

Resources

ETF

26

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

156,562

$

—

$

—

$

—

$

156,562

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(72,347)

$

—

$

—

$

—

$

(72,347)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(173,733)

$

—

$

—

$

—

$

(173,733)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,802,070

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

761,733,926

$

—

$

—

$

761,733,926

Short-Term

Securities

Money

Market

Funds

......................................

48,204,402

—

—

48,204,402

$

809,938,328

$

—

$

—

$

809,938,328

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(156,562)

$

—

$

—

$

(156,562)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

99.9%

ADTRAN

Holdings,

Inc.

..............

204,135

$

3,996,963

Arista

Networks,

Inc.

(a)

...............

74,424

8,401,725

Calix,

Inc.

(a)

.......................

85,143

5,205,643

Ciena

Corp.

(a)(b)

....................

111,480

4,507,136

Cisco

Systems,

Inc.

.................

201,389

8,055,560

Clearfield,

Inc.

(a)(b)

...................

33,135

3,467,246

CommScope

Holding

Co.,

Inc.

(a)(b)

........

384,559

3,541,788

Digi

International,

Inc.

(a)(b)

.............

101,657

3,514,283

DZS,

Inc.

(a)

.......................

46,205

522,117

Extreme

Networks,

Inc.

(a)

..............

343,099

4,484,304

F5,

Inc.

(a)

........................

57,912

8,381,604

Harmonic,

Inc.

(a)

....................

304,413

3,978,678

Infinera

Corp.

(a)(b)

...................

546,922

2,647,103

Juniper

Networks,

Inc.

...............

318,475

8,318,567

Lumentum

Holdings,

Inc.

(a)

............

60,019

4,115,503

Motorola

Solutions,

Inc.

..............

36,495

8,173,785

NETGEAR,

Inc.

(a)

...................

83,215

1,667,629

NetScout

Systems,

Inc.

(a)

.............

153,934

4,821,213

Ubiquiti,

Inc.

......................

12,254

3,597,284

Viasat

,

Inc.

(a)(b)

.....................

133,349

4,031,140

Viavi

Solutions,

Inc.

(a)

................

347,062

4,529,159

99,958,430

Total

Long-Term

Investments

—

99.9%

(Cost:

$115,491,696)

.............................

99,958,430

Short-Term

Securities

Money

Market

Funds

—

5.7%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

5,578,833

5,580,507

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

96,339

96,339

Total

Short-Term

Securities

—

5.7%

(Cost:

$5,673,995)

..............................

5,676,846

Total

Investments

—

105.6%

(Cost:

$121,165,691

)

.............................

105,635,276

Liabilities

in

Excess

of

Other

Assets

—

(5.6)%

............

(5,576,689)

Net

Assets

—

100.0%

..............................

$

100,058,587

(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.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

North

American

Tech-Multimedia

Networking

ETF

28

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,451,027

$

1,126,390

(a)

$

—

$

895

$

2,195

$

5,580,507

5,578,833

$

13,559

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

110,000

—

(13,661)

(a)

—

—

96,339

96,339

1,269

—

$

895

$

2,195

$

5,676,846

$

14,828

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

1

12/16/22

$

83

$

(9,118)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

9,118

$

—

$

—

$

—

$

9,118

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

1,031

$

—

$

—

$

—

$

1,031

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(12,085)

$

—

$

—

$

—

$

(12,085)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

84,445

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

North

American

Tech-Multimedia

Networking

ETF

Schedules

of

Investments

29

See

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

99,958,430

$

—

$

—

$

99,958,430

Short-Term

Securities

Money

Market

Funds

......................................

5,676,846

—

—

5,676,846

$

105,635,276

$

—

$

—

$

105,635,276

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(9,118)

$

—

$

—

$

(9,118)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Semiconductor

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Semiconductors

&

Semiconductor

Equipment

—

99.8%

Advanced

Micro

Devices,

Inc.

(a)(b)

........

4,462,960

$

282,773,146

Analog

Devices,

Inc.

.................

1,626,903

226,692,664

Applied

Materials,

Inc.

(a)

..............

2,639,764

216,275,864

ASE

Technology

Holding

Co.

Ltd.,

NVS,

ADR

5,858,696

29,234,893

ASML

Holding

NV

(Registered),

NVS,

NYRS

(a)

458,098

190,271,004

Broadcom,

Inc.

....................

1,044,903

463,947,381

Entegris

,

Inc.

(a)

....................

1,271,733

105,579,274

Intel

Corp.

.......................

7,704,826

198,553,366

KLA

Corp.

........................

729,421

220,744,677

Lam

Research

Corp.

................

558,953

204,576,798

Lattice

Semiconductor

Corp.

(b)

..........

1,169,679

57,559,904

Marvell

Technology,

Inc.

..............

5,024,467

215,599,879

Microchip

Technology,

Inc.

.............

4,062,768

247,950,731

Micron

Technology,

Inc.

...............

4,522,507

226,577,601

MKS

Instruments,

Inc.

(a)

..............

495,657

40,961,094

Monolithic

Power

Systems,

Inc.

(a)

........

377,384

137,141,346

NVIDIA

Corp.

(a)

....................

3,080,572

373,950,635

NXP

Semiconductors

NV

(a)

............

1,521,439

224,427,467

ON

Semiconductor

Corp.

(a)(b)

...........

3,713,133

231,439,580

Qorvo

,

Inc.

(b)

......................

887,898

70,507,980

QUALCOMM,

Inc.

..................

2,906,492

328,375,466

Silicon

Laboratories,

Inc.

(a)(b)

............

307,654

37,976,810

Skyworks

Solutions,

Inc.

..............

1,380,821

117,742,607

STMicroelectronics

NV,

NVS,

NYRS

(a)

.....

2,447,062

75,712,098

Synaptics

,

Inc.

(b)

...................

336,642

33,330,924

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

NVS,

ADR

(a)

....................

2,974,119

203,905,599

Teradyne,

Inc.

(a)

....................

1,374,190

103,270,378

Texas

Instruments,

Inc.

...............

3,127,758

484,114,383

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

United

Microelectronics

Corp.,

NVS,

ADR

(a)

.

6,709,188

$

37,370,177

Wolfspeed

,

Inc.

(a)(b)

..................

1,056,949

109,246,249

5,495,809,975

Total

Long-Term

Investments

—

99.8%

(Cost:

$8,125,229,166)

...........................

5,495,809,975

Short-Term

Securities

Money

Market

Funds

—

5.9%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

313,533,635

313,627,695

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

9,299,834

9,299,834

Total

Short-Term

Securities

—

5.9%

(Cost:

$322,778,590)

.............................

322,927,529

Total

Investments

—

105.7%

(Cost:

$8,448,007,756

)

...........................

5,818,737,504

Liabilities

in

Excess

of

Other

Assets

—

(5.7)%

............

(312,817,953)

Net

Assets

—

100.0%

..............................

$

5,505,919,551

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

186,623,706

$

126,878,590

(a)

$

—

$

(2,268)

$

127,667

$

313,627,695

313,533,635

$

1,882,830

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

15,210,000

—

(5,910,166)

(a)

—

—

9,299,834

9,299,834

65,919

—

$

(2,268)

$

127,667

$

322,927,529

$

1,948,749

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Semiconductor

ETF

Schedules

of

Investments

31

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

...........................................

59

12/16/22

$

7,101

$

(751,811)

Russell

2000

E-Mini

Index

....................................................

24

12/16/22

2,004

(190,970)

$

(942,781)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

942,781

$

—

$

—

$

—

$

942,781

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(2,094,905)

$

—

$

—

$

—

$

(2,094,905)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,766,675)

$

—

$

—

$

—

$

(1,766,675)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

12,998,820

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Semiconductor

ETF

32

See

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,495,809,975

$

—

$

—

$

5,495,809,975

Short-Term

Securities

Money

Market

Funds

......................................

322,927,529

—

—

322,927,529

$

5,818,737,504

$

—

$

—

$

5,818,737,504

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(942,781)

$

—

$

—

$

(942,781)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

33

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

7,341,138,707‌

$

2,790,789,500‌

$

4,648,550,213‌

$

761,733,926‌

Investments,

at

value

—

affiliated

(c)

............................................

859,145,589‌

94,254,757‌

231,788,562‌

48,204,402‌

Cash  

...............................................................

258,637‌

1,970‌

14,865‌

11,213‌

Cash

pledged:

Futures

contracts

......................................................

751,000‌

276,000‌

342,000‌

175,000‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

5,946,218‌

—‌

—‌

39,161‌

Securities

lending

income

—

affiliated

........................................

444,040‌

18,968‌

71,406‌

10,657‌

Capital

shares

sold

.....................................................

—‌

—‌

3,601,021‌

—‌

Dividends

—

unaffiliated

.................................................

356,701‌

579,552‌

3,538‌

1,352,876‌

Dividends

—

affiliated

...................................................

17,021‌

8,776‌

9,815‌

3,320‌

Total

assets

...........................................................

8,208,057,913‌

2,885,929,523‌

4,884,381,420‌

811,530,555‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

845,512,367‌

90,764,879‌

226,041,509‌

46,617,908‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

12,873,931‌

4,821,745‌

38,102,286‌

792,167‌

Capital

shares

redeemed

.................................................

149,121‌

—‌

769,228‌

—‌

Investment

advisory

fees

.................................................

2,885,067‌

1,098,325‌

1,337,247‌

304,487‌

Variation

margin

on

futures

contracts

.........................................

141,091‌

56,487‌

67,608‌

11,671‌

Total

liabilities

..........................................................

861,561,577‌

96,741,436‌

266,317,878‌

47,726,233‌

NET

ASSETS

..........................................................

$

7,346,496,336‌

$

2,789,188,087‌

$

4,618,063,542‌

$

763,804,322‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

13,365,569,374‌

$

2,718,917,724‌

$

7,727,552,881‌

$

1,314,684,014‌

Accumulated

earnings

(loss)

................................................

(6,019,073,038‌)

70,270,363‌

(3,109,489,339‌)

(550,879,692‌)

NET

ASSETS

..........................................................

$

7,346,496,336‌

$

2,789,188,087‌

$

4,618,063,542‌

$

763,804,322‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

62,750,000‌

10,100,000‌

18,450,000‌

22,000,000‌

Net

asset

value

.........................................................

$

117.08‌

$

276.16‌

$

250.30‌

$

34.72‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

11,106,857,403‌

$

2,942,723,278‌

$

7,329,396,513‌

$

870,697,602‌

(b)

  Securities

loaned,

at

value

................................................

$

820,641,992‌

$

87,555,486‌

$

219,008,301‌

$

45,968,736‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

858,655,159‌

$

94,228,962‌

$

231,663,904‌

$

48,190,008‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2022

2022

iShare

Semi-Annual

Report

to

Shareholders

34

See

notes

to

financial

statements.

iShares

North

American

Tech-

Multimedia

Networking

ETF

iShares

Semiconductor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

99,958,430‌

$

5,495,809,975‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

5,676,846‌

322,927,529‌

Cash  

..............................................................................................

—‌

180,181‌

Cash

pledged:

Futures

contracts

.....................................................................................

6,000‌

857,000‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

193,716‌

—‌

Securities

lending

income

—

affiliated

.......................................................................

1,693‌

131,692‌

Capital

shares

sold

....................................................................................

—‌

169,491‌

Dividends

—

unaffiliated

................................................................................

32,215‌

3,344,300‌

Dividends

—

affiliated

..................................................................................

532‌

18,882‌

Total

assets

..........................................................................................

105,869,432‌

5,823,439,050‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

5,580,640‌

313,562,687‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

192,549‌

1,568,164‌

Capital

shares

redeemed

................................................................................

—‌

137,110‌

Investment

advisory

fees

................................................................................

37,042‌

2,074,200‌

Variation

margin

on

futures

contracts

........................................................................

614‌

177,338‌

Total

liabilities

.........................................................................................

5,810,845‌

317,519,499‌

NET

ASSETS

.........................................................................................

$

100,058,587‌

$

5,505,919,551‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

189,105,111‌

$

8,727,599,988‌

Accumulated

loss

......................................................................................

(89,046,524‌)

(3,221,680,437‌)

NET

ASSETS

.........................................................................................

$

100,058,587‌

$

5,505,919,551‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

1,550,000‌

17,300,000‌

Net

asset

value

........................................................................................

$

64.55‌

$

318.26‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

115,491,696‌

$

8,125,229,166‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

5,516,599‌

$

291,793,068‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

5,673,995‌

$

322,778,590‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

35

Financial

Statements

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

27,349,974‌

$

13,713,766‌

$

7,597,315‌

$

19,095,690‌

Dividends

—

affiliated

...................................................

47,122‌

32,884‌

32,292‌

8,986‌

Securities

lending

income

—

affiliated

—

net

...................................

2,920,654‌

125,464‌

434,621‌

48,201‌

Foreign

taxes

withheld

..................................................

(473,943‌)

(28,597‌)

(44,225‌)

(649,801‌)

Total

investment

income

...................................................

29,843,807‌

13,843,517‌

8,020,003‌

18,503,076‌

EXPENSES

Investment

advisory

....................................................

17,736,193‌

7,648,080‌

9,162,993‌

2,002,702‌

Total

expenses

.........................................................

17,736,193‌

7,648,080‌

9,162,993‌

2,002,702‌

Net

investment

income

(loss)

................................................

12,107,614‌

6,195,437‌

(1,142,990‌)

16,500,374‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(867,388,698‌)

$

(1,228,265,379‌)

$

(1,413,391,572‌)

$

(156,205,462‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(181,133,822‌)

$

(44,209,267‌)

$

(142,084,034‌)

$

(10,249,312‌)

Investments

—

affiliated

...............................................

(6,146‌)

35,173‌

32,743‌

3,949‌

Foreign

currency

transactions

...........................................

—‌

—‌

—‌

(67,051‌)

Futures

contracts

....................................................

(1,341,773‌)

(356,233‌)

(763,797‌)

(72,347‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

148,871,523‌

289,141,884‌

(94,476,363‌)

70,599,550‌

(33,610,218‌)

244,611,557‌

(237,291,451‌)

60,214,789‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(833,821,621‌)

(1,472,581,260‌)

(1,175,822,328‌)

(216,282,787‌)

Investments

—

affiliated

...............................................

402,157‌

2,818‌

84,733‌

13,170‌

Foreign

currency

translations

............................................

—‌

—‌

—‌

23,099‌

Futures

contracts

....................................................

(359,016‌)

(298,494‌)

(362,526‌)

(173,733‌)

(833,778,480‌)

(1,472,876,936‌)

(1,176,100,121‌)

(216,420,251‌)

Net

realized

and

unrealized

loss

..............................................

(867,388,698‌)

(1,228,265,379‌)

(1,413,391,572‌)

(156,205,462‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(855,281,084‌)

$

(1,222,069,942‌)

$

(1,414,534,562‌)

$

(139,705,088‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

36

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

406,090‌

$

56,763,870‌

Dividends

—

affiliated

..................................................................................

1,269‌

65,919‌

Securities

lending

income

—

affiliated

—

net

..................................................................

13,559‌

1,882,830‌

Foreign

taxes

withheld

.................................................................................

—‌

(1,978,185‌)

Total

investment

income

..................................................................................

420,918‌

56,734,434‌

EXPENSES

Investment

advisory

...................................................................................

228,168‌

14,498,588‌

Miscellaneous

.......................................................................................

—‌

12,598‌

Total

expenses

........................................................................................

228,168‌

14,511,186‌

Net

investment

income

...................................................................................

192,750‌

42,223,248‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(19,374,225‌)

$

(2,799,047,437‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

(7,070,446‌)

$

(435,279,898‌)

Investments

—

affiliated

..............................................................................

895‌

(2,268‌)

Futures

contracts

...................................................................................

1,031‌

(2,094,905‌)

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

4,969,034‌

113,981,972‌

(2,099,486‌)

(323,395,099‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(17,264,849‌)

(2,474,013,330‌)

Investments

—

affiliated

..............................................................................

2,195‌

127,667‌

Futures

contracts

...................................................................................

(12,085‌)

(1,766,675‌)

(17,274,739‌)

(2,475,652,338‌)

Net

realized

and

unrealized

loss

.............................................................................

(19,374,225‌)

(2,799,047,437‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(19,181,475‌)

$

(2,756,824,189‌)

(a)

  See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

37

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

12,107,614‌

$

20,526,397‌

$

6,195,437‌

$

5,764,193‌

Net

realized

gain

(loss)

....................................................

(33,610,218‌)

622,010,093‌

244,611,557‌

351,991,955‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(833,778,480‌)

(1,958,746,176‌)

(1,472,876,936‌)

(25,134,610‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(855,281,084‌)

(1,316,209,686‌)

(1,222,069,942‌)

332,621,538‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(12,119,707‌)

(20,365,764‌)

(6,431,559‌)

(6,535,033‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(392,980,829‌)

94,871,036‌

(463,289,510‌)

945,279,952‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(1,260,381,620‌)

(1,241,704,414‌)

(1,691,791,011‌)

1,271,366,457‌

Beginning

of

period

........................................................

8,606,877,956‌

9,848,582,370‌

4,480,979,098‌

3,209,612,641‌

End

of

period

............................................................

$

7,346,496,336‌

$

8,606,877,956‌

$

2,789,188,087‌

$

4,480,979,098‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

(1,142,990‌)

$

(8,034,692‌)

$

16,500,374‌

$

14,672,372‌

Net

realized

gain

(loss)

....................................................

(237,291,451‌)

1,245,446,708‌

60,214,789‌

(5,041,185‌)

Net

change

in

unrealized

appreciation

(depreciation)

................................

(1,176,100,121‌)

(1,376,833,197‌)

(216,420,251‌)

222,174,980‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(1,414,534,562‌)

(139,421,181‌)

(139,705,088‌)

231,806,167‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(366,961‌)

—‌

(15,805,678‌)

(15,154,197‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

629,574,581‌

492,759,205‌

(22,826,630‌)

328,467,837‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(785,326,942‌)

353,338,024‌

(178,337,396‌)

545,119,807‌

Beginning

of

period

........................................................

5,403,390,484‌

5,050,052,460‌

942,141,718‌

397,021,911‌

End

of

period

............................................................

$

4,618,063,542‌

$

5,403,390,484‌

$

763,804,322‌

$

942,141,718‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

39

Financial

Statements

See

notes

to

financial

statements.

iShares

North

American

Tech-Multimedia

Networking

ETF

iShares

Semiconductor

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

192,750‌

$

265,882‌

$

42,223,248‌

$

59,455,111‌

Net

realized

gain

(loss)

....................................................

(2,099,486‌)

12,218,899‌

(323,395,099‌)

1,557,162,546‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(17,274,739‌)

(2,027,174‌)

(2,475,652,338‌)

(982,288,405‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(19,181,475‌)

10,457,607‌

(2,756,824,189‌)

634,329,252‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(200,660‌)

(284,071‌)

(42,420,095‌)

(61,257,081‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(43,531,660‌)

52,044,106‌

(647,684,922‌)

2,060,808,454‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(62,913,795‌)

62,217,642‌

(3,446,929,206‌)

2,633,880,625‌

Beginning

of

period

........................................................

162,972,382‌

100,754,740‌

8,952,848,757‌

6,318,968,132‌

End

of

period

............................................................

$

100,058,587‌

$

162,972,382‌

$

5,505,919,551‌

$

8,952,848,757‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

40

iShares

Biotechnology

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

................

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

$

106.73

‌

$

97.75

‌

Net

investment

income

(b)

........................

0.19

‌

0.31

‌

0.34

‌

0.26

‌

0.16

‌

0.15

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(13.13

)

(20.15

)

42.43

‌

(3.80

)

5.08

‌

9.05

‌

Net

increase

(decrease)

from

investment

operations

.......

(12.94

)

(19.84

)

42.77

‌

(3.54

)

5.24

‌

9.20

‌

Distributions

from

net

investment

income

(d)

..............

(0.19

)

(0.31

)

(0.39

)

(0.26

)

(0.19

)

(0.22

)

Net

asset

value,

end

of

period

.....................

$

117.08

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

$

106.73

‌

Total

Return

(e)

(9.94)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(9.94

)%

(f)

(13.22

)%

39.63

%

(3.17

)%

4.92

%

9.41

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.45

%

(h)

0.44

%

0.45

%

0.46

%

0.47

%

0.47

%

Net

investment

income

...........................

0.31

%

(h)

0.21

%

0.24

%

0.24

%

0.15

%

0.14

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

7,346,496

‌

$

8,606,878

‌

$

9,848,582

‌

$

6,343,965

‌

$

8,026,142

‌

$

9,040,121

‌

Portfolio

turnover

rate

(i)

...........................

5

%

46

%

34

%

29

%

18

%

26

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

November

30,

2017.

(b)

Based

on

average

shares

outstanding.

(c)

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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

iShares

Expanded

Tech

Sector

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.................

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

$

179.48

‌

$

138.39

‌

Net

investment

income

(a)

.........................

0.54

‌

0.64

‌

0.86

‌

1.26

‌

1.09

‌

0.88

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

(111.74

)

27.37

‌

148.55

‌

6.00

‌

26.69

‌

41.18

‌

Net

increase

(decrease)

from

investment

operations

........

(111.20

)

28.01

‌

149.41

‌

7.26

‌

27.78

‌

42.06

‌

Distributions

from

net

investment

income

(c)

...............

(0.60

)

(0.68

)

(0.93

)

(1.33

)

(1.04

)

(0.97

)

Net

asset

value,

end

of

period

......................

$

276.16

‌

$

387.96

‌

$

360.63

‌

$

212.15

‌

$

206.22

‌

$

179.48

‌

Total

Return

(d)

(28.67)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(28.67

)%

(e)

7.76

%

70.51

%

3.51

%

15.52

%

30.48

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................

0.41

%

(g)

0.40

%

0.43

%

0.46

%

0.46

%

0.47

%

Net

investment

income

............................

0.33

%

(g)

0.16

%

0.28

%

0.56

%

0.56

%

0.55

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

2,789,188

‌

$

4,480,979

‌

$

3,209,613

‌

$

1,707,788

‌

$

1,587,932

‌

$

1,462,726

‌

Portfolio

turnover

rate

(h)

............................

4

%

8

%

9

%

10

%

8

%

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)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

42

iShares

Expanded

Tech-Software

Sector

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

$

169.69

‌

$

126.45

‌

Net

investment

income

(loss)

(a)

....................

(0.07

)

(0.56

)

(0.31

)

1.28

(b)

0.24

‌

0.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(93.77

)

3.50

‌

131.83

‌

(1.06

)

41.10

‌

43.23

‌

Net

increase

(decrease)

from

investment

operations

.......

(93.84

)

2.94

‌

131.52

‌

0.22

‌

41.34

‌

43.35

‌

Distributions

from

net

investment

income

(d)

..............

(0.02

)

—

‌

(0.07

)

(1.22

)

(0.26

)

(0.11

)

Net

asset

value,

end

of

period

.....................

$

250.30

‌

$

344.16

‌

$

341.22

‌

$

209.77

‌

$

210.77

‌

$

169.69

‌

Total

Return

(e)

(27.27)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(27.27

)%

(f)

0.86

%

62.70

%

0.13

%

24.39

%

34.30

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.41

%

(h)

0.40

%

0.43

%

0.46

%

0.46

%

0.47

%

Net

investment

income

(loss)

.......................

(0.05

)%

(h)

(0.15

)%

(0.10

)%

0.57

%

(b)

0.13

%

0.08

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

4,618,064

‌

$

5,403,390

‌

$

5,050,052

‌

$

3,031,151

‌

$

2,729,463

‌

$

1,357,537

‌

Portfolio

turnover

rate

(i)

...........................

7

%

15

%

22

%

18

%

18

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

Includes

a

one-time

special

distribution

from

NortonLifeLock

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$(0.07)

per

share

and

(0.03)%

of

average

net

assets.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

43

Financial

Highlights

iShares

North

American

Natural

Resources

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

...............

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

$

33.08

‌

$

34.26

‌

Net

investment

income

(a)

.......................

0.66

‌

0.93

‌

0.70

‌

0.78

‌

0.65

‌

0.75

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............

(5.73

)

12.85

‌

11.04

‌

(13.82

)

(1.59

)

(1.16

)

Net

increase

(decrease)

from

investment

operations

......

(5.07

)

13.78

‌

11.74

‌

(13.04

)

(0.94

)

(0.41

)

Distributions

from

net

investment

income

(c)

.............

(0.65

)

(0.91

)

(0.82

)

(1.71

)

(0.74

)

(0.77

)

Net

asset

value,

end

of

period

....................

$

34.72

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

$

33.08

‌

Total

Return

(d)

(12.61)%

—

—

—

—

—

Based

on

net

asset

value

........................

(12.61

)%

(e)

50.84

%

71.57

%

(43.54

)%

(2.87

)%

(1.19

)%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.41

%

(g)

0.40

%

0.43

%

0.46

%

0.46

%

0.47

%

Net

investment

income

..........................

3.39

%

(g)

2.92

%

3.14

%

2.72

%

1.94

%

2.25

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

763,804

‌

$

942,142

‌

$

397,022

‌

$

294,696

‌

$

761,370

‌

$

929,571

‌

Portfolio

turnover

rate

(h)

..........................

7

%

15

%

14

%

16

%

12

%

7

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

44

iShares

North

American

Tech-Multimedia

Networking

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

$

51.48

‌

$

45.54

‌

Net

investment

income

(a)

........................

0.12

‌

0.16

‌

0.29

‌

0.26

‌

0.23

‌

0.30

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(9.52

)

6.91

‌

23.83

‌

(13.10

)

5.04

‌

5.95

‌

Net

increase

(decrease)

from

investment

operations

.......

(9.40

)

7.07

‌

24.12

‌

(12.84

)

5.27

‌

6.25

‌

Distributions

from

net

investment

income

(c)

..............

(0.13

)

(0.16

)

(0.29

)

(0.31

)

(0.26

)

(0.31

)

Net

asset

value,

end

of

period

.....................

$

64.55

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

$

51.48

‌

Total

Return

(d)

(12.68)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(12.68

)%

(e)

10.53

%

55.89

%

(22.80

)%

10.27

%

13.77

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.41

%

(g)

0.40

%

0.43

%

0.46

%

0.46

%

0.47

%

Net

investment

income

...........................

0.35

%

(g)

0.22

%

0.52

%

0.47

%

0.44

%

0.63

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

100,059

‌

$

162,972

‌

$

100,755

‌

$

43,335

‌

$

132,758

‌

$

64,349

‌

Portfolio

turnover

rate

(h)

...........................

18

%

37

%

38

%

33

%

29

%

23

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

45

Financial

Highlights

iShares

Semiconductor

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

.................

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

$

180.13

‌

$

136.85

‌

Net

investment

income

(a)

.........................

2.35

‌

3.56

‌

3.35

‌

3.13

‌

2.66

‌

1.51

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...............

(154.11

)

48.37

‌

218.90

‌

15.50

‌

9.12

‌

43.32

‌

Net

increase

(decrease)

from

investment

operations

........

(151.76

)

51.93

‌

222.25

‌

18.63

‌

11.78

‌

44.83

‌

Distributions

from

net

investment

income

(c)

...............

(2.43

)

(3.57

)

(3.13

)

(3.27

)

(2.30

)

(1.55

)

Net

asset

value,

end

of

period

......................

$

318.26

‌

$

472.45

‌

$

424.09

‌

$

204.97

‌

$

189.61

‌

$

180.13

‌

Total

Return

(d)

(32.16)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(32.16

)%

(e)

12.23

%

108.93

%

9.80

%

6.61

%

32.91

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................

0.41

%

(g)

0.40

%

0.43

%

0.46

%

0.46

%

0.47

%

Net

investment

income

............................

1.20

%

(g)

0.76

%

1.02

%

1.42

%

1.50

%

0.93

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

5,505,920

‌

$

8,952,849

‌

$

6,318,968

‌

$

2,141,965

‌

$

1,061,836

‌

$

1,630,190

‌

Portfolio

turnover

rate

(h)

............................

10

%

32

%

23

%

14

%

26

%

20

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2022

iShares

Semi-Annual

Report

To

Shareholders

46

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. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

September

30,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

iShares

ETF

Diversification

Classification

Biotechnology

.......................................................................................................

Non-diversified

Expanded

Tech

Sector

.................................................................................................

Non-diversified

Expanded

Tech-Software

Sector

...........................................................................................

Non-diversified

North

American

Natural

Resources

.........................................................................................

Diversified

North

American

Tech-Multimedia

Networking

..................................................................................

Non-diversified

Semiconductor

......................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

47

Notes

to

Financial

Statements

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

48

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)

Biotechnology

Barclays

Bank

PLC

...................................

$

48,756,821‌

$

(48,756,821‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

Barclays

Capital,

Inc.

...................................

4,168,765‌

(4,168,765‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

817,717‌

(817,717‌)

–‌

–‌

BNP

Paribas

SA

.......................................

120,233,339‌

(120,233,339‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

81,349,446‌

(81,349,446‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

4,347,540‌

(4,347,540‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

23,713,867‌

(23,713,867‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

786,278‌

(786,278‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

451,127‌

(451,127‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

119,715,064‌

(119,715,064‌)

–‌

–‌

HSBC

Bank

PLC

......................................

10,163,615‌

(10,163,615‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

24,261‌

(24,261‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

119,498,989‌

(119,498,989‌)

–‌

–‌

Jefferies

LLC

.........................................

29,845,023‌

(29,845,023‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

101,244‌

(101,244‌)

–‌

–‌

Morgan

Stanley

.......................................

131,370,377‌

(131,370,377‌)

–‌

–‌

National

Financial

Services

LLC

............................

11,786,242‌

(11,786,242‌)

–‌

–‌

Natixis

SA

...........................................

2,461,915‌

(2,461,915‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

35,374‌

(35,374‌)

–‌

–‌

Pershing

LLC

.........................................

33,348‌

(33,348‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

9,934,844‌

(9,934,844‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,293,690‌

(1,293,690‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,531,569‌

(1,531,569‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

5,293,790‌

(5,293,790‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

8,730,087‌

(8,730,087‌)

–‌

–‌

UBS

AG

............................................

63,593,709‌

(63,593,709‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,854,541‌

(1,854,541‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,441,069‌

(3,441,069‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

10,161,900‌

(10,161,900‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

5,146,441‌

(5,146,441‌)

–‌

–‌

$

820,641,992‌

$

(820,641,992‌)

$

–‌

$

–‌

Expanded

Tech

Sector

Barclays

Bank

PLC

...................................

$

1,121,885‌

$

(1,121,885‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

635,773‌

(635,773‌)

–‌

–‌

BNP

Paribas

SA

.......................................

30,811,458‌

(30,811,458‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

3,102,197‌

(3,102,197‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

5,329,685‌

(5,329,685‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

41,691‌

(41,691‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

10,144,909‌

(10,144,909‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,981,695‌

(1,981,695‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,275,961‌

(3,275,961‌)

–‌

–‌

Jefferies

LLC

.........................................

642,455‌

(642,455‌)

–‌

–‌

Morgan

Stanley

.......................................

3,497,249‌

(3,497,249‌)

–‌

–‌

National

Financial

Services

LLC

............................

313,598‌

(313,598‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

2,018,159‌

(2,018,159‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

60,878‌

(60,878‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

119,713‌

(119,713‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

23,085,358‌

(23,085,358‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

49

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)

Expanded

Tech

Sector

(continued)

UBS

AG

............................................

$

239,188‌

$

(239,188‌)

$

–‌

$

–‌

UBS

Securities

LLC

....................................

104,880‌

(104,880‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,028,155‌

(1,028,155‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

599‌

(599‌)

–‌

–‌

$

87,555,486‌

$

(87,555,486‌)

$

–‌

$

–‌

Expanded

Tech-Software

Sector

Barclays

Bank

PLC

...................................

$

3,511,043‌

$

(3,511,043‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

15,283‌

(15,283‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

80,221‌

(80,221‌)

–‌

–‌

BNP

Paribas

SA

.......................................

26,943,124‌

(26,943,124‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

6,869,524‌

(6,869,524‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

16,276,752‌

(16,276,752‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

241,871‌

(241,871‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

127,356‌

(127,356‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

70,366,225‌

(70,366,225‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,712,742‌

(2,712,742‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

25,582,746‌

(25,582,746‌)

–‌

–‌

Jefferies

LLC

.........................................

5,485,810‌

(5,485,810‌)

–‌

–‌

Morgan

Stanley

.......................................

9,062,890‌

(9,062,890‌)

–‌

–‌

Natixis

SA

...........................................

88,725‌

(88,725‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

345,148‌

(345,148‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,186,458‌

(1,186,458‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,795,801‌

(4,795,801‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

2,774,513‌

(2,774,513‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

33,140,871‌

(33,140,871‌)

–‌

–‌

UBS

AG

............................................

1,734,256‌

(1,734,256‌)

–‌

–‌

UBS

Securities

LLC

....................................

6,263,951‌

(6,263,951‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

799,050‌

(799,050‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

571,649‌

(571,649‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

32,292‌

(32,292‌)

–‌

–‌

$

219,008,301‌

$

(219,008,301‌)

$

–‌

$

–‌

North

American

Natural

Resources

Barclays

Bank

PLC

...................................

$

503‌

$

(495‌)

$

–‌

$

8‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

293,776‌

(293,776‌)

–‌

–‌

BNP

Paribas

SA

.......................................

21,453,645‌

(21,453,645‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,413,081‌

(1,413,081‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

16,257‌

(16,257‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

72,530‌

(72,530‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

76,067‌

(76,067‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

3,262,042‌

(3,262,042‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

91,230‌

(91,230‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,806,860‌

(2,806,860‌)

–‌

–‌

Jefferies

LLC

.........................................

407,100‌

(407,100‌)

–‌

–‌

Morgan

Stanley

.......................................

1,354,124‌

(1,354,124‌)

–‌

–‌

Natixis

SA

...........................................

343,252‌

(343,252‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

893,125‌

(893,125‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,620,444‌

(1,620,444‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

374,741‌

(374,741‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

245,629‌

(245,629‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

826,320‌

(826,320‌)

–‌

–‌

UBS

AG

............................................

6,223,331‌

(6,223,331‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,698,163‌

(1,698,163‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

652,754‌

(652,754‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,203,676‌

(1,203,676‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

640,086‌

(640,086‌)

–‌

–‌

$

45,968,736‌

$

(45,968,728‌)

$

–‌

$

8‌

North

American

Tech-Multimedia

Networking

BNP

Paribas

SA

....................................

$

2,187,537‌

$

(2,187,537‌)

$

–‌

$

–‌

–

–

–

–

BofA

Securities,

Inc.

....................................

420,472‌

(420,472‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,376,074‌

(2,330,820‌)

–‌

45,254‌

J.P.

Morgan

Securities

LLC

...............................

87,633‌

(87,633‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

444,883‌

(444,883‌)

–‌

–‌

$

5,516,599‌

$

(5,471,345‌)

$

–‌

$

45,254‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

50

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Semiconductor

Barclays

Bank

PLC

...................................

$

37,893,050‌

$

(37,893,050‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

BNP

Paribas

SA

.......................................

4,667,944‌

(4,667,944‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

9,199,084‌

(9,199,084‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

234,536‌

(234,536‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

28,896,874‌

(28,896,874‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

181,700‌

(181,700‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

3,572,010‌

(3,572,010‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,235,520‌

(1,235,520‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

77,345,209‌

(77,345,209‌)

–‌

–‌

Jefferies

LLC

.........................................

280,695‌

(280,695‌)

–‌

–‌

Morgan

Stanley

.......................................

37,967,359‌

(37,967,359‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

4,118,114‌

(4,118,114‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

58,569,405‌

(58,569,405‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

7,744,682‌

(7,744,682‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

8,372‌

(8,372‌)

–‌

–‌

UBS

AG

............................................

6,668,208‌

(6,668,208‌)

–‌

–‌

UBS

Securities

LLC

....................................

996,840‌

(996,840‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,753,346‌

(3,753,346‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

329,088‌

(329,088‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,131,032‌

(8,131,032‌)

–‌

–‌

$

291,793,068‌

$

(291,793,068‌)

$

–‌

$

–‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

51

Notes

to

Financial

Statements

For

its

investment

advisory

services

to

the iShares

Biotechnology

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF,

iShares

North

American

Tech-Multimedia

Networking

ETF

and

iShares

Semiconductor

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

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

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.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.4800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.4560

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.4332

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.4116

Over

$281

billion

..................................................................................................

0.3910

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

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

iShares

ETF

Amounts

Biotechnology

...........................................................................................................

$

856,813‌

Expanded

Tech

Sector

.....................................................................................................

48,183‌

Expanded

Tech-Software

Sector

...............................................................................................

154,338‌

North

American

Natural

Resources

.............................................................................................

18,126‌

North

American

Tech-Multimedia

Networking

......................................................................................

4,595‌

Semiconductor

..........................................................................................................

492,247‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

52

For

the six

months ended September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Biotechnology

........................................................................

$

25,866,793‌

$

50,240,564‌

$

(26,839,289‌)

Expanded

Tech

Sector

..................................................................

35,003,243‌

64,987,092‌

(26,420,085‌)

Expanded

Tech-Software

Sector

............................................................

55,024,413‌

78,033,998‌

(57,861,608‌)

North

American

Natural

Resources

..........................................................

4,299,802‌

3,558,243‌

(1,214,418‌)

North

American

Tech-Multimedia

Networking

...................................................

9,989,482‌

4,976,613‌

(1,664,673‌)

Semiconductor

.......................................................................

187,825,379‌

114,945,068‌

(68,460,019‌)

iShares

ETF

Purchases

Sales

Biotechnology

........................................................................................

$

393,550,622‌

$

398,250,815‌

Expanded

Tech

Sector

..................................................................................

161,056,357‌

160,716,916‌

Expanded

Tech-Software

Sector

............................................................................

375,924,410‌

341,766,503‌

North

American

Natural

Resources

..........................................................................

63,378,838‌

62,898,342‌

North

American

Tech-Multimedia

Networking

...................................................................

20,513,345‌

20,593,969‌

Semiconductor

.......................................................................................

730,046,386‌

728,771,613‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Biotechnology

........................................................................................

$

3,058,495,112‌

$

3,450,972,921‌

Expanded

Tech

Sector

..................................................................................

136,701,154‌

598,874,431‌

Expanded

Tech-Software

Sector

............................................................................

5,650,081,523‌

5,024,676,053‌

North

American

Natural

Resources

..........................................................................

262,791,097‌

286,069,391‌

North

American

Tech-Multimedia

Networking

...................................................................

10,581,748‌

54,051,742‌

Semiconductor

.......................................................................................

4,837,681,364‌

5,483,971,752‌

iShares

ETF

Amounts

Biotechnology

..........................................................................................................

$

2,130,904,723‌

Expanded

Tech

Sector

....................................................................................................

16,755,133‌

Expanded

Tech-Software

Sector

..............................................................................................

164,666,778‌

North

American

Natural

Resources

............................................................................................

490,461,147‌

North

American

Tech-Multimedia

Networking

.....................................................................................

69,077,425‌

Semiconductor

.........................................................................................................

252,258,852‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Biotechnology

...................................................

$

12,054,471,284‌

$

84,911,907‌

$

(3,939,451,766‌)

$

(3,854,539,859‌)

Expanded

Tech

Sector

..............................................

3,042,095,702‌

249,745,193‌

(407,047,280‌)

(157,302,087‌)

Expanded

Tech-Software

Sector

.......................................

7,582,013,660‌

2,441,557‌

(2,704,353,718‌)

(2,701,912,161‌)

North

American

Natural

Resources

.....................................

931,117,355‌

22,973,033‌

(144,308,622‌)

(121,335,589‌)

North

American

Tech-Multimedia

Networking

...............................

123,484,894‌

2,696,731‌

(20,555,467‌)

(17,858,736‌)

Semiconductor

...................................................

8,462,800,468‌

148,939‌

(2,645,154,684‌)

(2,645,005,745‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

9.

Line

of

Credit

The

iShares

Semiconductor

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

August

11,

2023.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified in

the

Syndicated Credit

Agreement. The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple Secured

Overnight Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or (b)

the

U.S.

Federal

Funds

rate plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months

ended

September

30,

2022, the

Fund did

not

borrow

under

the Syndicated

Credit

Agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

54

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31, 2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

11.

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.

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Biotechnology

Shares

sold

25,400,000‌

$

3,063,434,953‌

69,600,000‌

$

10,694,874,817‌

Shares

redeemed

(28,750,000‌)

(3,456,415,782‌)

(69,000,000‌)

(10,600,003,781‌)

(3,350,000‌)

$

(392,980,829‌)

600,000‌

$

94,871,036‌

Expanded

Tech

Sector

Shares

sold

450,000‌

$

137,106,930‌

4,000,000‌

$

1,487,473,141‌

Shares

redeemed

(1,900,000‌)

(600,396,440‌)

(1,350,000‌)

(542,193,189‌)

(1,450,000‌)

$

(463,289,510‌)

2,650,000‌

$

945,279,952‌

Expanded

Tech-Software

Sector

Shares

sold

20,400,000‌

$

5,673,785,615‌

41,050,000‌

$

15,779,096,632‌

Shares

redeemed

(17,650,000‌)

(5,044,211,034‌)

(40,150,000‌)

(15,286,337,427‌)

2,750,000‌

$

629,574,581‌

900,000‌

$

492,759,205‌

North

American

Natural

Resources

Shares

sold

6,550,000‌

$

267,495,943‌

11,400,000‌

$

402,445,296‌

Shares

redeemed

(7,850,000‌)

(290,322,573‌)

(2,500,000‌)

(73,977,459‌)

(1,300,000‌)

$

(22,826,630‌)

8,900,000‌

$

328,467,837‌

North

American

Tech-Multimedia

Networking

Shares

sold

150,000‌

$

10,593,146‌

1,450,000‌

$

106,155,183‌

Shares

redeemed

(800,000‌)

(54,124,806‌)

(750,000‌)

(54,111,077‌)

(650,000‌)

$

(43,531,660‌)

700,000‌

$

52,044,106‌

Semiconductor

Shares

sold

12,350,000‌

$

4,848,130,757‌

22,350,000‌

$

10,465,399,629‌

Shares

redeemed

(14,000,000‌)

(5,495,815,679‌)

(18,300,000‌)

(8,404,591,175‌)

(1,650,000‌)

$

(647,684,922‌)

4,050,000‌

$

2,060,808,454‌

Notes

to

Financial

Statements

(unaudited)

(continued)

55

Notes

to

Financial

Statements

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.

12.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2022

iShares

Semi-Annual

Report

to

Shareholders

56

iShares

Biotechnology

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

57

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Expanded

Tech

Sector

ETF

,

iShares

Expanded

Tech-Software

Sector

ETF,

i

Shares

Semiconductor

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

58

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

59

Board

Review

and

Approval

of

Investment

Advisory

Contract

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

North

American

Natural

Resources

ETF

,

iShares

North

American

Tech-Multimedia

Networking

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

60

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

61

Board

Review

and

Approval

of

Investment

Advisory

Contract

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

General

Information

2022

iShares

Semi-Annual

Report

to

Shareholders

62

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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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

63

Glossary

of

Terms

Used

in

this

Report

Portf

olio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

NYRS

New

York

Registered

Shares

S&P

Standard

&

Poor's

iS-SAR-313-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

S&P

Mid-Cap

400

Growth

ETF

|

IJK

|

NYSE

Arca

iShares

S&P

Mid-Cap

400

Value

ETF

|

IJJ

|

NYSE

Arca

iShares

S&P

Small-Cap

600

Growth

ETF

|

IJT

|

NASDAQ

Dear

Shareholder,

The

12-month

reporting

period

as

of September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedules

of

Investments

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

31

Statements

of

Operations

................................................................................................

32

Statements

of

Changes

in

Net

Assets

........................................................................................

33

Financial

Highlights

.....................................................................................................

35

Notes

to

Financial

Statements

...............................................................................................

38

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

47

Supplemental

Information

.................................................................................................

53

General

Information

.....................................................................................................

54

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

55

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

MidCap

400

Growth

Index

TM

(“the

Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.10‌)%

(19.60‌)%

5.48‌%

9.55‌%

(19.60‌)%

30.59‌%

148.86‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.94‌)

(19.65‌)

5.48‌

9.55‌

(19.65‌)

30.60‌

148.91‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.07‌)

(19.52‌)

5.69‌

9.76‌

(19.52‌)

31.89‌

153.80‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

819.00‌

$

0.78‌

$

1,000.00‌

$

1,024.22‌

$

0.86‌

0.17‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

18.8‌

%

Information

Technology

.............................

16.3‌

Consumer

Discretionary

............................

14.8‌

Health

Care

....................................

13.8‌

Financials

......................................

11.8‌

Materials

......................................

6.9‌

Real

Estate

.....................................

6.8‌

Energy

........................................

5.1‌

Consumer

Staples

................................

2.1‌

Communication

Services

............................

2.1‌

Utilities

........................................

1.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Carlisle

Cos.,

Inc.

.................................

1.6‌

%

Targa

Resources

Corp.

..............................

1.5‌

Steel

Dynamics,

Inc.

................................

1.3‌

Darling

Ingredients,

Inc.

.............................

1.2‌

Neurocrine

Biosciences,

Inc.

..........................

1.1‌

Shockwave

Medical,

Inc.

.............................

1.1‌

Paylocity

Holding

Corp.

..............................

1.1‌

Repligen

Corp.

...................................

1.1‌

East

West

Bancorp,

Inc.

.............................

1.0‌

Life

Storage,

Inc.

..................................

1.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

5

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Value

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

S&P

MidCap

400

Value

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.02‌)%

(11.05‌)%

5.32‌%

9.77‌%

(11.05‌)%

29.59‌%

153.93‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(17.02‌)

(10.96‌)

5.34‌

9.78‌

(10.96‌)

29.73‌

154.27‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(16.96‌)

(10.88‌)

5.54‌

10.00‌

(10.88‌)

30.96‌

159.36‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

829.80‌

$

0.83‌

$

1,000.00‌

$

1,024.17‌

$

0.91‌

0.18‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

19.5‌

%

Industrials

......................................

19.2‌

Consumer

Discretionary

............................

12.5‌

Real

Estate

.....................................

9.4‌

Information

Technology

.............................

9.4‌

Health

Care

....................................

7.2‌

Utilities

........................................

6.4‌

Materials

......................................

6.2‌

Consumer

Staples

................................

5.8‌

Energy

........................................

2.9‌

Communication

Services

............................

1.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

First

Horizon

Corp.

.................................

1.3‌

%

Alleghany

Corp.

...................................

1.2‌

Reliance

Steel

&

Aluminum

Co.

........................

1.1‌

BJ's

Wholesale

Club

Holdings,

Inc.

......................

1.0‌

AECOM

........................................

1.0‌

Reinsurance

Group

of

America,

Inc.

.....................

0.9‌

Jazz

Pharmaceuticals

plc

............................

0.9‌

STORE

Capital

Corp.

...............................

0.9‌

Knight-Swift

Transportation

Holdings,

Inc.

.................

0.8‌

HF

Sinclair

Corp.

..................................

0.8‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

S&P

Small-Cap

600

Growth

ETF

Investment

Objective

The

iShares

S&P

Small-Cap

600

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

S&P

SmallCap

600

Growth

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.54‌)%

(21.31‌)%

5.24‌%

10.32‌%

(21.31‌)%

29.08‌%

167.10‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.28‌)

(21.12‌)

5.27‌

10.35‌

(21.12‌)

29.26‌

167.74‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.47‌)

(21.17‌)

5.49‌

10.53‌

(21.17‌)

30.64‌

172.03‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

814.60‌

$

0.82‌

$

1,000.00‌

$

1,024.17‌

$

0.91‌

0.18‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

18.6‌

%

Health

Care

....................................

16.5‌

Financials

......................................

15.6‌

Industrials

......................................

15.0‌

Consumer

Discretionary

............................

12.8‌

Real

Estate

.....................................

6.5‌

Materials

......................................

4.3‌

Consumer

Staples

................................

4.1‌

Energy

........................................

3.1‌

Communication

Services

............................

2.1‌

Utilities

........................................

1.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Livent

Corp.

.....................................

1.5‌

%

SM

Energy

Co.

...................................

1.2‌

AMN

Healthcare

Services,

Inc.

.........................

1.2‌

Cytokinetics,

Inc.

..................................

1.2‌

Rogers

Corp.

....................................

1.2‌

Exponent,

Inc.

....................................

1.2‌

SPS

Commerce,

Inc.

...............................

1.2‌

UFP

Industries,

Inc.

................................

1.2‌

ServisFirst

Bancshares,

Inc.

..........................

1.0‌

Balchem

Corp.

...................................

1.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

Axon

Enterprise,

Inc.

(a)(b)

..............

459,785

$

53,220,114

Air

Freight

&

Logistics

—

0.5%

GXO

Logistics,

Inc.

(a)(b)

...............

807,673

28,317,015

Auto

Components

—

0.7%

Fox

Factory

Holding

Corp.

(a)(b)

..........

287,777

22,757,405

Gentex

Corp.

.....................

848,555

20,229,551

42,986,956

Banks

—

6.4%

Bank

of

Hawaii

Corp.

................

114,918

8,747,558

Bank

OZK

.......................

355,906

14,079,641

Cathay

General

Bancorp

..............

197,634

7,601,004

Commerce

Bancshares,

Inc.

(a)

..........

371,420

24,573,147

Cullen/Frost

Bankers,

Inc.

.............

244,530

32,331,757

East

West

Bancorp,

Inc.

..............

959,539

64,423,448

First

Financial

Bankshares

,

Inc.

(a)

........

883,249

36,946,306

Glacier

Bancorp,

Inc.

................

754,221

37,054,878

Hancock

Whitney

Corp.

..............

262,559

12,027,828

Home

BancShares

,

Inc.

..............

480,477

10,815,537

PacWest

Bancorp

..................

801,933

18,123,686

Pinnacle

Financial

Partners,

Inc.

.........

520,339

42,199,493

Synovus

Financial

Corp.

..............

395,941

14,851,747

UMB

Financial

Corp.

................

296,033

24,952,621

Umpqua

Holdings

Corp.

..............

546,839

9,345,478

Webster

Financial

Corp.

..............

490,888

22,188,138

Wintrust

Financial

Corp.

..............

206,782

16,863,072

397,125,339

Beverages

—

0.8%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

38,854

12,575,097

Celsius

Holdings,

Inc.

(a)(b)

..............

272,979

24,753,736

Coca-Cola

Consolidated,

Inc.

...........

31,342

12,904,442

50,233,275

Biotechnology

—

2.9%

(b)

Arrowhead

Pharmaceuticals,

Inc.

(a)

.......

720,747

23,820,688

Exelixis

,

Inc.

......................

1,161,452

18,211,568

Halozyme

Therapeutics,

Inc.

(a)

..........

938,165

37,095,044

Neurocrine

Biosciences,

Inc.

...........

651,225

69,166,607

United

Therapeutics

Corp.

.............

148,765

31,148,416

179,442,323

Building

Products

—

3.9%

Builders

FirstSource

,

Inc.

(a)(b)

...........

1,062,746

62,616,994

Carlisle

Cos.,

Inc.

(a)

.................

352,199

98,760,122

Lennox

International,

Inc.

.............

127,335

28,353,685

Simpson

Manufacturing

Co.,

Inc.

........

293,926

23,043,798

Trex

Co.,

Inc.

(a)(b)

...................

750,803

32,990,284

245,764,883

Capital

Markets

—

3.0%

Affiliated

Managers

Group,

Inc.

.........

260,288

29,113,213

Evercore

,

Inc.,

Class

A

...............

245,216

20,169,016

Federated

Hermes,

Inc.,

Class

B

........

270,992

8,975,255

Interactive

Brokers

Group,

Inc.,

Class

A

....

434,177

27,748,252

Janus

Henderson

Group

plc

...........

415,103

8,430,742

Jefferies

Financial

Group,

Inc.

..........

1,266,255

37,354,522

SEI

Investments

Co.

.................

413,681

20,291,053

Stifel

Financial

Corp.

................

722,756

37,518,264

189,600,317

Security

Shares

Shares

Value

Chemicals

—

2.7%

Ashland,

Inc.

......................

145,835

$

13,849,950

Avient

Corp.

......................

582,056

17,636,297

Ingevity

Corp.

(b)

....................

131,511

7,973,512

Olin

Corp.

(a)

.......................

919,139

39,412,680

RPM

International,

Inc.

...............

448,008

37,323,547

Scotts

Miracle-

Gro

Co.

(The)

...........

275,407

11,773,649

Sensient

Technologies

Corp.

...........

163,004

11,302,697

Valvoline,

Inc.

.....................

1,205,364

30,543,924

169,816,256

Commercial

Services

&

Supplies

—

1.6%

Clean

Harbors,

Inc.

(b)

................

202,140

22,231,357

IAA,

Inc.

(a)(b)

.......................

491,783

15,663,288

MSA

Safety,

Inc.

...................

127,720

13,957,242

Tetra

Tech,

Inc.

(a)

...................

363,060

46,664,102

98,515,989

Communications

Equipment

—

1.0%

(a)(b)

Calix,

Inc.

........................

386,488

23,629,876

Ciena

Corp.

......................

642,204

25,964,308

Lumentum

Holdings,

Inc.

..............

211,426

14,497,481

64,091,665

Construction

&

Engineering

—

0.9%

Dycom

Industries,

Inc.

(b)

..............

78,478

7,497,003

MasTec

,

Inc.

(a)(b)

....................

198,446

12,601,321

Valmont

Industries,

Inc.

(a)

.............

145,383

39,052,782

59,151,106

Construction

Materials

—

0.4%

Eagle

Materials,

Inc.

.................

256,605

27,502,924

Consumer

Finance

—

0.6%

Navient

Corp.

.....................

753,544

11,069,561

SLM

Corp.

.......................

1,711,724

23,947,019

35,016,580

Containers

&

Packaging

—

0.3%

AptarGroup,

Inc.

...................

204,651

19,447,985

Diversified

Consumer

Services

—

1.3%

H&R

Block,

Inc.

....................

499,885

21,265,108

Service

Corp.

International

(a)

...........

1,073,640

61,991,974

83,257,082

Diversified

Telecommunication

Services

—

0.5%

(b)

Frontier

Communications

Parent,

Inc.

.....

500,946

11,737,165

Iridium

Communications,

Inc.

(a)

..........

458,233

20,331,798

32,068,963

Electric

Utilities

—

0.3%

OGE

Energy

Corp.

..................

504,392

18,390,132

Electrical

Equipment

—

2.4%

Acuity

Brands,

Inc.

(a)

.................

222,749

35,076,285

Hubbell,

Inc.

......................

197,372

44,013,956

nVent

Electric

plc

...................

668,853

21,142,443

Regal

Rexnord

Corp.

................

190,118

26,684,963

SunPower

Corp.

(a)(b)

.................

580,863

13,383,084

Vicor

Corp.

(a)(b)

.....................

151,409

8,954,328

149,255,059

Electronic

Equipment,

Instruments

&

Components

—

2.0%

Cognex

Corp.

.....................

743,838

30,832,085

Coherent

Corp.

(a)(b)

..................

423,675

14,765,074

Jabil,

Inc.

........................

412,121

23,783,503

Littelfuse

,

Inc.

.....................

104,508

20,764,694

National

Instruments

Corp.

............

477,512

18,021,303

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Novanta

,

Inc.

(a)(b)

...................

157,755

$

18,244,366

126,411,025

Energy

Equipment

&

Services

—

0.2%

ChampionX

Corp.

..................

649,451

12,709,756

Entertainment

—

0.2%

World

Wrestling

Entertainment,

Inc.,

Class

A

(a)

182,543

12,809,042

Equity

Real

Estate

Investment

Trusts

(REITs)

—

6.4%

Apartment

Income

REIT

Corp.

..........

493,448

19,056,962

Brixmor

Property

Group,

Inc.

...........

1,122,278

20,728,475

Douglas

Emmett,

Inc.

................

552,789

9,911,507

EastGroup

Properties,

Inc.

............

296,650

42,818,461

First

Industrial

Realty

Trust,

Inc.

.........

620,515

27,805,277

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

1,269,704

26,473,328

Independence

Realty

Trust,

Inc.

.........

1,510,437

25,269,611

Lamar

Advertising

Co.,

Class

A

.........

391,501

32,294,917

Life

Storage,

Inc.

...................

574,594

63,642,031

National

Retail

Properties,

Inc.

..........

542,696

21,631,863

National

Storage

Affiliates

Trust

.........

581,088

24,161,639

PotlatchDeltic

Corp.

.................

241,478

9,910,257

Rayonier,

Inc.

(a)

....................

598,210

17,928,354

Rexford

Industrial

Realty,

Inc.

..........

1,164,829

60,571,108

402,203,790

Food

Products

—

1.3%

Darling

Ingredients,

Inc.

(a)(b)

............

1,092,005

72,236,131

Lancaster

Colony

Corp.

..............

64,766

9,733,034

81,969,165

Gas

Utilities

—

0.3%

National

Fuel

Gas

Co.

...............

323,897

19,935,860

Health

Care

Equipment

&

Supplies

—

5.6%

(b)

Enovis

Corp.

(a)

.....................

132,969

6,125,882

Globus

Medical,

Inc.,

Class

A

(a)

.........

314,736

18,748,824

ICU

Medical,

Inc.

(a)

..................

64,247

9,675,598

Inari

Medical,

Inc.

(a)

.................

327,189

23,767,009

Integra

LifeSciences

Holdings

Corp.

......

252,286

10,686,835

LivaNova

plc

(a)

.....................

218,763

11,106,598

Masimo

Corp.

.....................

329,072

46,451,804

Neogen

Corp.

.....................

853,363

11,921,481

Omnicell

,

Inc.

(a)

....................

301,573

26,245,898

Penumbra,

Inc.

(a)

...................

257,987

48,914,335

QuidelOrtho

Corp.

(a)

.................

369,276

26,395,848

Shockwave

Medical,

Inc.

(a)

.............

244,634

68,025,376

STAAR

Surgical

Co.

(a)

................

327,100

23,076,905

Tandem

Diabetes

Care,

Inc.

(a)

..........

437,294

20,924,518

352,066,911

Health

Care

Providers

&

Services

—

2.3%

Chemed

Corp.

(a)

...................

57,850

25,254,996

HealthEquity

,

Inc.

(a)(b)

................

384,901

25,853,800

Option

Care

Health,

Inc.

(a)(b)

............

1,052,578

33,124,630

Progyny

,

Inc.

(a)(b)

...................

314,638

11,660,484

R1

RCM,

Inc.

(a)(b)

...................

542,257

10,048,022

Tenet

Healthcare

Corp.

(b)

..............

734,638

37,892,628

143,834,560

Hotels,

Restaurants

&

Leisure

—

3.6%

Boyd

Gaming

Corp.

.................

552,906

26,345,971

Choice

Hotels

International,

Inc.

.........

134,303

14,708,865

Churchill

Downs,

Inc.

................

225,890

41,597,643

Light

&

Wonder,

Inc.,

Class

A

(b)

..........

642,312

27,542,339

Marriott

Vacations

Worldwide

Corp.

.......

120,378

14,669,263

Papa

John's

International,

Inc.

..........

219,023

15,333,800

Texas

Roadhouse,

Inc.

...............

273,129

23,833,236

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Wendy's

Co.

(The)

..................

578,653

$

10,815,025

Wingstop

,

Inc.

(a)

....................

203,690

25,546,800

Wyndham

Hotels

&

Resorts,

Inc.

........

399,781

24,526,564

224,919,506

Household

Durables

—

1.3%

Helen

of

Troy

Ltd.

(a)(b)

................

163,203

15,739,297

Tempur

Sealy

International,

Inc.

.........

1,172,510

28,304,391

TopBuild

Corp.

(a)(b)

..................

220,475

36,329,871

80,373,559

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Ormat

Technologies,

Inc.

(a)

............

106,642

9,192,540

Insurance

—

1.9%

American

Financial

Group,

Inc.

.........

223,488

27,473,380

First

American

Financial

Corp.

..........

326,259

15,040,540

Kinsale

Capital

Group,

Inc.

(a)

...........

146,600

37,444,572

Primerica,

Inc.

.....................

158,115

19,519,297

RLI

Corp.

........................

164,967

16,889,321

116,367,110

Interactive

Media

&

Services

—

0.5%

(a)(b)

TripAdvisor,

Inc.

....................

297,929

6,578,272

Ziff

Davis,

Inc.

.....................

321,333

22,004,884

28,583,156

IT

Services

—

2.5%

Concentrix

Corp.

...................

290,595

32,439,120

Euronet

Worldwide,

Inc.

(a)(b)

............

109,047

8,261,401

ExlService

Holdings,

Inc.

(b)

............

225,133

33,175,599

Genpact

Ltd.

......................

758,623

33,204,929

Maximus,

Inc.

.....................

412,304

23,860,032

Sabre

Corp.

(a)(b)

....................

1,078,636

5,554,975

WEX,

Inc.

(a)(b)

......................

129,339

16,418,293

152,914,349

Leisure

Products

—

1.8%

Brunswick

Corp.

...................

506,393

33,143,422

Mattel,

Inc.

(b)

......................

2,405,370

45,557,708

Polaris,

Inc.

(a)

.....................

163,915

15,678,470

YETI

Holdings,

Inc.

(a)(b)

...............

586,789

16,735,222

111,114,822

Life

Sciences

Tools

&

Services

—

3.0%

Azenta

,

Inc.

......................

510,826

21,894,002

Bruker

Corp.

(a)

.....................

685,917

36,394,756

Medpace

Holdings,

Inc.

(a)(b)

............

170,973

26,871,826

Repligen

Corp.

(a)(b)

..................

351,400

65,750,454

Sotera

Health

Co.

(a)(b)

................

511,847

3,490,797

Syneos

Health,

Inc.,

Class

A

(b)

..........

698,985

32,957,143

187,358,978

Machinery

—

4.6%

Chart

Industries,

Inc.

(a)(b)

..............

244,205

45,019,192

Crane

Holdings

Co.

.................

159,096

13,927,264

Donaldson

Co.,

Inc.

(a)

................

429,079

21,029,162

Esab

Corp.

.......................

127,538

4,254,668

Graco

,

Inc.

.......................

690,927

41,421,074

ITT,

Inc.

.........................

315,348

20,604,838

Lincoln

Electric

Holdings,

Inc.

..........

228,742

28,757,444

Middleby

Corp.

(The)

(a)(b)

..............

234,820

30,096,879

Toro

Co.

(The)

.....................

712,045

61,577,651

Watts

Water

Technologies,

Inc.,

Class

A

....

185,918

23,375,470

290,063,642

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

—

0.9%

Cable

One,

Inc.

(a)

...................

19,271

$

16,439,126

John

Wiley

&

Sons,

Inc.,

Class

A

........

146,148

5,489,319

New

York

Times

Co.

(The),

Class

A

.......

653,493

18,787,924

TEGNA,

Inc.

......................

668,451

13,823,567

54,539,936

Metals

&

Mining

—

3.0%

Alcoa

Corp.

.......................

490,058

16,495,352

Cleveland-Cliffs,

Inc.

(a)(b)

..............

3,522,385

47,446,526

MP

Materials

Corp.,

Class

A

(a)(b)

.........

628,585

17,160,370

Royal

Gold,

Inc.

....................

268,169

25,159,616

Steel

Dynamics,

Inc.

.................

1,181,263

83,810,610

190,072,474

Oil,

Gas

&

Consumable

Fuels

—

4.9%

Antero

Midstream

Corp.

..............

2,280,541

20,935,366

CNX

Resources

Corp.

(a)(b)

.............

606,308

9,415,963

DT

Midstream,

Inc.

..................

276,646

14,355,161

Matador

Resources

Co.

(a)

.............

764,074

37,378,500

Murphy

Oil

Corp.

...................

995,000

34,994,150

PDC

Energy,

Inc.

...................

655,773

37,897,122

Range

Resources

Corp.

..............

1,164,180

29,407,187

Southwestern

Energy

Co.

(a)(b)

...........

4,856,024

29,718,867

Targa

Resources

Corp.

...............

1,542,672

93,084,828

307,187,144

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

(a)

..............

503,009

25,749,031

Professional

Services

—

1.9%

ASGN,

Inc.

(a)(b)

.....................

341,822

30,890,454

FTI

Consulting,

Inc.

(a)(b)

...............

235,190

38,973,335

Insperity

,

Inc.

......................

243,391

24,847,787

KBR,

Inc.

(a)

.......................

615,406

26,597,848

121,309,424

Real

Estate

Management

&

Development

—

0.4%

Jones

Lang

LaSalle,

Inc.

(a)(b)

............

159,879

24,152,921

Road

&

Rail

—

1.4%

(a)

Avis

Budget

Group,

Inc.

(b)

.............

196,375

29,153,833

Landstar

System,

Inc.

................

161,225

23,276,053

Saia,

Inc.

(b)

.......................

179,845

34,170,550

86,600,436

Semiconductors

&

Semiconductor

Equipment

—

5.1%

Amkor

Technology,

Inc.

...............

282,499

4,816,608

Cirrus

Logic,

Inc.

(b)

..................

182,835

12,579,048

First

Solar,

Inc.

(b)

...................

398,261

52,677,982

Lattice

Semiconductor

Corp.

(b)

..........

935,019

46,012,285

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

271,389

14,055,236

MKS

Instruments,

Inc.

(a)

..............

214,151

17,697,439

Power

Integrations,

Inc.

..............

389,357

25,043,442

Semtech

Corp.

(b)

...................

285,275

8,389,938

Silicon

Laboratories,

Inc.

(a)(b)

............

233,031

28,765,347

SiTime

Corp.

(a)(b)

...................

108,705

8,558,345

Synaptics

,

Inc.

(b)

...................

269,787

26,711,611

Universal

Display

Corp.

(a)

.............

295,864

27,914,768

Wolfspeed

,

Inc.

(a)(b)

..................

463,020

47,857,747

321,079,796

Software

—

5.6%

(b)

ACI

Worldwide,

Inc.

.................

364,987

7,628,228

Aspen

Technology,

Inc.

(a)

..............

197,043

46,935,643

Blackbaud

,

Inc.

(a)

...................

197,156

8,686,694

CommVault

Systems,

Inc.

.............

198,207

10,512,899

Dynatrace

,

Inc.

(a)

...................

1,369,589

47,675,393

Security

Shares

Shares

Value

Software

(continued)

Envestnet

,

Inc.

(a)

...................

184,277

$

8,181,899

Fair

Isaac

Corp.

(a)

...................

99,733

41,090,993

Manhattan

Associates,

Inc.

(a)

...........

427,066

56,812,590

Paylocity

Holding

Corp.

(a)

.............

278,535

67,288,485

Qualys

,

Inc.

......................

237,718

33,135,512

Teradata

Corp.

....................

699,986

21,741,565

349,689,901

Specialty

Retail

—

3.9%

AutoNation,

Inc.

(a)(b)

.................

123,625

12,593,679

Dick's

Sporting

Goods,

Inc.

(a)

...........

387,491

40,547,058

Five

Below,

Inc.

(a)(b)

..................

377,842

52,017,508

GameStop

Corp.,

Class

A

(a)(b)

...........

1,721,013

43,249,057

RH

(a)(b)

..........................

136,127

33,496,771

Victoria's

Secret

&

Co.

(b)

..............

277,194

8,071,889

Williams-Sonoma,

Inc.

(a)

..............

468,221

55,179,845

245,155,807

Textiles,

Apparel

&

Luxury

Goods

—

2.2%

Capri

Holdings

Ltd.

(a)(b)

...............

573,335

22,038,997

Columbia

Sportswear

Co.

.............

127,725

8,595,893

Crocs,

Inc.

(a)(b)

.....................

419,787

28,822,575

Deckers

Outdoor

Corp.

(a)(b)

.............

180,655

56,474,560

Skechers

USA,

Inc.,

Class

A

(a)(b)

.........

431,666

13,692,446

Under

Armour

,

Inc.,

Class

A

(b)

...........

549,373

3,653,330

Under

Armour

,

Inc.,

Class

C,

NVS

(b)

......

590,227

3,517,753

136,795,554

Trading

Companies

&

Distributors

—

0.6%

Watsco

,

Inc.

......................

149,235

38,422,043

Water

Utilities

—

0.7%

Essential

Utilities,

Inc.

................

1,023,038

42,333,312

Total

Long-Term

Investments

—

99.8%

(Cost:

$6,502,723,462)

...........................

6,239,119,513

Short-Term

Securities

Money

Market

Funds

—

10.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

626,813,391

627,001,435

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

7,790,345

7,790,345

Total

Short-Term

Securities

—

10.2%

(Cost:

$634,498,437)

.............................

634,791,780

Total

Investments

—

110.0%

(Cost:

$7,137,221,899

)

...........................

6,873,911,293

Liabilities

in

Excess

of

Other

Assets

—

(10.0)%

...........

(625,654,991)

Net

Assets

—

100.0%

..............................

$

6,248,256,302

(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.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedule

of

Investments

11

(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.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(166)

of

net

dividends

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$(601)

of

net

dividends

and

financing

fees.

(h)

Amount

includes

$(516)

of

net

dividends

and

financing

fees.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

349,751,835

$

276,985,804

(a)

$

—

$

7,299

$

256,497

$

627,001,435

626,813,391

$

3,937,912

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

8,035,000

—

(244,655)

(a)

—

—

7,790,345

7,790,345

75,752

—

$

7,299

$

256,497

$

634,791,780

$

4,013,664

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

32

12/16/22

$

7,066

$

(541,443)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long

.......

Monthly

Goldman

Sachs

Bank

USA

(b)

02/27/23

$

180,783

$

(20,798)

(c)

$

160,151

0.0

%

(d)

Monthly

HSBC

Bank

plc

(e)

02/10/23

311,600

(46,245)

(f)

265,956

0.0

(d)

Monthly

JPMorgan

Chase

Bank

NA

(g)

02/08/23

248,760

(36,95

5

)

(h)

212,321

0.0

(d)

$

(103,998)

$

638,428

(b)

(e)

(g)

Range:

20

basis

points

65

basis

points

65

basis

points

Benchmarks:

USD

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

12

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

February

27,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet

,

Inc

.

(a)

..........

3,607

$

160,151

100.0%

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

160,151

(a)

Non-income

producing

security.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet

,

Inc

.

(a)

..........

5,990

$

265,956

100.0%

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

265,956

(a)

Non-income

producing

security.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

February

8,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet

,

Inc

.

(a)

..........

4,782

$

212,321

100.0%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

212,321

(a)

Non-income

producing

security.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

—

$

(103,998)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedule

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

541,443

$

—

$

—

$

—

$

541,443

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

103,998

—

—

—

103,998

$

—

$

—

$

645,441

$

—

$

—

$

—

$

645,441

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(1,637,083)

$

—

$

—

$

—

$

(1,637,083)

Swaps

..............................

—

—

(238,662)

—

—

—

(238,662)

$

—

$

—

$

(1,875,745)

$

—

$

—

$

—

$

(1,875,745)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(982,125)

$

—

$

—

$

—

$

(982,125)

Swaps

..............................

—

—

(120,864)

—

—

—

(120,864)

$

—

$

—

$

(1,102,989)

$

—

$

—

$

—

$

(1,102,989)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

8,976,320

Total

return

swaps

Average

notional

value

...............................................................................................

$

699,552

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

69,478

Swaps

—

OTC

(a)

....................................................................................

—

103,998

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

—

$

173,476

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(69,478)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

103,998

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Growth

ETF

14

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

Goldman

Sachs

Bank

USA

..........................

$

20,798

$

—

$

—

$

—

$

20,798

HSBC

Bank

plc

..................................

46,245

—

—

—

46,245

JPMorgan

Chase

Bank

NA

..........................

36,955

—

—

—

36,955

$

103,998

$

—

$

—

$

—

$

103,998

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

6,239,119,513

$

—

$

—

$

6,239,119,513

Short-Term

Securities

Money

Market

Funds

......................................

634,791,780

—

—

634,791,780

$

6,873,911,293

$

—

$

—

$

6,873,911,293

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(541,443)

$

(103,998)

$

—

$

(645,441)

(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

(unaudited)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.7%

Curtiss-Wright

Corp.

.................

253,512

$

35,278,730

Hexcel

Corp.

......................

555,302

28,720,220

Mercury

Systems,

Inc.

(a)(b)

.............

380,799

15,460,439

Woodward,

Inc.

(a)

...................

397,246

31,882,964

111,342,353

Airlines

—

0.2%

JetBlue

Airways

Corp.

(a)(b)

.............

2,138,318

14,177,048

Auto

Components

—

2.0%

Adient

plc

(a)(b)

......................

626,011

17,371,805

Dana,

Inc.

........................

842,403

9,628,666

Gentex

Corp.

.....................

729,674

17,395,428

Goodyear

Tire

&

Rubber

Co.

(The)

(b)

......

1,867,270

18,840,754

Lear

Corp.

.......................

392,024

46,921,353

Visteon

Corp.

(b)

....................

185,682

19,693,433

129,851,439

Automobiles

—

0.9%

Harley-Davidson,

Inc.

................

878,211

30,632,000

Thor

Industries,

Inc.

(a)

................

360,054

25,196,579

55,828,579

Banks

—

8.7%

Associated

Banc-Corp.

...............

992,422

19,927,834

Bank

of

Hawaii

Corp.

................

153,884

11,713,650

Bank

OZK

.......................

389,172

15,395,644

Cadence

Bank

....................

1,190,384

30,247,657

Cathay

General

Bancorp

..............

299,747

11,528,270

Commerce

Bancshares,

Inc.

...........

360,158

23,828,053

Cullen/Frost

Bankers,

Inc.

(a)

............

186,305

24,633,247

First

Horizon

Corp.

..................

3,543,087

81,136,691

FNB

Corp.

.......................

2,315,813

26,863,431

Fulton

Financial

Corp.

................

1,105,012

17,459,190

Hancock

Whitney

Corp.

..............

311,067

14,249,979

Home

BancShares

,

Inc.

..............

793,302

17,857,228

International

Bancshares

Corp.

.........

349,322

14,846,185

Old

National

Bancorp

................

1,933,891

31,851,185

Prosperity

Bancshares,

Inc.

(a)

...........

602,254

40,158,297

Synovus

Financial

Corp.

..............

575,903

21,602,121

Texas

Capital

Bancshares,

Inc.

(a)(b)

.......

329,370

19,442,711

Umpqua

Holdings

Corp.

..............

902,870

15,430,048

United

Bankshares

,

Inc.

..............

888,001

31,746,036

Valley

National

Bancorp

..............

2,774,815

29,968,002

Washington

Federal,

Inc.

..............

431,317

12,930,884

Webster

Financial

Corp.

..............

684,980

30,961,096

Wintrust

Financial

Corp.

..............

200,511

16,351,672

560,129,111

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

25,117

8,129,117

Biotechnology

—

0.8%

(b)

Exelixis

,

Inc.

(a)

.....................

998,734

15,660,149

United

Therapeutics

Corp.

.............

156,275

32,720,860

48,381,009

Building

Products

—

1.1%

Lennox

International,

Inc.

.............

89,413

19,909,593

Owens

Corning

....................

635,440

49,951,938

69,861,531

Capital

Markets

—

0.8%

Federated

Hermes,

Inc.,

Class

B

........

296,320

9,814,118

Interactive

Brokers

Group,

Inc.,

Class

A

....

258,039

16,491,273

Janus

Henderson

Group

plc

...........

472,519

9,596,861

Security

Shares

Shares

Value

Capital

Markets

(continued)

SEI

Investments

Co.

.................

278,756

$

13,672,982

49,575,234

Chemicals

—

2.0%

Ashland,

Inc.

......................

187,454

17,802,506

Cabot

Corp.

......................

371,727

23,749,638

Chemours

Co.

(The)

.................

1,024,333

25,249,808

Ingevity

Corp.

(a)(b)

...................

108,631

6,586,298

NewMarket

Corp.

...................

45,618

13,723,263

RPM

International,

Inc.

...............

417,387

34,772,511

Sensient

Technologies

Corp.

...........

119,353

8,275,937

130,159,961

Commercial

Services

&

Supplies

—

1.4%

Brink's

Co.

(The)

...................

311,932

15,109,986

Clean

Harbors,

Inc.

(b)

................

136,211

14,980,486

IAA,

Inc.

(a)(b)

.......................

406,223

12,938,202

MillerKnoll

,

Inc.

....................

500,771

7,812,028

MSA

Safety,

Inc.

...................

118,990

13,003,227

Stericycle,

Inc.

(b)

...................

608,639

25,629,788

89,473,717

Communications

Equipment

—

0.7%

(b)

Ciena

Corp.

......................

365,730

14,786,464

Lumentum

Holdings,

Inc.

(a)

............

250,573

17,181,790

Viasat

,

Inc.

(a)

......................

498,855

15,080,387

47,048,641

Construction

&

Engineering

—

2.9%

AECOM

.........................

922,071

63,041,994

Dycom

Industries,

Inc.

(a)(b)

.............

119,025

11,370,458

EMCOR

Group,

Inc.

.................

325,831

37,626,964

Fluor

Corp.

(a)(b)

.....................

938,135

23,350,180

MasTec

,

Inc.

(a)(b)

....................

184,883

11,740,071

MDU

Resources

Group,

Inc.

...........

1,342,670

36,722,025

183,851,692

Consumer

Finance

—

0.4%

Bread

Financial

Holdings,

Inc.

..........

325,452

10,235,465

FirstCash

Holdings,

Inc.

..............

251,559

18,451,853

28,687,318

Containers

&

Packaging

—

1.4%

AptarGroup,

Inc.

...................

232,957

22,137,904

Greif,

Inc.,

Class

A,

NVS

..............

175,817

10,473,419

Silgan

Holdings,

Inc.

.................

553,072

23,251,147

Sonoco

Products

Co.

................

643,805

36,523,057

92,385,527

Diversified

Consumer

Services

—

0.9%

Graham

Holdings

Co.,

Class

B

..........

25,606

13,775,516

Grand

Canyon

Education,

Inc.

(b)

.........

211,043

17,358,287

H&R

Block,

Inc.

....................

569,028

24,206,451

55,340,254

Diversified

Financial

Services

—

0.6%

Voya

Financial,

Inc.

.................

646,532

39,115,186

Diversified

Telecommunication

Services

—

0.6%

(b)

Frontier

Communications

Parent,

Inc.

.....

985,550

23,091,437

Iridium

Communications,

Inc.

...........

394,036

17,483,377

40,574,814

Electric

Utilities

—

2.5%

ALLETE,

Inc.

.....................

376,830

18,860,342

Hawaiian

Electric

Industries,

Inc.

........

722,794

25,052,040

IDACORP,

Inc.

....................

333,827

33,052,211

OGE

Energy

Corp.

..................

832,788

30,363,450

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

(continued)

PNM

Resources,

Inc.

................

566,744

$

25,917,203

Portland

General

Electric

Co.

...........

588,849

25,591,378

158,836,624

Electrical

Equipment

—

2.2%

EnerSys

(a)

........................

268,453

15,615,911

Hubbell,

Inc.

......................

163,034

36,356,582

nVent

Electric

plc

...................

450,702

14,246,690

Regal

Rexnord

Corp.

................

254,583

35,733,270

Sunrun

,

Inc.

(a)(b)

....................

1,400,464

38,638,802

140,591,255

Electronic

Equipment,

Instruments

&

Components

—

3.9%

Arrow

Electronics,

Inc.

(a)(b)

.............

423,709

39,061,733

Avnet,

Inc.

.......................

625,066

22,577,384

Belden,

Inc.

(a)

.....................

287,383

17,248,728

Cognex

Corp.

(a)

....................

423,610

17,558,634

Coherent

Corp.

(a)(b)

..................

445,063

15,510,445

IPG

Photonics

Corp.

(a)(b)

..............

218,796

18,455,443

Jabil,

Inc.

........................

508,613

29,352,056

Littelfuse

,

Inc.

.....................

62,111

12,340,834

National

Instruments

Corp.

(a)

...........

410,613

15,496,535

Novanta

,

Inc.

(a)(b)

...................

82,369

9,525,975

TD

SYNNEX

Corp.

..................

278,457

22,607,924

Vishay

Intertechnology

,

Inc.

............

862,844

15,349,995

Vontier

Corp.

......................

1,042,861

17,426,207

252,511,893

Energy

Equipment

&

Services

—

0.9%

ChampionX

Corp.

..................

710,152

13,897,675

NOV,

Inc.

........................

2,593,562

41,963,833

55,861,508

Entertainment

—

0.1%

World

Wrestling

Entertainment,

Inc.,

Class

A

(a)

108,506

7,613,866

Equity

Real

Estate

Investment

Trusts

(REITs)

—

9.0%

Apartment

Income

REIT

Corp.

..........

539,568

20,838,116

Brixmor

Property

Group,

Inc.

...........

890,384

16,445,392

Corporate

Office

Properties

Trust

........

742,297

17,243,559

Cousins

Properties,

Inc.

..............

999,876

23,347,105

Douglas

Emmett,

Inc.

................

626,753

11,237,681

EPR

Properties

....................

495,303

17,761,566

First

Industrial

Realty

Trust,

Inc.

.........

270,329

12,113,442

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

1,281,457

26,718,378

Highwoods

Properties,

Inc.

............

694,507

18,723,909

JBG

SMITH

Properties

...............

657,104

12,208,992

Kilroy

Realty

Corp.

..................

694,500

29,245,395

Kite

Realty

Group

Trust

...............

1,446,749

24,913,018

Lamar

Advertising

Co.,

Class

A

.........

195,567

16,132,322

Macerich

Co.

(The)

.................

1,417,150

11,252,171

Medical

Properties

Trust,

Inc.

...........

3,955,031

46,906,668

National

Retail

Properties,

Inc.

..........

643,182

25,637,235

Omega

Healthcare

Investors,

Inc.

........

1,545,770

45,584,757

Park

Hotels

&

Resorts,

Inc.

............

1,484,576

16,716,326

Pebblebrook

Hotel

Trust

(a)

.............

867,941

12,593,824

Physicians

Realty

Trust

...............

1,494,335

22,474,798

PotlatchDeltic

Corp.

.................

298,017

12,230,618

Rayonier,

Inc.

(a)

....................

386,714

11,589,819

Sabra

Health

Care

REIT,

Inc.

...........

1,525,025

20,008,328

SL

Green

Realty

Corp.

...............

424,562

17,050,410

Spirit

Realty

Capital,

Inc.

..............

900,228

32,552,244

STORE

Capital

Corp.

................

1,754,520

54,969,112

576,495,185

Security

Shares

Shares

Value

Food

&

Staples

Retailing

—

3.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

......

892,569

$

64,987,949

Casey's

General

Stores,

Inc.

...........

245,952

49,810,199

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

582,402

19,388,163

Performance

Food

Group

Co.

(a)(b)

........

1,023,435

43,956,533

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

709,496

19,688,514

197,831,358

Food

Products

—

1.8%

Flowers

Foods,

Inc.

.................

1,274,050

31,456,294

Ingredion,

Inc.

.....................

432,617

34,834,321

Lancaster

Colony

Corp.

..............

68,036

10,224,450

Pilgrim's

Pride

Corp.

(b)

...............

299,886

6,903,376

Post

Holdings,

Inc.

(a)(b)

................

359,055

29,410,195

112,828,636

Gas

Utilities

—

2.5%

National

Fuel

Gas

Co.

...............

289,915

17,844,268

New

Jersey

Resources

Corp.

...........

635,367

24,588,703

ONE

Gas,

Inc.

.....................

357,458

25,161,469

Southwest

Gas

Holdings,

Inc.

..........

407,034

28,390,621

Spire,

Inc.

........................

346,596

21,603,329

UGI

Corp.

........................

1,382,484

44,695,708

162,284,098

Health

Care

Equipment

&

Supplies

—

2.1%

(b)

Enovis

Corp.

(a)

.....................

185,565

8,548,979

Envista

Holdings

Corp.

(a)

..............

1,078,826

35,396,281

Globus

Medical,

Inc.,

Class

A

(a)

.........

203,461

12,120,172

Haemonetics

Corp.

(a)

................

338,832

25,083,733

ICU

Medical,

Inc.

(a)

..................

70,251

10,579,801

Integra

LifeSciences

Holdings

Corp.

......

235,042

9,956,379

LivaNova

plc

(a)

.....................

141,420

7,179,893

Neogen

Corp.

(a)

....................

599,298

8,372,193

NuVasive

,

Inc.

.....................

343,744

15,059,425

132,296,856

Health

Care

Providers

&

Services

—

2.9%

Acadia

Healthcare

Co.,

Inc.

(a)(b)

..........

599,798

46,892,208

Amedisys

,

Inc.

(a)(b)

..................

214,212

20,733,579

Chemed

Corp.

(a)

...................

42,318

18,474,346

Encompass

Health

Corp.

.............

658,807

29,797,841

HealthEquity

,

Inc.

(a)(b)

................

183,829

12,347,794

LHC

Group,

Inc.

(b)

..................

204,869

33,528,861

Patterson

Cos.,

Inc.

.................

571,982

13,739,008

Progyny

,

Inc.

(a)(b)

...................

187,138

6,935,334

R1

RCM,

Inc.

(a)(b)

...................

380,761

7,055,501

189,504,472

Hotels,

Restaurants

&

Leisure

—

1.9%

Choice

Hotels

International,

Inc.

.........

61,423

6,727,047

Cracker

Barrel

Old

Country

Store,

Inc.

.....

150,470

13,930,512

Marriott

Vacations

Worldwide

Corp.

.......

142,667

17,385,401

Penn

Entertainment,

Inc.

(a)(b)

...........

1,046,948

28,801,539

Texas

Roadhouse,

Inc.

...............

176,565

15,407,062

Travel

+

Leisure

Co.

.................

553,473

18,884,499

Wendy's

Co.

(The)

..................

562,034

10,504,415

Wyndham

Hotels

&

Resorts,

Inc.

........

208,739

12,806,138

124,446,613

Household

Durables

—

1.4%

KB

Home

........................

557,824

14,458,798

Leggett

&

Platt,

Inc.

.................

875,646

29,088,960

Taylor

Morrison

Home

Corp.

(a)(b)

.........

750,459

17,500,704

Toll

Brothers,

Inc.

...................

706,020

29,652,840

90,701,302

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

—

0.2%

Energizer

Holdings,

Inc.

..............

437,544

$

10,999,856

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Ormat

Technologies,

Inc.

(a)

............

192,045

16,554,279

Insurance

—

6.9%

Alleghany

Corp.

(b)

...................

88,839

74,568,791

American

Financial

Group,

Inc.

.........

244,376

30,041,142

Brighthouse

Financial,

Inc.

(b)

...........

474,187

20,589,200

CNO

Financial

Group,

Inc.

.............

755,338

13,573,424

First

American

Financial

Corp.

..........

371,135

17,109,323

Hanover

Insurance

Group,

Inc.

(The)

(a)

....

235,281

30,148,907

Kemper

Corp.

(a)

....................

421,597

17,395,092

Old

Republic

International

Corp.

.........

1,897,038

39,705,005

Primerica,

Inc.

.....................

93,971

11,600,720

Reinsurance

Group

of

America,

Inc.

......

442,428

55,661,867

RenaissanceRe

Holdings

Ltd.

(a)

.........

288,572

40,512,623

RLI

Corp.

........................

106,643

10,918,110

Selective

Insurance

Group,

Inc.

(a)

........

398,342

32,425,039

Unum

Group

......................

1,241,312

48,162,906

442,412,149

Interactive

Media

&

Services

—

0.1%

TripAdvisor,

Inc.

(a)(b)

.................

398,950

8,808,816

IT

Services

—

1.6%

Euronet

Worldwide,

Inc.

(a)(b)

............

205,261

15,550,573

Genpact

Ltd.

(a)

.....................

378,956

16,586,904

Kyndryl

Holdings,

Inc.

(a)(b)

.............

1,347,528

11,144,057

Sabre

Corp.

(a)(b)

....................

1,126,798

5,803,010

Western

Union

Co.

(The)

.............

2,547,026

34,384,851

WEX,

Inc.

(a)(b)

......................

166,251

21,103,902

104,573,297

Leisure

Products

—

0.6%

Polaris,

Inc.

.......................

210,693

20,152,786

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

914,989

17,622,688

37,775,474

Life

Sciences

Tools

&

Services

—

0.0%

Sotera

Health

Co.

(b)

.................

157,219

1,072,234

Machinery

—

4.0%

AGCO

Corp.

(a)

.....................

408,816

39,315,835

Crane

Holdings

Co.

.................

160,568

14,056,123

Donaldson

Co.,

Inc.

.................

399,751

19,591,797

Esab

Corp.

.......................

178,054

5,939,881

Flowserve

Corp.

...................

862,930

20,969,199

Graco

,

Inc.

.......................

446,650

26,776,667

ITT,

Inc.

.........................

240,260

15,698,588

Kennametal,

Inc.

...................

537,059

11,052,674

Lincoln

Electric

Holdings,

Inc.

..........

160,618

20,192,895

Middleby

Corp.

(The)

(a)(b)

..............

128,081

16,416,142

Oshkosh

Corp.

....................

431,633

30,339,484

Terex

Corp.

.......................

447,665

13,313,557

Timken

Co.

(The)

...................

441,305

26,054,647

259,717,489

Marine

—

0.4%

Kirby

Corp.

(a)(b)

.....................

395,503

24,034,717

Media

—

0.7%

Cable

One,

Inc.

....................

13,531

11,542,620

John

Wiley

&

Sons,

Inc.,

Class

A

........

142,513

5,352,788

New

York

Times

Co.

(The),

Class

A

.......

458,870

13,192,513

TEGNA,

Inc.

(a)

.....................

824,958

17,060,131

47,148,052

Security

Shares

Shares

Value

Metals

&

Mining

—

2.7%

Alcoa

Corp.

.......................

712,797

$

23,992,747

Commercial

Metals

Co.

(a)

.............

795,562

28,226,540

Reliance

Steel

&

Aluminum

Co.

.........

398,105

69,433,493

Royal

Gold,

Inc.

(a)

...................

173,359

16,264,542

United

States

Steel

Corp.

(a)

............

1,566,344

28,382,153

Worthington

Industries,

Inc.

............

199,466

7,607,633

173,907,108

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Annaly

Capital

Management,

Inc.

........

2,846,280

48,842,165

Multiline

Retail

—

1.3%

Kohl's

Corp.

......................

848,193

21,332,054

Macy's,

Inc.

......................

1,780,972

27,907,831

Nordstrom,

Inc.

(a)

...................

742,181

12,416,688

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

383,753

19,801,655

81,458,228

Multi-Utilities

—

0.7%

Black

Hills

Corp.

...................

429,706

29,103,987

NorthWestern

Corp.

.................

370,743

18,270,215

47,374,202

Oil,

Gas

&

Consumable

Fuels

—

2.0%

CNX

Resources

Corp.

(a)(b)

.............

662,977

10,296,033

DT

Midstream,

Inc.

..................

370,451

19,222,702

Equitrans

Midstream

Corp.

............

2,857,533

21,374,347

HF

Sinclair

Corp.

...................

959,280

51,647,635

Range

Resources

Corp.

..............

507,177

12,811,291

Southwestern

Energy

Co.

(b)

............

2,648,685

16,209,952

131,561,960

Personal

Products

—

0.7%

BellRing

Brands,

Inc.

(a)(b)

..............

894,299

18,431,503

Coty,

Inc.,

Class

A

(a)(b)

................

2,382,607

15,058,076

Nu

Skin

Enterprises,

Inc.,

Class

A

........

332,652

11,100,597

44,590,176

Pharmaceuticals

—

1.4%

Jazz

Pharmaceuticals

plc

(a)(b)

...........

413,866

55,164,199

Perrigo

Co.

plc

....................

888,846

31,696,248

86,860,447

Professional

Services

—

1.7%

CACI

International,

Inc.,

Class

A

(b)

.......

154,616

40,364,053

KBR,

Inc.

(a)

.......................

321,324

13,887,623

ManpowerGroup

,

Inc.

................

341,638

22,100,562

Science

Applications

International

Corp.

...

367,666

32,512,705

108,864,943

Real

Estate

Management

&

Development

—

0.4%

Jones

Lang

LaSalle,

Inc.

(a)(b)

............

161,358

24,376,353

Road

&

Rail

—

2.1%

Knight-Swift

Transportation

Holdings,

Inc.

..

1,060,826

51,906,216

Landstar

System,

Inc.

(a)

...............

84,181

12,153,211

Ryder

System,

Inc.

..................

338,026

25,517,583

Werner

Enterprises,

Inc.

(a)

.............

389,420

14,642,192

XPO

Logistics,

Inc.

(a)(b)

...............

759,577

33,816,368

138,035,570

Semiconductors

&

Semiconductor

Equipment

—

1.8%

Amkor

Technology,

Inc.

...............

391,385

6,673,114

Cirrus

Logic,

Inc.

(b)

..................

192,066

13,214,141

First

Solar,

Inc.

(b)

...................

268,365

35,496,639

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

73,670

3,815,369

MKS

Instruments,

Inc.

(a)

..............

169,901

14,040,619

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Semtech

Corp.

(b)

...................

142,503

$

4,191,013

Wolfspeed

,

Inc.

(a)(b)

..................

367,348

37,969,089

115,399,984

Software

—

1.1%

(b)

ACI

Worldwide,

Inc.

.................

399,100

8,341,190

Blackbaud

,

Inc.

(a)

...................

102,175

4,501,831

CommVault

Systems,

Inc.

.............

103,546

5,492,080

Envestnet

,

Inc.

(a)

...................

119,248

5,294,611

Fair

Isaac

Corp.

....................

70,030

28,853,060

NCR

Corp.

(a)

......................

903,913

17,183,386

69,666,158

Specialty

Retail

—

2.0%

AutoNation,

Inc.

(a)(b)

.................

135,180

13,770,787

Foot

Locker,

Inc.

...................

530,420

16,511,975

Gap,

Inc.

(The)

....................

1,409,162

11,569,220

Lithia

Motors,

Inc.,

Class

A

(a)

...........

181,753

38,995,106

Murphy

USA,

Inc.

(a)

.................

141,852

38,996,533

Victoria's

Secret

&

Co.

(a)(b)

.............

279,759

8,146,582

127,990,203

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Xerox

Holdings

Corp.

................

739,574

9,673,628

Textiles,

Apparel

&

Luxury

Goods

—

1.5%

Capri

Holdings

Ltd.

(b)

................

355,443

13,663,229

Carter's,

Inc.

......................

257,480

16,872,665

Columbia

Sportswear

Co.

.............

109,831

7,391,626

Hanesbrands,

Inc.

..................

2,303,967

16,035,610

PVH

Corp.

.......................

442,125

19,807,200

Skechers

USA,

Inc.,

Class

A

(b)

..........

472,012

14,972,221

Under

Armour

,

Inc.,

Class

A

(a)(b)

.........

711,799

4,733,463

Under

Armour

,

Inc.,

Class

C,

NVS

(b)

......

745,660

4,444,134

97,920,148

Thrifts

&

Mortgage

Finance

—

1.2%

Essent

Group

Ltd.

..................

711,094

24,795,848

MGIC

Investment

Corp.

..............

2,003,530

25,685,254

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

New

York

Community

Bancorp,

Inc.

......

3,077,853

$

26,254,086

76,735,188

Trading

Companies

&

Distributors

—

1.4%

GATX

Corp.

......................

233,076

19,846,421

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

312,514

22,754,144

Univar

Solutions,

Inc.

(b)

...............

1,101,294

25,043,426

Watsco

,

Inc.

......................

74,547

19,192,871

86,836,862

Water

Utilities

—

0.4%

Essential

Utilities,

Inc.

................

582,613

24,108,526

Total

Long-Term

Investments

—

99.7%

(Cost:

$7,457,101,048)

...........................

6,403,014,409

Short-Term

Securities

Money

Market

Funds

—

5.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

322,939,586

323,036,467

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

9,599,646

9,599,646

Total

Short-Term

Securities

—

5.2%

(Cost:

$332,477,386)

.............................

332,636,113

Total

Investments

—

104.9%

(Cost:

$7,789,578,434

)

...........................

6,735,650,522

Liabilities

in

Excess

of

Other

Assets

—

(4.9)%

............

(311,638,269)

Net

Assets

—

100.0%

..............................

$

6,424,012,253

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

216,208,372

$

106,674,888

(a)

$

—

$

(19,250)

$

172,457

$

323,036,467

322,939,586

$

312,091

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

18,588,000

—

(8,988,354)

(a)

—

—

9,599,646

9,599,646

100,521

—

$

(19,250)

$

172,457

$

332,636,113

$

412,612

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedule

of

Investments

19

(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.

The

Following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$8,177

of

net

dividends

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$(2,822)

of

net

dividends

and

financing

fees.

(h)

Amount

includes

$(5,750)

of

net

dividends

and

financing

fees.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

64

12/16/22

$

14,132

$

(813,717)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long

.......

Monthly

Goldman

Sachs

Bank

USA

(b)

02/27/23

$

813,638

$

(37,005)

(c)

$

768,456

0.0

%

(d)

Monthly

HSBC

Bank

plc

(e)

02/10/23

1,516,058

(221,677)

(f)

1,297,203

0.0

(d)

Monthly

JPMorgan

Chase

Bank

NA

(g)

02/08/23

696,080

(107,714)

(h)

594,116

0.0

(d)

$

(366,396)

$

2,659,775

(b)

(e)

(g)

Range:

20

basis

points

65

basis

points

65

basis

points

Benchmarks:

USD

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

20

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

February

27,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Cadence

Bank

...........

12,558

$

319,099

41.5%

Software

Envestnet

,

Inc.

(a)

..........

7,684

341,169

44.4

Consumer

Finance

Bread

Financial

Holdings,

Inc.

.

3,440

108,188

14.1

Total

Reference

Entity

—

Long

............

768,456

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

768,456

(a)

Non-income

producing

security.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Cadence

Bank

...........

972

$

24,699

1.9%

Software

Envestnet

,

Inc.

(a)

..........

28,660

1,272,504

98.1

Total

Reference

Entity

—

Long

............

1,297,203

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

1,297,203

(a)

Non-income

producing

security.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

February

8,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Software

Envestnet

,

Inc.

(a)

..........

13,381

$

594,116

100.0%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

594,116

(a)

Non-income

producing

security.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

—

$

(366,396)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedule

of

Investments

21

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

813,717

$

—

$

—

$

—

$

813,717

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

366,396

—

—

—

366,396

$

—

$

—

$

1,180,113

$

—

$

—

$

—

$

1,180,113

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(1,893,086)

$

—

$

—

$

—

$

(1,893,086)

Swaps

..............................

—

—

(1,793,702)

—

—

—

(1,793,702)

$

—

$

—

$

(3,686,788)

$

—

$

—

$

—

$

(3,686,788)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,513,698)

$

—

$

—

$

—

$

(1,513,698)

Swaps

..............................

—

—

(438,542)

—

—

—

(438,542)

$

—

$

—

$

(1,952,240)

$

—

$

—

$

—

$

(1,952,240)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

15,798,040

Total

return

swaps

Average

notional

value

...............................................................................................

$

5,432,355

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

142,725

Swaps

—

OTC

(a)

....................................................................................

—

366,396

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

—

$

509,121

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(142,725)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

366,396

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Mid-Cap

400

Value

ETF

22

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

Goldman

Sachs

Bank

USA

..........................

$

37,005

$

—

$

—

$

—

$

37,005

HSBC

Bank

plc

..................................

221,677

—

—

—

221,677

JPMorgan

Chase

Bank

NA

..........................

107,714

—

—

—

107,714

$

366,396

$

—

$

—

$

—

$

366,396

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

6,403,014,409

$

—

$

—

$

6,403,014,409

Short-Term

Securities

Money

Market

Funds

......................................

332,636,113

—

—

332,636,113

$

6,735,650,522

$

—

$

—

$

6,735,650,522

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(813,717)

$

(366,396)

$

—

$

(1,180,113)

$

(813,717)

$

(366,396)

$

—

$

(1,180,113)

(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

(unaudited)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

490,328

$

19,608,217

AeroVironment

,

Inc.

(a)(b)

...............

168,295

14,029,071

Park

Aerospace

Corp.

................

105,550

1,165,272

Triumph

Group,

Inc.

(a)

................

810,227

6,959,850

41,762,410

Air

Freight

&

Logistics

—

0.6%

Forward

Air

Corp.

..................

334,853

30,223,832

Airlines

—

0.1%

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

243,634

3,315,859

Auto

Components

—

1.8%

Dorman

Products,

Inc.

(a)(b)

.............

236,365

19,410,294

Gentherm

,

Inc.

(a)

...................

413,594

20,568,030

LCI

Industries

.....................

212,479

21,558,119

Patrick

Industries,

Inc.

...............

128,356

5,627,127

XPEL,

Inc.

(a)(b)(c)

....................

244,519

15,756,804

82,920,374

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

(b)

...........

202,615

10,781,144

Banks

—

9.3%

Ameris

Bancorp

....................

459,215

20,531,503

Banc

of

California,

Inc.

(b)

..............

313,055

4,999,488

BancFirst

Corp.

....................

114,858

10,276,345

Bancorp,

Inc.

(The)

(a)

................

700,193

15,390,242

Banner

Corp.

.....................

167,529

9,897,613

Brookline

Bancorp,

Inc.

...............

388,575

4,526,899

CBTX,

Inc.

.......................

117,607

3,440,005

Central

Pacific

Financial

Corp.

..........

197,231

4,080,709

City

Holding

Co.

...................

83,389

7,395,770

Community

Bank

System,

Inc.

..........

288,371

17,325,330

Customers

Bancorp,

Inc.

(a)

.............

375,528

11,070,565

Dime

Community

Bancshares,

Inc.

.......

193,826

5,675,225

Eagle

Bancorp,

Inc.

.................

228,600

10,245,852

FB

Financial

Corp.

(b)

.................

210,485

8,042,632

First

Bancorp

.....................

214,658

7,852,190

First

BanCorp

.....................

2,209,530

30,226,370

First

Commonwealth

Financial

Corp.

......

593,899

7,625,663

Hanmi

Financial

Corp.

...............

193,692

4,586,627

Hilltop

Holdings,

Inc.

(b)

...............

293,831

7,301,700

HomeStreet

,

Inc.

...................

215,463

6,207,489

Independent

Bank

Corp.

..............

214,282

15,970,437

Lakeland

Financial

Corp.

(b)

............

312,521

22,754,654

National

Bank

Holdings

Corp.,

Class

A

....

215,350

7,965,797

OFG

Bancorp

.....................

276,595

6,950,832

Pacific

Premier

Bancorp,

Inc.

...........

494,649

15,314,333

Park

National

Corp.

(b)

................

113,649

14,147,028

Pathward

Financial,

Inc.

(b)

.............

347,010

11,437,450

Preferred

Bank

....................

152,144

9,924,353

Seacoast

Banking

Corp.

of

Florida

(b)

......

394,342

11,920,959

ServisFirst

Bancshares,

Inc.

(b)

..........

609,548

48,763,840

Southside

Bancshares,

Inc.

............

237,473

8,397,045

Tompkins

Financial

Corp.

.............

68,795

4,995,893

Triumph

Bancorp,

Inc.

(a)(b)

.............

286,779

15,586,439

United

Community

Banks,

Inc.

..........

836,779

27,697,385

Veritex

Holdings,

Inc.

................

630,835

16,773,903

435,298,565

Beverages

—

0.6%

MGP

Ingredients,

Inc.

(b)

...............

191,989

20,381,552

National

Beverage

Corp.

..............

166,439

6,414,559

26,796,111

Security

Shares

Shares

Value

Biotechnology

—

5.5%

(a)

Anika

Therapeutics,

Inc.

(b)

.............

94,993

$

2,260,833

Arcus

Biosciences,

Inc.

(b)

..............

647,922

16,949,640

Avid

Bioservices

,

Inc.

(b)

...............

771,131

14,744,025

Catalyst

Pharmaceuticals,

Inc.

..........

1,179,667

15,135,128

Coherus

Biosciences,

Inc.

(b)

............

805,792

7,743,661

Cytokinetics,

Inc.

(b)

..................

1,174,050

56,882,723

Dynavax

Technologies

Corp.

(b)

..........

1,466,824

15,313,643

Eagle

Pharmaceuticals,

Inc.

...........

64,378

1,700,867

Enanta

Pharmaceuticals,

Inc.

...........

146,762

7,612,545

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(b)

..

1,246,870

12,917,573

iTeos

Therapeutics,

Inc.

..............

304,424

5,799,277

Ligand

Pharmaceuticals,

Inc.

...........

200,017

17,223,464

Myriad

Genetics,

Inc.

................

522,903

9,976,989

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

876,553

2,840,032

REGENXBIO,

Inc.

(b)

.................

209,894

5,547,498

uniQure

NV

.......................

512,818

9,620,466

Vanda

Pharmaceuticals,

Inc.

...........

450,567

4,451,602

Vericel

Corp.

(b)

.....................

588,347

13,649,650

Vir

Biotechnology,

Inc.

(b)

..............

942,837

18,177,897

Xencor

,

Inc.

(b)

.....................

744,481

19,341,616

257,889,129

Building

Products

—

2.0%

AAON,

Inc.

(b)

......................

350,891

18,906,007

Gibraltar

Industries,

Inc.

(a)(b)

............

186,736

7,643,104

Insteel

Industries,

Inc.

................

243,255

6,453,555

PGT

Innovations,

Inc.

(a)

...............

334,554

7,012,252

UFP

Industries,

Inc.

.................

768,487

55,454,022

95,468,940

Capital

Markets

—

1.4%

B

Riley

Financial,

Inc.

................

197,567

8,795,683

Blucora

,

Inc.

(a)(b)

....................

262,572

5,078,142

Brightsphere

Investment

Group,

Inc.

......

404,246

6,027,308

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

318,700

11,782,339

Piper

Sandler

Cos.

..................

170,962

17,906,560

Virtus

Investment

Partners,

Inc.

.........

85,281

13,604,025

WisdomTree

Investments,

Inc.

..........

857,341

4,012,356

67,206,413

Chemicals

—

3.4%

AdvanSix

,

Inc.

.....................

189,916

6,096,304

Balchem

Corp.

(b)

...................

400,574

48,701,787

Hawkins,

Inc.

.....................

128,057

4,992,942

HB

Fuller

Co.

.....................

304,973

18,328,877

Livent

Corp.

(a)(b)

....................

2,235,327

68,512,773

Quaker

Chemical

Corp.

..............

98,558

14,229,804

160,862,487

Commercial

Services

&

Supplies

—

0.4%

Brady

Corp.,

Class

A,

NVS

............

267,823

11,176,254

Interface,

Inc.

(b)

....................

326,910

2,938,921

Viad

Corp.

(a)

......................

138,066

4,360,124

18,475,299

Communications

Equipment

—

2.1%

ADTRAN

Holdings,

Inc.

..............

878,595

17,202,890

Clearfield,

Inc.

(a)(b)

...................

142,613

14,923,024

Digi

International,

Inc.

(a)(b)

.............

206,296

7,131,653

Extreme

Networks,

Inc.

(a)(b)

............

1,612,012

21,068,997

Harmonic,

Inc.

(a)(b)

..................

1,310,181

17,124,066

Viavi

Solutions,

Inc.

(a)

................

1,761,564

22,988,410

100,439,040

Construction

&

Engineering

—

1.7%

(b)

Comfort

Systems

USA,

Inc.

............

446,155

43,424,266

MYR

Group,

Inc.

(a)

..................

207,726

17,600,624

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

NV5

Global,

Inc.

(a)

..................

155,127

$

19,207,825

80,232,715

Consumer

Finance

—

0.5%

(a)

Encore

Capital

Group,

Inc.

(b)

...........

142,160

6,465,437

Enova

International,

Inc.

..............

399,202

11,684,642

World

Acceptance

Corp.

(b)

.............

46,029

4,456,528

22,606,607

Containers

&

Packaging

—

0.1%

Myers

Industries,

Inc.

................

194,622

3,205,424

Diversified

Consumer

Services

—

0.5%

(a)

Frontdoor

,

Inc.

(b)

....................

416,660

8,495,697

Mister

Car

Wash,

Inc.

................

453,294

3,889,263

Stride,

Inc.

.......................

241,880

10,166,216

22,551,176

Diversified

Telecommunication

Services

—

0.4%

Cogent

Communications

Holdings,

Inc.

....

356,461

18,593,006

Electrical

Equipment

—

0.6%

Encore

Wire

Corp.

(b)

.................

238,516

27,558,139

Electronic

Equipment,

Instruments

&

Components

—

4.1%

Advanced

Energy

Industries,

Inc.

(b)

.......

465,896

36,065,009

Arlo

Technologies,

Inc.

(a)

..............

609,005

2,825,783

Badger

Meter,

Inc.

(b)

.................

237,255

21,919,990

CTS

Corp.

(b)

......................

203,159

8,461,572

Fabrinet

(a)(b)

.......................

458,738

43,786,542

FARO

Technologies,

Inc.

(a)(b)

...........

108,628

2,980,752

Knowles

Corp.

(a)

...................

460,571

5,605,149

Methode

Electronics,

Inc.

.............

200,531

7,449,727

OSI

Systems,

Inc.

(a)(b)

................

84,452

6,085,611

Rogers

Corp.

(a)(b)

...................

233,578

56,497,847

191,677,982

Energy

Equipment

&

Services

—

0.1%

Core

Laboratories

NV

(b)

...............

242,099

3,263,495

Entertainment

—

0.2%

Cinemark

Holdings,

Inc.

(a)(b)

............

697,247

8,443,661

Equity

Real

Estate

Investment

Trusts

(REITs)

—

6.0%

Acadia

Realty

Trust

.................

518,529

6,543,836

Agree

Realty

Corp.

.................

447,992

30,275,299

American

Assets

Trust,

Inc.

............

277,592

7,139,666

Armada

Hoffler

Properties,

Inc.

.........

519,704

5,394,528

CareTrust

REIT,

Inc.

.................

565,550

10,242,111

Centerspace

......................

123,047

8,283,524

Community

Healthcare

Trust,

Inc.

........

170,796

5,593,569

Essential

Properties

Realty

Trust,

Inc.

.....

915,758

17,811,493

Four

Corners

Property

Trust,

Inc.

........

497,777

12,041,226

Getty

Realty

Corp.

..................

234,355

6,301,806

Industrial

Logistics

Properties

Trust

.......

333,803

1,835,916

Innovative

Industrial

Properties,

Inc.

......

348,845

30,872,782

iStar

,

Inc.

........................

596,242

5,521,201

LXP

Industrial

Trust

.................

1,745,256

15,986,545

NexPoint

Residential

Trust,

Inc.

.........

284,667

13,154,462

Outfront

Media,

Inc.

.................

425,332

6,460,793

Retail

Opportunity

Investments

Corp.

.....

761,457

10,477,648

RPT

Realty

.......................

535,304

4,046,898

Safehold

,

Inc.

.....................

215,945

5,713,905

Saul

Centers,

Inc.

..................

112,555

4,220,813

SITE

Centers

Corp.

.................

1,277,247

13,679,315

Sunstone

Hotel

Investors,

Inc.

..........

512,776

4,830,350

Tanger

Factory

Outlet

Centers,

Inc.

.......

1,301,589

17,805,738

Uniti

Group,

Inc.

...................

1,716,050

11,926,547

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Universal

Health

Realty

Income

Trust

(b)

....

86,344

$

3,730,924

Urban

Edge

Properties

...............

659,073

8,792,034

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

204,462

3,171,206

Washington

REIT

...................

480,922

8,444,990

280,299,125

Food

&

Staples

Retailing

—

0.5%

United

Natural

Foods,

Inc.

(a)

............

726,947

24,985,168

Food

Products

—

1.0%

J

&

J

Snack

Foods

Corp.

(b)

............

82,152

10,636,219

Simply

Good

Foods

Co.

(The)

(a)(b)

........

1,063,950

34,035,761

Tootsie

Roll

Industries,

Inc.

............

111,730

3,718,374

48,390,354

Gas

Utilities

—

0.3%

Chesapeake

Utilities

Corp.

(b)

...........

105,238

12,143,413

Health

Care

Equipment

&

Supplies

—

3.7%

AngioDynamics

,

Inc.

(a)(b)

..............

485,987

9,943,294

BioLife

Solutions,

Inc.

(a)(b)

..............

425,054

9,669,978

Cardiovascular

Systems,

Inc.

(a)(b)

........

212,940

2,951,348

CONMED

Corp.

(b)

..................

243,158

19,493,977

Cutera

,

Inc.

(a)(b)

....................

141,354

6,445,742

Glaukos

Corp.

(a)(b)

...................

308,658

16,432,952

Heska

Corp.

(a)(b)

....................

126,826

9,248,152

Lantheus

Holdings,

Inc.

(a)

.............

505,788

35,572,070

LeMaitre

Vascular,

Inc.

(b)

..............

241,028

12,215,299

Meridian

Bioscience,

Inc.

(a)

............

349,166

11,009,204

Merit

Medical

Systems,

Inc.

(a)

...........

403,498

22,801,672

Mesa

Laboratories,

Inc.

(b)

.............

36,572

5,150,435

Surmodics

,

Inc.

(a)(b)

..................

114,359

3,476,514

Varex

Imaging

Corp.

(a)(b)

..............

316,693

6,694,890

Zynex

,

Inc.

(b)

......................

276,081

2,504,055

173,609,582

Health

Care

Providers

&

Services

—

4.0%

Addus

HomeCare

Corp.

(a)(b)

............

86,388

8,227,593

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

539,648

57,181,102

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

489,283

19,082,037

Community

Health

Systems,

Inc.

(a)(b)

......

1,546,496

3,324,966

CorVel

Corp.

(a)(b)

....................

115,039

15,924,849

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

452,932

12,849,681

Ensign

Group,

Inc.

(The)

..............

372,335

29,600,632

Fulgent

Genetics,

Inc.

(a)(b)

.............

252,885

9,639,976

Joint

Corp.

(The)

(a)

..................

182,363

2,864,923

ModivCare

,

Inc.

(a)

...................

89,891

8,960,335

Pennant

Group,

Inc.

(The)

(a)

............

179,941

1,873,186

RadNet

,

Inc.

(a)

.....................

607,496

12,362,544

US

Physical

Therapy,

Inc.

.............

73,133

5,559,571

187,451,395

Health

Care

Technology

—

0.4%

Allscripts

Healthcare

Solutions,

Inc.

(a)

.....

538,854

8,206,746

HealthStream

,

Inc.

(a)

.................

163,608

3,478,306

OptimizeRx

Corp.

(a)

.................

227,033

3,364,629

Simulations

Plus,

Inc.

(b)

...............

120,283

5,838,537

20,888,218

Hotels,

Restaurants

&

Leisure

—

1.3%

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

237,594

7,372,542

Dine

Brands

Global,

Inc.

..............

106,481

6,767,932

Golden

Entertainment,

Inc.

(a)(b)

..........

182,378

6,363,168

Jack

in

the

Box,

Inc.

.................

181,192

13,420,891

Monarch

Casino

&

Resort,

Inc.

(a)(b)

.......

165,133

9,270,567

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

255,915

11,511,057

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Six

Flags

Entertainment

Corp.

(a)

.........

454,690

$

8,048,013

62,754,170

Household

Durables

—

2.6%

Cavco

Industries,

Inc.

(a)(b)

..............

103,163

21,226,819

Century

Communities,

Inc.

............

358,198

15,323,711

Green

Brick

Partners,

Inc.

(a)

............

158,329

3,385,074

Installed

Building

Products,

Inc.

.........

293,958

23,807,658

iRobot

Corp.

(a)(b)

....................

186,769

10,520,698

LGI

Homes,

Inc.

(a)(b)

.................

255,405

20,782,305

Meritage

Homes

Corp.

(a)(b)

.............

214,329

15,060,899

Sonos

,

Inc.

(a)(b)

.....................

777,597

10,808,598

120,915,762

Household

Products

—

0.4%

WD-40

Co.

(b)

......................

98,565

17,321,813

Insurance

—

1.7%

Assured

Guaranty

Ltd.

...............

324,247

15,709,767

HCI

Group,

Inc.

....................

88,617

3,473,787

Palomar

Holdings,

Inc.

(a)(b)

.............

314,838

26,358,237

Selectquote

,

Inc.

(a)(b)

.................

760,388

555,083

Stewart

Information

Services

Corp.

.......

157,095

6,855,626

Trupanion

,

Inc.

(a)(b)

..................

436,996

25,970,672

78,923,172

Interactive

Media

&

Services

—

0.7%

Cars.com,

Inc.

(a)

....................

383,534

4,410,641

Shutterstock

,

Inc.

...................

300,528

15,077,490

Yelp,

Inc.

(a)(b)

......................

429,422

14,561,700

34,049,831

Internet

&

Direct

Marketing

Retail

—

0.1%

Liquidity

Services,

Inc.

(a)(b)

.............

337,241

5,483,539

IT

Services

—

1.5%

CSG

Systems

International,

Inc.

.........

236,052

12,482,430

EVERTEC,

Inc.

....................

551,249

17,281,656

Perficient

,

Inc.

(a)

....................

431,527

28,057,886

TTEC

Holdings,

Inc.

.................

236,275

10,469,345

Unisys

Corp.

(a)(b)

....................

408,226

3,082,106

71,373,423

Leisure

Products

—

0.6%

Sturm

Ruger

&

Co.,

Inc.

..............

220,346

11,191,373

Vista

Outdoor,

Inc.

(a)(b)

................

704,974

17,144,968

28,336,341

Life

Sciences

Tools

&

Services

—

0.2%

NeoGenomics

,

Inc.

(a)(b)

...............

858,646

7,392,942

Machinery

—

4.2%

Alamo

Group,

Inc.

(b)

.................

53,900

6,590,353

Albany

International

Corp.,

Class

A

(b)

......

193,921

15,286,793

Enerpac

Tool

Group

Corp.,

Class

A

(a)

......

346,111

6,171,159

Federal

Signal

Corp.

................

461,201

17,212,021

Franklin

Electric

Co.,

Inc.

.............

324,903

26,547,824

Hillenbrand,

Inc.

...................

467,739

17,175,376

John

Bean

Technologies

Corp.

..........

254,300

21,869,800

Lindsay

Corp.

(b)

....................

80,781

11,574,302

Mueller

Industries,

Inc.

(b)

..............

706,894

42,017,779

SPX

Technologies,

Inc.

(a)(b)

.............

236,814

13,076,869

Standex

International

Corp.

............

72,149

5,890,966

Tennant

Co.

......................

100,215

5,668,161

Trinity

Industries,

Inc.

................

511,352

10,917,365

199,998,768

Security

Shares

Shares

Value

Marine

—

0.6%

Matson,

Inc.

......................

486,124

$

29,906,349

Media

—

0.7%

(a)

EW

Scripps

Co.

(The),

Class

A,

NVS

......

329,122

3,709,205

Gannett

Co.,

Inc.

(b)

..................

695,422

1,063,996

TechTarget

,

Inc.

(b)

...................

338,538

20,041,450

Thryv

Holdings,

Inc.

.................

382,227

8,726,242

33,540,893

Metals

&

Mining

—

0.8%

ATI,

Inc.

(a)(b)

.......................

728,991

19,398,451

Century

Aluminum

Co.

(a)(b)

.............

291,114

1,537,082

Haynes

International,

Inc.

.............

87,104

3,059,092

Materion

Corp.

....................

148,451

11,876,080

35,870,705

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

Ellington

Financial,

Inc.

...............

311,391

3,540,516

KKR

Real

Estate

Finance

Trust,

Inc.

......

281,363

4,572,149

Redwood

Trust,

Inc.

.................

1,456,164

8,358,381

16,471,046

Oil,

Gas

&

Consumable

Fuels

—

3.0%

Callon

Petroleum

Co.

(a)(b)

..............

638,745

22,362,462

Civitas

Resources,

Inc.

...............

646,854

37,122,951

Dorian

LPG

Ltd.

....................

393,239

5,336,253

Laredo

Petroleum,

Inc.

(a)(b)

.............

142,911

8,981,956

Ranger

Oil

Corp.,

Class

A

.............

245,681

7,726,668

SM

Energy

Co.

....................

1,528,844

57,499,823

139,030,113

Personal

Products

—

1.3%

elf

Beauty,

Inc.

(a)

...................

621,080

23,365,030

Inter

Parfums

,

Inc.

..................

222,492

16,789,246

Medifast

,

Inc.

(b)

....................

137,403

14,888,989

USANA

Health

Sciences,

Inc.

(a)

.........

92,522

5,185,858

60,229,123

Pharmaceuticals

—

2.6%

(a)

Amphastar

Pharmaceuticals,

Inc.

........

324,210

9,110,301

ANI

Pharmaceuticals,

Inc.

(b)

............

88,283

2,837,416

Cara

Therapeutics,

Inc.

(b)

.............

559,693

5,238,726

Collegium

Pharmaceutical,

Inc.

(b)

........

425,578

6,817,760

Corcept

Therapeutics,

Inc.

(b)

...........

725,143

18,592,667

Harmony

Biosciences

Holdings,

Inc.

(b)

.....

206,580

9,149,428

Innoviva

,

Inc.

(b)

....................

783,574

9,097,294

Nektar

Therapeutics

(b)

................

1,064,748

3,407,194

Pacira

BioSciences

,

Inc.

(b)

.............

348,591

18,541,555

Prestige

Consumer

Healthcare,

Inc.

(b)

.....

328,909

16,389,535

Supernus

Pharmaceuticals,

Inc.

.........

667,125

22,582,181

121,764,057

Professional

Services

—

2.1%

Exponent,

Inc.

.....................

637,469

55,886,907

Forrester

Research,

Inc.

(a)(b)

............

139,650

5,028,796

Heidrick

&

Struggles

International,

Inc.

....

247,304

6,427,431

Korn

Ferry

.......................

681,005

31,973,185

99,316,319

Real

Estate

Management

&

Development

—

0.5%

Douglas

Elliman

,

Inc.

................

836,616

3,430,126

Marcus

&

Millichap,

Inc.

..............

175,829

5,763,675

St.

Joe

Co.

(The)

...................

426,085

13,647,502

22,841,303

Road

&

Rail

—

0.5%

ArcBest

Corp.

.....................

305,896

22,247,816

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

5.8%

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

212,918

$

6,549,358

Axcelis

Technologies,

Inc.

(a)(b)

...........

411,960

24,948,298

CEVA,

Inc.

(a)

......................

290,355

7,616,012

Cohu

,

Inc.

(a)

......................

348,829

8,992,812

Diodes,

Inc.

(a)(b)

....................

567,184

36,815,913

FormFactor

,

Inc.

(a)(b)

.................

606,003

15,180,375

Ichor

Holdings

Ltd.

(a)(b)

................

202,899

4,912,185

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

724,154

27,901,654

MaxLinear

,

Inc.

(a)(b)

..................

898,736

29,316,768

Onto

Innovation,

Inc.

(a)(b)

..............

619,561

39,682,882

PDF

Solutions,

Inc.

(a)(b)

...............

230,089

5,644,083

Rambus,

Inc.

(a)

....................

1,378,384

35,038,521

SMART

Global

Holdings,

Inc.

(a)(b)

........

378,235

6,002,589

Ultra

Clean

Holdings,

Inc.

(a)

............

566,560

14,588,920

Veeco

Instruments,

Inc.

(a)(b)

............

641,310

11,748,799

274,939,169

Software

—

4.3%

8x8,

Inc.

(a)(b)

.......................

1,507,619

5,201,286

A10

Networks,

Inc.

..................

826,435

10,966,792

Agilysys

,

Inc.

(a)

....................

156,221

8,646,832

Alarm.com

Holdings,

Inc.

(a)(b)

...........

620,297

40,232,463

Cerence

,

Inc.

(a)(b)

...................

255,718

4,027,559

Digital

Turbine,

Inc.

(a)(b)

...............

1,121,712

16,163,870

InterDigital

,

Inc.

....................

191,255

7,730,527

LivePerson

,

Inc.

(a)(b)

.................

528,603

4,979,440

LiveRamp

Holdings,

Inc.

(a)

.............

837,314

15,205,622

OneSpan

,

Inc.

(a)

....................

216,254

1,861,947

Progress

Software

Corp.

..............

542,005

23,062,313

SPS

Commerce,

Inc.

(a)

...............

449,135

55,796,041

Xperi

Holding

Corp.

.................

669,691

9,469,431

203,344,123

Specialty

Retail

—

4.5%

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

298,528

4,642,110

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

626,124

26,409,910

American

Eagle

Outfitters,

Inc.

..........

829,999

8,075,890

Asbury

Automotive

Group,

Inc.

(a)(b)

........

124,202

18,766,922

Boot

Barn

Holdings,

Inc.

(a)(b)

............

371,704

21,729,816

Buckle,

Inc.

(The)

..................

368,587

11,669,464

Children's

Place,

Inc.

(The)

(a)

...........

164,290

5,074,918

Genesco,

Inc.

(a)

....................

79,393

3,121,733

Hibbett,

Inc.

......................

162,249

8,081,623

Leslie's,

Inc.

(a)(b)

....................

1,016,855

14,957,937

MarineMax

,

Inc.

(a)(b)

.................

268,534

7,999,628

Monro

,

Inc.

.......................

171,700

7,462,082

National

Vision

Holdings,

Inc.

(a)(b)

........

442,702

14,454,220

Rent-A-Center,

Inc.

.................

317,163

5,553,524

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

589,086

7,422,484

Shoe

Carnival,

Inc.

..................

211,458

4,533,660

Signet

Jewelers

Ltd.

.................

580,066

33,173,975

Sleep

Number

Corp.

(a)(b)

..............

273,908

9,260,830

212,390,726

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

(a)(b)

3D

Systems

Corp.

..................

1,624,707

12,965,162

Avid

Technology,

Inc.

................

332,377

7,731,089

Corsair

Gaming,

Inc.

................

185,327

2,103,461

Diebold

Nixdorf,

Inc.

.................

924,670

2,256,195

25,055,907

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

1.1%

Kontoor

Brands,

Inc.

.................

313,506

$

10,536,937

Movado

Group,

Inc.

.................

201,509

5,678,523

Oxford

Industries,

Inc.

...............

119,896

10,764,263

Steven

Madden

Ltd.

.................

620,474

16,548,041

Wolverine

World

Wide,

Inc.

............

449,176

6,912,819

50,440,583

Thrifts

&

Mortgage

Finance

—

2.2%

Axos

Financial,

Inc.

(a)

................

663,447

22,709,791

Flagstar

Bancorp,

Inc.

...............

657,343

21,955,256

Northfield

Bancorp,

Inc.

..............

306,143

4,380,906

Provident

Financial

Services,

Inc.

........

404,072

7,879,404

Walker

&

Dunlop,

Inc.

................

383,076

32,074,953

WSFS

Financial

Corp.

...............

315,699

14,667,376

103,667,686

Tobacco

—

0.3%

Vector

Group

Ltd.

..................

1,640,864

14,456,012

Trading

Companies

&

Distributors

—

1.0%

Applied

Industrial

Technologies,

Inc.

......

206,154

21,188,508

Boise

Cascade

Co.

.................

236,135

14,040,587

GMS,

Inc.

(a)

.......................

297,831

11,916,219

47,145,314

Water

Utilities

—

1.1%

American

States

Water

Co.

(b)

...........

304,183

23,711,065

California

Water

Service

Group

.........

399,939

21,072,786

Middlesex

Water

Co.

................

97,032

7,490,870

52,274,721

Wireless

Telecommunication

Services

—

0.1%

Gogo

,

Inc.

(a)(b)

.....................

270,338

3,276,497

Total

Long-Term

Investments

—

99.0%

(Cost:

$5,105,272,701)

...........................

4,652,097,286

Short-Term

Securities

Money

Market

Funds

—

10.0%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(f)

............

428,906,766

429,035,438

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

41,939,183

41,939,183

Total

Short-Term

Securities

—

10.0%

(Cost:

$470,740,921)

.............................

470,974,621

Total

Investments

—

109.0%

(Cost:

$5,576,013,622

)

...........................

5,123,071,907

Liabilities

in

Excess

of

Other

Assets

—

(9.0)%

............

(423,152,744)

Net

Assets

—

100.0%

..............................

$

4,699,919,163

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedule

of

Investments

27

(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.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(2,713)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$7,092

of

net

dividends

and

financing

fees.

(g)

Amount

includes

$(20,051)

of

net

dividends

and

financing

fees.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

219,232,582

$

209,591,926

(a)

$

—

$

19,687

$

191,243

$

429,035,438

428,906,766

$

367,604

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

23,330,000

18,609,183

(a)

—

—

—

41,939,183

41,939,183

327,110

—

$

19,687

$

191,243

$

470,974,621

$

694,714

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

196

12/16/22

$

16,364

$

(1,430,975)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long

.......

Monthly

Goldman

Sachs

Bank

USA

(b)

02/27/23

$

16,051,730

$

(1,580,817)

(c)

$

14,473,626

0.3

%

Monthly

HSBC

Bank

plc

(d)

02/10/23

7,244,746

(349,433)

(e)

6,888,221

0.2

Monthly

JPMorgan

Chase

Bank

NA

(f)

02/08/23

7,377,818

(616,092)

(g)

6,781,777

0.2

$

(2,546,342)

$

28,143,624

(b)

(d)

(f)

Range:

65

basis

points

65

basis

points

65

basis

points

Benchmarks:

USD

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

1D

Overnight

Bank

Funding

Rate

(OBFR01)

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

28

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

February

27,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Bancorp,

Inc.

(The)

(a)

.......

3,000

$

65,940

0.5%

City

Holding

Co.

..........

5,083

450,811

3.1

Community

Bank

System,

Inc.

.

10,355

622,128

4.3

Customers

Bancorp,

Inc.

(a)

...

4,857

143,184

1.0

First

BanCorp

............

134,804

1,844,119

12.7

First

Bancorp/Southern

Pines

NC

.................

7,846

287,007

2.0

Independent

Bank

Corp.

.....

3,252

242,372

1.7

Lakeland

Financial

Corp.

....

3,638

264,883

1.8

Pacific

Premier

Bancorp,

Inc.

.

10,667

330,250

2.3

Preferred

Bank/Los

Angeles

CA

4,683

305,472

2.1

Seacoast

Banking

Corp.

.....

3,890

117,595

0.8

United

Community

Banks,

Inc.

9,742

322,460

2.2

$

4,996,221

Thrifts

&

Mortgage

Finance

Flagstar

Bancorp,

Inc.

......

7,724

257,982

1.8

Provident

Financial

Services,

Inc.

.................

25,095

489,352

3.4

WSFS

Financial

Corp.

......

25,859

1,201,409

8.3

1,948,743

Water

Utilities

Middlesex

Water

Co.

.......

21,881

1,689,213

11.7

Equity

Real

Estate

Investment

Trusts

(REITs)

Getty

Realty

Corp.

.........

8,784

236,202

1.6

Outfront

Media,

Inc.

........

357,589

5,431,777

37.5

5,667,979

Gas

Utilities

Chesapeake

Utilities

Corp.

...

1,486

171,470

1.2

Total

Reference

Entity

—

Long

............

14,473,626

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

14,473,626

(a)

Non-income

producing

security.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Ameris

Bancorp

..........

4,238

$

189,481

2.7%

Banner

Corp.

............

4,998

295,282

4.3

Brookline

Bancorp,

Inc.

.....

9,355

108,986

1.6

Central

Pacific

Financial

Corp.

.

1,987

41,111

0.6

City

Holding

Co.

..........

650

57,648

0.8

Community

Bank

System,

Inc.

.

307

18,445

0.3

First

Commonwealth

Financial

Corp.

...............

46,581

598,100

8.7

Hanmi

Financial

Corp.

......

18,529

438,767

6.4

HomeStreet

,

Inc.

..........

7,144

205,819

3.0

Independent

Bank

Corp.

....

10,814

805,967

11.7

OFG

Bancorp

............

19,923

500,665

7.3

Shares

Value

%

of

Basket

Value

Banks

(continued)

Pacific

Premier

Bancorp,

Inc.

.

7,688

238,020

3.5

Pathward

Financial,

Inc.

.....

15,316

504,815

7.3

Preferred

Bank/Los

Angeles

CA

3,793

247,417

3.6

Southside

Bancshares,

Inc.

..

622

21,994

0.3

Veritex

Holdings,

Inc.

.......

42,301

1,124,784

16.3

$

5,397,301

Thrifts

&

Mortgage

Finance

Provident

Financial

Services,

Inc.

.................

1,305

25,447

0.4

WSFS

Financial

Corp.

......

6,947

322,758

4.7

348,205

Water

Utilities

Middlesex

Water

Co.

.......

389

30,031

0.4

Gas

Utilities

Chesapeake

Utilities

Corp.

...

8,304

958,198

13.9

Insurance

Stewart

Information

Services

Corp.

...............

3,540

154,486

2.2

Total

Reference

Entity

—

Long

............

6,888,221

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

6,888,221

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

February

8,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Insurance

Stewart

Information

Services

Corp.

................

5,294

$

231,030

3.4%

Banks

Banner

Corp.

............

10,820

639,246

9.4

Brookline

Bancorp,

Inc.

.....

21,423

249,578

3.7

Central

Pacific

Financial

Corp.

.

14,703

304,205

4.5

Community

Bank

System,

Inc.

.

9,204

552,976

8.2

Eagle

Bancorp,

Inc.

........

7,474

334,985

4.9

Independent

Bank

Corp.

.....

12,064

899,130

13.3

Pacific

Premier

Bancorp,

Inc.

..

1,763

54,582

0.8

Preferred

Bank/Los

Angeles

CA

9,308

607,161

8.9

Southside

Bancshares,

Inc.

...

711

25,141

0.4

3,667,004

Water

Utilities

Middlesex

Water

Co.

.......

32,452

2,505,294

36.9

Equity

Real

Estate

Investment

Trusts

(REITs)

Sunstone

Hotel

Investors,

Inc.

.

40,175

378,449

5.6

Total

Reference

Entity

—

Long

............

6,781,777

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

6,781,777

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedule

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

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

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

—

$

(2,546,342)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,430,975

$

—

$

—

$

—

$

1,430,975

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

2,546,342

—

—

—

2,546,342

$

—

$

—

$

3,977,317

$

—

$

—

$

—

$

3,977,317

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(806,168)

$

—

$

—

$

—

$

(806,168)

Swaps

..............................

—

—

(4,290,510)

—

—

—

(4,290,510)

$

—

$

—

$

(5,096,678)

$

—

$

—

$

—

$

(5,096,678)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,710,738)

$

—

$

—

$

—

$

(1,710,738)

Swaps

..............................

—

—

(2,833,799)

—

—

—

(2,833,799)

$

—

$

—

$

(4,544,537)

$

—

$

—

$

—

$

(4,544,537)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

14,971,320

Total

return

swaps

Average

notional

value

...............................................................................................

$

20,877,847

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

128,765

Swaps

—

OTC

(a)

....................................................................................

—

2,546,342

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

—

$

2,675,107

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(128,765)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

—

$

2,546,342

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

S&P

Small-Cap

600

Growth

ETF

30

See

notes

to

financial

statements.

The

following

table

presents

the

Fund's

derivative

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

pledged

by

the

Fund:

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

Goldman

Sachs

Bank

USA

..........................

$

1,580,817

$

—

$

—

$

—

$

1,580,817

HSBC

Bank

plc

..................................

349,433

—

—

—

349,433

JPMorgan

Chase

Bank

NA

..........................

616,092

—

—

—

616,092

$

2,546,342

$

—

$

—

$

—

$

2,546,342

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

4,652,097,286

$

—

$

—

$

4,652,097,286

Short-Term

Securities

Money

Market

Funds

......................................

470,974,621

—

—

470,974,621

$

5,123,071,907

$

—

$

—

$

5,123,071,907

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(1,430,975)

$

(2,546,342)

$

—

$

(3,977,317)

$

(1,430,975)

$

(2,546,342)

$

—

$

(3,977,317)

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

31

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

6,239,119,513‌

$

6,403,014,409‌

$

4,652,097,286‌

Investments,

at

value

—

affiliated

(c)

............................................................

634,791,780‌

332,636,113‌

470,974,621‌

Cash  

...............................................................................

24,823‌

259,972‌

—‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................................

—‌

—‌

1,158,327‌

Futures

contracts

......................................................................

600,470‌

1,230,510‌

1,278,000‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

42,757,682‌

107,973,577‌

60,057,011‌

Securities

lending

income

—

affiliated

........................................................

354,162‌

73,749‌

78,281‌

Capital

shares

sold

.....................................................................

—‌

247,496‌

—‌

Dividends

—

unaffiliated

.................................................................

3,483,167‌

12,275,718‌

4,242,003‌

Dividends

—

affiliated

...................................................................

23,153‌

34,240‌

104,586‌

Total

assets

...........................................................................

6,921,154,750‌

6,857,745,784‌

5,189,990,115‌

LIABILITIES

Bank

overdraft

..........................................................................

—‌

—‌

997,647‌

Cash

received:

Collateral

—

OTC

derivatives

..............................................................

8,300‌

212,975‌

888,139‌

Collateral

on

securities

loaned

...............................................................

626,876,700‌

323,038,115‌

428,805,906‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

44,915,726‌

108,795,000‌

55,943,853‌

Capital

shares

redeemed

.................................................................

—‌

123,748‌

—‌

Investment

advisory

fees

.................................................................

924,246‌

1,054,572‌

760,300‌

Variation

margin

on

futures

contracts

.........................................................

69,478‌

142,725‌

128,765‌

Unrealized

depreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

103,998‌

366,396‌

2,546,342‌

Total

liabilities

..........................................................................

672,898,448‌

433,733,531‌

490,070,952‌

NET

ASSETS

..........................................................................

$

6,248,256,302‌

$

6,424,012,253‌

$

4,699,919,163‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

6,860,396,215‌

$

7,618,522,050‌

$

5,223,129,764‌

Accumulated

loss

.......................................................................

(612,139,913‌)

(1,194,509,797‌)

(523,210,601‌)

NET

ASSETS

..........................................................................

$

6,248,256,302‌

$

6,424,012,253‌

$

4,699,919,163‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

99,150,000‌

71,450,000‌

46,300,000‌

Net

asset

value

.........................................................................

$

63.02‌

$

89.91‌

$

101.51‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

6,502,723,462‌

$

7,457,101,048‌

$

5,105,272,701‌

(b)

  Securities

loaned,

at

value

................................................................

$

606,623,777‌

$

312,136,580‌

$

415,514,950‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

634,498,437‌

$

332,477,386‌

$

470,740,921‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

32

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

42,520,597‌

$

85,675,679‌

$

32,166,556‌

Dividends

—

affiliated

...................................................................

75,752‌

100,521‌

327,110‌

Securities

lending

income

—

affiliated

—

net

...................................................

3,937,912‌

312,091‌

367,604‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(64,311‌)

Total

investment

income

...................................................................

46,534,261‌

86,088,291‌

32,796,959‌

EXPENSES

Investment

advisory

....................................................................

5,731,717‌

6,661,389‌

4,711,861‌

Total

expenses

.........................................................................

5,731,717‌

6,661,389‌

4,711,861‌

Net

investment

income

....................................................................

40,802,544‌

79,426,902‌

28,085,098‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(1,413,546,724‌)

$

(1,456,748,008‌)

$

(1,103,993,593‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

(61,344,024‌)

$

(85,464,620‌)

$

78,114,674‌

Investments

—

affiliated

...............................................................

7,299‌

(19,250‌)

19,687‌

Futures

contracts

....................................................................

(1,637,083‌)

(1,893,086‌)

(806,168‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

58,064,818‌

354,392,104‌

149,313,573‌

Swaps  

..........................................................................

(238,662‌)

(1,793,702‌)

(4,290,510‌)

(5,147,652‌)

265,221,446‌

222,351,256‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(1,407,552,580‌)

(1,720,189,672‌)

(1,321,991,555‌)

Investments

—

affiliated

...............................................................

256,497‌

172,457‌

191,243‌

Futures

contracts

....................................................................

(982,125‌)

(1,513,698‌)

(1,710,738‌)

Swaps  

..........................................................................

(120,864‌)

(438,542‌)

(2,833,799‌)

(1,408,399,072‌)

(1,721,969,455‌)

(1,326,344,849‌)

Net

realized

and

unrealized

loss

..............................................................

(1,413,546,724‌)

(1,456,748,009‌)

(1,103,993,593‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................

$

(1,372,744,180‌)

$

(1,377,321,107‌)

$

(1,075,908,495‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

33

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

40,802,544‌

$

46,202,656‌

$

79,426,902‌

$

140,131,066‌

Net

realized

gain

(loss)

....................................................

(5,147,652‌)

820,642,500‌

265,221,446‌

1,238,986,386‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(1,408,399,072‌)

(929,840,004‌)

(1,721,969,455‌)

(657,010,902‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(1,372,744,180‌)

(62,994,848‌)

(1,377,321,107‌)

722,106,550‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(38,765,361‌)

(48,128,780‌)

(73,186,165‌)

(146,686,532‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

119,056,773‌

(355,452,658‌)

(531,603,286‌)

(278,917,161‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(1,292,452,768‌)

(466,576,286‌)

(1,982,110,558‌)

296,502,857‌

Beginning

of

period

........................................................

7,540,709,070‌

8,007,285,356‌

8,406,122,811‌

8,109,619,954‌

End

of

period

............................................................

$

6,248,256,302‌

$

7,540,709,070‌

$

6,424,012,253‌

$

8,406,122,811‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

34

See

notes

to

financial

statements.

iShares

S&P

Small-Cap

600

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

28,085,098‌

$

45,742,922‌

Net

realized

gain

......................................................................................

222,351,256‌

513,299,340‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(1,326,344,849‌)

(630,385,805‌)

Net

decrease

in

net

assets

resulting

from

operations

................................................................

(1,075,908,495‌)

(71,343,543‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(26,412,245‌)

(43,375,063‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...............................................

163,504,907‌

(438,169,835‌)

NET

ASSETS

Total

decrease

in

net

assets

................................................................................

(938,815,833‌)

(552,888,441‌)

Beginning

of

period

......................................................................................

5,638,734,996‌

6,191,623,437‌

End

of

period

..........................................................................................

$

4,699,919,163‌

$

5,638,734,996‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

35

Financial

Highlights

iShares

S&P

Mid-Cap

400

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

................

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

$

54.55

‌

$

47.74

‌

Net

investment

income

(b)

........................

0.42

‌

0.46

‌

0.44

‌

0.57

‌

0.55

‌

0.48

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(14.42

)

(0.87

)

33.69

‌

(10.05

)

0.24

‌

6.85

‌

Net

increase

(decrease)

from

investment

operations

.......

(14.00

)

(0.41

)

34.13

‌

(9.48

)

0.79

‌

7.33

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

.....................

(0.40

)

(0.48

)

(0.47

)

(0.63

)

(0.56

)

(0.52

)

From

net

realized

gain

..........................

—

‌

—

‌

—

‌

—

‌

(0.02

)

—

‌

Total

distributions

..............................

(0.40

)

(0.48

)

(0.47

)

(0.63

)

(0.58

)

(0.52

)

Net

asset

value,

end

of

period

.....................

$

63.02

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

$

54.55

‌

Total

Return

(e)

(18.10)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(18.10

)%

(f)

(0.54

)%

76.68

%

(17.49

)%

1.45

%

15.41

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.17

%

(h)

0.17

%

0.20

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

1.20

%

(h)

0.57

%

0.70

%

1.01

%

1.01

%

0.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

6,248,256

‌

$

7,540,709

‌

$

8,007,285

‌

$

5,260,096

‌

$

7,490,758

‌

$

8,008,220

‌

Portfolio

turnover

rate

(i)

...........................

12

%

45

%

50

%

51

%

50

%

40

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

36

iShares

S&P

Mid-Cap

400

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

.................

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

$

77.19

‌

$

74.24

‌

Net

investment

income

(b)

.........................

1.09

‌

1.73

‌

1.36

‌

1.51

‌

1.31

‌

1.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

(19.69

)

7.80

‌

46.95

‌

(23.42

)

1.31

‌

2.98

‌

Net

increase

(decrease)

from

investment

operations

........

(18.60

)

9.53

‌

48.31

‌

(21.91

)

2.62

‌

4.30

‌

Distributions

from

net

investment

income

(d)

...............

(1.02

)

(1.82

)

(1.41

)

(1.64

)

(1.34

)

(1.35

)

Net

asset

value,

end

of

period

......................

$

89.91

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

$

77.19

‌

Total

Return

(e)

(17.02)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(17.02

)%

(f)

9.42

%

88.83

%

(28.36

)%

3.35

%

5.88

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.................................

0.18

%

(h)

0.18

%

0.21

%

0.25

%

0.25

%

0.25

%

Net

investment

income

............................

2.15

%

(h)

1.61

%

1.78

%

1.90

%

1.65

%

1.73

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

6,424,012

‌

$

8,406,123

‌

$

8,109,620

‌

$

3,811,032

‌

$

6,355,685

‌

$

5,603,679

‌

Portfolio

turnover

rate

(i)

............................

8

%

38

%

43

%

46

%

44

%

37

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

37

Financial

Highlights

iShares

S&P

Small-Cap

600

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

................

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

$

86.92

‌

$

76.62

‌

Net

investment

income

(b)

........................

0.61

‌

0.98

‌

0.72

‌

0.81

‌

0.72

‌

0.73

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(23.83

)

(2.67

)

58.76

‌

(20.00

)

2.40

‌

10.34

‌

Net

increase

(decrease)

from

investment

operations

.......

(23.22

)

(1.69

)

59.48

‌

(19.19

)

3.12

‌

11.07

‌

Distributions

from

net

investment

income

(d)

..............

(0.58

)

(0.93

)

(0.75

)

(0.90

)

(0.75

)

(0.77

)

Net

asset

value,

end

of

period

.....................

$

101.51

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

$

86.92

‌

Total

Return

(e)

(18.54)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(18.54

)%

(f)

(1.35

)%

86.30

%

(21.68

)%

3.59

%

14.51

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.18

%

(h)

0.18

%

0.21

%

0.25

%

0.25

%

0.25

%

Net

investment

income

...........................

1.07

%

(h)

0.75

%

0.73

%

0.89

%

0.77

%

0.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

4,699,919

‌

$

5,638,735

‌

$

6,191,623

‌

$

3,515,154

‌

$

5,580,221

‌

$

5,128,053

‌

Portfolio

turnover

rate

(i)

...........................

15

%

44

%

52

%

64

%

45

%

47

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2022

iShares

Semi-Annual

Report

To

Shareholders

38

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

September

30,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

iShares

ETF

Diversification

Classification

S&P

Mid-Cap

400

Growth

...............................................................................................

Diversified

S&P

Mid-Cap

400

Value

................................................................................................

Diversified

S&P

Small-Cap

600

Growth

..............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

39

Notes

to

Financial

Statements

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

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

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

40

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)

S&P

Mid-Cap

400

Growth

Barclays

Bank

PLC

...................................

$

3,159,318‌

$

(3,159,318‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

Barclays

Capital,

Inc.

...................................

3,806,613‌

(3,806,613‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

624,355‌

(624,355‌)

–‌

–‌

BNP

Paribas

SA

.......................................

106,834,625‌

(106,834,625‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

19,209,085‌

(19,209,085‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,856,928‌

(2,856,928‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

11,548,006‌

(11,548,006‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

4,341‌

(4,341‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

167,295,620‌

(167,295,620‌)

–‌

–‌

HSBC

Bank

PLC

......................................

9,015,364‌

(9,015,364‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

51,108,526‌

(51,108,526‌)

–‌

–‌

Jefferies

LLC

.........................................

4,714,275‌

(4,714,275‌)

–‌

–‌

Morgan

Stanley

.......................................

85,403,557‌

(85,403,557‌)

–‌

–‌

National

Financial

Services

LLC

............................

8,204,814‌

(8,204,814‌)

–‌

–‌

Natixis

SA

...........................................

15,651,315‌

(15,651,315‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

2,979,304‌

(2,979,304‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

11,970,289‌

(11,970,289‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

167,808‌

(167,808‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

5,592,245‌

(5,592,245‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

37,753,803‌

(37,753,803‌)

–‌

–‌

UBS

AG

............................................

44,017,092‌

(44,017,092‌)

–‌

–‌

UBS

Securities

LLC

....................................

2,349,936‌

(2,349,936‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,072,088‌

(3,072,088‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,013,392‌

(1,013,392‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,271,078‌

(8,271,078‌)

–‌

–‌

$

606,623,777‌

$

(606,623,777‌)

$

–‌

$

–‌

S&P

Mid-Cap

400

Value

Barclays

Bank

PLC

...................................

$

5,149,658‌

$

(5,149,658‌)

$

–‌

$

–‌

–

–

–

–

BNP

Paribas

SA

.......................................

31,587,320‌

(31,587,320‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

19,984,462‌

(19,984,462‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

2,116,540‌

(2,116,540‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

55,655,746‌

(55,655,746‌)

–‌

–‌

HSBC

Bank

PLC

......................................

10,511,548‌

(10,511,548‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

98,419,412‌

(98,419,412‌)

–‌

–‌

Jefferies

LLC

.........................................

2,723,664‌

(2,723,664‌)

–‌

–‌

Morgan

Stanley

.......................................

35,345,069‌

(35,345,069‌)

–‌

–‌

National

Financial

Services

LLC

............................

999,794‌

(999,794‌)

–‌

–‌

Natixis

SA

...........................................

618,287‌

(618,287‌)

–‌

–‌

Pershing

LLC

.........................................

16,870‌

(16,870‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

4,832,591‌

(4,832,591‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

7,946,130‌

(7,815,117‌)

–‌

131,013‌

SG

Americas

Securities

LLC

..............................

334,108‌

(334,108‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

7,470,826‌

(7,470,826‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

4,980,642‌

(4,980,642‌)

–‌

–‌

UBS

AG

............................................

15,528,299‌

(15,528,299‌)

–‌

–‌

UBS

Securities

LLC

....................................

6,779,396‌

(6,779,396‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

363,231‌

(363,231‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

567,432‌

(567,432‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

205,555‌

(205,555‌)

–‌

–‌

$

312,136,580‌

$

(312,005,567‌)

$

–‌

$

131,013‌

S&P

Small-Cap

600

Growth

Barclays

Bank

PLC

...................................

$

3,051,547‌

$

(3,051,547‌)

$

–‌

$

–‌

–

–

–

–

BMO

Capital

Markets

Corp.

...............................

121,035‌

(121,035‌)

–‌

–‌

BNP

Paribas

SA

.......................................

100,437,294‌

(100,437,294‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

9,607,940‌

(9,607,940‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

4,433,764‌

(4,433,764‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,013,633‌

(4,013,633‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

114,163‌

(114,163‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

74,401,159‌

(74,401,159‌)

–‌

–‌

HSBC

Bank

PLC

......................................

808,087‌

(808,087‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

41

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.

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

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

S&P

Small-Cap

600

Growth

(continued)

J.P.

Morgan

Securities

LLC

...............................

$

82,908,802‌

$

(82,908,802‌)

$

–‌

$

–‌

Jefferies

LLC

.........................................

2,478,381‌

(2,478,381‌)

–‌

–‌

Morgan

Stanley

.......................................

99,774,818‌

(99,774,818‌)

–‌

–‌

National

Financial

Services

LLC

............................

7,320,711‌

(7,320,711‌)

–‌

–‌

Natixis

SA

...........................................

3,511,431‌

(3,511,431‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

250,800‌

(250,800‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

38,969‌

(38,969‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

10,980,820‌

(10,980,820‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

90,840‌

(90,840‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

286,689‌

(283,862‌)

–‌

2,827‌

Toronto-Dominion

Bank

..................................

1,974,472‌

(1,974,472‌)

–‌

–‌

UBS

AG

............................................

5,926,517‌

(5,926,517‌)

–‌

–‌

UBS

Securities

LLC

....................................

899,114‌

(899,114‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

459,068‌

(459,068‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,445,703‌

(1,445,703‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

179,193‌

(179,193‌)

–‌

–‌

$

415,514,950‌

$

(415,512,123‌)

$

–‌

$

2,827‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

September

30,

2022.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

42

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

S&P

Mid-Cap

400

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.1800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1710

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1624

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1543

Over

$281

billion

..................................................................................................

0.1465

Notes

to

Financial

Statements

(unaudited)

(continued)

43

Notes

to

Financial

Statements

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:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

Each Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Investment

Advisory

Fees

S&P

Mid-Cap

400

Value

.............................................................................................

0.18‌

%

S&P

Small-Cap

600

Growth

...........................................................................................

0.18‌

iShares

ETF

Amounts

S&P

Mid-Cap

400

Growth

...................................................................................................

$

1,021,635‌

S&P

Mid-Cap

400

Value

....................................................................................................

128,219‌

S&P

Small-Cap

600

Growth

..................................................................................................

153,399‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

S&P

Mid-Cap

400

Growth

................................................................

$

184,073,530‌

$

152,326,856‌

$

(38,450,657‌)

S&P

Mid-Cap

400

Value

.................................................................

108,002,453‌

212,719,107‌

(42,104,940‌)

S&P

Small-Cap

600

Growth

...............................................................

136,675,763‌

273,428,273‌

73,540,124‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

44

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

iShares

ETF

Purchases

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

806,173,785‌

$

803,159,018‌

S&P

Mid-Cap

400

Value

.................................................................................

604,901,991‌

604,189,835‌

S&P

Small-Cap

600

Growth

...............................................................................

761,602,100‌

778,054,782‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

369,047,072‌

$

250,524,685‌

S&P

Mid-Cap

400

Value

.................................................................................

1,897,848,223‌

2,422,519,088‌

S&P

Small-Cap

600

Growth

...............................................................................

698,070,046‌

546,983,519‌

iShares

ETF

Amounts

S&P

Mid-Cap

400

Growth

..................................................................................................

$

314,583,981‌

S&P

Mid-Cap

400

Value

...................................................................................................

370,278,126‌

S&P

Small-Cap

600

Growth

.................................................................................................

253,537,193‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

S&P

Mid-Cap

400

Growth

...........................................

$

7,166,947,110‌

$

627,849,311‌

$

(921,530,569‌)

$

(293,681,258‌)

S&P

Mid-Cap

400

Value

.............................................

7,829,392,137‌

200,693,955‌

(1,295,615,683‌)

(1,094,921,728‌)

S&P

Small-Cap

600

Growth

..........................................

5,613,029,400‌

320,387,476‌

(814,322,286‌)

(493,934,810‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

45

Notes

to

Financial

Statements

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.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31, 2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

S&P

Mid-Cap

400

Growth

Shares

sold

5,400,000‌

$

371,007,864‌

21,850,000‌

$

1,790,788,361‌

Shares

redeemed

(3,650,000‌)

(251,951,091‌)

(26,700,000‌)

(2,146,241,019‌)

1,750,000‌

$

119,056,773‌

(4,850,000‌)

$

(355,452,658‌)

S&P

Mid-Cap

400

Value

Shares

sold

19,100,000‌

$

1,930,575,719‌

29,700,000‌

$

3,198,148,426‌

Shares

redeemed

(24,400,000‌)

(2,462,179,005‌)

(32,600,000‌)

(3,477,065,587‌)

(5,300,000‌)

$

(531,603,286‌)

(2,900,000‌)

$

(278,917,161‌)

S&P

Small-Cap

600

Growth

Shares

sold

6,800,000‌

$

773,409,615‌

8,450,000‌

$

1,117,417,618‌

Shares

redeemed

(5,500,000‌)

(609,904,708‌)

(11,850,000‌)

(1,555,587,453‌)

1,300,000‌

$

163,504,907‌

(3,400,000‌)

$

(438,169,835‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

46

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

47

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

S&P

Mid-Cap

400

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

48

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

49

Board

Review

and

Approval

of

Investment

Advisory

Contract

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

50

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

S&P

Small-Cap

600

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

51

Board

Review

and

Approval

of

Investment

Advisory

Contract

Expenses

and

Performance

of

the

Fund

:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided

:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates

:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

52

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion

:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

53

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

S&P

Mid-Cap

400

Growth

................

$

0.397728‌

$

—‌

$

—‌

$

0.397728‌

100‌%

—‌%

—‌%

100‌%

S&P

Mid-Cap

400

Value

.................

1.019209‌

—‌

—‌

1.019209‌

100‌

—‌

—‌

100‌

S&P

Small-Cap

600

Growth

...............

0.577660‌

—‌

—‌

0.577660‌

100‌

—‌

—‌

100‌

General

Information

2022

iShares

Semi-Annual

Report

to

Shareholders

54

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

55

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-SAR-321-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Core

S&P

500

ETF

|

IVV

|

NYSE

Arca

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

|

ITOT

|

NYSE

Arca

Dear

Shareholder,

The

12-month

reporting

period

as

of September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of Expenses

...................................................................................................

6

Schedules

of

Investments

.................................................................................................

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

47

Statements

of

Operations

................................................................................................

48

Statements

of

Changes

in

Net

Assets

........................................................................................

49

Financial

Highlights

.....................................................................................................

50

Notes

to

Financial

Statements

...............................................................................................

52

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

59

Supplemental

Information

.................................................................................................

63

General

Information

.....................................................................................................

64

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

65

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

4

iShares

®

Core

S&P

500

ETF

Investment

Objective

The

iShares

Core

S&P

500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-capitalization

U.S.

equities,

as

represented

by

the

S&P

500

®

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.21‌)%

(15.50‌)%

9.20‌%

11.66‌%

(15.50‌)%

55.31‌%

201.21‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.29‌)

(15.51‌)

9.20‌

11.66‌

(15.51‌)

55.31‌

201.34‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.20‌)

(15.47‌)

9.24‌

11.70‌

(15.47‌)

55.55‌

202.44‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

797.90‌

$

0.14‌

$

1,000.00‌

$

1,024.92‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

26.4‌

%

Health

Care

....................................

15.1‌

Consumer

Discretionary

............................

11.7‌

Financials

......................................

11.0‌

Communication

Services

............................

8.0‌

Industrials

......................................

7.9‌

Consumer

Staples

................................

6.9‌

Energy

........................................

4.6‌

Utilities

........................................

3.1‌

Real

Estate

.....................................

2.8‌

Materials

......................................

2.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

6.9‌

%

Microsoft

Corp.

...................................

5.8‌

Amazon.com,

Inc.

.................................

3.3‌

Tesla,

Inc.

.......................................

2.3‌

Alphabet,

Inc.,

Class

A

..............................

1.9‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.7‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.6‌

UnitedHealth

Group,

Inc.

.............................

1.6‌

Johnson

&

Johnson

................................

1.4‌

Exxon

Mobil

Corp.

.................................

1.2‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

5

Fund

Summary

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Investment

Objective

The

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

S&P

Total

Market

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

December

20,

2015

reflects

the

performance

of

the

S&P

Composite

1500

®

.

Index

performance

beginning

on

December

21,

2015

reflects

the

performance

of

the

S&P

Total

Market

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.62‌)%

(18.02‌)%

8.48‌%

11.31‌%

(18.02‌)%

50.25‌%

191.91‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.56‌)

(17.95‌)

8.51‌

11.32‌

(17.95‌)

50.41‌

192.18‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(20.63‌)

(18.05‌)

8.48‌

11.33‌

(18.05‌)

50.22‌

192.60‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

793.80‌

$

0.13‌

$

1,000.00‌

$

1,024.92‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

25.3‌

%

Health

Care

....................................

15.0‌

Financials

......................................

11.8‌

Consumer

Discretionary

............................

11.6‌

Industrials

......................................

8.9‌

Communication

Services

............................

7.4‌

Consumer

Staples

................................

6.2‌

Energy

........................................

4.6‌

Real

Estate

.....................................

3.4‌

Utilities

........................................

3.0‌

Materials

......................................

2.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

5.8‌

%

Microsoft

Corp.

...................................

4.9‌

Amazon.com,

Inc.

.................................

2.8‌

Tesla,

Inc.

.......................................

2.0‌

Alphabet,

Inc.,

Class

A

..............................

1.6‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.4‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.3‌

UnitedHealth

Group,

Inc.

.............................

1.3‌

Johnson

&

Johnson

................................

1.2‌

Exxon

Mobil

Corp.

.................................

1.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2022

iShares

Semi-Annual

Report

To

Shareholders

6

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.6%

Boeing

Co.

(The)

(a)(b)

.................

4,960,881

$

600,663,471

General

Dynamics

Corp.

..............

1,995,803

423,449,523

Howmet

Aerospace,

Inc.

(a)

.............

3,301,443

102,113,632

Huntington

Ingalls

Industries,

Inc.

........

360,635

79,880,653

L3Harris

Technologies,

Inc.

............

1,697,286

352,746,949

Lockheed

Martin

Corp.

...............

2,097,305

810,167,948

Northrop

Grumman

Corp.

(a)

............

1,289,797

606,617,325

Raytheon

Technologies

Corp.

..........

13,122,500

1,074,207,850

Textron,

Inc.

(a)

.....................

1,860,609

108,399,080

TransDigm

Group,

Inc.

...............

459,718

241,269,201

4,399,515,632

Air

Freight

&

Logistics

—

0.6%

CH

Robinson

Worldwide,

Inc.

(a)

.........

1,095,730

105,529,756

Expeditors

International

of

Washington,

Inc.

(a)

1,447,583

127,836,055

FedEx

Corp.

......................

2,116,516

314,239,130

United

Parcel

Service,

Inc.,

Class

B

......

6,504,401

1,050,720,938

1,598,325,879

Airlines

—

0.2%

(b)

Alaska

Air

Group,

Inc.

................

1,160,673

45,440,348

American

Airlines

Group,

Inc.

(a)

..........

5,685,879

68,457,983

Delta

Air

Lines,

Inc.

(a)

................

5,663,268

158,911,300

Southwest

Airlines

Co.

...............

5,311,172

163,796,545

United

Airlines

Holdings,

Inc.

(a)

..........

2,933,031

95,411,498

532,017,674

Auto

Components

—

0.1%

Aptiv

plc

(a)(b)

.......................

2,421,672

189,398,967

BorgWarner,

Inc.

...................

2,140,182

67,201,715

256,600,682

Automobiles

—

2.6%

Ford

Motor

Co.

....................

35,198,197

394,219,807

General

Motors

Co.

(a)

................

13,000,913

417,199,298

Tesla,

Inc.

(a)(b)

.....................

23,671,408

6,278,840,972

7,090,260,077

Banks

—

3.7%

Bank

of

America

Corp.

...............

62,129,529

1,876,311,776

Citigroup,

Inc.

.....................

17,210,729

717,171,077

Citizens

Financial

Group,

Inc.

..........

4,375,724

150,349,877

Comerica,

Inc.

.....................

1,153,986

82,048,405

Fifth

Third

Bancorp

.................

6,093,484

194,747,749

First

Republic

Bank

(a)

................

1,631,608

213,006,424

Huntington

Bancshares,

Inc.

...........

12,774,818

168,372,101

JPMorgan

Chase

&

Co.

..............

26,063,265

2,723,611,192

KeyCorp

.........................

8,367,097

134,040,894

M&T

Bank

Corp.

(a)

..................

1,568,208

276,506,435

PNC

Financial

Services

Group,

Inc.

(The)

..

3,644,173

544,512,330

Regions

Financial

Corp.

..............

8,304,959

166,680,527

Signature

Bank

....................

568,837

85,894,387

SVB

Financial

Group

(a)(b)

..............

526,030

176,630,353

Truist

Financial

Corp.

................

11,782,340

513,003,084

US

Bancorp

......................

12,050,198

485,863,983

Wells

Fargo

&

Co.

..................

33,710,747

1,355,846,244

Zions

Bancorp

NA

..................

1,301,942

66,216,770

9,930,813,608

Beverages

—

1.9%

Brown-Forman

Corp.,

Class

B,

NVS

......

1,610,576

107,216,044

Coca-Cola

Co.

(The)

................

34,591,655

1,937,824,513

Constellation

Brands,

Inc.,

Class

A

.......

1,410,885

324,052,067

Keurig

Dr

Pepper,

Inc.

...............

7,587,137

271,771,247

Molson

Coors

Beverage

Co.,

Class

B

.....

1,669,710

80,129,383

Security

Shares

Shares

Value

Beverages

(continued)

Monster

Beverage

Corp.

(a)(b)

............

3,402,200

$

295,855,312

PepsiCo,

Inc.

.....................

12,265,518

2,002,468,469

5,019,317,035

Biotechnology

—

2.2%

AbbVie,

Inc.

......................

15,713,958

2,108,970,303

Amgen,

Inc.

......................

4,754,227

1,071,602,766

Biogen,

Inc.

(a)(b)

....................

1,295,859

345,994,353

Gilead

Sciences,

Inc.

................

11,139,340

687,185,885

Incyte

Corp.

(a)(b)

....................

1,636,769

109,074,286

Moderna,

Inc.

(a)(b)

...................

2,981,636

352,578,457

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

......

952,671

656,266,472

Vertex

Pharmaceuticals,

Inc.

(a)(b)

.........

2,279,262

659,937,519

5,991,610,041

Building

Products

—

0.4%

Allegion

plc

.......................

778,411

69,807,898

AO

Smith

Corp.

....................

1,141,481

55,453,147

Carrier

Global

Corp.

(a)

................

7,504,433

266,857,637

Fortune

Brands

Home

&

Security,

Inc.

.....

1,158,878

62,220,160

Johnson

Controls

International

plc

.......

6,121,698

301,309,976

Masco

Corp.

......................

2,004,168

93,574,604

Trane

Technologies

plc

(a)

..............

2,059,386

298,219,687

1,147,443,109

Capital

Markets

—

3.0%

Ameriprise

Financial,

Inc.

.............

965,921

243,363,796

Bank

of

New

York

Mellon

Corp.

(The)

.....

6,535,515

251,748,038

BlackRock,

Inc.

(c)

...................

1,339,988

737,368,597

Cboe

Global

Markets,

Inc.

.............

953,235

111,881,192

Charles

Schwab

Corp.

(The)

(a)

..........

13,570,762

975,330,665

CME

Group,

Inc.,

Class

A

.............

3,201,221

567,032,276

FactSet

Research

Systems,

Inc.

(a)

.......

335,852

134,377,744

Franklin

Resources,

Inc.

..............

2,490,463

53,594,764

Goldman

Sachs

Group,

Inc.

(The)

.......

3,033,809

889,057,727

Intercontinental

Exchange,

Inc.

(a)

........

4,966,367

448,711,258

Invesco

Ltd.

......................

4,062,191

55,652,017

MarketAxess

Holdings,

Inc.

............

330,309

73,490,449

Moody's

Corp.

(a)

....................

1,409,205

342,591,827

Morgan

Stanley

....................

11,901,519

940,339,016

MSCI,

Inc.

(a)

......................

713,486

300,941,260

Nasdaq,

Inc.

......................

2,998,658

169,963,935

Northern

Trust

Corp.

.................

1,855,166

158,728,003

Raymond

James

Financial,

Inc.

.........

1,724,720

170,436,830

S&P

Global,

Inc.

(a)

..................

3,027,962

924,588,197

State

Street

Corp.

..................

3,262,823

198,412,267

T.

Rowe

Price

Group,

Inc.

(a)

............

2,005,057

210,551,036

7,958,160,894

Chemicals

—

1.8%

Air

Products

&

Chemicals,

Inc.

..........

1,976,877

460,078,584

Albemarle

Corp.

(a)

..................

1,038,149

274,528,122

Celanese

Corp.

(a)

...................

890,155

80,416,603

CF

Industries

Holdings,

Inc.

............

1,779,366

171,263,977

Corteva,

Inc.

(a)

.....................

6,386,502

364,988,589

Dow,

Inc.

........................

6,413,120

281,728,362

DuPont

de

Nemours,

Inc.

.............

4,472,961

225,437,234

Eastman

Chemical

Co.

...............

1,096,648

77,916,840

Ecolab,

Inc.

(a)

.....................

2,198,079

317,446,569

FMC

Corp.

.......................

1,115,738

117,933,507

International

Flavors

&

Fragrances,

Inc.

....

2,268,032

206,005,347

Linde

plc

(a)

.......................

4,429,244

1,194,079,890

LyondellBasell

Industries

NV,

Class

A

.....

2,256,926

169,901,389

Mosaic

Co.

(The)

(a)

..................

3,083,166

149,009,413

PPG

Industries,

Inc.

.................

2,080,577

230,299,068

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Sherwin-Williams

Co.

(The)

(a)

...........

2,092,643

$

428,468,654

4,749,502,148

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

......................

764,385

296,726,613

Copart,

Inc.

(a)(b)

....................

1,906,757

202,878,945

Republic

Services,

Inc.

...............

1,833,813

249,471,921

Rollins,

Inc.

(a)

.....................

2,036,497

70,625,716

Waste

Management,

Inc.

(a)

............

3,341,939

535,412,047

1,355,115,242

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(a)(b)

..............

2,200,897

248,459,262

Cisco

Systems,

Inc.

.................

36,802,877

1,472,115,080

F5,

Inc.

(a)(b)

.......................

522,777

75,661,515

Juniper

Networks,

Inc.

...............

2,911,280

76,042,634

Motorola

Solutions,

Inc.

(a)

.............

1,482,951

332,136,536

2,204,415,027

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

(a)

...............

1,280,130

163,075,761

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

..........

553,561

178,296,463

Vulcan

Materials

Co.

(a)

...............

1,172,789

184,960,553

363,257,016

Consumer

Finance

—

0.5%

American

Express

Co.

...............

5,330,694

719,163,927

Capital

One

Financial

Corp.

............

3,397,964

313,190,342

Discover

Financial

Services

............

2,439,363

221,786,884

Synchrony

Financial

.................

4,302,036

121,274,395

1,375,415,548

Containers

&

Packaging

—

0.3%

Amcor

plc

........................

13,439,199

144,202,605

Avery

Dennison

Corp.

................

720,778

117,270,581

Ball

Corp.

(a)

.......................

2,818,834

136,206,059

International

Paper

Co.

...............

3,202,470

101,518,299

Packaging

Corp.

of

America

...........

834,807

93,740,478

Sealed

Air

Corp.

...................

1,256,136

55,910,613

WestRock

Co.

.....................

2,243,219

69,293,035

718,141,670

Distributors

—

0.2%

Genuine

Parts

Co.

..................

1,262,934

188,581,305

LKQ

Corp.

.......................

2,306,705

108,761,141

Pool

Corp.

.......................

351,883

111,972,689

409,315,135

Diversified

Financial

Services

—

1.6%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

......

16,040,439

4,283,118,022

Diversified

Telecommunication

Services

—

0.9%

AT&T,

Inc.

........................

63,332,351

971,518,264

Lumen

Technologies,

Inc.

(a)

............

8,392,664

61,098,594

Verizon

Communications,

Inc.

..........

37,325,003

1,417,230,364

2,449,847,222

Electric

Utilities

—

2.0%

Alliant

Energy

Corp.

.................

2,256,342

119,563,563

American

Electric

Power

Co.,

Inc.

........

4,559,121

394,136,010

Constellation

Energy

Corp.

(a)

...........

2,899,903

241,242,931

Duke

Energy

Corp.

.................

6,843,067

636,542,092

Edison

International

.................

3,373,720

190,885,078

Entergy

Corp.

.....................

1,805,249

181,662,207

Evergy,

Inc.

.......................

2,032,622

120,737,747

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Eversource

Energy

.................

3,081,671

$

240,247,071

Exelon

Corp.

......................

8,856,205

331,753,439

FirstEnergy

Corp.

..................

4,847,327

179,351,099

NextEra

Energy,

Inc.

................

17,461,970

1,369,193,068

NRG

Energy,

Inc.

...................

2,117,290

81,028,688

PG&E

Corp.

(b)

.....................

14,298,575

178,732,188

Pinnacle

West

Capital

Corp.

...........

1,004,387

64,793,005

PPL

Corp.

.......................

6,523,557

165,372,170

Southern

Co.

(The)

.................

9,447,446

642,426,328

Xcel

Energy,

Inc.

...................

4,884,549

312,611,136

5,450,277,820

Electrical

Equipment

—

0.5%

AMETEK,

Inc.

(a)

....................

2,033,692

230,641,010

Eaton

Corp.

plc

....................

3,558,287

474,533,154

Emerson

Electric

Co.

................

5,270,590

385,912,600

Generac

Holdings,

Inc.

(a)(b)

.............

567,597

101,111,730

Rockwell

Automation,

Inc.

.............

1,025,920

220,685,651

1,412,884,145

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.,

Class

A

(a)

............

5,307,596

355,396,628

CDW

Corp.

(a)

......................

1,197,678

186,933,582

Corning,

Inc.

......................

6,738,120

195,540,242

Keysight

Technologies,

Inc.

(a)(b)

..........

1,597,557

251,391,569

TE

Connectivity

Ltd.

.................

2,850,802

314,614,509

Teledyne

Technologies,

Inc.

(a)(b)

.........

417,793

140,992,604

Trimble,

Inc.

(a)(b)

....................

2,213,325

120,117,148

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

464,888

121,805,305

1,686,791,587

Energy

Equipment

&

Services

—

0.3%

Baker

Hughes

Co.,

Class

A

............

9,034,777

189,368,926

Halliburton

Co.

....................

8,022,039

197,502,600

Schlumberger

NV

(a)

.................

12,604,101

452,487,226

839,358,752

Entertainment

—

1.4%

Activision

Blizzard,

Inc.

...............

6,320,656

469,877,567

Electronic

Arts,

Inc.

(a)

................

2,358,760

272,932,120

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

1,268,768

96,477,119

Netflix,

Inc.

(a)(b)

.....................

3,952,332

930,537,046

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

1,392,526

151,785,334

Walt

Disney

Co.

(The)

(a)(b)

.............

16,202,449

1,528,377,014

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

19,743,363

227,048,674

3,677,034,874

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.7%

Alexandria

Real

Estate

Equities,

Inc.

......

1,316,581

184,571,490

American

Tower

Corp.

...............

4,137,931

888,413,786

AvalonBay

Communities,

Inc.

(a)

.........

1,241,299

228,634,863

Boston

Properties,

Inc.

...............

1,274,107

95,519,802

Camden

Property

Trust

...............

944,166

112,780,629

Crown

Castle,

Inc.

(a)

.................

3,848,638

556,320,623

Digital

Realty

Trust,

Inc.

..............

2,566,519

254,547,354

Duke

Realty

Corp.

..................

3,405,861

164,162,500

Equinix,

Inc.

(a)

.....................

808,671

460,004,412

Equity

Residential

..................

3,004,331

201,951,130

Essex

Property

Trust,

Inc.

.............

576,037

139,533,442

Extra

Space

Storage,

Inc.

.............

1,186,946

204,997,444

Federal

Realty

Investment

Trust

(a)

........

632,233

56,976,838

Healthpeak

Properties,

Inc.

............

4,789,182

109,768,051

Host

Hotels

&

Resorts,

Inc.

............

6,328,419

100,495,294

Invitation

Homes,

Inc.

(a)

...............

5,177,876

174,856,872

Iron

Mountain,

Inc.

(a)

.................

2,610,772

114,795,645

Kimco

Realty

Corp.

(a)

................

5,440,549

100,160,507

Mid-America

Apartment

Communities,

Inc.

..

1,022,129

158,501,544

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Prologis,

Inc.

(a)

.....................

6,580,106

$

668,538,770

Public

Storage

.....................

1,401,420

410,349,790

Realty

Income

Corp.

.................

5,469,876

318,346,783

Regency

Centers

Corp.

..............

1,399,476

75,361,783

SBA

Communications

Corp.,

Class

A

(a)

....

959,179

273,030,302

Simon

Property

Group,

Inc.

............

2,923,139

262,351,725

UDR,

Inc.

........................

2,727,398

113,759,771

Ventas,

Inc.

(a)

.....................

3,547,813

142,515,648

VICI

Properties,

Inc.

(a)

................

8,534,903

254,766,854

Vornado

Realty

Trust

................

1,467,213

33,980,653

Welltower,

Inc.

(a)

...................

4,137,825

266,144,904

Weyerhaeuser

Co.

(a)

.................

6,575,394

187,793,253

7,313,932,462

Food

&

Staples

Retailing

—

1.6%

Costco

Wholesale

Corp.

..............

3,936,842

1,859,252,371

Kroger

Co.

(The)

...................

5,815,783

254,440,506

Sysco

Corp.

......................

4,522,692

319,799,551

Walgreens

Boots

Alliance,

Inc.

..........

6,391,035

200,678,499

Walmart,

Inc.

(a)

....................

12,668,245

1,643,071,377

4,277,242,304

Food

Products

—

1.1%

Archer-Daniels-Midland

Co.

(a)

...........

4,981,953

400,798,119

Campbell

Soup

Co.

.................

1,802,073

84,913,680

Conagra

Brands,

Inc.

................

4,279,895

139,652,974

General

Mills,

Inc.

..................

5,294,338

405,599,234

Hershey

Co.

(The)

..................

1,299,058

286,403,317

Hormel

Foods

Corp.

(a)

................

2,584,494

117,439,407

JM

Smucker

Co.

(The)

...............

946,970

130,123,148

Kellogg

Co.

.......................

2,277,848

158,674,892

Kraft

Heinz

Co.

(The)

................

7,112,898

237,215,148

Lamb

Weston

Holdings,

Inc.

...........

1,269,040

98,198,315

McCormick

&

Co.,

Inc.,

NVS

(a)

..........

2,236,673

159,407,685

Mondelez

International,

Inc.,

Class

A

......

12,180,808

667,873,703

Tyson

Foods,

Inc.,

Class

A

............

2,558,668

168,692,981

3,054,992,603

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

(a)

................

1,232,191

125,498,653

Health

Care

Equipment

&

Supplies

—

2.7%

Abbott

Laboratories

.................

15,563,972

1,505,969,931

ABIOMED,

Inc.

(a)(b)

..................

407,414

100,085,323

Align

Technology,

Inc.

(a)(b)

..............

649,109

134,436,965

Baxter

International,

Inc.

..............

4,463,400

240,398,724

Becton

Dickinson

and

Co.

(a)

............

2,534,654

564,796,951

Boston

Scientific

Corp.

(a)(b)

.............

12,746,895

493,687,243

Cooper

Cos.,

Inc.

(The)

(a)

.............

440,084

116,138,168

Dentsply

Sirona,

Inc.

................

1,849,841

52,442,992

Dexcom,

Inc.

(a)(b)

...................

3,477,222

280,055,460

Edwards

Lifesciences

Corp.

(b)

..........

5,509,699

455,266,428

Hologic,

Inc.

(a)(b)

....................

2,234,270

144,155,100

IDEXX

Laboratories,

Inc.

(a)(b)

...........

742,717

241,977,199

Intuitive

Surgical,

Inc.

(a)(b)

..............

3,173,790

594,895,198

Medtronic

plc

.....................

11,808,895

953,568,271

ResMed,

Inc.

.....................

1,297,385

283,219,146

STERIS

plc

(a)

.....................

881,800

146,625,704

Stryker

Corp.

.....................

2,992,472

606,095,279

Teleflex,

Inc.

(a)

.....................

419,976

84,608,365

Zimmer

Biomet

Holdings,

Inc.

..........

1,862,719

194,747,271

7,193,169,718

Health

Care

Providers

&

Services

—

3.6%

AmerisourceBergen

Corp.

.............

1,388,091

187,850,355

Cardinal

Health,

Inc.

.................

2,396,902

159,825,425

Centene

Corp.

(b)

...................

5,068,509

394,380,685

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Cigna

Corp.

(a)

.....................

2,711,710

$

752,418,174

CVS

Health

Corp.

..................

11,667,773

1,112,755,511

DaVita,

Inc.

(a)(b)

....................

512,560

42,424,591

Elevance

Health,

Inc.

(a)

...............

2,133,046

968,914,815

HCA

Healthcare,

Inc.

(a)

...............

1,907,859

350,645,406

Henry

Schein,

Inc.

(a)(b)

................

1,223,926

80,497,613

Humana,

Inc.

.....................

1,127,476

547,040,080

Laboratory

Corp.

of

America

Holdings

.....

807,257

165,334,306

McKesson

Corp.

(a)

..................

1,275,358

433,455,923

Molina

Healthcare,

Inc.

(a)(b)

.............

516,384

170,324,099

Quest

Diagnostics,

Inc.

...............

1,032,666

126,697,792

UnitedHealth

Group,

Inc.

(a)

.............

8,313,255

4,198,526,305

Universal

Health

Services,

Inc.,

Class

B

(a)

..

595,160

52,481,209

9,743,572,289

Hotels,

Restaurants

&

Leisure

—

1.9%

Booking

Holdings,

Inc.

(b)

..............

352,903

579,893,738

Caesars

Entertainment,

Inc.

(a)(b)

.........

1,854,750

59,834,235

Carnival

Corp.

(a)(b)

...................

8,666,558

60,925,903

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

246,717

370,756,439

Darden

Restaurants,

Inc.

.............

1,099,897

138,938,989

Domino's

Pizza,

Inc.

.................

319,486

99,104,557

Expedia

Group,

Inc.

(a)(b)

...............

1,359,614

127,382,236

Hilton

Worldwide

Holdings,

Inc.

(a)

........

2,449,343

295,439,753

Las

Vegas

Sands

Corp.

(b)

.............

2,934,215

110,091,747

Marriott

International,

Inc.,

Class

A

.......

2,443,358

342,412,190

McDonald's

Corp.

..................

6,538,659

1,508,730,178

MGM

Resorts

International

(a)

...........

2,913,582

86,591,657

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

3,694,833

41,973,303

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

1,958,764

74,237,155

Starbucks

Corp.

....................

10,197,546

859,245,226

Wynn

Resorts

Ltd.

(a)(b)

................

904,978

57,040,763

Yum!

Brands,

Inc.

..................

2,520,932

268,075,909

5,080,673,978

Household

Durables

—

0.3%

DR

Horton,

Inc.

(a)

...................

2,807,966

189,116,510

Garmin

Ltd.

.......................

1,372,224

110,203,310

Lennar

Corp.,

Class

A

................

2,262,856

168,695,915

Mohawk

Industries,

Inc.

(a)(b)

............

456,436

41,622,399

Newell

Brands,

Inc.

.................

3,360,982

46,684,040

NVR,

Inc.

(b)

.......................

27,441

109,409,462

PulteGroup,

Inc.

(a)

..................

2,076,424

77,865,900

Whirlpool

Corp.

....................

493,504

66,529,274

810,126,810

Household

Products

—

1.4%

Church

&

Dwight

Co.,

Inc.

.............

2,169,772

155,008,512

Clorox

Co.

(The)

...................

1,091,105

140,086,971

Colgate-Palmolive

Co.

...............

7,413,242

520,780,250

Kimberly-Clark

Corp.

................

2,991,601

336,674,777

Procter

&

Gamble

Co.

(The)

...........

21,237,220

2,681,199,025

3,833,749,535

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

...................

5,945,606

134,370,696

Industrial

Conglomerates

—

0.8%

3M

Co.

..........................

4,921,533

543,829,397

General

Electric

Co.

(a)

................

9,756,733

604,039,340

Honeywell

International,

Inc.

...........

5,987,434

999,721,855

2,147,590,592

Insurance

—

2.2%

Aflac,

Inc.

........................

5,135,029

288,588,630

Allstate

Corp.

(The)

.................

2,391,735

297,842,760

American

International

Group,

Inc.

.......

6,735,451

319,799,214

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Aon

plc,

Class

A

(a)

..................

1,874,552

$

502,136,244

Arthur

J

Gallagher

&

Co.

(a)

.............

1,868,988

320,008,125

Assurant,

Inc.

.....................

480,082

69,741,512

Brown

&

Brown,

Inc.

(a)

................

2,062,284

124,726,936

Chubb

Ltd.

(a)

......................

3,711,791

675,100,547

Cincinnati

Financial

Corp.

.............

1,421,616

127,334,145

Everest

Re

Group

Ltd.

...............

346,864

91,030,988

Globe

Life,

Inc.

....................

786,744

78,438,377

Hartford

Financial

Services

Group,

Inc.

(The)

2,867,672

177,623,604

Lincoln

National

Corp.

...............

1,390,046

61,036,920

Loews

Corp.

(a)

.....................

1,785,822

89,005,369

Marsh

&

McLennan

Cos.,

Inc.

..........

4,434,994

662,100,254

MetLife,

Inc.

......................

5,938,637

360,950,357

Principal

Financial

Group,

Inc.

..........

2,045,923

147,613,344

Progressive

Corp.

(The)

..............

5,208,706

605,303,724

Prudential

Financial,

Inc.

(a)

.............

3,303,687

283,390,271

Travelers

Cos.,

Inc.

(The)

.............

2,101,217

321,906,444

Willis

Towers

Watson

plc

(a)

.............

974,583

195,832,708

WR

Berkley

Corp.

..................

1,824,009

117,794,501

5,917,304,974

Interactive

Media

&

Services

—

4.8%

(a)(b)

Alphabet,

Inc.,

Class

A

...............

53,289,501

5,097,140,770

Alphabet,

Inc.,

Class

C,

NVS

...........

47,653,098

4,581,845,373

Match

Group,

Inc.

..................

2,536,406

121,113,387

Meta

Platforms,

Inc.,

Class

A

...........

20,269,511

2,750,167,252

Twitter,

Inc.

.......................

6,004,039

263,217,070

12,813,483,852

Internet

&

Direct

Marketing

Retail

—

3.4%

Amazon.com,

Inc.

(a)(b)

................

78,771,487

8,901,178,031

eBay,

Inc.

........................

4,882,356

179,719,524

Etsy,

Inc.

(a)(b)

......................

1,112,714

111,416,053

9,192,313,608

IT

Services

—

4.4%

Accenture

plc,

Class

A

...............

5,621,775

1,446,482,707

Akamai

Technologies,

Inc.

(a)(b)

...........

1,408,827

113,156,985

Automatic

Data

Processing,

Inc.

(a)

........

3,692,921

835,301,801

Broadridge

Financial

Solutions,

Inc.

(a)

.....

1,037,085

149,672,107

Cognizant

Technology

Solutions

Corp.,

Class

A

4,600,233

264,237,383

DXC

Technology

Co.

(b)

...............

2,052,749

50,251,296

EPAM

Systems,

Inc.

(a)(b)

..............

512,594

185,656,421

Fidelity

National

Information

Services,

Inc.

(a)

.

5,414,119

409,144,973

Fiserv,

Inc.

(a)(b)

.....................

5,682,841

531,743,432

FleetCor

Technologies,

Inc.

(a)(b)

..........

669,862

118,009,589

Gartner,

Inc.

(a)(b)

....................

702,724

194,436,704

Global

Payments,

Inc.

(a)

..............

2,463,259

266,155,135

International

Business

Machines

Corp.

....

8,027,052

953,694,048

Jack

Henry

&

Associates,

Inc.

..........

651,234

118,700,421

Mastercard,

Inc.,

Class

A

..............

7,583,032

2,156,159,319

Paychex,

Inc.

.....................

2,837,547

318,401,149

PayPal

Holdings,

Inc.

(b)

...............

10,278,199

884,644,588

VeriSign,

Inc.

(a)(b)

...................

827,195

143,683,771

Visa,

Inc.,

Class

A

(a)

.................

14,531,189

2,581,465,726

11,720,997,555

Leisure

Products

—

0.0%

Hasbro,

Inc.

......................

1,150,701

77,580,261

Life

Sciences

Tools

&

Services

—

1.9%

Agilent

Technologies,

Inc.

.............

2,654,719

322,681,095

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

......

191,796

80,005,784

Bio-Techne

Corp.

(a)

..................

350,611

99,573,524

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

450,367

88,632,226

Danaher

Corp.

....................

5,818,653

1,502,899,883

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Illumina,

Inc.

(a)(b)

....................

1,400,133

$

267,131,375

IQVIA

Holdings,

Inc.

(a)(b)

...............

1,650,715

299,010,515

Mettler-Toledo

International,

Inc.

(a)(b)

......

200,712

217,595,893

PerkinElmer,

Inc.

(a)

..................

1,129,640

135,929,581

Thermo

Fisher

Scientific,

Inc.

...........

3,482,039

1,766,055,360

Waters

Corp.

(a)(b)

...................

528,502

142,447,144

West

Pharmaceutical

Services,

Inc.

(a)

.....

660,841

162,619,753

5,084,582,133

Machinery

—

1.6%

Caterpillar,

Inc.

....................

4,691,823

769,834,318

Cummins,

Inc.

.....................

1,252,488

254,893,833

Deere

&

Co.

......................

2,471,858

825,328,668

Dover

Corp.

......................

1,269,054

147,946,315

Fortive

Corp.

(a)

.....................

3,161,153

184,295,220

IDEX

Corp.

.......................

666,639

133,227,804

Illinois

Tool

Works,

Inc.

...............

2,504,058

452,358,078

Ingersoll

Rand,

Inc.

(a)

................

3,574,706

154,641,781

Nordson

Corp.

(a)

...................

477,114

101,276,989

Otis

Worldwide

Corp.

................

3,729,051

237,913,454

PACCAR,

Inc.

.....................

3,080,430

257,801,187

Parker-Hannifin

Corp.

................

1,135,843

275,226,117

Pentair

plc

.......................

1,423,161

57,823,031

Snap-on,

Inc.

.....................

463,534

93,332,571

Stanley

Black

&

Decker,

Inc.

...........

1,303,525

98,038,115

Westinghouse

Air

Brake

Technologies

Corp.

(a)

1,619,114

131,714,924

Xylem,

Inc.

(a)

......................

1,597,619

139,567,996

4,315,220,401

Media

—

0.7%

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

981,495

297,736,508

Comcast

Corp.,

Class

A

..............

39,138,736

1,147,939,127

DISH

Network

Corp.,

Class

A

(a)(b)

........

2,180,455

30,155,693

Fox

Corp.,

Class

A,

NVS

..............

2,736,785

83,964,564

Fox

Corp.,

Class

B

(a)

.................

1,213,396

34,581,786

Interpublic

Group

of

Cos.,

Inc.

(The)

......

3,531,864

90,415,718

News

Corp.,

Class

A,

NVS

(a)

...........

3,384,455

51,139,115

News

Corp.,

Class

B

................

935,571

14,426,505

Omnicom

Group,

Inc.

................

1,808,588

114,103,817

Paramount

Global,

Class

B,

NVS

........

4,509,250

85,856,120

1,950,318,953

Metals

&

Mining

—

0.3%

Freeport-McMoRan,

Inc.

..............

12,670,449

346,283,371

Newmont

Corp.

....................

7,033,476

295,616,997

Nucor

Corp.

......................

2,326,589

248,921,757

890,822,125

Multiline

Retail

—

0.5%

Dollar

General

Corp.

................

2,016,435

483,662,099

Dollar

Tree,

Inc.

(a)(b)

.................

1,884,929

256,538,837

Target

Corp.

......................

4,121,066

611,524,984

1,351,725,920

Multi-Utilities

—

0.9%

Ameren

Corp.

.....................

2,282,499

183,855,294

CenterPoint

Energy,

Inc.

..............

5,648,197

159,166,192

CMS

Energy

Corp.

..................

2,556,875

148,912,400

Consolidated

Edison,

Inc.

.............

3,149,908

270,136,110

Dominion

Energy,

Inc.

................

7,398,278

511,294,993

DTE

Energy

Co.

(a)

..................

1,731,265

199,182,038

NiSource,

Inc.

.....................

3,596,959

90,607,397

Public

Service

Enterprise

Group,

Inc.

.....

4,425,772

248,861,160

Sempra

Energy

....................

2,789,568

418,267,826

WEC

Energy

Group,

Inc.

..............

2,795,179

249,972,858

2,480,256,268

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

—

4.3%

APA

Corp.

.......................

2,915,856

$

99,693,117

Chevron

Corp.

.....................

16,004,992

2,299,437,201

ConocoPhillips

....................

11,314,071

1,157,882,026

Coterra

Energy,

Inc.

.................

7,070,678

184,686,109

Devon

Energy

Corp.

.................

5,847,248

351,595,022

Diamondback

Energy,

Inc.

.............

1,587,288

191,204,712

EOG

Resources,

Inc.

................

5,216,845

582,878,092

EQT

Corp.

.......................

3,287,756

133,976,057

Exxon

Mobil

Corp.

..................

37,039,899

3,233,953,582

Hess

Corp.

(a)

......................

2,488,309

271,200,798

Kinder

Morgan,

Inc.

.................

17,542,307

291,903,988

Marathon

Oil

Corp.

..................

6,050,679

136,624,332

Marathon

Petroleum

Corp.

............

4,423,337

439,370,064

Occidental

Petroleum

Corp.

(a)

...........

6,609,012

406,123,787

ONEOK,

Inc.

......................

3,964,357

203,133,653

Phillips

66

........................

4,264,730

344,249,006

Pioneer

Natural

Resources

Co.

.........

2,118,877

458,800,437

Valero

Energy

Corp.

(a)

................

3,491,922

373,111,866

Williams

Cos.,

Inc.

(The)

..............

10,849,138

310,610,821

11,470,434,670

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(a)

...

2,060,178

444,792,430

Pharmaceuticals

—

4.6%

Bristol-Myers

Squibb

Co.

..............

18,977,114

1,349,083,034

Catalent,

Inc.

(a)(b)

...................

1,587,348

114,860,501

Eli

Lilly

&

Co.

(a)

....................

7,009,114

2,266,397,012

Johnson

&

Johnson

.................

23,366,878

3,817,213,190

Merck

&

Co.,

Inc.

(a)

..................

22,514,556

1,938,953,563

Organon

&

Co.

....................

2,240,712

52,432,661

Pfizer,

Inc.

.......................

49,879,821

2,182,740,967

Viatris,

Inc.

.......................

10,818,005

92,169,402

Zoetis,

Inc.,

Class

A

(a)

................

4,158,585

616,676,570

12,430,526,900

Professional

Services

—

0.4%

CoStar

Group,

Inc.

(a)(b)

................

3,535,736

246,264,012

Equifax,

Inc.

(a)

.....................

1,086,191

186,205,723

Jacobs

Solutions,

Inc.

................

1,129,746

122,566,144

Leidos

Holdings,

Inc.

(a)

...............

1,211,488

105,968,855

Nielsen

Holdings

plc

(a)

................

3,192,587

88,498,512

Robert

Half

International,

Inc.

...........

993,160

75,976,740

Verisk

Analytics,

Inc.

(a)

...............

1,399,813

238,710,111

1,064,190,097

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

A

(a)(b)

..........

2,854,347

192,696,966

Road

&

Rail

—

0.9%

CSX

Corp.

(a)

......................

19,022,497

506,759,320

JB

Hunt

Transport

Services,

Inc.

(a)

.......

744,117

116,394,781

Norfolk

Southern

Corp.

...............

2,084,849

437,088,593

Old

Dominion

Freight

Line,

Inc.

(a)

........

813,867

202,465,694

Union

Pacific

Corp.

.................

5,550,055

1,081,261,715

2,343,970,103

Semiconductors

&

Semiconductor

Equipment

—

4.8%

Advanced

Micro

Devices,

Inc.

(a)(b)

........

14,347,310

909,045,562

Analog

Devices,

Inc.

.................

4,619,769

643,718,612

Applied

Materials,

Inc.

(a)

..............

7,731,682

633,456,706

Broadcom,

Inc.

....................

3,588,944

1,593,527,025

Enphase

Energy,

Inc.

(a)(b)

..............

1,202,204

333,575,544

Intel

Corp.

.......................

36,492,092

940,401,211

KLA

Corp.

........................

1,257,293

380,494,581

Lam

Research

Corp.

................

1,215,870

445,008,420

Microchip

Technology,

Inc.

.............

4,927,604

300,731,672

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Micron

Technology,

Inc.

...............

9,794,287

$

490,693,779

Monolithic

Power

Systems,

Inc.

.........

391,007

142,091,944

NVIDIA

Corp.

(a)

....................

22,254,462

2,701,469,142

NXP

Semiconductors

NV

(a)

............

2,345,497

345,984,262

ON

Semiconductor

Corp.

(a)(b)

...........

3,845,689

239,701,795

Qorvo,

Inc.

(b)

......................

921,609

73,184,971

QUALCOMM,

Inc.

..................

9,980,674

1,127,616,548

Skyworks

Solutions,

Inc.

..............

1,419,704

121,058,160

SolarEdge

Technologies,

Inc.

(a)(b)

........

490,960

113,637,602

Teradyne,

Inc.

(a)

....................

1,384,958

104,079,594

Texas

Instruments,

Inc.

...............

8,120,604

1,256,907,087

12,896,384,217

Software

—

8.6%

Adobe,

Inc.

(a)(b)

.....................

4,159,364

1,144,656,973

ANSYS,

Inc.

(a)(b)

....................

772,583

171,281,651

Autodesk,

Inc.

(a)(b)

...................

1,926,548

359,879,167

Cadence

Design

Systems,

Inc.

(b)

........

2,434,023

397,792,379

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

1,366,755

76,374,269

Citrix

Systems,

Inc.

.................

1,102,057

114,503,722

Fortinet,

Inc.

(a)(b)

....................

5,786,634

284,297,329

Intuit,

Inc.

........................

2,507,001

971,011,627

Microsoft

Corp.

....................

66,282,099

15,437,100,857

NortonLifeLock,

Inc.

.................

5,287,150

106,483,201

Oracle

Corp.

......................

13,500,161

824,454,832

Paycom

Software,

Inc.

(a)(b)

.............

435,268

143,634,087

PTC,

Inc.

(a)(b)

......................

950,244

99,395,523

Roper

Technologies,

Inc.

(a)

.............

939,397

337,844,737

Salesforce,

Inc.

(a)(b)

..................

8,843,062

1,271,986,038

ServiceNow,

Inc.

(a)(b)

.................

1,795,263

677,909,262

Synopsys,

Inc.

(b)

...................

1,360,732

415,717,233

Tyler

Technologies,

Inc.

(a)(b)

............

370,466

128,736,935

22,963,059,822

Specialty

Retail

—

2.2%

Advance

Auto

Parts,

Inc.

..............

537,972

84,106,543

AutoZone,

Inc.

(a)(b)

..................

172,695

369,900,601

Bath

&

Body

Works,

Inc.

..............

2,038,656

66,460,186

Best

Buy

Co.,

Inc.

..................

1,794,969

113,693,336

CarMax,

Inc.

(a)(b)

....................

1,410,644

93,130,717

Home

Depot,

Inc.

(The)

..............

9,134,192

2,520,488,941

Lowe's

Cos.,

Inc.

...................

5,680,267

1,066,810,945

O'Reilly

Automotive,

Inc.

(a)(b)

............

565,262

397,577,028

Ross

Stores,

Inc.

(a)

..................

3,109,941

262,074,728

TJX

Cos.,

Inc.

(The)

.................

10,412,935

646,851,522

Tractor

Supply

Co.

..................

984,227

182,948,115

Ulta

Beauty,

Inc.

(a)(b)

.................

462,997

185,749,766

5,989,792,428

Technology

Hardware,

Storage

&

Peripherals

—

7.2%

Apple,

Inc.

(a)

......................

134,259,259

18,554,629,594

Hewlett

Packard

Enterprise

Co.

.........

11,545,265

138,312,274

HP,

Inc.

.........................

8,126,491

202,512,156

NetApp,

Inc.

......................

1,952,832

120,782,659

Seagate

Technology

Holdings

plc

........

1,719,686

91,538,886

Western

Digital

Corp.

(b)

...............

2,822,105

91,859,518

19,199,635,087

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Nike,

Inc.,

Class

B

..................

11,230,755

933,500,355

Ralph

Lauren

Corp.,

Class

A

...........

378,315

32,130,293

Tapestry,

Inc.

......................

2,183,265

62,070,224

VF

Corp.

........................

2,894,157

86,564,236

1,114,265,108

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Tobacco

—

0.7%

Altria

Group,

Inc.

...................

16,004,839

$

646,275,399

Philip

Morris

International,

Inc.

..........

13,777,103

1,143,637,320

1,789,912,719

Trading

Companies

&

Distributors

—

0.2%

(a)

Fastenal

Co.

......................

5,082,922

234,017,729

United

Rentals,

Inc.

(b)

................

624,963

168,815,005

WW

Grainger,

Inc.

..................

404,298

197,778,539

600,611,273

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

(a)

........

1,610,008

209,558,641

Wireless

Telecommunication

Services

—

0.3%

T-Mobile

US,

Inc.

(a)(b)

.................

5,349,779

717,779,848

Total

Long-Term

Investments

—

99.9%

(Cost:

$282,730,272,569)

..........................

267,998,750,599

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

2,806,864,260

$

2,807,706,319

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

413,992,123

413,992,123

Total

Short-Term

Securities

—

1.2%

(Cost:

$3,220,166,687)

...........................

3,221,698,442

Total

Investments

—

101.1%

(Cost:

$285,950,439,256

)

..........................

271,220,449,041

Liabilities

in

Excess

of

Other

Assets

—

(1.1)%

............

(2,882,276,366)

Net

Assets

—

100.0%

..............................

$

268,338,172,675

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,352,577,512

$

1,453,956,841

(a)

$

—

$

82,989

$

1,088,977

$

2,807,706,319

2,806,864,260

$

3,073,834

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

533,120,000

—

(119,127,877)

(a)

—

—

413,992,123

413,992,123

3,759,750

—

BlackRock,

Inc.

............

944,757,890

153,686,580

(89,404,505)

22,794,701

(294,466,069)

737,368,597

1,339,988

12,142,889

—

$

22,877,690

$

(293,377,092)

$

3,959,067,039

$

18,976,473

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

2,533

12/16/22

$

456,130

$

(43,073,009)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

43,073,009

$

—

$

—

$

—

$

43,073,009

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(127,755,639)

$

—

$

—

$

—

$

(127,755,639)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(85,906,051)

$

—

$

—

$

—

$

(85,906,051)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

599,720,200

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

14

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

4,399,515,632

$

—

$

—

$

4,399,515,632

Air

Freight

&

Logistics

....................................

1,598,325,879

—

—

1,598,325,879

Airlines

..............................................

532,017,674

—

—

532,017,674

Auto

Components

......................................

256,600,682

—

—

256,600,682

Automobiles

..........................................

7,090,260,077

—

—

7,090,260,077

Banks

...............................................

9,930,813,608

—

—

9,930,813,608

Beverages

...........................................

5,019,317,035

—

—

5,019,317,035

Biotechnology

.........................................

5,991,610,041

—

—

5,991,610,041

Building

Products

.......................................

1,147,443,109

—

—

1,147,443,109

Capital

Markets

........................................

7,958,160,894

—

—

7,958,160,894

Chemicals

............................................

4,749,502,148

—

—

4,749,502,148

Commercial

Services

&

Supplies

.............................

1,355,115,242

—

—

1,355,115,242

Communications

Equipment

................................

2,204,415,027

—

—

2,204,415,027

Construction

&

Engineering

................................

163,075,761

—

—

163,075,761

Construction

Materials

....................................

363,257,016

—

—

363,257,016

Consumer

Finance

......................................

1,375,415,548

—

—

1,375,415,548

Containers

&

Packaging

..................................

718,141,670

—

—

718,141,670

Distributors

...........................................

409,315,135

—

—

409,315,135

Diversified

Financial

Services

...............................

4,283,118,022

—

—

4,283,118,022

Diversified

Telecommunication

Services

........................

2,449,847,222

—

—

2,449,847,222

Electric

Utilities

........................................

5,450,277,820

—

—

5,450,277,820

Electrical

Equipment

.....................................

1,412,884,145

—

—

1,412,884,145

Electronic

Equipment,

Instruments

&

Components

.................

1,686,791,587

—

—

1,686,791,587

Energy

Equipment

&

Services

..............................

839,358,752

—

—

839,358,752

Entertainment

.........................................

3,677,034,874

—

—

3,677,034,874

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

7,313,932,462

—

—

7,313,932,462

Food

&

Staples

Retailing

..................................

4,277,242,304

—

—

4,277,242,304

Food

Products

.........................................

3,054,992,603

—

—

3,054,992,603

Gas

Utilities

...........................................

125,498,653

—

—

125,498,653

Health

Care

Equipment

&

Supplies

...........................

7,193,169,718

—

—

7,193,169,718

Health

Care

Providers

&

Services

............................

9,743,572,289

—

—

9,743,572,289

Hotels,

Restaurants

&

Leisure

..............................

5,080,673,978

—

—

5,080,673,978

Household

Durables

.....................................

810,126,810

—

—

810,126,810

Household

Products

.....................................

3,833,749,535

—

—

3,833,749,535

Independent

Power

and

Renewable

Electricity

Producers

............

134,370,696

—

—

134,370,696

Industrial

Conglomerates

..................................

2,147,590,592

—

—

2,147,590,592

Insurance

............................................

5,917,304,974

—

—

5,917,304,974

Interactive

Media

&

Services

...............................

12,813,483,852

—

—

12,813,483,852

Internet

&

Direct

Marketing

Retail

............................

9,192,313,608

—

—

9,192,313,608

IT

Services

...........................................

11,720,997,555

—

—

11,720,997,555

Leisure

Products

.......................................

77,580,261

—

—

77,580,261

Life

Sciences

Tools

&

Services

..............................

5,084,582,133

—

—

5,084,582,133

Machinery

............................................

4,315,220,401

—

—

4,315,220,401

Media

...............................................

1,950,318,953

—

—

1,950,318,953

Metals

&

Mining

........................................

890,822,125

—

—

890,822,125

Multiline

Retail

.........................................

1,351,725,920

—

—

1,351,725,920

Multi-Utilities

..........................................

2,480,256,268

—

—

2,480,256,268

Oil,

Gas

&

Consumable

Fuels

...............................

11,470,434,670

—

—

11,470,434,670

Personal

Products

......................................

444,792,430

—

—

444,792,430

Pharmaceuticals

.......................................

12,430,526,900

—

—

12,430,526,900

Professional

Services

....................................

1,064,190,097

—

—

1,064,190,097

Real

Estate

Management

&

Development

.......................

192,696,966

—

—

192,696,966

Road

&

Rail

...........................................

2,343,970,103

—

—

2,343,970,103

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

15

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Semiconductors

&

Semiconductor

Equipment

....................

$

12,896,384,217

$

—

$

—

$

12,896,384,217

Software

.............................................

22,848,556,100

114,503,722

—

22,963,059,822

Specialty

Retail

........................................

5,989,792,428

—

—

5,989,792,428

Technology

Hardware,

Storage

&

Peripherals

....................

19,199,635,087

—

—

19,199,635,087

Textiles,

Apparel

&

Luxury

Goods

............................

1,114,265,108

—

—

1,114,265,108

Tobacco

.............................................

1,789,912,719

—

—

1,789,912,719

Trading

Companies

&

Distributors

............................

600,611,273

—

—

600,611,273

Water

Utilities

.........................................

209,558,641

—

—

209,558,641

Wireless

Telecommunication

Services

.........................

717,779,848

—

—

717,779,848

Short-Term

Securities

Money

Market

Funds

......................................

3,221,698,442

—

—

3,221,698,442

$

271,105,945,319

$

114,503,722

$

—

$

271,220,449,041

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(43,073,009)

$

—

$

—

$

(43,073,009)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.6%

AAR

Corp.

(a)

......................

36,898

$

1,321,686

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

75,996

3,039,080

AeroVironment,

Inc.

(a)

................

21,737

1,811,996

Air

Industries

Group

(a)

................

9,273

6,120

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

170,437

444,841

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

160,239

97,906

Astrotech

Corp.

(a)

...................

1,452

643

Axon

Enterprise,

Inc.

(a)(b)

..............

78,234

9,055,586

Boeing

Co.

(The)

(a)(b)

.................

584,935

70,823,930

BWX

Technologies,

Inc.

..............

88,744

4,470,035

Byrna

Technologies,

Inc.

(a)(b)

............

36,191

170,098

Curtiss-Wright

Corp.

.................

38,490

5,356,268

Ducommun,

Inc.

(a)

..................

9,603

380,855

General

Dynamics

Corp.

..............

235,697

50,007,833

HEICO

Corp.

(b)

....................

44,052

6,342,607

HEICO

Corp.,

Class

A

................

76,324

8,748,257

Hexcel

Corp.

(b)

.....................

94,517

4,888,419

Howmet

Aerospace,

Inc.

..............

389,123

12,035,574

Huntington

Ingalls

Industries,

Inc.

........

39,852

8,827,218

Kaman

Corp.

.....................

28,189

787,319

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

130,675

1,327,658

L3Harris

Technologies,

Inc.

............

202,010

41,983,738

Lockheed

Martin

Corp.

...............

247,243

95,507,499

Maxar

Technologies,

Inc.

(b)

............

71,670

1,341,662

Mercury

Systems,

Inc.

(a)

..............

56,392

2,289,515

Momentus,

Inc.,

Class

A

(a)(b)

............

96,476

132,172

Moog,

Inc.,

Class

A

.................

27,061

1,903,741

National

Presto

Industries,

Inc.

..........

8,554

556,438

Northrop

Grumman

Corp.

.............

152,199

71,582,234

Parsons

Corp.

(a)

....................

40,194

1,575,605

Raytheon

Technologies

Corp.

..........

1,540,197

126,080,527

Rocket

Lab

USA,

Inc.

(a)(b)

..............

268,463

1,092,644

SIFCO

Industries,

Inc.

(a)

..............

614

1,885

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(b)

.

111,308

2,439,871

Textron,

Inc.

(b)

.....................

224,692

13,090,556

TransDigm

Group,

Inc.

...............

54,652

28,682,463

Triumph

Group,

Inc.

(a)

................

88,237

757,956

V2X,

Inc.

(a)

.......................

9,620

340,548

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

191,993

904,287

VirTra,

Inc.

(a)(b)

.....................

8,230

44,524

Woodward,

Inc.

....................

65,805

5,281,509

585,533,303

Air

Freight

&

Logistics

—

0.5%

Air

T,

Inc.

(a)(b)

......................

379

6,488

Air

Transport

Services

Group,

Inc.

(a)

......

59,074

1,423,093

Atlas

Air

Worldwide

Holdings,

Inc.

(a)(b)

.....

27,824

2,659,140

CH

Robinson

Worldwide,

Inc.

..........

132,835

12,793,339

Expeditors

International

of

Washington,

Inc.

.

173,328

15,306,596

FedEx

Corp.

......................

248,541

36,900,882

Forward

Air

Corp.

..................

28,973

2,615,103

GXO

Logistics,

Inc.

(a)

................

126,275

4,427,202

Hub

Group,

Inc.,

Class

A

(a)

.............

36,534

2,520,115

United

Parcel

Service,

Inc.,

Class

B

......

766,865

123,879,372

202,531,330

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(a)

...............

131,951

5,165,882

Allegiant

Travel

Co.

(a)

................

17,186

1,254,234

American

Airlines

Group,

Inc.

(a)(b)

........

677,875

8,161,615

Blade

Air

Mobility,

Inc.,

Class

A

(a)(b)

.......

81,931

330,182

Delta

Air

Lines,

Inc.

(a)(b)

...............

649,720

18,231,143

Frontier

Group

Holdings,

Inc.

(a)

..........

48,823

473,583

Hawaiian

Holdings,

Inc.

(a)(b)

............

56,799

746,907

Security

Shares

Shares

Value

Airlines

(continued)

JetBlue

Airways

Corp.

(a)(b)

.............

318,244

$

2,109,958

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

275,824

1,194,318

SkyWest,

Inc.

(a)

....................

57,137

929,048

Southwest

Airlines

Co.

(a)

..............

624,217

19,250,852

Spirit

Airlines,

Inc.

..................

114,485

2,154,608

Sun

Country

Airlines

Holdings,

Inc.

(a)

......

24,921

339,175

United

Airlines

Holdings,

Inc.

(a)

..........

335,587

10,916,645

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

183,237

210,722

71,468,872

Auto

Components

—

0.2%

Adient

plc

(a)

.......................

88,829

2,465,005

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

112,049

765,295

Aptiv

plc

(a)(b)

.......................

283,821

22,197,640

Autoliv,

Inc.

.......................

85,623

5,705,060

BorgWarner,

Inc.

(b)

..................

261,374

8,207,144

Cooper-Standard

Holdings,

Inc.

(a)(b)

.......

16,590

96,886

Dana,

Inc.

........................

158,011

1,806,066

Dorman

Products,

Inc.

(a)

..............

28,699

2,356,762

Fox

Factory

Holding

Corp.

(a)

............

46,864

3,706,005

Gentex

Corp.

.....................

234,697

5,595,176

Gentherm,

Inc.

(a)

...................

30,564

1,519,948

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

307,806

3,105,763

Holley,

Inc.

(a)(b)

.....................

76,059

308,039

Horizon

Global

Corp.

(a)(b)

..............

48,457

59,602

LCI

Industries

.....................

27,882

2,828,908

Lear

Corp.

.......................

63,827

7,639,454

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

199,583

1,453,962

Modine

Manufacturing

Co.

(a)

...........

74,488

963,875

Motorcar

Parts

of

America,

Inc.

(a)(b)

.......

36,588

556,869

Patrick

Industries,

Inc.

...............

27,075

1,186,968

QuantumScape

Corp.,

Class

A

(a)(b)

.......

277,371

2,332,690

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

114,802

603,858

Standard

Motor

Products,

Inc.

..........

26,261

853,482

Stoneridge,

Inc.

(a)(b)

..................

28,101

476,312

Superior

Industries

International,

Inc.

(a)

....

74,416

224,736

Tenneco,

Inc.,

Class

A

(a)(b)

.............

87,371

1,519,382

Unique

Fabricating,

Inc.

(a)(b)

............

714

374

Visteon

Corp.

(a)

....................

27,439

2,910,180

XL

Fleet

Corp.,

Class

A

(a)

..............

97,434

86,716

XPEL,

Inc.

(a)(c)

.....................

15,804

1,018,410

82,550,567

Automobiles

—

2.3%

Arcimoto,

Inc.

(a)(b)

...................

36,101

49,819

Canoo,

Inc.,

Class

A

(a)(b)

..............

166,042

311,329

Faraday

Future

Intelligent

Electric,

Inc.

(a)(b)

..

684

435

Fisker,

Inc.,

Class

A

(a)(b)

...............

161,323

1,217,989

Ford

Motor

Co.

....................

4,154,640

46,531,968

General

Motors

Co.

.................

1,531,380

49,141,984

Harley-Davidson,

Inc.

(b)

...............

137,677

4,802,174

Lordstown

Motors

Corp.,

Class

A

(a)(b)

......

257,906

471,968

Lucid

Group,

Inc.

(a)(b)

.................

631,191

8,817,738

Mullen

Automotive,

Inc.

(a)

..............

684

224

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

576,017

18,956,720

Tesla,

Inc.

(a)

.......................

2,781,513

737,796,323

Thor

Industries,

Inc.

.................

58,487

4,092,920

Winnebago

Industries,

Inc.

............

39,550

2,104,456

Workhorse

Group,

Inc.

(a)(b)

.............

135,910

390,062

874,686,109

Banks

—

4.1%

1st

Source

Corp.

...................

18,262

845,531

Affinity

Bancshares,

Inc.

(a)

.............

2,365

34,553

Allegiance

Bancshares,

Inc.

(b)

..........

16,019

666,871

Amerant

Bancorp,

Inc.,

Class

A

.........

30,452

756,428

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

American

National

Bankshares,

Inc.

......

19,829

$

633,537

Ameris

Bancorp

....................

45,805

2,047,942

Arrow

Financial

Corp.

................

12,476

359,558

Associated

Banc-Corp.

...............

156,852

3,149,588

Atlantic

Union

Bankshares

Corp.

........

79,415

2,412,628

Auburn

National

BanCorp,

Inc.

..........

595

13,697

Banc

of

California,

Inc.

...............

59,743

954,096

BancFirst

Corp.

....................

17,102

1,530,116

Bancorp,

Inc.

(The)

(a)

................

33,568

737,825

Bank

First

Corp.

...................

9,433

721,436

Bank

of

America

Corp.

...............

7,354,773

222,114,145

Bank

of

Hawaii

Corp.

................

58,342

4,440,993

Bank

of

Marin

Bancorp

...............

21,824

653,629

Bank

of

Princeton

(The)

..............

18,742

531,336

Bank

of

South

Carolina

Corp.

...........

960

15,706

Bank

of

the

James

Financial

Group,

Inc.

...

852

10,769

Bank

OZK

.......................

122,660

4,852,430

BankFinancial

Corp.

.................

8,588

81,242

BankUnited,

Inc.

...................

56,308

1,924,044

Bankwell

Financial

Group,

Inc.

..........

9,698

282,309

Banner

Corp.

.....................

19,279

1,139,003

Bar

Harbor

Bankshares

..............

18,152

481,391

BayCom

Corp.

....................

27,378

481,305

BCB

Bancorp,

Inc.

..................

11,894

200,176

Berkshire

Hills

Bancorp,

Inc.

...........

41,358

1,129,073

Blue

Ridge

Bankshares,

Inc.

...........

52,293

664,644

BOK

Financial

Corp.

.................

30,800

2,736,888

Brookline

Bancorp,

Inc.

...............

34,474

401,622

Business

First

Bancshares,

Inc.

.........

25,926

558,187

Byline

Bancorp,

Inc.

.................

29,985

607,196

C&F

Financial

Corp.

.................

15,384

823,044

Cadence

Bank

....................

126,467

3,213,526

Cambridge

Bancorp

.................

8,371

667,504

Camden

National

Corp.

..............

27,142

1,156,249

Capital

City

Bank

Group,

Inc.

...........

9,634

299,714

Capstar

Financial

Holdings,

Inc.

.........

37,872

701,768

Carter

Bankshares,

Inc.

(a)

.............

13,064

210,330

Cathay

General

Bancorp

..............

78,350

3,013,341

CB

Financial

Services,

Inc.

............

35,096

763,689

CBTX,

Inc.

.......................

18,854

551,479

Citigroup,

Inc.

.....................

2,030,790

84,623,019

Citizens

&

Northern

Corp.

.............

11,427

276,305

Citizens

Community

Bancorp,

Inc.

.......

799

9,724

Citizens

Financial

Group,

Inc.

..........

512,779

17,619,086

Citizens

Holding

Co.

.................

828

12,668

City

Holding

Co.

...................

12,074

1,070,843

Civista

Bancshares,

Inc.

..............

11,489

238,512

CNB

Financial

Corp.

.................

11,619

273,860

Coastal

Financial

Corp.

(a)(b)

............

10,745

427,006

Codorus

Valley

Bancorp,

Inc.

...........

11,960

225,326

Colony

Bankcorp,

Inc.

...............

69,017

899,291

Columbia

Banking

System,

Inc.

.........

54,505

1,574,649

Comerica,

Inc.

.....................

138,359

9,837,325

Commerce

Bancshares,

Inc.

...........

133,687

8,844,732

Community

Bank

System,

Inc.

..........

43,616

2,620,449

Community

Trust

Bancorp,

Inc.

.........

18,601

754,271

Community

West

Bancshares

..........

8,780

122,481

ConnectOne

Bancorp,

Inc.

............

35,759

824,603

CrossFirst

Bankshares,

Inc.

(a)

...........

73,626

960,819

Cullen/Frost

Bankers,

Inc.

.............

58,363

7,716,756

Customers

Bancorp,

Inc.

(a)

.............

20,514

604,753

CVB

Financial

Corp.

.................

110,929

2,808,722

Dime

Community

Bancshares,

Inc.

.......

44,239

1,295,318

Eagle

Bancorp

Montana,

Inc.

...........

45,539

865,241

Eagle

Bancorp,

Inc.

.................

22,012

986,578

Security

Shares

Shares

Value

Banks

(continued)

East

West

Bancorp,

Inc.

..............

150,337

$

10,093,626

Eastern

Bankshares,

Inc.

.............

223,949

4,398,358

Emclaire

Financial

Corp.

..............

23,351

823,123

Enterprise

Financial

Services

Corp.

......

38,843

1,710,646

Equity

Bancshares,

Inc.,

Class

A

........

10,668

316,093

Esquire

Financial

Holdings,

Inc.

.........

22,511

845,288

Evans

Bancorp,

Inc.

.................

23,877

875,092

Farmers

&

Merchants

Bancorp,

Inc.

......

20,704

556,316

Farmers

National

Banc

Corp.

...........

23,869

312,445

FB

Financial

Corp.

..................

36,204

1,383,355

Fidelity

D&D

Bancorp,

Inc.

.............

8,897

358,994

Fifth

Third

Bancorp

.................

733,739

23,450,298

Financial

Institutions,

Inc.

.............

12,882

310,070

First

Bancorp

.....................

19,222

703,141

First

BanCorp

.....................

133,225

1,822,518

First

Bancshares,

Inc.

(The)

(b)

..........

31,554

942,518

First

Busey

Corp.

...................

45,438

998,727

First

Business

Financial

Services,

Inc.

.....

10,303

332,890

First

Capital,

Inc.

...................

978

25,144

First

Citizens

BancShares,

Inc.,

Class

A

(b)

..

14,018

11,178,374

First

Commonwealth

Financial

Corp.

......

43,678

560,826

First

Community

Bankshares,

Inc.

.......

18,231

583,939

First

Financial

Bancorp

...............

65,509

1,380,930

First

Financial

Bankshares,

Inc.

.........

171,061

7,155,482

First

Financial

Corp.

.................

10,715

484,211

First

Foundation,

Inc.

................

66,492

1,206,165

First

Hawaiian,

Inc.

.................

139,548

3,437,067

First

Horizon

Corp.

..................

563,228

12,897,921

First

Internet

Bancorp

................

22,982

778,171

First

Interstate

BancSystem,

Inc.,

Class

A

..

86,136

3,475,588

First

Merchants

Corp.

................

55,271

2,137,882

First

Mid

Bancshares,

Inc.

.............

25,988

830,836

First

National

Corp.

.................

3,235

49,495

First

of

Long

Island

Corp.

(The)

.........

27,336

471,273

First

Republic

Bank

.................

193,686

25,285,707

First

Savings

Financial

Group,

Inc.

.......

32,346

743,311

First

US

Bancshares,

Inc.

.............

8,698

69,236

First

Western

Financial,

Inc.

(a)(b)

.........

26,354

649,626

Flushing

Financial

Corp.

..............

28,221

546,641

FNB

Corp.

.......................

321,156

3,725,410

Franklin

Financial

Services

Corp.

........

27,374

863,923

Fulton

Financial

Corp.

................

175,291

2,769,598

German

American

Bancorp,

Inc.

.........

40,824

1,457,825

Glacier

Bancorp,

Inc.

................

114,690

5,634,720

Glen

Burnie

Bancorp

................

598

5,651

Great

Southern

Bancorp,

Inc.

...........

9,491

541,651

Hancock

Whitney

Corp.

..............

86,164

3,947,173

HarborOne

Bancorp,

Inc.

.............

68,519

919,525

Hawthorn

Bancshares,

Inc.

............

9,974

218,032

Heartland

Financial

USA,

Inc.

..........

47,494

2,059,340

Heritage

Commerce

Corp.

.............

76,375

866,092

Heritage

Financial

Corp.

..............

21,867

578,819

Hilltop

Holdings,

Inc.

.................

45,998

1,143,050

Home

BancShares,

Inc.

..............

197,801

4,452,500

HomeTrust

Bancshares,

Inc.

...........

18,588

410,795

Hope

Bancorp,

Inc.

.................

84,149

1,063,643

Horizon

Bancorp,

Inc.

................

73,060

1,312,158

Huntington

Bancshares,

Inc.

...........

1,549,140

20,417,665

Independent

Bank

Corp.

..............

58,174

3,098,344

Independent

Bank

Group,

Inc.

..........

27,407

1,682,516

International

Bancshares

Corp.

.........

55,460

2,357,050

John

Marshall

Bancorp,

Inc.

(b)

..........

25,826

634,287

JPMorgan

Chase

&

Co.

..............

3,063,833

320,170,548

KeyCorp

.........................

979,149

15,685,967

Lakeland

Bancorp,

Inc.

...............

52,470

840,045

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Lakeland

Financial

Corp.

(b)

............

24,660

$

1,795,495

Landmark

Bancorp,

Inc.

..............

861

22,016

Limestone

Bancorp,

Inc.

..............

457

8,966

Live

Oak

Bancshares,

Inc.

(b)

............

37,581

1,149,979

M&T

Bank

Corp.

...................

183,991

32,441,293

Macatawa

Bank

Corp.

...............

31,230

289,190

Malvern

Bancorp,

Inc.

(a)(b)

.............

8,747

125,694

Mercantile

Bank

Corp.

...............

18,298

543,634

Meridian

Corp.

(b)

...................

28,242

823,819

Metropolitan

Bank

Holding

Corp.

(a)(b)

......

8,318

535,346

Midland

States

Bancorp,

Inc.

...........

25,962

611,924

MidWestOne

Financial

Group,

Inc.

.......

10,326

281,797

MVB

Financial

Corp.

................

10,534

293,161

National

Bank

Holdings

Corp.,

Class

A

....

22,464

830,943

National

Bankshares,

Inc.

.............

10,068

339,896

NBT

Bancorp,

Inc.

..................

36,179

1,372,993

Nicolet

Bankshares,

Inc.

(a)(b)

............

11,758

828,234

Northeast

Bank

....................

22,758

834,536

Northrim

BanCorp,

Inc.

...............

9,659

401,428

Northwest

Bancshares,

Inc.

............

93,733

1,266,333

Norwood

Financial

Corp.

..............

29,636

787,725

Oak

Valley

Bancorp

.................

8,750

156,362

OceanFirst

Financial

Corp.

............

57,812

1,077,616

OFG

Bancorp

.....................

34,848

875,730

Ohio

Valley

Banc

Corp.

...............

30,331

843,808

Old

National

Bancorp

................

305,768

5,035,999

Old

Point

Financial

Corp.

.............

29,496

817,924

Old

Second

Bancorp,

Inc.

.............

31,113

406,025

Origin

Bancorp,

Inc.

.................

37,490

1,442,240

Orrstown

Financial

Services,

Inc.

........

12,476

298,426

Pacific

Premier

Bancorp,

Inc.

...........

80,724

2,499,215

PacWest

Bancorp

..................

141,388

3,195,369

Park

National

Corp.

.................

11,990

1,492,515

Pathfinder

Bancorp,

Inc.

(b)

.............

713

14,502

Pathward

Financial,

Inc.

..............

27,664

911,805

Patriot

National

Bancorp,

Inc.

(a)

.........

59

621

PCB

Bancorp

.....................

40,279

727,842

PCSB

Financial

Corp.

(b)

..............

29,471

528,415

Peapack-Gladstone

Financial

Corp.

......

14,306

481,397

Penns

Woods

Bancorp,

Inc.

............

11,510

263,694

Peoples

Bancorp

of

North

Carolina,

Inc.

...

34,034

844,043

Peoples

Bancorp,

Inc.

...............

27,715

801,795

Peoples

Financial

Services

Corp.

........

8,799

412,145

Pinnacle

Financial

Partners,

Inc.

.........

83,953

6,808,588

Plumas

Bancorp

...................

8,587

243,613

PNC

Financial

Services

Group,

Inc.

(The)

..

439,983

65,742,260

Popular,

Inc.

......................

83,117

5,989,411

Premier

Financial

Corp.

..............

37,001

950,926

Primis

Financial

Corp.

................

20,775

252,001

Professional

Holding

Corp.,

Class

A

(a)

.....

36,143

937,549

Prosperity

Bancshares,

Inc.

............

97,392

6,494,099

QCR

Holdings,

Inc.

.................

25,202

1,283,790

RBB

Bancorp

.....................

28,565

593,581

Red

River

Bancshares,

Inc.

............

14,711

727,165

Regions

Financial

Corp.

..............

987,218

19,813,465

Renasant

Corp.

....................

43,757

1,368,719

Republic

First

Bancorp,

Inc.

(a)(b)

.........

32,532

92,066

S&T

Bancorp,

Inc.

..................

19,099

559,792

Salisbury

Bancorp,

Inc.

...............

32,615

781,455

Sandy

Spring

Bancorp,

Inc.

............

44,869

1,582,081

Seacoast

Banking

Corp.

of

Florida

(b)

......

56,925

1,720,843

ServisFirst

Bancshares,

Inc.

...........

50,294

4,023,520

Shore

Bancshares,

Inc.

...............

21,590

373,939

Signature

Bank

....................

68,519

10,346,369

Silvergate

Capital

Corp.,

Class

A

(a)(b)

......

40,372

3,042,030

Security

Shares

Shares

Value

Banks

(continued)

Simmons

First

National

Corp.,

Class

A

....

111,564

$

2,430,980

SmartFinancial,

Inc.

.................

10,169

251,276

Sound

Financial

Bancorp,

Inc.

..........

16,355

662,705

South

Plains

Financial,

Inc.

............

36,387

1,002,826

Southern

First

Bancshares,

Inc.

(a)

........

8,696

362,275

Southside

Bancshares,

Inc.

............

22,706

802,884

SouthState

Corp.

...................

78,487

6,209,891

Stock

Yards

Bancorp,

Inc.

.............

24,014

1,633,192

Summit

State

Bank

.................

954

13,843

SVB

Financial

Group

(a)

...............

62,745

21,068,516

Synovus

Financial

Corp.

..............

160,815

6,032,171

Texas

Capital

Bancshares,

Inc.

(a)

........

57,560

3,397,767

Tompkins

Financial

Corp.

.............

9,691

703,760

Towne

Bank

......................

80,677

2,164,564

TriCo

Bancshares

..................

37,473

1,673,169

Triumph

Bancorp,

Inc.

(a)(b)

.............

21,917

1,191,189

Truist

Financial

Corp.

................

1,409,648

61,376,074

Trustmark

Corp.

...................

60,524

1,853,850

UMB

Financial

Corp.

................

46,452

3,915,439

Umpqua

Holdings

Corp.

..............

228,484

3,904,792

Union

Bankshares,

Inc.

(b)

..............

808

18,277

United

Bancorp,

Inc.

.................

8,603

138,250

United

Bankshares,

Inc.

..............

134,744

4,817,098

United

Community

Banks,

Inc.

..........

95,674

3,166,809

Univest

Financial

Corp.

...............

25,620

601,558

US

Bancorp

......................

1,440,151

58,066,888

Valley

National

Bancorp

..............

449,872

4,858,618

Veritex

Holdings,

Inc.

................

32,479

863,617

Village

Bank

and

Trust

Financial

Corp.

....

113

5,095

Virginia

National

Bankshares

Corp.

.......

26,062

845,451

Washington

Federal,

Inc.

..............

96,111

2,881,408

Washington

Trust

Bancorp,

Inc.

.........

18,027

837,895

Webster

Financial

Corp.

..............

195,007

8,814,316

Wells

Fargo

&

Co.

..................

3,979,314

160,048,009

WesBanco,

Inc.

....................

66,339

2,213,732

Westamerica

BanCorp

...............

18,425

963,443

Western

Alliance

Bancorp

.............

111,589

7,335,861

Wintrust

Financial

Corp.

..............

57,438

4,684,069

Zions

Bancorp

NA

..................

162,287

8,253,917

1,528,605,151

Beverages

—

1.6%

Alkaline

Water

Co.,

Inc.

(The)

(a)(b)

........

199,833

67,344

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

9,612

3,110,924

Brown-Forman

Corp.,

Class

A

..........

57,460

3,881,997

Brown-Forman

Corp.,

Class

B,

NVS

......

195,919

13,042,328

Celsius

Holdings,

Inc.

(a)(b)

..............

44,310

4,018,031

Coca-Cola

Co.

(The)

................

4,053,224

227,061,608

Coca-Cola

Consolidated,

Inc.

...........

5,460

2,248,046

Constellation

Brands,

Inc.,

Class

A

.......

167,784

38,536,629

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

38,010

548,484

Eastside

Distilling,

Inc.

(a)(b)

.............

8,819

2,443

Keurig

Dr

Pepper,

Inc.

...............

852,341

30,530,855

MGP

Ingredients,

Inc.

................

10,853

1,152,155

Molson

Coors

Beverage

Co.,

Class

B

.....

197,718

9,488,487

Monster

Beverage

Corp.

(a)

.............

400,071

34,790,174

National

Beverage

Corp.

..............

17,480

673,679

PepsiCo,

Inc.

.....................

1,428,914

233,284,500

Reed's,

Inc.

(a)(b)

....................

9,613

1,158

Willamette

Valley

Vineyards,

Inc.

(a)

.......

794

4,899

602,443,741

Biotechnology

—

2.8%

2seventy

bio,

Inc.

(a)

.................

31,581

459,504

4D

Molecular

Therapeutics,

Inc.

(a)

........

19,078

153,387

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

89bio,

Inc.

(a)(b)

.....................

11,493

$

66,544

Aadi

Bioscience,

Inc.

(a)(b)

..............

22,192

313,573

AbbVie,

Inc.

......................

1,841,327

247,124,497

Abeona

Therapeutics,

Inc.

(a)(b)

..........

1,142

3,472

ACADIA

Pharmaceuticals,

Inc.

(a)

.........

123,409

2,018,971

Achieve

Life

Sciences,

Inc.

(a)(b)

..........

154

508

Acorda

Therapeutics,

Inc.

(a)

............

8,055

2,408

Actinium

Pharmaceuticals,

Inc.

(a)

........

12,782

94,331

Adicet

Bio,

Inc.

(a)

...................

65,636

933,344

ADMA

Biologics,

Inc.

(a)

...............

155,849

378,713

Adverum

Biotechnologies,

Inc.

(a)

.........

114,958

109,210

Aeglea

BioTherapeutics,

Inc.

(a)

..........

34,872

18,343

Agenus,

Inc.

(a)

.....................

217,818

446,527

AgeX

Therapeutics,

Inc.

(a)(b)

............

7,841

4,404

Agios

Pharmaceuticals,

Inc.

(a)(b)

.........

57,259

1,619,285

AIkido

Pharma,

Inc.

(a)(b)

...............

2,453

16,779

AIM

ImmunoTech,

Inc.

(a)(b)

.............

9,497

5,527

Akebia

Therapeutics,

Inc.

(a)(b)

...........

238,604

75,447

Akero

Therapeutics,

Inc.

(a)(b)

............

31,483

1,071,996

Alaunos

Therapeutics,

Inc.

(a)(b)

..........

295,852

508,865

Albireo

Pharma,

Inc.

(a)(b)

..............

19,639

380,211

Aldeyra

Therapeutics,

Inc.

(a)

............

82,507

440,587

Alector,

Inc.

(a)(b)

....................

95,780

906,079

Alkermes

plc

(a)(b)

....................

162,874

3,636,976

Allakos,

Inc.

(a)

.....................

97,333

595,678

Allogene

Therapeutics,

Inc.

(a)(b)

..........

65,402

706,342

Allovir,

Inc.

(a)(b)

.....................

56,007

441,895

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

........

125,613

25,142,698

Alpine

Immune

Sciences,

Inc.

(a)

.........

718

5,170

Altimmune,

Inc.

(a)

...................

53,132

678,496

ALX

Oncology

Holdings,

Inc.

(a)(b)

.........

35,983

344,357

Amgen,

Inc.

......................

557,820

125,732,628

Amicus

Therapeutics,

Inc.

(a)(b)

...........

286,321

2,989,191

AnaptysBio,

Inc.

(a)(b)

.................

25,895

660,581

Anavex

Life

Sciences

Corp.

(a)(b)

.........

111,835

1,154,137

Anika

Therapeutics,

Inc.

(a)

.............

18,067

429,995

Anixa

Biosciences,

Inc.

(a)(b)

.............

206,151

1,014,263

Annexon,

Inc.

(a)(b)

...................

41,694

257,669

Annovis

Bio,

Inc.

(a)(b)

.................

9,558

130,945

Apellis

Pharmaceuticals,

Inc.

(a)

..........

99,751

6,812,993

Applied

Genetic

Technologies

Corp.

(a)(b)

....

64,853

17,614

Applied

Molecular

Transport,

Inc.

(a)

.......

17,160

16,700

Applied

Therapeutics,

Inc.

(a)

............

10,065

9,361

Aprea

Therapeutics,

Inc.

(a)(b)

............

15,340

9,971

Aptevo

Therapeutics,

Inc.

(a)

............

1,033

3,140

Aptinyx,

Inc.

(a)

.....................

59,014

21,723

AquaBounty

Technologies,

Inc.

(a)(b)

.......

109,572

85,554

Aravive,

Inc.

(a)

.....................

1,635

1,336

ARCA

biopharma,

Inc.

(a)(b)

.............

48

99

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

....

24,747

366,751

Arcus

Biosciences,

Inc.

(a)

..............

48,464

1,267,818

Arcutis

Biotherapeutics,

Inc.

(a)

..........

28,035

535,749

Ardelyx,

Inc.

(a)(b)

....................

103,566

123,244

Aridis

Pharmaceuticals,

Inc.

(a)(b)

.........

12,908

12,004

Armata

Pharmaceuticals,

Inc.

(a)(b)

........

5

21

Arrowhead

Pharmaceuticals,

Inc.

(a)

.......

106,888

3,532,648

Assembly

Biosciences,

Inc.

(a)(b)

..........

54,680

89,675

Astria

Therapeutics,

Inc.

(a)

.............

76

687

Atara

Biotherapeutics,

Inc.

(a)(b)

..........

97,226

367,514

Athenex,

Inc.

(a)

....................

93,777

25,264

Athersys,

Inc.

(a)(b)

...................

373,593

691,147

Atreca,

Inc.,

Class

A

(a)(b)

...............

49,484

77,690

aTyr

Pharma,

Inc.

(a)

.................

406

1,218

Avalo

Therapeutics,

Inc.

(a)(b)

............

5,069

16,829

AVEO

Pharmaceuticals,

Inc.

(a)

..........

27,733

228,243

Security

Shares

Shares

Value

Biotechnology

(continued)

Avid

Bioservices,

Inc.

(a)(b)

..............

79,124

$

1,512,851

Avidity

Biosciences,

Inc.

(a)(b)

............

63,081

1,030,113

Avita

Medical,

Inc.

(a)(b)

................

26,136

137,737

Avrobio,

Inc.

(a)(b)

....................

48,482

31,150

Beam

Therapeutics,

Inc.

(a)(b)

............

63,590

3,029,428

Bellicum

Pharmaceuticals,

Inc.

(a)(b)

.......

7,120

8,544

BioAtla,

Inc.

(a)(b)

....................

18,404

141,711

Biocept,

Inc.

(a)

.....................

189

174

BioCryst

Pharmaceuticals,

Inc.

(a)

.........

176,041

2,218,117

Biogen,

Inc.

(a)(b)

....................

154,364

41,215,188

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

(a)

.

68,357

10,333,528

BioMarin

Pharmaceutical,

Inc.

(a)

.........

195,088

16,537,610

Bio-Path

Holdings,

Inc.

(a)(b)

.............

260

829

Bioxcel

Therapeutics,

Inc.

(a)(b)

...........

22,237

262,841

Black

Diamond

Therapeutics,

Inc.

(a)(b)

.....

20,921

35,356

Bluebird

Bio,

Inc.

(a)(b)

.................

78,877

499,291

Blueprint

Medicines

Corp.

(a)(b)

...........

67,293

4,433,936

Bolt

Biotherapeutics,

Inc.

(a)(b)

...........

26,283

38,899

BrainStorm

Cell

Therapeutics,

Inc.

(a)(b)

.....

18,977

83,878

Bridgebio

Pharma,

Inc.

(a)(b)

.............

116,896

1,161,946

Brooklyn

ImmunoTherapeutics,

Inc.

(a)(b)

....

19,263

4,756

C4

Therapeutics,

Inc.

(a)(b)

..............

40,437

354,632

Cabaletta

Bio,

Inc.

(a)(b)

................

7,898

5,134

Calithera

Biosciences,

Inc.

(a)

...........

5,588

16,429

Calyxt,

Inc.

(a)(b)

.....................

65,491

11,264

Capricor

Therapeutics,

Inc.

(a)(b)

..........

141,189

847,134

Cardiff

Oncology,

Inc.

(a)(b)

..............

39,306

60,531

CareDx,

Inc.

(a)(b)

....................

49,983

850,711

Caribou

Biosciences,

Inc.

(a)(b)

...........

35,286

372,267

CASI

Pharmaceuticals,

Inc.

(a)

...........

2,669

6,939

Catalyst

Biosciences,

Inc.

.............

8,024

4,044

Catalyst

Pharmaceuticals,

Inc.

(a)

.........

104,726

1,343,635

Celldex

Therapeutics,

Inc.

(a)(b)

...........

43,663

1,227,367

Cellectar

Biosciences,

Inc.

(a)

...........

5

17

CEL-SCI

Corp.

(a)(b)

..................

62,558

193,304

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

....

53,818

1,520,897

Checkpoint

Therapeutics,

Inc.

(a)(b)

........

73,157

76,083

ChemoCentryx,

Inc.

(a)(b)

...............

73,909

3,818,139

Chimerix,

Inc.

(a)

....................

76,511

147,666

Chinook

Therapeutics,

Inc.

(a)

...........

47,109

926,163

Cidara

Therapeutics,

Inc.

(a)(b)

...........

9,992

6,275

Clovis

Oncology,

Inc.

(a)(b)

..............

114,446

136,191

Cogent

Biosciences,

Inc.

(a)

.............

93,902

1,401,018

Cohbar,

Inc.

(a)(c)

....................

6,458

18,598

Coherus

Biosciences,

Inc.

(a)(b)

...........

92,068

884,773

Concert

Pharmaceuticals,

Inc.

(a)(b)

........

138,815

930,061

ContraFect

Corp.

(a)(b)

.................

18,005

3,025

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)(b)

..

194,876

32,155

Corvus

Pharmaceuticals,

Inc.

(a)(b)

........

8,966

7,339

Crinetics

Pharmaceuticals,

Inc.

(a)

........

46,112

905,640

CRISPR

Therapeutics

AG

(a)(b)

...........

85,900

5,613,565

CTI

BioPharma

Corp.

(a)

...............

95,629

556,561

Cue

Biopharma,

Inc.

(a)

...............

31,118

69,393

Cullinan

Oncology,

Inc.

(a)(b)

.............

23,416

300,193

Curis,

Inc.

(a)(b)

.....................

101,663

71,164

Cyclacel

Pharmaceuticals,

Inc.

(a)

.........

4,308

6,290

Cyclerion

Therapeutics,

Inc.

(a)(b)

.........

17,250

14,835

Cytokinetics,

Inc.

(a)(b)

.................

100,251

4,857,161

CytomX

Therapeutics,

Inc.

(a)(b)

..........

189,123

274,228

Day

One

Biopharmaceuticals,

Inc.

(a)

......

35,541

711,886

Deciphera

Pharmaceuticals,

Inc.

(a)(b)

......

40,888

756,428

Denali

Therapeutics,

Inc.

(a)(b)

...........

101,210

3,106,135

DermTech,

Inc.

(a)(b)

..................

38,536

152,603

DiaMedica

Therapeutics,

Inc.

(a)

..........

9,207

11,417

Dyadic

International,

Inc.

(a)(b)

...........

11,168

21,331

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Dynavax

Technologies

Corp.

(a)(b)

.........

85,657

$

894,259

Dyne

Therapeutics,

Inc.

(a)

.............

44,032

559,206

Eagle

Pharmaceuticals,

Inc.

(a)

..........

9,078

239,841

Editas

Medicine,

Inc.

(a)(b)

..............

73,202

895,992

Eiger

BioPharmaceuticals,

Inc.

(a)

.........

27,935

210,351

Eledon

Pharmaceuticals,

Inc.

(a)

..........

17

47

Emergent

BioSolutions,

Inc.

(a)

..........

46,801

982,353

Enanta

Pharmaceuticals,

Inc.

(a)

.........

16,735

868,044

EQRx,

Inc.

(a)(b)

.....................

233,430

1,155,478

Equillium,

Inc.

(a)(b)

...................

6,199

13,762

Erasca,

Inc.

(a)(b)

....................

138,086

1,077,071

Exact

Sciences

Corp.

(a)(b)

..............

178,175

5,788,906

Exagen,

Inc.

(a)(b)

....................

6,165

16,707

Exelixis,

Inc.

(a)

.....................

332,980

5,221,126

Exicure,

Inc.

(a)

.....................

7,445

11,689

Fate

Therapeutics,

Inc.

(a)

..............

87,619

1,963,542

FibroGen,

Inc.

(a)

....................

93,958

1,222,394

First

Wave

BioPharma,

Inc.

(a)(b)

..........

2,637

3,903

Forma

Therapeutics

Holdings,

Inc.

(a)

......

23,196

462,760

Forte

Biosciences,

Inc.

(a)(b)

.............

7,488

8,012

Fortress

Biotech,

Inc.

(a)(b)

..............

104,052

89,485

Frequency

Therapeutics,

Inc.

(a)

..........

39,541

70,778

Fresh

Tracks

Therapeutics,

Inc.

(a)(b)

.......

21

38

F-star

Therapeutics,

Inc.

(a)(b)

............

15,284

78,254

G1

Therapeutics,

Inc.

(a)(b)

..............

39,799

497,090

Galectin

Therapeutics,

Inc.

(a)(b)

..........

36,913

60,168

Galera

Therapeutics,

Inc.

(a)(b)

...........

12,055

20,976

Gemini

Therapeutics,

Inc.

(a)(b)

...........

48,665

79,811

Generation

Bio

Co.

(a)

................

60,401

320,729

Geron

Corp.

(a)(b)

....................

389,031

910,333

Gilead

Sciences,

Inc.

................

1,296,923

80,007,180

Global

Blood

Therapeutics,

Inc.

(a)

........

71,039

4,837,756

GlycoMimetics,

Inc.

(a)(b)

...............

45,209

24,942

Gossamer

Bio,

Inc.

(a)(b)

...............

74,857

896,787

GreenLight

Biosciences

Holdings

PBC

(a)(b)

..

91,466

212,201

Gritstone

bio,

Inc.

(a)(b)

................

75,354

193,660

Halozyme

Therapeutics,

Inc.

(a)

..........

150,693

5,958,401

Harpoon

Therapeutics,

Inc.

(a)

...........

29,053

28,184

Heron

Therapeutics,

Inc.

(a)(b)

............

100,479

424,021

Histogen,

Inc.

(a)

....................

67

90

Homology

Medicines,

Inc.

(a)(b)

...........

60,948

98,126

Hookipa

Pharma,

Inc.

(a)

...............

11,795

15,805

Horizon

Therapeutics

plc

(a)

............

242,653

15,017,794

Humanigen,

Inc.

(a)(b)

.................

112,334

20,220

iBio,

Inc.

(a)(b)

......................

3,354,379

571,251

Icosavax,

Inc.

(a)(b)

...................

24,606

77,755

Ideaya

Biosciences,

Inc.

(a)

.............

35,508

529,779

Idera

Pharmaceuticals,

Inc.

(a)

...........

11,088

4,152

IGM

Biosciences,

Inc.

(a)(b)

.............

11,794

268,196

ImmuCell

Corp.

(a)

...................

736

5,505

Immunic,

Inc.

(a)(b)

...................

11,909

37,632

ImmunityBio,

Inc.

(a)(b)

.................

70,376

349,769

ImmunoGen,

Inc.

(a)

..................

186,030

889,223

Immunovant,

Inc.

(a)(b)

.................

53,420

298,084

Imunon,

Inc.

(a)(b)

....................

8,859

14,883

Incyte

Corp.

(a)

.....................

199,754

13,311,607

Infinity

Pharmaceuticals,

Inc.

(a)(b)

.........

75,404

89,731

Inhibrx,

Inc.

(a)

.....................

26,808

481,204

Inmune

Bio,

Inc.

(a)(b)

.................

5,441

33,734

Inovio

Pharmaceuticals,

Inc.

(a)(b)

.........

254,903

439,708

Insmed,

Inc.

(a)(b)

....................

134,621

2,899,736

Intellia

Therapeutics,

Inc.

(a)(b)

...........

85,993

4,812,168

Intercept

Pharmaceuticals,

Inc.

(a)(b)

.......

31,100

433,845

Invivyd,

Inc.

(a)(b)

....................

208,269

651,882

Ionis

Pharmaceuticals,

Inc.

(a)(b)

..........

151,014

6,679,349

Security

Shares

Shares

Value

Biotechnology

(continued)

Iovance

Biotherapeutics,

Inc.

(a)(b)

.........

144,984

$

1,388,947

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(a)

..

161,700

1,675,212

IsoRay,

Inc.

(a)(b)

....................

65,658

15,095

iTeos

Therapeutics,

Inc.

(a)

.............

34,690

660,845

IVERIC

bio,

Inc.

(a)

...................

115,134

2,065,504

Janux

Therapeutics,

Inc.

(a)(b)

............

30,691

415,556

Jounce

Therapeutics,

Inc.

(a)

............

23,247

54,398

KalVista

Pharmaceuticals,

Inc.

(a)

.........

22,411

325,184

Karuna

Therapeutics,

Inc.

(a)

............

30,210

6,795,135

Karyopharm

Therapeutics,

Inc.

(a)

........

84,822

463,128

Keros

Therapeutics,

Inc.

(a)

.............

15,280

574,834

Kezar

Life

Sciences,

Inc.

(a)(b)

...........

43,935

378,280

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)(b)

...

29,883

383,698

Kinnate

Biopharma,

Inc.

(a)(b)

............

22,758

271,958

Kodiak

Sciences,

Inc.

(a)(b)

..............

36,333

281,217

Kronos

Bio,

Inc.

(a)(b)

.................

65,500

219,425

Krystal

Biotech,

Inc.

(a)(b)

...............

22,613

1,576,126

Kura

Oncology,

Inc.

(a)

................

68,331

933,401

Kymera

Therapeutics,

Inc.

(a)(b)

..........

36,723

799,460

Larimar

Therapeutics,

Inc.

(a)

............

1,212

3,878

Lexicon

Pharmaceuticals,

Inc.

(a)

.........

354,292

850,301

Ligand

Pharmaceuticals,

Inc.

(a)

..........

19,359

1,667,003

Lineage

Cell

Therapeutics,

Inc.

(a)(b)

.......

112,443

127,061

Lisata

Therapeutics,

Inc.

(a)(b)

............

556

2,574

LogicBio

Therapeutics,

Inc.

(a)

...........

18,884

5,146

Lumos

Pharma,

Inc.

(a)

................

2,356

20,851

Lyell

Immunopharma,

Inc.

(a)(b)

...........

106,590

781,305

MacroGenics,

Inc.

(a)

.................

68,603

237,366

Madrigal

Pharmaceuticals,

Inc.

(a)

........

15,871

1,031,456

Magenta

Therapeutics,

Inc.

(a)(b)

..........

20,438

28,818

MannKind

Corp.

(a)

..................

301,715

932,299

Marker

Therapeutics,

Inc.

(a)

............

110,758

40,848

Matinas

BioPharma

Holdings,

Inc.

(a)(b)

.....

253,421

161,176

MediciNova,

Inc.

(a)(b)

.................

30,917

67,090

MEI

Pharma,

Inc.

(a)(b)

................

198,972

76,923

Merrimack

Pharmaceuticals,

Inc.

(a)(b)

......

10,291

38,591

Mersana

Therapeutics,

Inc.

(a)

...........

82,591

558,315

MiMedx

Group,

Inc.

(a)(b)

...............

86,962

249,581

Minerva

Neurosciences,

Inc.

(a)(b)

.........

2,258

20,841

Mirati

Therapeutics,

Inc.

(a)(b)

............

54,631

3,815,429

Mirum

Pharmaceuticals,

Inc.

(a)(b)

.........

52,469

1,102,374

Moderna,

Inc.

(a)

....................

352,764

41,714,343

Molecular

Templates,

Inc.

(a)

............

63,459

47,575

Moleculin

Biotech,

Inc.

(a)

..............

7,570

8,024

Monte

Rosa

Therapeutics,

Inc.

(a)(b)

.......

29,595

241,791

Morphic

Holding,

Inc.

(a)

...............

27,633

782,014

Mustang

Bio,

Inc.

(a)(b)

................

103,654

48,655

Myovant

Sciences

Ltd.

(a)(b)

.............

41,214

740,203

Myriad

Genetics,

Inc.

(a)

...............

77,029

1,469,713

NanoViricides,

Inc.

(a)

.................

1,651

2,856

Natera,

Inc.

(a)

.....................

104,240

4,567,797

Navidea

Biopharmaceuticals,

Inc.

(a)

.......

7,852

1,987

Neoleukin

Therapeutics,

Inc.

(a)(b)

.........

53,199

34,047

NeuBase

Therapeutics,

Inc.

(a)(b)

.........

7,408

2,926

Neurocrine

Biosciences,

Inc.

(a)

..........

103,158

10,956,411

NextCure,

Inc.

(a)(b)

...................

20,479

56,317

NightHawk

Biosciences,

Inc.

(a)(b)

.........

12,604

21,805

Nkarta,

Inc.

(a)(b)

....................

32,583

428,792

Novavax,

Inc.

(a)(b)

...................

77,182

1,404,712

Nurix

Therapeutics,

Inc.

(a)

.............

46,382

604,357

Nuvalent,

Inc.,

Class

A

(a)(b)

.............

25,689

499,394

Ocugen,

Inc.

(a)(b)

....................

180,557

321,391

Olema

Pharmaceuticals,

Inc.

(a)

..........

40,673

112,257

OncoSec

Medical,

Inc.

(a)(b)

.............

1,207

589

Oncternal

Therapeutics,

Inc.

(a)(b)

.........

97,233

86,693

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

OpGen,

Inc.

(a)

.....................

1

$

—

Oragenics,

Inc.

(a)(b)

..................

62,199

14,119

Organogenesis

Holdings,

Inc.,

Class

A

(a)

...

64,457

208,841

Organovo

Holdings,

Inc.

(a)(b)

............

5,337

10,941

Orgenesis,

Inc.

(a)(b)

..................

12,155

17,260

ORIC

Pharmaceuticals,

Inc.

(a)

..........

308,905

988,496

Ovid

therapeutics,

Inc.

(a)(b)

.............

37,266

68,569

Oyster

Point

Pharma,

Inc.

(a)(b)

...........

6,541

36,760

Palatin

Technologies,

Inc.

(a)(b)

...........

131,195

776,674

Passage

Bio,

Inc.

(a)

.................

25,912

32,390

PDL

BioPharma,

Inc.

(a)(d)

..............

135,868

119,836

PDS

Biotechnology

Corp.

(a)(b)

...........

15,680

46,570

PhaseBio

Pharmaceuticals,

Inc.

(a)(b)

.......

48,353

8,510

Phio

Pharmaceuticals

Corp.

(a)

..........

7

4

Pieris

Pharmaceuticals,

Inc.

(a)(b)

.........

114,316

131,463

Plus

Therapeutics,

Inc.

(a)

..............

9

4

PMV

Pharmaceuticals,

Inc.

(a)(b)

..........

46,438

552,612

Point

Biopharma

Global,

Inc.

(a)(b)

.........

100,478

776,695

PolarityTE,

Inc.

(a)(b)

..................

1,977

1,720

Praxis

Precision

Medicines,

Inc.

(a)

........

363,913

826,083

Precigen,

Inc.

(a)

....................

112,182

237,826

Precision

BioSciences,

Inc.

(a)

...........

84,336

109,637

Prelude

Therapeutics,

Inc.

(a)

............

12,992

85,877

Prometheus

Biosciences,

Inc.

(a)

.........

29,388

1,734,186

Protagonist

Therapeutics,

Inc.

(a)

.........

51,692

435,764

Protara

Therapeutics,

Inc.

(a)

............

3,853

11,405

Prothena

Corp.

plc

(a)

.................

42,989

2,606,423

PTC

Therapeutics,

Inc.

(a)(b)

.............

77,701

3,900,590

Puma

Biotechnology,

Inc.

(a)

............

31,669

75,056

Qualigen

Therapeutics,

Inc.

(a)

...........

578

154

Quince

Therapeutics,

Inc.

(a)(b)

...........

28,744

38,230

RAPT

Therapeutics,

Inc.

(a)

.............

31,887

767,201

Recursion

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

111,891

1,190,520

Regeneron

Pharmaceuticals,

Inc.

(a)

.......

112,832

77,726,580

REGENXBIO,

Inc.

(a)

.................

54,453

1,439,193

Regulus

Therapeutics,

Inc.

(a)(b)

..........

45,041

76,570

Relay

Therapeutics,

Inc.

(a)(b)

............

95,978

2,147,028

Replimune

Group,

Inc.

(a)

..............

30,155

520,777

REVOLUTION

Medicines,

Inc.

(a)

.........

81,012

1,597,557

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

........

39,954

978,873

Rigel

Pharmaceuticals,

Inc.

(a)

...........

217,467

256,611

Rocket

Pharmaceuticals,

Inc.

(a)(b)

........

41,679

665,197

Roivant

Sciences

Ltd.

(a)(b)

.............

192,131

618,662

Rubius

Therapeutics,

Inc.

(a)(b)

...........

74,297

32,230

Sage

Therapeutics,

Inc.

(a)

.............

54,541

2,135,826

Salarius

Pharmaceuticals,

Inc.

(a)

.........

802

156

Sana

Biotechnology,

Inc.

(a)(b)

...........

85,794

514,764

Sangamo

Therapeutics,

Inc.

(a)

..........

118,852

582,375

Sarepta

Therapeutics,

Inc.

(a)

...........

96,120

10,625,105

Savara,

Inc.

(a)(b)

....................

30,392

47,108

Scholar

Rock

Holding

Corp.

(a)(b)

.........

29,559

204,844

Seagen,

Inc.

(a)

.....................

145,474

19,905,207

Selecta

Biosciences,

Inc.

(a)(b)

...........

225,749

370,228

SELLAS

Life

Sciences

Group,

Inc.

(a)

......

2

4

Seres

Therapeutics,

Inc.

(a)(b)

............

58,908

378,189

Sesen

Bio,

Inc.

(a)(b)

..................

175,333

74,517

Shattuck

Labs,

Inc.

(a)

................

21,194

57,224

Silverback

Therapeutics,

Inc.

(a)(b)

.........

23,122

122,084

Soleno

Therapeutics,

Inc.

(a)

............

39

65

Solid

Biosciences,

Inc.

(a)

..............

66,282

30,927

Soligenix,

Inc.

(a)(b)

...................

17,514

7,648

Sonnet

BioTherapeutics

Holdings,

Inc.

(a)(b)

..

2

3

Sorrento

Therapeutics,

Inc.

(a)(b)

..........

363,663

570,951

Spectrum

Pharmaceuticals,

Inc.

(a)(b)

.......

150,444

64,691

Spero

Therapeutics,

Inc.

(a)(b)

............

38,586

77,172

Security

Shares

Shares

Value

Biotechnology

(continued)

SpringWorks

Therapeutics,

Inc.

(a)

........

25,685

$

732,793

Statera

Biopharma,

Inc.

(a)

.............

110,373

14,326

Stoke

Therapeutics,

Inc.

(a)

.............

23,409

300,572

Sutro

Biopharma,

Inc.

(a)

...............

73,749

409,307

Syndax

Pharmaceuticals,

Inc.

(a)

.........

49,590

1,191,648

Synlogic,

Inc.

(a)

....................

3,734

3,547

Synthetic

Biologics,

Inc.

(a)(b)

............

109

107

Syros

Pharmaceuticals,

Inc.

(a)(b)

.........

21,529

138,647

T2

Biosystems,

Inc.

(a)(b)

...............

75,320

8,511

Tango

Therapeutics,

Inc.

(a)(b)

............

66,319

240,075

Taysha

Gene

Therapies,

Inc.

(a)

..........

46,264

89,290

TCR2

Therapeutics,

Inc.

(a)(b)

............

37,346

67,223

Tempest

Therapeutics,

Inc.

(a)

...........

88

153

Tenax

Therapeutics,

Inc.

(a)

.............

627

107

TG

Therapeutics,

Inc.

(a)

...............

153,469

908,536

Tonix

Pharmaceuticals

Holding

Corp.

(a)(b)

...

40,267

21,511

Tracon

Pharmaceuticals,

Inc.

(a)

..........

6,755

11,281

Travere

Therapeutics,

Inc.

(a)

............

65,841

1,622,322

Trevena,

Inc.

(a)(b)

...................

105,747

16,200

Twist

Bioscience

Corp.

(a)(b)

.............

54,762

1,929,813

Ultragenyx

Pharmaceutical,

Inc.

(a)(b)

.......

66,955

2,772,607

uniQure

NV

(a)(b)

....................

39,170

734,829

United

Therapeutics

Corp.

(a)

............

46,586

9,754,177

Vaccinex,

Inc.

(a)(b)

...................

2,566

1,270

Vanda

Pharmaceuticals,

Inc.

(a)

..........

67,005

662,009

Vaxart,

Inc.

(a)(b)

.....................

123,669

269,598

Vaxcyte,

Inc.

(a)

.....................

59,917

1,438,008

VBI

Vaccines,

Inc.

(a)

.................

311,911

220,147

Veracyte,

Inc.

(a)

....................

78,521

1,303,449

Verastem,

Inc.

(a)(b)

...................

128,871

109,540

Vericel

Corp.

(a)

.....................

47,266

1,096,571

Vertex

Pharmaceuticals,

Inc.

(a)

..........

267,737

77,520,571

Verve

Therapeutics,

Inc.

(a)

.............

44,175

1,517,411

Viking

Therapeutics,

Inc.

(a)(b)

............

85,116

231,516

Vir

Biotechnology,

Inc.

(a)

..............

86,583

1,669,320

Viracta

Therapeutics,

Inc.

(a)

............

154,584

660,074

Viridian

Therapeutics,

Inc.

(a)

............

46,831

960,504

VistaGen

Therapeutics,

Inc.

(a)

...........

188,199

28,625

Vor

BioPharma,

Inc.

(a)(b)

...............

22,256

88,579

Voyager

Therapeutics,

Inc.

(a)(b)

..........

29,364

173,835

vTv

Therapeutics,

Inc.,

Class

A

(a)(b)

.......

9,169

8,894

Vyant

Bio,

Inc.

(a)

....................

257

143

X4

Pharmaceuticals,

Inc.

(a)(b)

...........

5,710

9,764

XBiotech,

Inc.

(a)

....................

9,128

33,043

Xencor,

Inc.

(a)

.....................

59,294

1,540,458

Yield10

Bioscience,

Inc.

(a)(b)

............

7

21

Y-mAbs

Therapeutics,

Inc.

(a)

............

31,011

447,179

Yumanity

Therapeutics,

Inc.

(a)(b)

.........

330

518

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

........

37,474

811,687

1,059,734,871

Building

Products

—

0.6%

AAON,

Inc.

.......................

39,596

2,133,432

Advanced

Drainage

Systems,

Inc.

.......

65,056

8,091,015

Allegion

plc

.......................

87,785

7,872,559

American

Woodmark

Corp.

(a)

...........

18,418

807,813

AO

Smith

Corp.

....................

138,454

6,726,095

Apogee

Enterprises,

Inc.

..............

27,034

1,033,239

Armstrong

World

Industries,

Inc.

.........

46,261

3,665,259

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

115,483

1,919,327

Builders

FirstSource,

Inc.

(a)

............

165,466

9,749,257

Carlisle

Cos.,

Inc.

..................

52,351

14,679,744

Carrier

Global

Corp.

.................

879,976

31,291,947

CSW

Industrials,

Inc.

................

18,817

2,254,277

Fortune

Brands

Home

&

Security,

Inc.

.....

140,662

7,552,143

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

Gibraltar

Industries,

Inc.

(a)

.............

38,915

$

1,592,791

Griffon

Corp.

......................

46,502

1,372,739

Hayward

Holdings,

Inc.

(a)(b)

.............

44,101

391,176

Insteel

Industries,

Inc.

................

28,775

763,401

Janus

International

Group,

Inc.

(a)(b)

.......

68,690

612,715

JELD-WEN

Holding,

Inc.

(a)

.............

84,704

741,160

Jewett-Cameron

Trading

Co.

Ltd.

(a)

.......

566

3,000

Johnson

Controls

International

plc

.......

721,821

35,528,030

Lennox

International,

Inc.

.............

36,138

8,046,848

Masco

Corp.

......................

238,635

11,141,868

Masonite

International

Corp.

(a)(b)

.........

28,532

2,034,046

Owens

Corning

....................

102,692

8,072,618

PGT

Innovations,

Inc.

(a)

...............

77,079

1,615,576

Quanex

Building

Products

Corp.

.........

37,031

672,483

Resideo

Technologies,

Inc.

(a)

...........

149,062

2,841,122

Simpson

Manufacturing

Co.,

Inc.

........

47,088

3,691,699

Tecnoglass,

Inc.

....................

39,312

825,159

Trane

Technologies

plc

(b)

..............

245,983

35,620,798

Trex

Co.,

Inc.

(a)(b)

...................

120,187

5,281,017

UFP

Industries,

Inc.

.................

67,437

4,866,254

View,

Inc.,

Class

A

(a)(b)

................

96,178

128,879

Zurn

Elkay

Water

Solutions

Corp.

........

131,265

3,215,992

226,835,478

Capital

Markets

—

3.1%

Affiliated

Managers

Group,

Inc.

.........

38,354

4,289,895

Ameriprise

Financial,

Inc.

.............

105,740

26,641,193

Ares

Management

Corp.,

Class

A

........

163,682

10,140,100

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

69,104

1,860,971

Ashford,

Inc.

(a)

.....................

329

4,435

AssetMark

Financial

Holdings,

Inc.

(a)

......

22,113

404,447

B

Riley

Financial,

Inc.

................

17,703

788,137

Bank

of

New

York

Mellon

Corp.

(The)

.....

770,192

29,667,796

BGC

Partners,

Inc.,

Class

A

............

434,211

1,363,422

BlackRock,

Inc.

(e)

...................

157,467

86,650,941

Blackstone,

Inc.,

Class

A,

NVS

..........

732,268

61,290,832

Blucora,

Inc.

(a)

.....................

55,639

1,076,058

Blue

Owl

Capital,

Inc.,

Class

A

..........

403,308

3,722,533

Brightsphere

Investment

Group,

Inc.

......

53,887

803,455

Carlyle

Group,

Inc.

(The)

..............

199,778

5,162,263

Cboe

Global

Markets,

Inc.

.............

112,779

13,236,871

Charles

Schwab

Corp.

(The)

...........

1,595,656

114,679,797

CME

Group,

Inc.,

Class

A

.............

375,433

66,500,447

Cohen

&

Co.,

Inc.

..................

735

6,255

Cohen

&

Steers,

Inc.

................

31,448

1,969,588

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

166,973

10,768,089

Cowen,

Inc.,

Class

A

(b)

...............

27,718

1,071,023

Diamond

Hill

Investment

Group,

Inc.

......

2,611

430,815

Donnelley

Financial

Solutions,

Inc.

(a)

......

27,970

1,034,051

Evercore,

Inc.,

Class

A

...............

180

14,805

FactSet

Research

Systems,

Inc.

.........

39,527

15,815,148

Federated

Hermes,

Inc.,

Class

B

........

95,189

3,152,660

Focus

Financial

Partners,

Inc.,

Class

A

(a)

...

74,188

2,337,664

Forge

Global

Holdings,

Inc.

(a)(b)

..........

105,937

185,390

Franklin

Resources,

Inc.

..............

292,625

6,297,290

GCM

Grosvenor,

Inc.,

Class

A

..........

66,897

527,817

Goldman

Sachs

Group,

Inc.

(The)

.......

354,223

103,805,050

Hamilton

Lane,

Inc.,

Class

A

...........

41,035

2,446,096

Houlihan

Lokey,

Inc.,

Class

A

...........

55,171

4,158,790

Interactive

Brokers

Group,

Inc.,

Class

A

....

100,214

6,404,677

Intercontinental

Exchange,

Inc.

.........

582,317

52,612,341

Invesco

Ltd.

......................

407,067

5,576,818

Janus

Henderson

Group

plc

...........

170,319

3,459,179

Jefferies

Financial

Group,

Inc.

..........

204,917

6,045,051

Security

Shares

Shares

Value

Capital

Markets

(continued)

KKR

&

Co.,

Inc.

....................

582,647

$

25,053,821

Lazard

Ltd.,

Class

A

.................

120,690

3,841,563

LPL

Financial

Holdings,

Inc.

(b)

..........

83,087

18,152,848

MarketAxess

Holdings,

Inc.

............

39,171

8,715,156

Moelis

&

Co.,

Class

A

................

64,005

2,164,009

Moody's

Corp.

.....................

166,233

40,412,905

Morgan

Stanley

....................

1,391,261

109,923,532

Morningstar,

Inc.

...................

22,934

4,869,347

MSCI,

Inc.

.......................

85,047

35,871,974

Nasdaq,

Inc.

(b)

.....................

361,840

20,509,091

Northern

Trust

Corp.

.................

220,415

18,858,707

Open

Lending

Corp.,

Class

A

(a)

..........

102,127

821,101

P10,

Inc.,

Class

A

..................

72,449

762,163

Perella

Weinberg

Partners,

Class

A

.......

68,734

435,086

Piper

Sandler

Cos.

..................

18,139

1,899,879

PJT

Partners,

Inc.,

Class

A

............

30,661

2,048,768

Pzena

Investment

Management,

Inc.,

Class

A

18,136

171,929

Raymond

James

Financial,

Inc.

.........

203,196

20,079,829

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

536,846

5,422,145

S&P

Global,

Inc.

...................

354,242

108,167,795

Safeguard

Scientifics,

Inc.

(a)(b)

...........

11,466

42,768

Sculptor

Capital

Management,

Inc.,

Class

A

.

27,551

243,551

SEI

Investments

Co.

.................

102,028

5,004,473

Siebert

Financial

Corp.

(a)(b)

.............

47,011

69,576

State

Street

Corp.

..................

390,765

23,762,420

StepStone

Group,

Inc.,

Class

A

.........

46,090

1,129,666

Stifel

Financial

Corp.

................

107,677

5,589,513

StoneX

Group,

Inc.

(a)

................

18,174

1,507,351

T.

Rowe

Price

Group,

Inc.

.............

238,526

25,047,615

TPG,

Inc.,

Class

A

(b)

.................

36,187

1,007,446

Tradeweb

Markets,

Inc.,

Class

A

.........

118,654

6,694,459

Victory

Capital

Holdings,

Inc.,

Class

A

.....

28,044

653,706

Virtu

Financial,

Inc.,

Class

A

............

95,015

1,973,461

Virtus

Investment

Partners,

Inc.

.........

8,355

1,332,790

WisdomTree

Investments,

Inc.

..........

84,957

397,599

1,159,040,232

Chemicals

—

1.8%

AdvanSix,

Inc.

.....................

28,940

928,974

Air

Products

&

Chemicals,

Inc.

..........

231,784

53,943,090

Albemarle

Corp.

...................

122,885

32,495,709

American

Vanguard

Corp.

.............

27,716

518,289

Amyris,

Inc.

(a)(b)

....................

195,225

570,057

Ashland,

Inc.

......................

49,385

4,690,093

Aspen

Aerogels,

Inc.

(a)(b)

..............

25,910

238,890

Avient

Corp.

......................

96,809

2,933,313

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

224,585

4,729,760

Balchem

Corp.

....................

36,876

4,483,384

Cabot

Corp.

......................

53,302

3,405,465

Celanese

Corp.

....................

106,153

9,589,862

CF

Industries

Holdings,

Inc.

............

208,051

20,024,909

Chase

Corp.

......................

9,139

763,746

Chemours

Co.

(The)

.................

171,955

4,238,691

Corteva,

Inc.

......................

756,763

43,249,005

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

74,620

220,129

Diversey

Holdings

Ltd.

(a)(b)

.............

49,165

238,942

Dow,

Inc.

........................

743,246

32,650,797

DuPont

de

Nemours,

Inc.

.............

531,336

26,779,334

Eastman

Chemical

Co.

...............

130,314

9,258,810

Ecolab,

Inc.

......................

260,782

37,662,136

Ecovyst,

Inc.

(a)

.....................

38,502

324,957

Element

Solutions,

Inc.

...............

217,809

3,543,752

Flotek

Industries,

Inc.

(a)(b)

..............

66,844

66,844

FMC

Corp.

.......................

133,792

14,141,814

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

902,057

2,814,418

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Hawkins,

Inc.

.....................

18,950

$

738,861

HB

Fuller

Co.

.....................

59,984

3,605,038

Huntsman

Corp.

...................

196,923

4,832,490

Ingevity

Corp.

(a)

....................

46,504

2,819,538

Innospec,

Inc.

.....................

27,503

2,356,182

International

Flavors

&

Fragrances,

Inc.

....

267,034

24,254,698

Intrepid

Potash,

Inc.

(a)(b)

...............

11,671

461,821

Koppers

Holdings,

Inc.

...............

19,125

397,418

Linde

plc

........................

515,919

139,086,603

Livent

Corp.

(a)(b)

....................

191,627

5,873,368

LSB

Industries,

Inc.

(a)

................

29,430

419,378

LyondellBasell

Industries

NV,

Class

A

.....

262,014

19,724,414

Mativ

Holdings,

Inc.

.................

54,322

1,199,430

Minerals

Technologies,

Inc.

(b)

...........

37,378

1,846,847

Mosaic

Co.

(The)

...................

356,663

17,237,523

NewMarket

Corp.

...................

5,937

1,786,028

Northern

Technologies

International

Corp.

..

1,726

22,973

Olin

Corp.

(b)

.......................

141,482

6,066,748

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

133,470

688,705

Orion

Engineered

Carbons

SA

..........

64,633

862,851

Perimeter

Solutions

SA

(a)(b)

............

90,564

725,418

PPG

Industries,

Inc.

.................

248,045

27,456,101

PureCycle

Technologies,

Inc.

(a)(b)

.........

77,184

622,875

Quaker

Chemical

Corp.

(b)

.............

16,406

2,368,698

Rayonier

Advanced

Materials,

Inc.

(a)

......

53,723

169,227

RPM

International,

Inc.

...............

138,931

11,574,342

Scotts

Miracle-Gro

Co.

(The)

...........

40,773

1,743,046

Sensient

Technologies

Corp.

...........

46,983

3,257,801

Sherwin-Williams

Co.

(The)

............

248,067

50,791,718

Stepan

Co.

.......................

26,004

2,435,795

Trinseo

plc

.......................

35,360

647,795

Tronox

Holdings

plc,

Class

A

...........

106,023

1,298,782

Valvoline,

Inc.

.....................

199,194

5,047,576

Westlake

Corp.

....................

38,330

3,330,110

Zymergen,

Inc.

(a)(b)

..................

27,025

75,130

660,330,498

Commercial

Services

&

Supplies

—

0.6%

ABM

Industries,

Inc.

.................

73,366

2,804,782

ACCO

Brands

Corp.

.................

104,642

512,746

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

100,150

720,079

Aqua

Metals,

Inc.

(a)(b)

................

56,177

42,425

Aris

Water

Solution,

Inc.,

Class

A

........

41,665

531,645

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

260,473

575,645

Brady

Corp.,

Class

A,

NVS

............

47,152

1,967,653

Brink's

Co.

(The)

...................

42,709

2,068,824

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

53,627

4,096,567

Charah

Solutions,

Inc.

(a)(b)

.............

9,026

16,518

Cimpress

plc

(a)(b)

...................

19,006

465,267

Cintas

Corp.

......................

91,328

35,452,616

Clean

Harbors,

Inc.

(a)

................

56,060

6,165,479

CompX

International,

Inc.

.............

257

4,174

Copart,

Inc.

(a)

.....................

222,643

23,689,215

CoreCivic,

Inc.

(a)

...................

141,142

1,247,695

Deluxe

Corp.

......................

47,747

794,988

Driven

Brands

Holdings,

Inc.

(a)

..........

66,362

1,856,809

DSS,

Inc.

(a)(b)

......................

96,593

24,728

Ennis,

Inc.

.......................

27,739

558,386

Fuel

Tech,

Inc.

(a)(b)

..................

18,820

22,019

GEO

Group,

Inc.

(The)

(a)

..............

108,883

838,399

Harsco

Corp.

(a)

....................

84,796

317,137

Healthcare

Services

Group,

Inc.

.........

75,912

917,776

Heritage-Crystal

Clean,

Inc.

(a)

...........

18,199

538,144

HNI

Corp.

........................

46,839

1,241,702

IAA,

Inc.

(a)

........................

141,177

4,496,487

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Interface,

Inc.

.....................

56,379

$

506,847

JanOne,

Inc.

(a)

.....................

173

370

KAR

Auction

Services,

Inc.

(a)

...........

141,177

1,576,947

Kimball

International,

Inc.,

Class

B

.......

62,738

394,622

Matthews

International

Corp.,

Class

A

.....

38,108

854,000

MillerKnoll,

Inc.

....................

72,635

1,133,106

Montrose

Environmental

Group,

Inc.

(a)(b)

....

27,444

923,491

MSA

Safety,

Inc.

...................

36,848

4,026,749

Odyssey

Marine

Exploration,

Inc.

(a)(b)

......

8,805

27,296

Performant

Financial

Corp.

(a)(b)

..........

37,933

70,176

Perma-Fix

Environmental

Services,

Inc.

(a)

..

10,172

45,571

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

27,509

70,423

Quest

Resource

Holding

Corp.

(a)(b)

.......

9,882

83,404

Recycling

Asset

Holdings,

Inc.,

NVS

(a)(b)(d)

...

7,042

247

Republic

Services,

Inc.

...............

205,406

27,943,432

Rollins,

Inc.

.......................

236,764

8,210,976

SP

Plus

Corp.

(a)

....................

18,793

588,597

Steelcase,

Inc.,

Class

A

..............

93,645

610,565

Stericycle,

Inc.

(a)(b)

..................

92,263

3,885,195

Team,

Inc.

(a)(b)

.....................

28,586

30,301

Tetra

Tech,

Inc.

....................

57,301

7,364,898

UniFirst

Corp.

.....................

15,208

2,558,442

Viad

Corp.

(a)

......................

19,068

602,167

Waste

Management,

Inc.

..............

393,459

63,036,066

Wilhelmina

International,

Inc.

(a)(b)

.........

303

1,239

216,513,032

Communications

Equipment

—

0.8%

ADTRAN

Holdings,

Inc.

..............

126,536

2,477,575

Applied

Optoelectronics,

Inc.

(a)(b)

.........

21,774

59,225

Arista

Networks,

Inc.

(a)

...............

259,400

29,283,666

Aviat

Networks,

Inc.

(a)

................

14,922

408,564

BK

Technologies

Corp.

...............

17,441

42,033

Calix,

Inc.

(a)

.......................

69,058

4,222,206

Cambium

Networks

Corp.

(a)(b)

...........

9,699

164,107

Casa

Systems,

Inc.

(a)(b)

...............

28,948

90,607

Ciena

Corp.

(a)(b)

....................

166,958

6,750,112

Cisco

Systems,

Inc.

.................

4,329,954

173,198,160

Clearfield,

Inc.

(a)

....................

10,058

1,052,469

ClearOne,

Inc.

(a)(b)

..................

10,003

5,403

CommScope

Holding

Co.,

Inc.

(a)(b)

........

204,969

1,887,764

Comtech

Telecommunications

Corp.

......

26,744

267,707

Digi

International,

Inc.

(a)

...............

27,725

958,453

DZS,

Inc.

(a)(b)

......................

11,006

124,368

EMCORE

Corp.

(a)(b)

.................

24,554

41,005

Extreme

Networks,

Inc.

(a)

..............

92,785

1,212,700

F5,

Inc.

(a)

........................

64,596

9,348,979

Genasys,

Inc.

(a)(b)

...................

29,214

80,923

Harmonic,

Inc.

(a)(b)

..................

129,640

1,694,395

Infinera

Corp.

(a)(b)

...................

255,757

1,237,864

Inseego

Corp.

(a)(b)

...................

79,100

163,737

Juniper

Networks,

Inc.

...............

328,184

8,572,166

KVH

Industries,

Inc.

(a)(b)

...............

18,122

167,085

Lantronix,

Inc.

(a)(b)

...................

157,234

756,296

Lumentum

Holdings,

Inc.

(a)(b)

...........

72,204

4,951,028

Motorola

Solutions,

Inc.

..............

173,658

38,894,182

NETGEAR,

Inc.

(a)

...................

37,240

746,290

NetScout

Systems,

Inc.

(a)

.............

73,600

2,305,152

Optical

Cable

Corp.

(a)

................

10,237

35,318

Ubiquiti,

Inc.

(b)

.....................

5,680

1,667,421

Viasat,

Inc.

(a)

......................

85,754

2,592,343

Viavi

Solutions,

Inc.

(a)

................

237,061

3,093,646

Vislink

Technologies,

Inc.

(a)(b)

...........

4

2

298,552,951

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

—

0.2%

AECOM

.........................

144,115

$

9,853,143

Ameresco,

Inc.,

Class

A

(a)

.............

34,419

2,288,175

API

Group

Corp.

(a)(b)

.................

218,400

2,898,168

Arcosa,

Inc.

......................

48,961

2,799,590

Argan,

Inc.

.......................

12,415

399,391

Comfort

Systems

USA,

Inc.

............

37,347

3,634,984

Construction

Partners,

Inc.,

Class

A

(a)

.....

48,244

1,265,440

Dycom

Industries,

Inc.

(a)

..............

30,067

2,872,301

EMCOR

Group,

Inc.

.................

50,683

5,852,873

Fluor

Corp.

(a)

......................

149,401

3,718,591

Granite

Construction,

Inc.

.............

82,216

2,087,464

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

56,974

431,863

Infrastructure

and

Energy

Alternatives,

Inc.

(a)

27,523

372,661

MasTec,

Inc.

(a)

.....................

55,733

3,539,045

Matrix

Service

Co.

(a)

.................

28,146

116,524

MDU

Resources

Group,

Inc.

...........

224,955

6,152,519

MYR

Group,

Inc.

(a)

..................

19,167

1,624,020

NV5

Global,

Inc.

(a)

..................

13,055

1,616,470

Orbital

Infrastructure

Group,

Inc.

(a)(b)

......

45,168

21,455

Orion

Group

Holdings,

Inc.

(a)(b)

..........

28,347

74,836

Primoris

Services

Corp.

..............

62,390

1,013,838

Quanta

Services,

Inc.

................

149,593

19,056,652

Sterling

Infrastructure,

Inc.

(a)(b)

..........

20,783

446,211

Valmont

Industries,

Inc.

...............

21,636

5,811,862

WillScot

Mobile

Mini

Holdings

Corp.

(a)(b)

....

234,827

9,470,573

87,418,649

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

40,357

4,325,463

Martin

Marietta

Materials,

Inc.

..........

65,218

21,006,066

Summit

Materials,

Inc.,

Class

A

(a)

........

123,702

2,963,900

Vulcan

Materials

Co.

................

140,393

22,141,380

50,436,809

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

..................

337,460

9,391,512

American

Express

Co.

...............

625,866

84,435,582

Atlanticus

Holdings

Corp.

(a)(b)

...........

8,605

225,709

Bread

Financial

Holdings,

Inc.

..........

48,318

1,519,601

Capital

One

Financial

Corp.

............

402,423

37,091,328

Credit

Acceptance

Corp.

(a)(b)

............

7,729

3,385,302

Discover

Financial

Services

............

293,375

26,673,655

Encore

Capital

Group,

Inc.

(a)(b)

..........

24,645

1,120,855

Enova

International,

Inc.

(a)

.............

31,153

911,848

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

56,140

432,840

FirstCash

Holdings,

Inc.

..............

46,226

3,390,677

Green

Dot

Corp.,

Class

A

(a)

............

39,318

746,256

LendingClub

Corp.

(a)

.................

95,006

1,049,816

LendingTree,

Inc.

(a)

..................

11,007

262,627

Navient

Corp.

.....................

172,189

2,529,457

Nelnet,

Inc.,

Class

A

(b)

................

16,637

1,317,484

OneMain

Holdings,

Inc.

...............

115,594

3,412,335

Oportun

Financial

Corp.

(a)

.............

170,036

743,057

PRA

Group,

Inc.

(a)

..................

46,920

1,541,791

PROG

Holdings,

Inc.

(a)

...............

72,565

1,087,024

SLM

Corp.

.......................

281,225

3,934,338

SoFi

Technologies,

Inc.

(a)(b)

............

809,172

3,948,759

Synchrony

Financial

.................

507,144

14,296,389

Upstart

Holdings,

Inc.

(a)(b)

..............

80,965

1,683,262

World

Acceptance

Corp.

(a)

.............

6,089

589,537

205,721,041

Containers

&

Packaging

—

0.4%

Amcor

plc

........................

1,593,441

17,097,622

AptarGroup,

Inc.

...................

65,065

6,183,127

Avery

Dennison

Corp.

................

87,558

14,245,687

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

Ball

Corp.

........................

337,946

$

16,329,551

Berry

Global

Group,

Inc.

(a)

.............

119,903

5,579,087

Crown

Holdings,

Inc.

................

124,243

10,067,410

Cryptyde,

Inc.

(a)(b)

...................

20,757

14,378

Graphic

Packaging

Holding

Co.

.........

312,673

6,172,165

Greif,

Inc.,

Class

A,

NVS

..............

28,047

1,670,760

Greif,

Inc.,

Class

B

..................

9,360

569,088

International

Paper

Co.

...............

388,702

12,321,853

Myers

Industries,

Inc.

................

28,221

464,800

O-I

Glass,

Inc.

(a)(b)

...................

170,077

2,202,497

Packaging

Corp.

of

America

...........

97,533

10,951,981

Pactiv

Evergreen,

Inc.

...............

45,300

395,469

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

38,705

132,371

Sealed

Air

Corp.

...................

151,863

6,759,422

Silgan

Holdings,

Inc.

.................

82,131

3,452,787

Sonoco

Products

Co.

................

104,918

5,951,998

TriMas

Corp.

(b)

.....................

46,987

1,177,964

WestRock

Co.

.....................

275,167

8,499,909

130,239,926

Distributors

—

0.1%

Educational

Development

Corp.

.........

1,390

3,350

Funko,

Inc.,

Class

A

(a)(b)

...............

18,399

372,028

Genuine

Parts

Co.

..................

145,220

21,684,250

Greenlane

Holdings,

Inc.,

Class

A

(a)

......

365

595

LKQ

Corp.

.......................

279,878

13,196,248

Pool

Corp.

.......................

43,254

13,763,855

49,020,326

Diversified

Consumer

Services

—

0.2%

2U,

Inc.

(a)(b)

.......................

84,589

528,681

ADT,

Inc.

........................

284,798

2,133,137

Adtalem

Global

Education,

Inc.

(a)

........

56,770

2,069,266

American

Public

Education,

Inc.

(a)

........

18,587

169,885

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

153,157

154,689

Bright

Horizons

Family

Solutions,

Inc.

(a)

....

63,924

3,685,219

Carriage

Services,

Inc.

...............

18,628

599,076

Chegg,

Inc.

(a)

......................

147,341

3,104,475

Coursera,

Inc.

(a)(b)

...................

83,426

899,332

Duolingo,

Inc.,

Class

A

(a)(b)

.............

29,337

2,793,762

European

Wax

Center,

Inc.,

Class

A

......

36,357

670,787

Frontdoor,

Inc.

(a)

....................

91,768

1,871,149

Graham

Holdings

Co.,

Class

B

..........

3,708

1,994,830

Grand

Canyon

Education,

Inc.

(a)

.........

33,922

2,790,084

H&R

Block,

Inc.

....................

176,613

7,513,117

Laureate

Education,

Inc.

..............

115,543

1,218,979

Mister

Car

Wash,

Inc.

(a)(b)

..............

50,820

436,036

OneSpaWorld

Holdings

Ltd.

(a)

..........

39,940

335,496

Perdoceo

Education

Corp.

(a)

...........

66,400

683,920

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

40,938

683,255

Regis

Corp.

(a)(b)

....................

37,878

38,257

Rover

Group,

Inc.,

Class

A

(a)

...........

78,078

260,781

Service

Corp.

International

............

163,416

9,435,640

Strategic

Education,

Inc.

..............

25,373

1,558,156

Stride,

Inc.

(a)(b)

.....................

47,429

1,993,441

Terminix

Global

Holdings,

Inc.

(a)

.........

119,534

4,576,957

Udemy,

Inc.

(a)

.....................

56,787

686,555

Universal

Technical

Institute,

Inc.

(a)(b)

......

145,152

789,627

Vivint

Smart

Home,

Inc.,

Class

A

(a)

.......

41,001

269,787

XpresSpa

Group,

Inc.

(a)(b)

..............

71,812

54,936

Zovio,

Inc.

(a)

......................

18,735

2,679

54,001,991

Diversified

Financial

Services

—

1.4%

Acacia

Research

Corp.

(a)(b)

.............

30,995

125,220

Alerus

Financial

Corp.

...............

17,664

390,374

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Financial

Services

(continued)

A-Mark

Precious

Metals,

Inc.

...........

21,378

$

606,921

Apollo

Global

Management,

Inc.

.........

449,834

20,917,281

Berkshire

Hathaway,

Inc.,

Class

B

(a)

......

1,872,485

499,990,945

Cannae

Holdings,

Inc.

(a)

..............

85,057

1,757,278

Equitable

Holdings,

Inc.

..............

369,948

9,748,130

FlexShopper,

Inc.

(a)(b)

................

10,142

18,864

Jackson

Financial,

Inc.,

Class

A

.........

62,065

1,722,304

LM

Funding

America,

Inc.

(a)

............

2,949

2,861

Voya

Financial,

Inc.

.................

93,823

5,676,291

540,956,469

Diversified

Telecommunication

Services

—

0.9%

Anterix,

Inc.

(a)

.....................

27,816

993,588

AST

SpaceMobile,

Inc.,

Class

A

(a)(b)

.......

83,133

600,220

AT&T,

Inc.

........................

7,486,893

114,848,939

ATN

International,

Inc.

...............

9,612

370,735

Bandwidth,

Inc.,

Class

A

(a)

.............

29,391

349,753

Charge

Enterprises,

Inc.

(a)(b)

............

152,296

268,041

Cogent

Communications

Holdings,

Inc.

....

62,638

3,267,198

Consolidated

Communications

Holdings,

Inc.

(a)

76,108

316,609

EchoStar

Corp.,

Class

A

(a)(b)

............

47,124

776,132

Frontier

Communications

Parent,

Inc.

(a)(b)

...

215,993

5,060,716

Globalstar,

Inc.

(a)(b)

..................

649,910

1,033,357

IDT

Corp.,

Class

B

(a)

.................

49,370

1,225,857

Iridium

Communications,

Inc.

(a)

..........

125,873

5,584,985

Liberty

Global

plc,

Class

A

(a)

............

182,746

2,849,010

Liberty

Global

plc,

Class

C,

NVS

(a)(b)

......

310,893

5,129,735

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

55,668

344,585

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

158,336

973,766

Lumen

Technologies,

Inc.

.............

967,556

7,043,808

Ooma,

Inc.

(a)

......................

19,499

239,838

Radius

Global

Infrastructure,

Inc.

(a)(b)

......

97,560

919,015

Verizon

Communications,

Inc.

..........

4,411,090

167,489,087

319,684,974

Electric

Utilities

—

1.8%

ALLETE,

Inc.

.....................

54,322

2,718,816

Alliant

Energy

Corp.

.................

267,037

14,150,291

American

Electric

Power

Co.,

Inc.

........

536,365

46,368,754

Avangrid,

Inc.

.....................

76,910

3,207,147

Constellation

Energy

Corp.

(b)

...........

347,823

28,935,395

Duke

Energy

Corp.

.................

803,929

74,781,476

Edison

International

.................

393,719

22,276,621

Entergy

Corp.

.....................

212,642

21,398,164

Evergy,

Inc.

.......................

242,895

14,427,963

Eversource

Energy

.................

360,591

28,111,674

Exelon

Corp.

......................

1,015,258

38,031,565

FirstEnergy

Corp.

..................

550,493

20,368,241

Genie

Energy

Ltd.,

Class

B

............

18,730

175,125

Hawaiian

Electric

Industries,

Inc.

........

112,638

3,904,033

IDACORP,

Inc.

....................

54,869

5,432,580

MGE

Energy,

Inc.

...................

35,972

2,360,842

NextEra

Energy,

Inc.

................

2,046,714

160,482,845

NRG

Energy,

Inc.

...................

254,377

9,735,008

OGE

Energy

Corp.

..................

210,254

7,665,861

Otter

Tail

Corp.

....................

48,059

2,956,590

PG&E

Corp.

(a)(b)

....................

1,681,963

21,024,537

Pinnacle

West

Capital

Corp.

...........

121,435

7,833,772

PNM

Resources,

Inc.

................

84,342

3,856,960

Portland

General

Electric

Co.

...........

93,705

4,072,419

PPL

Corp.

.......................

768,734

19,487,407

Southern

Co.

(The)

.................

1,120,961

76,225,348

Xcel

Energy,

Inc.

...................

574,089

36,741,696

676,731,130

Security

Shares

Shares

Value

Electrical

Equipment

—

0.7%

Acuity

Brands,

Inc.

..................

34,688

$

5,462,319

Advent

Technologies

Holdings,

Inc.

(a)(b)

....

79,023

241,810

Allied

Motion

Technologies,

Inc.

(b)

........

12,449

356,290

American

Superconductor

Corp.

(a)(b)

......

46,706

204,572

AMETEK,

Inc.

.....................

238,866

27,089,793

Array

Technologies,

Inc.

(a)

.............

149,781

2,483,369

Atkore,

Inc.

(a)(b)

.....................

45,886

3,570,390

AZZ,

Inc.

........................

19,316

705,227

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

56,681

361,625

Beam

Global

(a)(b)

...................

6,552

79,934

Blink

Charging

Co.

(a)(b)

................

37,758

669,072

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

171,941

3,437,101

Broadwind,

Inc.

(a)(b)

..................

18,748

56,619

Capstone

Green

Energy

Corp.

(a)(b)

........

1,371

2,427

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

282,956

4,176,431

Eaton

Corp.

plc

....................

416,407

55,532,038

Emerson

Electric

Co.

................

621,353

45,495,467

Encore

Wire

Corp.

(b)

.................

19,454

2,247,715

Energous

Corp.

(a)(b)

..................

55,331

56,991

Energy

Focus,

Inc.

(a)(b)

................

18,683

9,715

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

80,675

425,964

EnerSys

(b)

........................

46,597

2,710,547

Enovix

Corp.

(a)(b)

....................

101,420

1,859,536

Eos

Energy

Enterprises,

Inc.,

Class

A

(a)(b)

...

40,003

66,805

Espey

Mfg.

&

Electronics

Corp.

(a)

........

612

8,439

Fluence

Energy,

Inc.,

Class

A

(a)

.........

45,045

657,207

FuelCell

Energy,

Inc.

(a)(b)

..............

434,962

1,483,220

Generac

Holdings,

Inc.

(a)

..............

66,298

11,810,326

GrafTech

International

Ltd.

............

175,465

756,254

Heliogen,

Inc.

(a)(b)

...................

219,842

408,906

Hubbell,

Inc.

......................

56,034

12,495,582

Ideal

Power,

Inc.

(a)(b)

.................

636

6,583

nVent

Electric

plc

...................

180,328

5,700,168

Ocean

Power

Technologies,

Inc.

(a)(b)

......

15

12

Orion

Energy

Systems,

Inc.

(a)(b)

..........

28,575

44,577

Pineapple

Energy,

Inc.

(b)

..............

2,241

1,948

Pioneer

Power

Solutions,

Inc.

(a)

.........

8,648

24,474

Plug

Power,

Inc.

(a)(b)

.................

538,049

11,304,410

Regal

Rexnord

Corp.

................

69,481

9,752,353

Rockwell

Automation,

Inc.

.............

121,132

26,056,705

Romeo

Power,

Inc.,

Class

A

(a)(b)

.........

166,138

66,455

Sensata

Technologies

Holding

plc

........

170,964

6,373,538

Servotronics,

Inc.

(a)

..................

113

1,274

SES

AI

Corp.,

Class

A

(a)(b)

.............

131,083

639,685

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

139,384

3,003,725

Stem,

Inc.

(a)(b)

.....................

145,392

1,939,529

SunPower

Corp.

(a)

..................

78,649

1,812,073

Sunrun,

Inc.

(a)(b)

....................

214,326

5,913,254

Sunworks,

Inc.

(a)(b)

..................

49,817

138,989

Thermon

Group

Holdings,

Inc.

(a)

.........

29,199

449,957

TPI

Composites,

Inc.

(a)

...............

40,100

452,328

Ultralife

Corp.

(a)(b)

...................

9,646

46,397

Vertiv

Holdings

Co.,

Class

A

(b)

..........

309,454

3,007,893

Vicor

Corp.

(a)(b)

.....................

25,711

1,520,549

Westwater

Resources,

Inc.

(a)(b)

..........

24,653

28,104

263,206,671

Electronic

Equipment,

Instruments

&

Components

—

0.8%

908

Devices,

Inc.

(a)(b)

.................

18,858

310,214

ADDvantage

Technologies

Group,

Inc.

(a)(b)

..

8,627

15,184

Advanced

Energy

Industries,

Inc.

........

38,162

2,954,120

Aeva

Technologies,

Inc.

(a)(b)

............

95,128

177,889

AEye,

Inc.,

Class

A

(a)(b)

...............

263,232

292,188

Akoustis

Technologies,

Inc.

(a)(b)

..........

54,865

162,949

Amphenol

Corp.,

Class

A

.............

621,962

41,646,576

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Arlo

Technologies,

Inc.

(a)

..............

66,416

$

308,170

Arrow

Electronics,

Inc.

(a)

..............

64,791

5,973,082

Avnet,

Inc.

.......................

93,521

3,377,979

Badger

Meter,

Inc.

..................

35,361

3,267,003

Bel

Fuse,

Inc.,

Class

A

...............

246

6,876

Bel

Fuse,

Inc.,

Class

B,

NVS

(b)

..........

10,360

261,590

Belden,

Inc.

......................

46,428

2,786,609

Benchmark

Electronics,

Inc.

...........

47,987

1,189,118

CDW

Corp.

.......................

142,721

22,275,894

Cemtrex,

Inc.

(a)

....................

788

165

ClearSign

Technologies

Corp.

(a)

.........

7,446

6,835

Coda

Octopus

Group,

Inc.

(a)(b)

..........

46,576

251,510

Cognex

Corp.

.....................

180,742

7,491,756

Coherent

Corp.

(a)(b)

..................

135,448

4,720,363

Corning,

Inc.

......................

793,780

23,035,496

CTS

Corp.

.......................

29,212

1,216,680

Data

I/O

Corp.

(a)(b)

..................

9,141

25,503

Digital

Ally,

Inc.

(a)(b)

..................

1,563,587

713,308

Electro-Sensors,

Inc.

(a)

...............

222

1,123

ePlus,

Inc.

(a)

......................

21,373

887,834

Fabrinet

(a)

........................

37,788

3,606,865

FARO

Technologies,

Inc.

(a)

.............

18,726

513,841

Frequency

Electronics,

Inc.

(a)

...........

9,141

52,561

Identiv,

Inc.

(a)(b)

.....................

22,919

287,404

Insight

Enterprises,

Inc.

(a)

.............

37,727

3,109,082

IPG

Photonics

Corp.

(a)

...............

37,869

3,194,250

Iteris,

Inc.

(a)(b)

......................

28,112

83,493

Itron,

Inc.

(a)(b)

......................

44,559

1,876,379

Jabil,

Inc.

........................

135,789

7,836,383

Keysight

Technologies,

Inc.

(a)

...........

189,390

29,802,410

Kimball

Electronics,

Inc.

(a)(b)

............

21,539

369,394

Knowles

Corp.

(a)

...................

142,895

1,739,032

LGL

Group,

Inc.

(The)

(a)

..............

449

5,083

LightPath

Technologies,

Inc.,

Class

A

(a)

....

10,250

10,968

Lightwave

Logic,

Inc.

(a)(b)

..............

122,407

898,467

Littelfuse,

Inc.

(b)

....................

26,657

5,296,479

Methode

Electronics,

Inc.

.............

37,902

1,408,059

MicroVision,

Inc.

(a)(b)

.................

153,415

553,828

MICT,

Inc.

(a)(b)

.....................

53,883

36,921

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

112,977

843,938

Napco

Security

Technologies,

Inc.

(a)(b)

.....

24,936

725,139

National

Instruments

Corp.

............

142,468

5,376,742

Neonode,

Inc.

(a)(b)

...................

2,003

7,011

nLight,

Inc.

(a)

......................

39,951

377,537

Novanta,

Inc.

(a)

....................

37,110

4,291,772

OSI

Systems,

Inc.

(a)

.................

6,509

469,039

Ouster,

Inc.,

Class

A

(a)(b)

..............

82,432

79,415

PAR

Technology

Corp.

(a)(b)

.............

21,823

644,433

PC

Connection,

Inc.

.................

16,981

765,673

Plexus

Corp.

(a)

.....................

28,067

2,457,547

Powerfleet,

Inc.

(a)(b)

..................

18,692

57,571

Research

Frontiers,

Inc.

(a)(b)

............

19,011

40,493

Rogers

Corp.

(a)

....................

19,007

4,597,413

Sanmina

Corp.

(a)

...................

59,310

2,733,005

ScanSource,

Inc.

(a)

..................

28,588

755,009

Schmitt

Industries,

Inc.

(a)

..............

498

1,031

SmartRent,

Inc.,

Class

A

(a)

.............

159,728

362,583

Taitron

Components,

Inc.,

Class

A

.......

800

3,088

TD

SYNNEX

Corp.

..................

44,665

3,626,351

TE

Connectivity

Ltd.

.................

336,117

37,093,872

Teledyne

Technologies,

Inc.

(a)(b)

.........

48,929

16,512,070

Trimble,

Inc.

(a)

.....................

263,419

14,295,749

TTM

Technologies,

Inc.

(a)

..............

102,838

1,355,405

Universal

Security

Instruments,

Inc.

(a)(b)

....

622

2,401

Velodyne

Lidar,

Inc.

(a)(b)

...............

210,549

199,411

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Vishay

Intertechnology,

Inc.

............

133,019

$

2,366,408

Vishay

Precision

Group,

Inc.

(a)

..........

10,190

301,522

Vontier

Corp.

......................

178,735

2,986,662

Wireless

Telecom

Group,

Inc.

(a)

.........

18,673

24,275

Zebra

Technologies

Corp.,

Class

A

(a)

......

55,545

14,553,345

301,942,823

Energy

Equipment

&

Services

—

0.4%

Archrock,

Inc.

.....................

141,618

909,188

Baker

Hughes

Co.,

Class

A

(b)

...........

1,061,882

22,257,047

Bristow

Group,

Inc.

(a)

................

36,150

849,164

Cactus,

Inc.,

Class

A

................

67,852

2,607,552

ChampionX

Corp.

..................

196,182

3,839,282

Core

Laboratories

NV

(b)

...............

46,930

632,616

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

98,092

650,350

DMC

Global,

Inc.

(a)

..................

16,614

265,492

Dril-Quip,

Inc.

(a)

....................

36,117

705,004

ENGlobal

Corp.

(a)(b)

..................

18,216

22,952

Enservco

Corp.

(a)(b)

..................

37,493

48,366

Expro

Group

Holdings

NV

(a)(b)

...........

28,388

361,663

Exterran

Corp.

(a)(b)

..................

55,128

229,332

Geospace

Technologies

Corp.

(a)(b)

........

18,047

79,587

Gulf

Island

Fabrication,

Inc.

(a)

...........

10,334

43,093

Halliburton

Co.

....................

946,180

23,294,952

Helix

Energy

Solutions

Group,

Inc.

(a)

......

143,101

552,370

Helmerich

&

Payne,

Inc.

..............

112,804

4,170,364

Independence

Contract

Drilling,

Inc.

(a)

.....

1,071

3,213

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

18,809

154,798

Liberty

Energy,

Inc.,

Class

A

(a)(b)

.........

164,446

2,085,175

Mammoth

Energy

Services,

Inc.

(a)

........

28,301

96,506

MIND

Technology,

Inc.

(a)

..............

10,103

6,468

Nabors

Industries

Ltd.

(a)(b)

.............

11,682

1,185,139

Natural

Gas

Services

Group,

Inc.

(a)

.......

83,587

839,214

Newpark

Resources,

Inc.

(a)

............

93,640

235,973

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

172,242

1,274,591

Nine

Energy

Service,

Inc.

(a)

............

17,602

46,469

Noble

Corp.

plc

(a)(b)

..................

65,256

1,930,273

NOV,

Inc.

(b)

.......................

402,515

6,512,693

Oceaneering

International,

Inc.

(a)

........

112,300

893,908

Oil

States

International,

Inc.

(a)

...........

73,462

285,767

Patterson-UTI

Energy,

Inc.

............

233,343

2,725,446

ProFrac

Holding

Corp.,

Class

A

(a)

........

34,247

520,897

ProPetro

Holding

Corp.

(a)

..............

86,428

695,745

Ranger

Energy

Services,

Inc.

(a)

.........

6,098

59,638

RPC,

Inc.

........................

54,749

379,411

Schlumberger

NV

..................

1,482,651

53,227,171

SEACOR

Marine

Holdings,

Inc.

(a)(b)

.......

47,634

267,703

Select

Energy

Services,

Inc.,

Class

A

(a)

....

57,356

399,771

Smart

Sand,

Inc.

(a)(b)

.................

147,952

230,805

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

37,442

350,457

Superior

Drilling

Products,

Inc.

(a)(b)

........

9,888

6,625

TechnipFMC

plc

(a)(b)

.................

444,128

3,757,323

TETRA

Technologies,

Inc.

(a)(b)

...........

96,708

347,182

Tidewater,

Inc.

(a)(b)

..................

34,490

748,433

Transocean

Ltd.

(a)(b)

.................

619,260

1,529,572

US

Silica

Holdings,

Inc.

(a)

.............

66,994

733,584

US

Well

Services,

Inc.,

Class

A

(a)(b)

.......

7,349

37,259

Valaris

Ltd.

(a)(b)

.....................

67,605

3,308,589

Weatherford

International

plc

(a)

..........

67,569

2,181,803

148,575,975

Entertainment

—

1.3%

Activision

Blizzard,

Inc.

...............

746,648

55,505,812

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

526,160

3,667,335

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Entertainment

(continued)

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)

.........................

4,116

$

28,318

Cinedigm

Corp.,

Class

A

(a)(b)

............

93,374

36,864

Cinemark

Holdings,

Inc.

(a)

.............

112,887

1,367,062

CuriosityStream,

Inc.,

Class

A

(a)(b)

........

63,409

92,577

Electronic

Arts,

Inc.

.................

279,277

32,315,142

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)(b)

.

151,134

3,061,975

Gaia,

Inc.,

Class

A

(a)

.................

18,756

45,577

Genius

Brands

International,

Inc.

(a)(b)

......

472,847

284,370

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

20,359

573,106

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)(b)

.......................

37,181

1,022,477

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

18,294

960,801

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

215,044

12,580,074

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

59,403

441,364

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)(b)

.......................

120,411

836,857

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

146,816

11,163,889

LiveOne,

Inc.

(a)(b)

...................

96,936

68,786

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

...........................

27,027

1,191,620

Madison

Square

Garden

Sports

Corp.

(a)

....

18,478

2,525,204

Marcus

Corp.

(The)

(b)

................

24,829

344,875

Netflix,

Inc.

(a)

......................

464,632

109,392,958

Playtika

Holding

Corp.

(a)(b)

.............

107,096

1,005,631

ROBLOX

Corp.,

Class

A

(a)(b)

............

380,051

13,621,028

Roku,

Inc.,

Class

A

(a)(b)

...............

130,658

7,369,111

Sciplay

Corp.,

Class

A

(a)

..............

56,833

668,356

Skillz,

Inc.,

Class

A

(a)(b)

...............

288,922

294,700

Take-Two

Interactive

Software,

Inc.

(a)

......

167,817

18,292,053

Walt

Disney

Co.

(The)

(a)

..............

1,911,425

180,304,720

Warner

Bros

Discovery,

Inc.

(a)

..........

2,297,360

26,419,640

Warner

Music

Group

Corp.,

Class

A

(b)

.....

107,553

2,496,305

World

Wrestling

Entertainment,

Inc.,

Class

A

48,075

3,373,423

491,352,010

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.2%

Acadia

Realty

Trust

.................

71,655

904,286

Agree

Realty

Corp.

.................

83,315

5,630,428

Alexander

&

Baldwin,

Inc.

.............

65,948

1,093,418

Alexander's,

Inc.

...................

1,605

335,381

Alexandria

Real

Estate

Equities,

Inc.

......

154,932

21,719,917

American

Assets

Trust,

Inc.

............

77,625

1,996,515

American

Homes

4

Rent,

Class

A

(b)

.......

312,356

10,248,400

American

Tower

Corp.

...............

486,380

104,425,786

Americold

Realty

Trust,

Inc.

(b)

...........

281,703

6,929,894

Apartment

Income

REIT

Corp.

..........

158,534

6,122,583

Apartment

Investment

and

Management

Co.,

Class

A

.......................

158,670

1,158,291

Apple

Hospitality

REIT,

Inc.

............

197,214

2,772,829

Armada

Hoffler

Properties,

Inc.

.........

65,941

684,468

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

28,224

192,205

AvalonBay

Communities,

Inc.

..........

144,173

26,555,225

Bluerock

Residential

Growth

REIT,

Inc.

....

22,516

602,303

Boston

Properties,

Inc.

...............

146,824

11,007,395

Braemar

Hotels

&

Resorts,

Inc.

.........

186,688

802,758

Brandywine

Realty

Trust

..............

187,347

1,264,592

Brixmor

Property

Group,

Inc.

...........

313,323

5,787,076

Broadstone

Net

Lease,

Inc.

............

190,777

2,962,767

Camden

Property

Trust

...............

111,326

13,297,891

CareTrust

REIT,

Inc.

.................

84,353

1,527,633

Centerspace

......................

17,872

1,203,143

Chatham

Lodging

Trust

(a)

.............

35,205

347,473

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

City

Office

REIT,

Inc.

................

66,402

$

662,028

Clipper

Realty,

Inc.

..................

45,999

320,613

Community

Healthcare

Trust,

Inc.

........

20,146

659,782

Corporate

Office

Properties

Trust

........

110,957

2,577,531

Cousins

Properties,

Inc.

..............

152,980

3,572,083

Crown

Castle,

Inc.

..................

454,208

65,655,766

CTO

Realty

Growth,

Inc.

..............

30,585

573,163

CubeSmart

.......................

230,134

9,219,168

DiamondRock

Hospitality

Co.

...........

204,171

1,533,324

Digital

Realty

Trust,

Inc.

..............

298,016

29,557,227

Douglas

Emmett,

Inc.

................

176,915

3,172,086

Duke

Realty

Corp.

..................

419,688

20,228,962

Easterly

Government

Properties,

Inc.

.....

150,215

2,368,891

EastGroup

Properties,

Inc.

............

44,526

6,426,883

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

130,963

859,117

EPR

Properties

....................

85,077

3,050,861

Equinix,

Inc.

......................

95,025

54,054,021

Equity

Commonwealth

...............

104,480

2,545,133

Equity

LifeStyle

Properties,

Inc.

.........

179,651

11,289,269

Equity

Residential

..................

362,641

24,376,728

Essential

Properties

Realty

Trust,

Inc.

.....

156,936

3,052,405

Essex

Property

Trust,

Inc.

.............

68,459

16,582,824

Extra

Space

Storage,

Inc.

.............

140,327

24,235,876

Farmland

Partners,

Inc.

..............

34,011

430,919

Federal

Realty

Investment

Trust

.........

74,007

6,669,511

First

Industrial

Realty

Trust,

Inc.

.........

138,467

6,204,706

Four

Corners

Property

Trust,

Inc.

........

66,731

1,614,223

Gaming

and

Leisure

Properties,

Inc.

......

245,576

10,864,282

Getty

Realty

Corp.

..................

43,403

1,167,107

Gladstone

Commercial

Corp.

...........

54,956

851,818

Gladstone

Land

Corp.

(b)

..............

47,430

858,483

Global

Medical

REIT,

Inc.

.............

56,248

479,233

Global

Net

Lease,

Inc.

...............

150,178

1,599,396

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

387,776

8,085,130

Healthpeak

Properties,

Inc.

............

549,932

12,604,441

Hersha

Hospitality

Trust,

Class

A

........

45,627

364,103

Highwoods

Properties,

Inc.

............

112,928

3,044,539

Host

Hotels

&

Resorts,

Inc.

............

767,625

12,189,885

Hudson

Pacific

Properties,

Inc.

..........

159,530

1,746,854

Independence

Realty

Trust,

Inc.

.........

230,340

3,853,588

Indus

Realty

Trust,

Inc.

...............

16,226

849,756

Industrial

Logistics

Properties

Trust

.......

88,341

485,876

Innovative

Industrial

Properties,

Inc.

......

32,227

2,852,090

InvenTrust

Properties

Corp.

............

62,552

1,334,234

Invitation

Homes,

Inc.

................

618,651

20,891,844

Iron

Mountain,

Inc.

..................

304,598

13,393,174

iStar,

Inc.

........................

117,008

1,083,494

JBG

SMITH

Properties

...............

123,324

2,291,360

Kilroy

Realty

Corp.

..................

113,562

4,782,096

Kimco

Realty

Corp.

.................

631,311

11,622,436

Kite

Realty

Group

Trust

...............

243,652

4,195,687

Lamar

Advertising

Co.,

Class

A

.........

93,641

7,724,446

Life

Storage,

Inc.

...................

90,623

10,037,403

LTC

Properties,

Inc.

.................

39,864

1,492,907

LXP

Industrial

Trust

.................

275,836

2,526,658

Macerich

Co.

(The)

.................

203,083

1,612,479

Medical

Properties

Trust,

Inc.

...........

641,327

7,606,138

Mid-America

Apartment

Communities,

Inc.

..

122,348

18,972,504

National

Health

Investors,

Inc.

..........

46,482

2,627,627

National

Retail

Properties,

Inc.

..........

185,750

7,403,995

National

Storage

Affiliates

Trust

.........

93,666

3,894,632

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

113,387

666,716

NETSTREIT

Corp.

..................

91,318

1,626,374

NexPoint

Residential

Trust,

Inc.

.........

29,811

1,377,566

Office

Properties

Income

Trust

..........

45,027

632,629

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Omega

Healthcare

Investors,

Inc.

........

245,620

$

7,243,334

One

Liberty

Properties,

Inc.

............

18,219

382,963

Orion

Office

REIT,

Inc.

...............

57,313

501,489

Outfront

Media,

Inc.

.................

145,407

2,208,732

Paramount

Group,

Inc.

...............

199,008

1,239,820

Park

Hotels

&

Resorts,

Inc.

............

253,637

2,855,953

Pebblebrook

Hotel

Trust

..............

139,786

2,028,295

Phillips

Edison

&

Co.,

Inc.

.............

116,120

3,257,166

Physicians

Realty

Trust

...............

235,878

3,547,605

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

217,193

2,293,558

Plymouth

Industrial

REIT,

Inc.

..........

38,198

642,108

Postal

Realty

Trust,

Inc.,

Class

A

........

62,138

911,564

PotlatchDeltic

Corp.

.................

75,693

3,106,441

Power

REIT

(a)

.....................

239

2,550

Prologis,

Inc.

......................

774,569

78,696,210

Public

Storage

.....................

164,762

48,243,961

Rayonier,

Inc.

.....................

152,521

4,571,054

Realty

Income

Corp.

.................

647,101

37,661,278

Regency

Centers

Corp.

..............

160,180

8,625,693

Retail

Opportunity

Investments

Corp.

.....

129,136

1,776,911

Rexford

Industrial

Realty,

Inc.

..........

179,796

9,349,392

RLJ

Lodging

Trust

..................

178,961

1,811,085

RPT

Realty

.......................

59,659

451,022

Ryman

Hospitality

Properties,

Inc.

.......

56,144

4,131,637

Sabra

Health

Care

REIT,

Inc.

...........

262,642

3,445,863

Safehold,

Inc.

.....................

12,266

324,558

Saul

Centers,

Inc.

..................

10,742

402,825

SBA

Communications

Corp.,

Class

A

......

113,202

32,222,949

Service

Properties

Trust

..............

148,426

770,331

Simon

Property

Group,

Inc.

............

345,125

30,974,969

SITE

Centers

Corp.

.................

167,485

1,793,764

SL

Green

Realty

Corp.

...............

73,518

2,952,483

Sotherly

Hotels,

Inc.

(a)

................

11,235

21,122

Spirit

Realty

Capital,

Inc.

..............

146,570

5,299,971

STAG

Industrial,

Inc.

................

181,672

5,164,935

STORE

Capital

Corp.

................

253,690

7,948,108

Summit

Hotel

Properties,

Inc.

...........

105,428

708,476

Sun

Communities,

Inc.

...............

126,815

17,161,874

Sunstone

Hotel

Investors,

Inc.

..........

236,456

2,227,416

Tanger

Factory

Outlet

Centers,

Inc.

.......

101,005

1,381,748

Terreno

Realty

Corp.

(b)

...............

78,722

4,171,479

UDR,

Inc.

........................

317,333

13,235,959

UMH

Properties,

Inc.

................

51,102

825,297

Uniti

Group,

Inc.

...................

271,642

1,887,912

Universal

Health

Realty

Income

Trust

.....

12,620

545,310

Urban

Edge

Properties

...............

120,612

1,608,964

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

18,421

285,710

Ventas,

Inc.

......................

413,598

16,614,232

Veris

Residential,

Inc.

(a)

...............

94,372

1,073,010

VICI

Properties,

Inc.

.................

1,005,841

30,024,354

Vornado

Realty

Trust

................

167,578

3,881,107

Washington

REIT

...................

146,291

2,568,870

Welltower,

Inc.

.....................

490,449

31,545,680

Weyerhaeuser

Co.

..................

776,538

22,177,925

Wheeler

REIT,

Inc.

(a)

.................

736

957

Whitestone

REIT

...................

34,559

292,369

WP

Carey,

Inc.

(b)

...................

216,891

15,138,992

Xenia

Hotels

&

Resorts,

Inc.

...........

110,686

1,526,360

1,206,504,437

Food

&

Staples

Retailing

—

1.5%

Albertsons

Cos.,

Inc.,

Class

A

..........

154,234

3,834,257

Andersons,

Inc.

(The)

................

28,054

870,516

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

139,496

10,156,704

Casey's

General

Stores,

Inc.

(b)

..........

39,698

8,039,639

Security

Shares

Shares

Value

Food

&

Staples

Retailing

(continued)

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

27,704

$

802,585

Costco

Wholesale

Corp.

..............

461,406

217,908,212

Fresh

Market,

Inc.

(The),

NVS

(a)(d)

........

7,280

—

Grocery

Outlet

Holding

Corp.

(a)

..........

87,969

2,928,488

HF

Foods

Group,

Inc.

(a)(b)

..............

35,765

138,411

Ingles

Markets,

Inc.,

Class

A

...........

11,495

910,519

Kroger

Co.

(The)

...................

689,835

30,180,281

MedAvail

Holdings,

Inc.

(a)(b)

............

25

19

Performance

Food

Group

Co.

(a)(b)

........

156,772

6,733,357

PriceSmart,

Inc.

....................

30,411

1,751,369

Rite

Aid

Corp.

(a)(b)

...................

54,832

271,418

SpartanNash

Co.

...................

30,226

877,159

Sprouts

Farmers

Market,

Inc.

(a)

..........

123,884

3,437,781

Sysco

Corp.

......................

536,599

37,942,915

United

Natural

Foods,

Inc.

(a)

............

69,619

2,392,805

US

Foods

Holding

Corp.

(a)

.............

227,422

6,013,038

Walgreens

Boots

Alliance,

Inc.

..........

748,675

23,508,395

Walmart,

Inc.

......................

1,491,833

193,490,740

Weis

Markets,

Inc.

(b)

.................

17,599

1,253,753

553,442,361

Food

Products

—

1.2%

Alico,

Inc.

........................

25,393

717,098

AppHarvest,

Inc.

(a)(b)

.................

63,330

124,760

Arcadia

Biosciences,

Inc.

(a)(b)

...........

29,283

15,459

Archer-Daniels-Midland

Co.

............

591,870

47,615,942

B&G

Foods,

Inc.

(b)

..................

65,003

1,071,899

Benson

Hill,

Inc.

(a)(b)

.................

225,471

617,791

Beyond

Meat,

Inc.

(a)(b)

................

62,838

890,414

Bridgford

Foods

Corp.

(a)

..............

641

9,070

Bunge

Ltd.

.......................

158,539

13,090,565

Calavo

Growers,

Inc.

................

20,268

643,509

Cal-Maine

Foods,

Inc.

(b)

..............

44,123

2,452,798

Campbell

Soup

Co.

.................

215,359

10,147,716

Conagra

Brands,

Inc.

................

492,154

16,058,985

Darling

Ingredients,

Inc.

(a)

.............

169,865

11,236,570

Farmer

Bros

Co.

(a)(b)

.................

7,090

33,252

Flowers

Foods,

Inc.

.................

215,079

5,310,301

Fresh

Del

Monte

Produce,

Inc.

..........

34,876

810,518

Freshpet,

Inc.

(a)(b)

...................

47,137

2,361,092

General

Mills,

Inc.

..................

625,215

47,897,721

Hain

Celestial

Group,

Inc.

(The)

(a)

........

94,559

1,596,156

Hershey

Co.

(The)

..................

152,951

33,721,107

Hormel

Foods

Corp.

.................

300,576

13,658,173

Hostess

Brands,

Inc.,

Class

A

(a)

.........

158,367

3,680,449

Ingredion,

Inc.

.....................

66,119

5,323,902

J

&

J

Snack

Foods

Corp.

..............

17,487

2,264,042

JM

Smucker

Co.

(The)

...............

113,296

15,568,003

John

B

Sanfilippo

&

Son,

Inc.

...........

8,852

670,362

Kellogg

Co.

.......................

261,190

18,194,495

Kraft

Heinz

Co.

(The)

................

815,242

27,188,321

Lamb

Weston

Holdings,

Inc.

...........

153,319

11,863,824

Lancaster

Colony

Corp.

..............

21,188

3,184,133

Limoneira

Co.

.....................

10,107

133,210

McCormick

&

Co.,

Inc.,

NVS

...........

262,162

18,684,286

Mission

Produce,

Inc.

(a)

...............

53,720

776,791

Mondelez

International,

Inc.,

Class

A

......

1,435,096

78,686,314

Pilgrim's

Pride

Corp.

(a)

...............

37,741

868,798

Post

Holdings,

Inc.

(a)

.................

55,103

4,513,487

RiceBran

Technologies

(a)(b)

.............

915

1,647

Rocky

Mountain

Chocolate

Factory,

Inc.

(a)

..

8,599

51,680

S&W

Seed

Co.

(a)(b)

..................

48,271

35,238

Seaboard

Corp.

....................

183

622,687

Seneca

Foods

Corp.,

Class

A

(a)

.........

8,732

440,442

Seneca

Foods

Corp.,

Class

B

(a)

.........

117

6,195

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Simply

Good

Foods

Co.

(The)

(a)

.........

87,839

$

2,809,970

Sovos

Brands,

Inc.

(a)

.................

55,656

792,541

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

75,837

377,668

Tootsie

Roll

Industries,

Inc.

............

18,615

619,507

TreeHouse

Foods,

Inc.

(a)

..............

57,151

2,424,345

Tyson

Foods,

Inc.,

Class

A

............

300,591

19,817,965

Utz

Brands,

Inc.,

Class

A

..............

90,361

1,364,451

Vital

Farms,

Inc.

(a)

..................

20,279

242,740

Whole

Earth

Brands,

Inc.,

Class

A

(a)

......

64,581

247,991

431,536,380

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

.................

146,573

14,928,460

Chesapeake

Utilities

Corp.

............

16,100

1,857,779

National

Fuel

Gas

Co.

...............

93,588

5,760,342

New

Jersey

Resources

Corp.

...........

95,003

3,676,616

Northwest

Natural

Holding

Co.

..........

51,985

2,255,109

ONE

Gas,

Inc.

.....................

55,981

3,940,503

South

Jersey

Industries,

Inc.

...........

127,976

4,276,958

Southwest

Gas

Holdings,

Inc.

..........

72,432

5,052,132

Spire,

Inc.

........................

54,879

3,420,608

UGI

Corp.

........................

224,089

7,244,797

52,413,304

Health

Care

Equipment

&

Supplies

—

2.7%

Abbott

Laboratories

.................

1,817,961

175,905,906

ABIOMED,

Inc.

(a)

...................

47,789

11,739,846

Accelerate

Diagnostics,

Inc.

(a)(b)

.........

29,124

44,268

Acutus

Medical,

Inc.

(a)

................

19,919

17,529

Aethlon

Medical,

Inc.

(a)

...............

415

242

Align

Technology,

Inc.

(a)

...............

76,441

15,831,696

Alphatec

Holdings,

Inc.

(a)(b)

.............

72,980

637,845

AngioDynamics,

Inc.

(a)

...............

50,943

1,042,294

Apollo

Endosurgery,

Inc.

(a)(b)

............

143,046

788,183

Apyx

Medical

Corp.

(a)(b)

...............

32,212

144,632

Artivion,

Inc.

(a)(b)

....................

56,200

777,808

Asensus

Surgical,

Inc.

(a)(b)

.............

236,506

106,144

Aspira

Women's

Health,

Inc.

(a)(b)

.........

44,381

16,519

AtriCure,

Inc.

(a)

....................

49,079

1,918,989

Atrion

Corp.

......................

1,031

582,515

Avanos

Medical,

Inc.

(a)

...............

53,308

1,161,048

AxoGen,

Inc.

(a)

.....................

46,024

548,606

Axonics,

Inc.

(a)

.....................

57,642

4,060,302

Baxter

International,

Inc.

..............

530,789

28,588,296

Becton

Dickinson

and

Co.

(b)

............

298,395

66,491,358

Beyond

Air,

Inc.

(a)(b)

..................

16,434

122,269

Biolase,

Inc.

(a)(b)

....................

6,234

15,149

BioLife

Solutions,

Inc.

(a)

...............

30,203

687,118

Biomerica,

Inc.

(a)(b)

..................

8,373

32,906

Bioventus,

Inc.,

Class

A

(a)(b)

............

119,700

837,900

Boston

Scientific

Corp.

(a)

..............

1,489,886

57,703,285

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

134,371

631,544

Cardiovascular

Systems,

Inc.

(a)(b)

........

54,634

757,227

Cerus

Corp.

(a)(b)

....................

224,278

807,401

Chembio

Diagnostics,

Inc.

(a)(b)

..........

9,328

3,371

ClearPoint

Neuro,

Inc.

(a)(b)

.............

80,340

832,322

Co-Diagnostics,

Inc.

(a)(b)

...............

36,457

117,027

Conformis,

Inc.

(a)(b)

..................

82,374

15,750

CONMED

Corp.

....................

27,981

2,243,237

Cooper

Cos.,

Inc.

(The)

..............

52,955

13,974,824

CryoPort,

Inc.

(a)

....................

52,628

1,282,018

Cutera,

Inc.

(a)(b)

....................

13,387

610,447

CytoSorbents

Corp.

(a)(b)

...............

27,338

37,180

Dentsply

Sirona,

Inc.

................

226,045

6,408,376

Dexcom,

Inc.

(a)

....................

413,646

33,315,049

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Eargo,

Inc.

(a)

......................

16,427

$

17,248

Edwards

Lifesciences

Corp.

(a)

..........

648,475

53,583,489

Ekso

Bionics

Holdings,

Inc.

(a)

...........

17,892

27,912

ElectroCore,

Inc.

(a)(b)

.................

34,956

14,192

Electromed,

Inc.

(a)(b)

.................

8,599

88,140

Embecta

Corp.

....................

58,864

1,694,695

Enovis

Corp.

(a)

.....................

55,397

2,552,140

Envista

Holdings

Corp.

(a)

..............

169,504

5,561,426

Figs,

Inc.,

Class

A

(a)(b)

................

138,173

1,139,927

Glaukos

Corp.

(a)

....................

44,961

2,393,724

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

90,842

5,411,458

Haemonetics

Corp.

(a)

................

55,115

4,080,163

Helius

Medical

Technologies,

Inc.

(a)

.......

1,941

535

Heska

Corp.

(a)

.....................

9,906

722,346

Hologic,

Inc.

(a)

.....................

259,856

16,765,909

ICU

Medical,

Inc.

(a)

..................

20,778

3,129,167

IDEXX

Laboratories,

Inc.

(a)

.............

88,134

28,714,057

Inari

Medical,

Inc.

(a)(b)

................

51,103

3,712,122

Inogen,

Inc.

(a)

.....................

19,038

462,243

Inspire

Medical

Systems,

Inc.

(a)(b)

........

28,408

5,038,727

Insulet

Corp.

(a)(b)

....................

71,714

16,451,192

Integer

Holdings

Corp.

(a)(b)

.............

38,054

2,368,100

Integra

LifeSciences

Holdings

Corp.

(a)

.....

74,660

3,162,598

Intuitive

Surgical,

Inc.

(a)

...............

375,551

70,393,279

Invacare

Corp.

(a)(b)

..................

34,428

26,864

InVivo

Therapeutics

Holdings

Corp.

(a)

.....

1

4

iRhythm

Technologies,

Inc.

(a)

...........

30,066

3,766,668

IRIDEX

Corp.

(a)

....................

9,962

24,008

Kewaunee

Scientific

Corp.

(a)(b)

..........

262

4,611

KORU

Medical

Systems,

Inc.

(a)

..........

18,054

40,260

Lantheus

Holdings,

Inc.

(a)

.............

73,024

5,135,778

LeMaitre

Vascular,

Inc.

(b)

..............

26,162

1,325,890

LENSAR,

Inc.

(a)(b)

...................

12,160

67,488

LivaNova

plc

(a)(b)

....................

57,628

2,925,774

LogicMark,

Inc.

(a)

...................

25

19

Masimo

Corp.

(a)

....................

54,137

7,641,979

Medtronic

plc

.....................

1,384,663

111,811,537

Meridian

Bioscience,

Inc.

(a)

............

40,712

1,283,649

Merit

Medical

Systems,

Inc.

(a)

...........

56,566

3,196,545

Mesa

Laboratories,

Inc.

..............

10,858

1,529,132

Microbot

Medical,

Inc.

(a)(b)

.............

17

81

Milestone

Scientific,

Inc.

(a)(b)

............

10,150

8,018

Motus

GI

Holdings,

Inc.

(a)(b)

............

530

1,298

Neogen

Corp.

(a)

....................

234,034

3,269,455

NeuroMetrix,

Inc.

(a)

..................

10

28

Neuronetics,

Inc.

(a)

..................

36,960

117,533

Nevro

Corp.

(a)

.....................

37,421

1,743,819

Novocure

Ltd.

(a)(b)

...................

96,412

7,325,384

NuVasive,

Inc.

(a)

....................

55,052

2,411,828

Omnicell,

Inc.

(a)(b)

...................

45,513

3,960,996

OraSure

Technologies,

Inc.

(a)

...........

67,523

255,912

Orthofix

Medical,

Inc.

(a)

...............

18,887

360,931

OrthoPediatrics

Corp.

(a)(b)

..............

16,474

760,110

Outset

Medical,

Inc.

(a)

................

41,404

659,566

Owlet,

Inc.,

Class

A

(a)(b)

...............

175,370

187,646

PAVmed,

Inc.

(a)(b)

...................

130,832

112,516

Penumbra,

Inc.

(a)(b)

..................

40,986

7,770,946

Predictive

Oncology,

Inc.

(a)

.............

6

2

PROCEPT

BioRobotics

Corp.

(a)(b)

........

29,339

1,216,395

Pro-Dex,

Inc.

(a)

....................

613

10,862

Pulmonx

Corp.

(a)(b)

..................

40,770

679,228

QuidelOrtho

Corp.

(a)

.................

58,854

4,206,884

Quotient

Ltd.

(a)

.....................

143,912

21,587

ResMed,

Inc.

.....................

151,693

33,114,582

Rockwell

Medical,

Inc.

(a)

..............

6,147

8,114

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

SeaSpine

Holdings

Corp.

(a)

............

56,090

$

318,591

Senseonics

Holdings,

Inc.

(a)(b)

...........

398,740

526,337

Shockwave

Medical,

Inc.

(a)

.............

36,680

10,199,608

SI-BONE,

Inc.

(a)

....................

35,140

613,544

Sientra,

Inc.

(a)(b)

....................

48,775

31,216

Silk

Road

Medical,

Inc.

(a)(b)

.............

36,220

1,629,900

SiNtx

Technologies,

Inc.

(a)(b)

............

13

4

SmileDirectClub,

Inc.,

Class

A

(a)(b)

........

78,832

71,374

STAAR

Surgical

Co.

(a)(b)

...............

48,266

3,405,166

Stereotaxis,

Inc.

(a)

..................

43,627

78,529

STERIS

plc

.......................

103,968

17,287,799

Strata

Skin

Sciences,

Inc.

(a)

............

1,191

1,037

Stryker

Corp.

.....................

352,511

71,397,578

Surgalign

Holdings,

Inc.

(a)

.............

1,805

6,281

Surmodics,

Inc.

(a)

...................

10,509

319,474

Tactile

Systems

Technology,

Inc.

(a)

.......

18,552

144,520

Tandem

Diabetes

Care,

Inc.

(a)

..........

71,111

3,402,661

Tela

Bio,

Inc.

(a)(b)

....................

3,109

26,489

Teleflex,

Inc.

......................

48,390

9,748,649

ThermoGenesis

Holdings,

Inc.

(a)(b)

........

27

7

TransMedics

Group,

Inc.

(a)

.............

25,889

1,080,607

Treace

Medical

Concepts,

Inc.

(a)(b)

........

26,129

576,667

UFP

Technologies,

Inc.

(a)(b)

.............

8,781

753,761

Vapotherm,

Inc.

(a)

...................

46,664

73,262

Varex

Imaging

Corp.

(a)

...............

38,575

815,475

Venus

Concept,

Inc.

(a)(b)

...............

16,443

7,235

ViewRay,

Inc.

(a)(b)

...................

145,526

529,715

Vivani

Medical,

Inc.

(a)(b)

...............

304,156

693,476

VolitionRX

Ltd.

(a)

...................

10,142

13,793

Xtant

Medical

Holdings,

Inc.

(a)

..........

143

103

Zimmer

Biomet

Holdings,

Inc.

..........

218,013

22,793,259

Zimvie,

Inc.

(a)

......................

21,609

213,281

Zomedica

Corp.

(a)(b)

.................

1,074,965

226,818

Zynex,

Inc.

.......................

17,302

156,929

1,012,450,287

Health

Care

Providers

&

Services

—

3.4%

1Life

Healthcare,

Inc.

(a)(b)

..............

198,746

3,408,494

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

182,741

522,639

Acadia

Healthcare

Co.,

Inc.

(a)(b)

..........

93,635

7,320,384

Accolade,

Inc.

(a)(b)

...................

59,382

678,143

AdaptHealth

Corp.

(a)(b)

................

112,952

2,121,239

Addus

HomeCare

Corp.

(a)

.............

17,161

1,634,414

Agiliti,

Inc.

(a)(b)

.....................

37,436

535,709

agilon

health,

Inc.

(a)(b)

................

202,473

4,741,918

Alignment

Healthcare,

Inc.

(a)

...........

86,694

1,026,457

Amedisys,

Inc.

(a)

...................

35,768

3,461,985

American

Shared

Hospital

Services

(a)

.....

709

1,836

AmerisourceBergen

Corp.

.............

157,339

21,292,687

AMN

Healthcare

Services,

Inc.

(a)

.........

47,568

5,040,305

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

38,950

1,519,050

Brookdale

Senior

Living,

Inc.

(a)

..........

243,010

1,037,653

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

241,063

2,090,016

Cardinal

Health,

Inc.

.................

287,863

19,194,705

CareMax,

Inc.,

Class

A

(a)(b)

.............

100,663

713,701

Castle

Biosciences,

Inc.

(a)(b)

............

28,598

745,836

Centene

Corp.

(a)

...................

602,359

46,869,554

Chemed

Corp.

.....................

15,769

6,884,115

Cigna

Corp.

......................

318,056

88,250,998

Clover

Health

Investments

Corp.

(a)(b)

......

285,862

485,965

CorVel

Corp.

(a)

.....................

9,573

1,325,190

Covetrus,

Inc.

(a)

....................

100,889

2,106,562

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

36,876

1,046,172

CVS

Health

Corp.

..................

1,370,487

130,703,345

DaVita,

Inc.

(a)(b)

....................

63,845

5,284,451

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

DocGo,

Inc.

(a)

.....................

102,763

$

1,019,409

Elevance

Health,

Inc.

(b)

...............

251,076

114,048,762

Encompass

Health

Corp.

.............

105,149

4,755,889

Enhabit,

Inc.

(a)

.....................

52,431

736,131

Ensign

Group,

Inc.

(The)

..............

60,278

4,792,101

Enzo

Biochem,

Inc.

(a)

................

38,670

86,234

Five

Star

Senior

Living,

Inc.

(a)(b)

..........

17,877

16,981

Fulgent

Genetics,

Inc.

(a)(b)

.............

18,574

708,041

Great

Elm

Group,

Inc.

(a)

..............

7,302

14,604

Guardant

Health,

Inc.

(a)(b)

..............

115,889

6,238,305

Hanger,

Inc.

(a)

.....................

40,024

749,249

HCA

Healthcare,

Inc.

................

224,069

41,181,642

HealthEquity,

Inc.

(a)(b)

................

87,673

5,888,995

Henry

Schein,

Inc.

(a)

.................

144,055

9,474,497

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

179,732

1,002,905

Humana,

Inc.

.....................

132,769

64,418,191

Invitae

Corp.

(a)(b)

....................

222,616

547,635

Laboratory

Corp.

of

America

Holdings

.....

94,684

19,392,230

LHC

Group,

Inc.

(a)

..................

30,096

4,925,511

LifeStance

Health

Group,

Inc.

(a)(b)

........

63,141

417,993

McKesson

Corp.

(b)

..................

151,136

51,366,592

ModivCare,

Inc.

(a)

...................

14,514

1,446,756

Molina

Healthcare,

Inc.

(a)

..............

61,593

20,315,835

National

HealthCare

Corp.

.............

9,847

623,709

National

Research

Corp.

..............

9,883

393,343

Oak

Street

Health,

Inc.

(a)(b)

.............

144,753

3,549,344

Ontrak,

Inc.

(a)(b)

....................

22,673

10,656

OPKO

Health,

Inc.

(a)

.................

441,018

833,524

Option

Care

Health,

Inc.

(a)

.............

154,514

4,862,556

Owens

&

Minor,

Inc.

.................

86,599

2,087,036

Patterson

Cos.,

Inc.

.................

95,212

2,286,992

Pediatrix

Medical

Group,

Inc.

(a)

..........

94,741

1,564,174

Pennant

Group,

Inc.

(The)

(a)

............

26,208

272,825

PetIQ,

Inc.,

Class

A

(a)(b)

...............

20,622

142,292

Premier,

Inc.,

Class

A

................

126,557

4,295,345

Privia

Health

Group,

Inc.

(a)(b)

............

49,205

1,675,922

Progyny,

Inc.

(a)

.....................

71,970

2,667,208

Psychemedics

Corp.

................

8,623

55,618

Quest

Diagnostics,

Inc.

...............

120,785

14,819,112

R1

RCM,

Inc.

(a)

....................

138,698

2,570,074

RadNet,

Inc.

(a)

.....................

56,806

1,156,002

Regional

Health

Properties,

Inc.

(a)(b)

.......

885

2,151

Select

Medical

Holdings

Corp.

..........

106,345

2,350,225

Sema4

Holdings

Corp.,

Class

A

(a)(b)

.......

989,476

868,265

Signify

Health,

Inc.,

Class

A

(a)

...........

79,670

2,322,381

Sonida

Senior

Living,

Inc.

(a)(b)

...........

3,069

49,841

Star

Equity

Holdings,

Inc.

(a)(b)

...........

1,268

1,262

Surgery

Partners,

Inc.

(a)

..............

29,562

691,751

Talkspace,

Inc.

(a)

...................

204,532

210,668

Tenet

Healthcare

Corp.

(a)

..............

120,398

6,210,129

UnitedHealth

Group,

Inc.

(b)

.............

973,254

491,532,200

Universal

Health

Services,

Inc.,

Class

B

(b)

..

69,928

6,166,251

US

Physical

Therapy,

Inc.

.............

11,119

845,266

1,268,704,133

Health

Care

Technology

—

0.2%

Allscripts

Healthcare

Solutions,

Inc.

(a)

.....

133,336

2,030,707

American

Well

Corp.,

Class

A

(a)(b)

........

186,819

670,680

CareCloud,

Inc.

(a)(b)

..................

7,312

30,564

Certara,

Inc.

(a)(b)

....................

105,929

1,406,737

Change

Healthcare,

Inc.

(a)(b)

............

280,273

7,704,705

Computer

Programs

&

Systems,

Inc.

(a)(b)

...

9,605

267,787

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

41,560

645,842

Doximity,

Inc.,

Class

A

(a)(b)

.............

105,354

3,183,798

Evolent

Health,

Inc.,

Class

A

(a)

..........

87,392

3,139,995

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

GoodRx

Holdings,

Inc.,

Class

A

(a)

........

65,932

$

307,902

Health

Catalyst,

Inc.

(a)

................

69,347

672,666

HealthStream,

Inc.

(a)

.................

27,538

585,458

HTG

Molecular

Diagnostics,

Inc.

(a)

.......

58,819

36,068

iCAD,

Inc.

(a)(b)

.....................

25,050

52,605

Multiplan

Corp.,

Class

A

(a)(b)

............

273,978

783,577

NantHealth,

Inc.

(a)(b)

.................

35,726

8,799

NextGen

Healthcare,

Inc.

(a)

............

47,584

842,237

OptimizeRx

Corp.

(a)

.................

25,402

376,458

Phreesia,

Inc.

(a)

....................

56,109

1,429,657

Schrodinger,

Inc.

(a)(b)

.................

50,589

1,263,713

SCWorx

Corp.

(a)(b)

..................

6,042

4,290

Sharecare,

Inc.,

Class

A

(a)(b)

............

294,623

559,784

Simulations

Plus,

Inc.

(b)

...............

20,185

979,780

Streamline

Health

Solutions,

Inc.

(a)(b)

......

19,795

23,556

Tabula

Rasa

HealthCare,

Inc.

(a)(b)

........

28,786

138,173

Teladoc

Health,

Inc.

(a)(b)

...............

165,966

4,207,238

Veeva

Systems,

Inc.,

Class

A

(a)

.........

144,596

23,840,989

55,193,765

Hotels,

Restaurants

&

Leisure

—

2.0%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

65,446

511,133

Airbnb,

Inc.,

Class

A

(a)(b)

...............

420,741

44,194,635

Allied

Esports

Entertainment,

Inc.

(a)

.......

8,155

9,541

Aramark

.........................

265,381

8,279,887

Ark

Restaurants

Corp.

(b)

..............

295

5,484

Bally's

Corp.

(a)(b)

....................

26,628

526,169

BJ's

Restaurants,

Inc.

(a)

...............

27,526

656,495

Bloomin'

Brands,

Inc.

................

92,660

1,698,458

Booking

Holdings,

Inc.

(a)

..............

41,756

68,613,877

Bowlero

Corp.

(a)(b)

...................

77,855

958,395

Boyd

Gaming

Corp.

.................

83,420

3,974,963

Brinker

International,

Inc.

(a)

............

43,792

1,093,924

Caesars

Entertainment,

Inc.

(a)

..........

224,053

7,227,950

Canterbury

Park

Holding

Corp.

..........

598

13,317

Carnival

Corp.

(a)(b)

...................

1,011,827

7,113,144

Cheesecake

Factory,

Inc.

(The)

.........

46,992

1,375,926

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

28,896

43,423,753

Choice

Hotels

International,

Inc.

.........

31,230

3,420,310

Churchill

Downs,

Inc.

................

33,859

6,235,135

Chuy's

Holdings,

Inc.

(a)

...............

18,607

431,310

Cracker

Barrel

Old

Country

Store,

Inc.

.....

27,452

2,541,506

Darden

Restaurants,

Inc.

.............

130,340

16,464,549

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

47,893

1,486,120

Denny's

Corp.

(a)

....................

84,233

792,633

Dine

Brands

Global,

Inc.

..............

18,617

1,183,297

Domino's

Pizza,

Inc.

.................

38,233

11,859,877

DraftKings,

Inc.,

Class

A

(a)(b)

............

492,177

7,451,560

Drive

Shack,

Inc.

(a)(b)

.................

73,133

45,342

Dutch

Bros,

Inc.,

Class

A

(a)(b)

...........

25,186

784,544

Everi

Holdings,

Inc.

(a)

................

83,225

1,349,910

Expedia

Group,

Inc.

(a)

................

159,467

14,940,463

Fiesta

Restaurant

Group,

Inc.

(a)

.........

37,309

236,539

Flanigan's

Enterprises,

Inc.

(b)

...........

198

5,053

Full

House

Resorts,

Inc.

(a)(b)

............

21,993

123,601

GAN

Ltd.

(a)

.......................

62,284

138,270

Golden

Entertainment,

Inc.

(a)

...........

20,000

697,800

Hilton

Grand

Vacations,

Inc.

(a)

..........

96,617

3,177,733

Hilton

Worldwide

Holdings,

Inc.

.........

276,607

33,364,336

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

55,367

4,482,512

Jack

in

the

Box,

Inc.

.................

27,205

2,015,074

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

3,208

236,045

Las

Vegas

Sands

Corp.

(a)(b)

............

350,255

13,141,568

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

58,623

571,574

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

102,113

4,378,605

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

25,654

$

173,421

Marriott

International,

Inc.,

Class

A

(b)

......

287,788

40,330,610

Marriott

Vacations

Worldwide

Corp.

.......

39,668

4,833,943

McDonald's

Corp.

..................

765,068

176,531,790

Membership

Collective

Group,

Inc.,

Class

A

(a)(b)

68,038

321,139

MGM

Resorts

International

(b)

...........

369,236

10,973,694

Monarch

Casino

&

Resort,

Inc.

(a)

.........

9,370

526,032

Noodles

&

Co.,

Class

A

(a)

.............

19,194

90,212

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

471,144

5,352,196

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

18,189

120,775

Papa

John's

International,

Inc.

..........

35,521

2,486,825

Penn

Entertainment,

Inc.

(a)(b)

...........

161,830

4,451,943

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

87,157

5,025,473

Playa

Hotels

&

Resorts

NV

(a)

...........

176,351

1,026,363

Portillo's,

Inc.,

Class

A

(a)(b)

.............

50,620

996,708

Rave

Restaurant

Group,

Inc.

(a)

..........

3,285

4,599

RCI

Hospitality

Holdings,

Inc.

...........

9,574

625,565

Red

Robin

Gourmet

Burgers,

Inc.

(a)(b)

......

19,484

131,127

Red

Rock

Resorts,

Inc.,

Class

A

.........

44,525

1,525,427

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

244,021

9,248,396

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

59,086

217,437

Ruth's

Hospitality

Group,

Inc.

...........

37,150

626,349

SeaWorld

Entertainment,

Inc.

(a)

.........

41,306

1,879,836

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

40,685

1,830,011

Six

Flags

Entertainment

Corp.

(a)

.........

77,059

1,363,944

Starbucks

Corp.

....................

1,198,526

100,987,801

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

73,950

1,368,075

Target

Hospitality

Corp.

(a)(b)

............

15,323

193,376

Texas

Roadhouse,

Inc.

...............

67,251

5,868,322

Travel

+

Leisure

Co.

.................

94,265

3,216,322

Vacasa,

Inc.,

Class

A

(a)(b)

..............

138,163

424,160

Vail

Resorts,

Inc.

...................

44,045

9,497,864

Wendy's

Co.

(The)

..................

199,328

3,725,440

Wingstop,

Inc.

(b)

....................

29,099

3,649,597

Wyndham

Hotels

&

Resorts,

Inc.

........

96,031

5,891,502

Wynn

Resorts

Ltd.

(a)

.................

111,437

7,023,874

Yum!

Brands,

Inc.

..................

297,977

31,686,874

765,459,339

Household

Durables

—

0.4%

Aterian,

Inc.

(a)(b)

....................

42,003

52,084

Bassett

Furniture

Industries,

Inc.

(b)

.......

19,709

309,037

Cavco

Industries,

Inc.

(a)

...............

9,290

1,911,510

Century

Communities,

Inc.

............

48,801

2,087,707

Cricut,

Inc.,

Class

A

(a)(b)

...............

29,310

271,411

DR

Horton,

Inc.

....................

339,972

22,897,114

Emerson

Radio

Corp.

(a)

...............

18,978

10,912

Ethan

Allen

Interiors,

Inc.

.............

18,170

384,114

Flexsteel

Industries,

Inc.

..............

40,888

641,942

Garmin

Ltd.

.......................

159,375

12,799,406

GoPro,

Inc.,

Class

A

(a)

................

120,973

596,397

Green

Brick

Partners,

Inc.

(a)

............

29,791

636,932

Hamilton

Beach

Brands

Holding

Co.,

Class

A

28

327

Helen

of

Troy

Ltd.

(a)

.................

24,941

2,405,310

Hooker

Furnishings

Corp.

.............

10,152

136,950

Installed

Building

Products,

Inc.

.........

26,398

2,137,974

iRobot

Corp.

(a)

.....................

28,459

1,603,095

KB

Home

........................

86,053

2,230,494

La-Z-Boy,

Inc.

.....................

47,942

1,082,051

Leggett

&

Platt,

Inc.

.................

141,703

4,707,374

Lennar

Corp.,

Class

A

................

265,259

19,775,058

Lennar

Corp.,

Class

B

...............

16,901

1,005,779

LGI

Homes,

Inc.

(a)(b)

.................

20,181

1,642,128

Lovesac

Co.

(The)

(a)(b)

................

20,374

415,222

M/I

Homes,

Inc.

(a)

...................

108

3,913

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

MDC

Holdings,

Inc.

.................

57,435

$

1,574,868

Meritage

Homes

Corp.

(a)

..............

37,690

2,648,476

Mohawk

Industries,

Inc.

(a)

.............

53,047

4,837,356

Nephros,

Inc.

(a)

....................

4,131

3,759

Newell

Brands,

Inc.

.................

369,830

5,136,939

Nova

Lifestyle,

Inc.

(a)

................

2,790

2,065

NVR,

Inc.

(a)

.......................

3,103

12,371,909

PulteGroup,

Inc.

...................

243,120

9,117,000

Purple

Innovation,

Inc.

(a)(b)

.............

56,571

229,112

Skyline

Champion

Corp.

(a)

.............

54,160

2,863,439

Sonos,

Inc.

(a)(b)

.....................

129,766

1,803,747

Taylor

Morrison

Home

Corp.

(a)

..........

134,647

3,139,968

Tempur

Sealy

International,

Inc.

.........

173,520

4,188,773

Toll

Brothers,

Inc.

...................

122,547

5,146,974

TopBuild

Corp.

(a)(b)

..................

34,446

5,676,012

Traeger,

Inc.

(a)(b)

....................

41,804

117,887

TRI

Pointe

Homes,

Inc.

(a)

..............

110,149

1,664,351

Tupperware

Brands

Corp.

(a)

............

49,749

325,856

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

84,854

741,624

Vuzix

Corp.

(a)(b)

....................

63,961

370,334

Whirlpool

Corp.

....................

57,333

7,729,062

Yunhong

CTI

Ltd.

(a)

.................

230

151

149,433,903

Household

Products

—

1.2%

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

46,507

1,588,679

Church

&

Dwight

Co.,

Inc.

.............

252,366

18,029,027

Clorox

Co.

(The)

...................

129,532

16,630,613

Colgate-Palmolive

Co.

...............

858,725

60,325,431

Energizer

Holdings,

Inc.

..............

68,264

1,716,157

Kimberly-Clark

Corp.

................

354,961

39,947,311

Procter

&

Gamble

Co.

(The)

...........

2,500,910

315,739,888

Reynolds

Consumer

Products,

Inc.

.......

50,686

1,318,343

Spectrum

Brands

Holdings,

Inc.

.........

47,163

1,840,772

WD-40

Co.

(b)

......................

13,041

2,291,825

459,428,046

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

...................

715,058

16,160,311

Clearway

Energy,

Inc.,

Class

A

..........

37,100

1,079,610

Clearway

Energy,

Inc.,

Class

C

.........

98,416

3,134,549

Montauk

Renewables,

Inc.

(a)(b)

..........

82,395

1,436,969

Ormat

Technologies,

Inc.

..............

42,723

3,682,722

Sunnova

Energy

International,

Inc.

(a)(b)

.....

96,333

2,127,033

Vistra

Corp.

......................

414,989

8,714,769

36,335,963

Industrial

Conglomerates

—

0.7%

3M

Co.

..........................

585,869

64,738,524

General

Electric

Co.

.................

1,152,278

71,337,531

Honeywell

International,

Inc.

...........

702,810

117,348,186

253,424,241

Insurance

—

2.3%

Aflac,

Inc.

........................

603,743

33,930,357

Alleghany

Corp.

(a)

...................

14,552

12,214,512

Allstate

Corp.

(The)

.................

280,040

34,873,381

Ambac

Financial

Group,

Inc.

(a)

..........

45,505

580,189

American

Equity

Investment

Life

Holding

Co.

84,046

3,134,075

American

Financial

Group,

Inc.

.........

69,622

8,558,632

American

International

Group,

Inc.

.......

804,922

38,217,697

AMERISAFE,

Inc.

..................

18,954

885,720

Aon

plc,

Class

A

...................

220,320

59,017,118

Arch

Capital

Group

Ltd.

(a)

.............

391,006

17,806,413

Argo

Group

International

Holdings

Ltd.

....

39,494

760,654

Arthur

J

Gallagher

&

Co.

..............

222,316

38,064,946

Security

Shares

Shares

Value

Insurance

(continued)

Assurant,

Inc.

.....................

56,100

$

8,149,647

Assured

Guaranty

Ltd.

...............

65,342

3,165,820

Atlantic

American

Corp.

(b)

.............

749

2,142

Axis

Capital

Holdings

Ltd.

.............

78,959

3,880,835

Brighthouse

Financial,

Inc.

(a)

...........

76,540

3,323,367

Brown

&

Brown,

Inc.

.................

247,986

14,998,193

BRP

Group,

Inc.,

Class

A

(a)

............

78,141

2,059,015

Chubb

Ltd.

.......................

434,569

79,039,410

Cincinnati

Financial

Corp.

.............

174,513

15,631,129

CNA

Financial

Corp.

.................

28,198

1,040,506

CNO

Financial

Group,

Inc.

.............

134,060

2,409,058

Conifer

Holdings,

Inc.

(a)(b)

..............

833

1,341

Donegal

Group,

Inc.,

Class

A

...........

11,064

149,253

eHealth,

Inc.

(a)

.....................

26,999

105,566

Employers

Holdings,

Inc.

..............

20,555

708,942

Enstar

Group

Ltd.

(a)(b)

................

15,004

2,544,528

Erie

Indemnity

Co.,

Class

A,

NVS

........

26,908

5,981,918

Everest

Re

Group

Ltd.

...............

40,585

10,651,127

FedNat

Holding

Co.

(a)

................

10,232

1,177

FG

Financial

Group,

Inc.

(a)

.............

8,665

14,037

Fidelity

National

Financial,

Inc.

..........

240,289

8,698,462

First

American

Financial

Corp.

..........

113,236

5,220,180

Genworth

Financial,

Inc.,

Class

A

(a)

.......

438,516

1,534,806

Globe

Life,

Inc.

....................

91,704

9,142,889

GoHealth,

Inc.,

Class

A

(a)(b)

............

57,138

20,284

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

19,302

687,923

Hagerty,

Inc.,

Class

A

(a)(b)

..............

71,926

646,615

Hanover

Insurance

Group,

Inc.

(The)

.....

37,709

4,832,031

Hartford

Financial

Services

Group,

Inc.

(The)

336,493

20,842,376

HCI

Group,

Inc.

....................

8,386

328,731

Hippo

Holdings,

Inc.

(a)

................

15,922

295,044

Horace

Mann

Educators

Corp.

..........

20,403

720,022

ICC

Holdings,

Inc.

(a)(b)

................

1,139

17,370

James

River

Group

Holdings

Ltd.

........

23,359

532,819

Kemper

Corp.

.....................

66,427

2,740,778

Kingstone

Cos.,

Inc.

.................

8,670

23,062

Kinsale

Capital

Group,

Inc.

(b)

...........

25,249

6,449,100

Lemonade,

Inc.

(a)(b)

..................

43,258

916,204

Lincoln

National

Corp.

...............

160,588

7,051,419

Loews

Corp.

......................

197,639

9,850,328

Markel

Corp.

(a)

.....................

14,579

15,806,843

Marsh

&

McLennan

Cos.,

Inc.

..........

518,324

77,380,590

MBIA,

Inc.

(a)

......................

75,186

691,711

Mercury

General

Corp.

...............

30,517

867,293

MetLife,

Inc.

......................

702,840

42,718,615

National

Western

Life

Group,

Inc.,

Class

A

..

2,907

496,516

Old

Republic

International

Corp.

.........

312,510

6,540,834

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

187,745

936,848

Palomar

Holdings,

Inc.

(a)

..............

25,923

2,170,274

Primerica,

Inc.

.....................

38,436

4,744,924

Principal

Financial

Group,

Inc.

..........

245,406

17,706,043

ProAssurance

Corp.

.................

36,192

706,106

Progressive

Corp.

(The)

..............

610,901

70,992,805

Prudential

Financial,

Inc.

..............

385,151

33,038,253

Reinsurance

Group

of

America,

Inc.

......

72,805

9,159,597

RenaissanceRe

Holdings

Ltd.

..........

44,760

6,283,856

RLI

Corp.

........................

40,665

4,163,283

Root,

Inc.,

Class

A

(a)(b)

................

3,123

24,609

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

82,655

3,357,446

Safety

Insurance

Group,

Inc.

...........

11,476

935,983

Selective

Insurance

Group,

Inc.

.........

64,224

5,227,834

Selectquote,

Inc.

(a)

..................

129,377

94,445

SiriusPoint

Ltd.

(a)

...................

86,364

427,502

Stewart

Information

Services

Corp.

.......

16,242

708,801

Tiptree,

Inc.

(b)

.....................

36,939

397,464

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Travelers

Cos.,

Inc.

(The)

.............

249,454

$

38,216,353

Trupanion,

Inc.

(a)

...................

35,692

2,121,176

Unico

American

Corp.

(a)

..............

619

737

United

Fire

Group,

Inc.

...............

20,297

583,133

United

Insurance

Holdings

Corp.

........

10,718

6,865

Universal

Insurance

Holdings,

Inc.

.......

27,437

270,254

Unum

Group

......................

199,128

7,726,166

White

Mountains

Insurance

Group

Ltd.

....

2,933

3,821,758

Willis

Towers

Watson

plc

..............

116,291

23,367,514

WR

Berkley

Corp.

..................

206,624

13,343,778

877,487,357

Interactive

Media

&

Services

—

4.2%

Alphabet,

Inc.,

Class

A

(a)

..............

6,244,011

597,239,652

Alphabet,

Inc.,

Class

C,

NVS

(a)

..........

5,625,789

540,919,612

Angi,

Inc.,

Class

A

(a)(b)

................

73,270

216,146

Bumble,

Inc.,

Class

A

(a)(b)

..............

72,399

1,555,855

Cargurus,

Inc.,

Class

A

(a)

..............

92,135

1,305,553

Cars.com,

Inc.

(a)

....................

75,197

864,765

DHI

Group,

Inc.

(a)

...................

38,673

208,061

Eventbrite,

Inc.,

Class

A

(a)(b)

............

84,458

513,505

EverQuote,

Inc.,

Class

A

(a)(b)

............

16,483

112,414

fuboTV,

Inc.

(a)(b)

....................

202,166

717,689

IAC,

Inc.

(a)(b)

......................

88,307

4,890,442

IZEA

Worldwide,

Inc.

(a)(b)

..............

40,766

29,029

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

(a)(b)

74,675

81,396

Match

Group,

Inc.

(a)

.................

299,587

14,305,279

MediaAlpha,

Inc.,

Class

A

(a)(b)

...........

19,340

169,225

Meta

Platforms,

Inc.,

Class

A

(a)

..........

2,384,672

323,552,297

Pinterest,

Inc.,

Class

A

(a)

..............

616,940

14,374,702

QuinStreet,

Inc.

(a)

...................

43,448

456,204

Shutterstock,

Inc.

...................

20,709

1,038,971

Snap,

Inc.,

Class

A,

NVS

(a)

............

1,118,417

10,982,855

Super

League

Gaming,

Inc.

(a)(b)

..........

25,376

17,129

Travelzoo

(a)(b)

......................

9,150

40,534

TripAdvisor,

Inc.

(a)

..................

96,332

2,127,011

TrueCar,

Inc.

(a)

.....................

85,213

128,672

Twitter,

Inc.

(a)

......................

716,444

31,408,905

Vimeo,

Inc.

(a)(b)

.....................

166,273

665,092

Vinco

Ventures,

Inc.

(a)(b)

...............

792

737

Yelp,

Inc.

(a)

.......................

76,516

2,594,658

Zedge,

Inc.,

Class

B

(a)

................

10,342

24,407

Ziff

Davis,

Inc.

(a)

....................

47,729

3,268,482

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

43,366

715,539

ZoomInfo

Technologies,

Inc.

(a)(b)

.........

284,358

11,846,354

1,566,371,172

Internet

&

Direct

Marketing

Retail

—

3.0%

Amazon.com,

Inc.

(a)

.................

9,258,186

1,046,175,018

CarParts.com,

Inc.

(a)

.................

35,467

183,364

Chewy,

Inc.,

Class

A

(a)(b)

..............

107,456

3,301,048

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

1,089,402

799,512

DoorDash,

Inc.,

Class

A

(a)(b)

............

278,751

13,784,237

eBay,

Inc.

........................

584,664

21,521,482

Etsy,

Inc.

(a)(b)

......................

132,686

13,285,849

Groupon,

Inc.

(a)(b)

...................

72

573

iMedia

Brands,

Inc.,

Class

A

(a)

..........

2,509

1,606

Liquidity

Services,

Inc.

(a)

..............

27,922

454,012

Overstock.com,

Inc.

(a)(b)

...............

47,336

1,152,632

PetMed

Express,

Inc.

................

26,491

517,104

Porch

Group,

Inc.

(a)(b)

................

87,887

197,746

Poshmark,

Inc.,

Class

A

(a)

.............

37,443

586,732

Qurate

Retail,

Inc.

..................

379,213

762,218

RealReal,

Inc.

(The)

(a)(b)

...............

468

702

Remark

Holdings,

Inc.

(a)(b)

.............

54,344

14,455

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

(continued)

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

41,362

$

897,142

Stitch

Fix,

Inc.,

Class

A

(a)

..............

75,527

298,332

ThredUp,

Inc.,

Class

A

(a)(b)

.............

78,695

144,799

Waitr

Holdings,

Inc.

(a)(b)

...............

75,701

11,052

Wayfair,

Inc.,

Class

A

(a)(b)

..............

80,912

2,633,686

Xometry,

Inc.,

Class

A

(a)(b)

.............

31,467

1,787,011

1,108,510,312

IT

Services

—

4.3%

Accenture

plc,

Class

A

...............

661,425

170,184,653

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

229,130

4,298,479

Akamai

Technologies,

Inc.

(a)(b)

...........

170,454

13,690,865

Automatic

Data

Processing,

Inc.

.........

430,323

97,334,759

AvidXchange

Holdings,

Inc.

(a)(b)

..........

123,804

1,042,430

BigCommerce

Holdings,

Inc.

(a)

..........

61,859

915,513

Block,

Inc.,

Class

A

(a)(b)

...............

564,993

31,068,965

Brightcove,

Inc.

(a)

...................

36,988

233,024

Broadridge

Financial

Solutions,

Inc.

......

123,905

17,881,970

Cass

Information

Systems,

Inc.

.........

10,937

379,405

Cloudflare,

Inc.,

Class

A

(a)(b)

............

305,540

16,899,417

Cognizant

Technology

Solutions

Corp.,

Class

A

532,628

30,594,152

Concentrix

Corp.

...................

44,665

4,985,954

Conduent,

Inc.

(a)

...................

187,245

625,398

Core

Scientific,

Inc.

(a)(b)

...............

252,173

327,825

CSG

Systems

International,

Inc.

.........

26,898

1,422,366

CSP,

Inc.

........................

681

4,896

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

63,718

2,304,680

DXC

Technology

Co.

(a)(b)

..............

248,314

6,078,727

Edgio,

Inc.

(a)(b)

.....................

167,078

464,477

EPAM

Systems,

Inc.

(a)(b)

..............

61,547

22,291,708

Euronet

Worldwide,

Inc.

(a)

.............

52,770

3,997,855

EVERTEC,

Inc.

....................

65,836

2,063,959

Evo

Payments,

Inc.,

Class

A

(a)

..........

46,305

1,541,957

Exela

Technologies,

Inc.

(a)(b)

............

33,491

15,175

ExlService

Holdings,

Inc.

(a)

............

37,071

5,462,783

Fastly,

Inc.,

Class

A

(a)(b)

...............

110,589

1,012,995

Fidelity

National

Information

Services,

Inc.

..

641,820

48,502,337

Fiserv,

Inc.

(a)

......................

666,306

62,346,252

FleetCor

Technologies,

Inc.

(a)

...........

77,244

13,608,076

Flywire

Corp.

(a)

....................

66,142

1,518,620

Gartner,

Inc.

(a)

.....................

83,431

23,084,523

Genpact

Ltd.

......................

169,683

7,427,025

Global

Payments,

Inc.

...............

292,788

31,635,743

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

166,354

11,791,172

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

45,403

850,398

Hackett

Group,

Inc.

(The)

.............

27,632

489,639

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

35,171

704,475

Inpixon

(a)

........................

1

—

International

Business

Machines

Corp.

....

940,575

111,749,716

International

Money

Express,

Inc.

(a)

.......

49,147

1,120,060

Jack

Henry

&

Associates,

Inc.

..........

77,378

14,103,688

Kyndryl

Holdings,

Inc.

(a)(b)

.............

185,846

1,536,946

Marqeta,

Inc.,

Class

A

(a)

..............

379,551

2,702,403

Mastercard,

Inc.,

Class

A

..............

888,559

252,652,866

Maximus,

Inc.

.....................

66,052

3,822,429

MoneyGram

International,

Inc.

(a)(b)

........

65,013

676,135

MongoDB,

Inc.,

Class

A

(a)(b)

............

73,299

14,554,249

Okta,

Inc.,

Class

A

(a)(b)

................

156,761

8,914,998

Paya

Holdings,

Inc.,

Class

A

(a)(b)

.........

65,221

398,500

Paychex,

Inc.

.....................

332,630

37,324,412

Payoneer

Global,

Inc.

(a)

...............

200,149

1,210,902

PayPal

Holdings,

Inc.

(a)

...............

1,208,244

103,993,561

Paysign,

Inc.

(a)(b)

....................

35,211

83,450

Perficient,

Inc.

(a)

....................

37,513

2,439,095

PFSweb,

Inc.

(a)(b)

...................

18,039

168,124

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Rackspace

Technology,

Inc.

(a)(b)

.........

41,056

$

167,509

Remitly

Global,

Inc.

(a)(b)

...............

98,195

1,091,928

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

94,261

665,483

Sabre

Corp.

(a)

.....................

338,510

1,743,327

Shift4

Payments,

Inc.,

Class

A

(a)

.........

52,387

2,336,984

Snowflake,

Inc.,

Class

A

(a)(b)

............

299,340

50,875,826

SolarWinds

Corp.

(a)

.................

34,510

267,453

Squarespace,

Inc.,

Class

A

(a)(b)

..........

28,957

618,522

SS&C

Technologies

Holdings,

Inc.

.......

233,153

11,133,056

Steel

Connect,

Inc.

(a)

................

48,873

66,956

Switch,

Inc.,

Class

A

(b)

................

131,390

4,426,529

TaskUS,

Inc.,

Class

A

(a)(b)

..............

42,828

689,531

Thoughtworks

Holding,

Inc.

(a)(b)

..........

52,413

549,812

Toast,

Inc.,

Class

A

(a)(b)

...............

337,039

5,635,292

TTEC

Holdings,

Inc.

.................

18,305

811,095

Tucows,

Inc.,

Class

A

(a)(b)

..............

10,021

374,886

Twilio,

Inc.,

Class

A

(a)(b)

...............

187,212

12,943,838

Unisys

Corp.

(a)

.....................

63,585

480,067

Usio,

Inc.

(a)(b)

......................

8,028

10,436

VeriSign,

Inc.

(a)

....................

95,128

16,523,734

Verra

Mobility

Corp.,

Class

A

(a)

..........

126,222

1,940,032

Visa,

Inc.,

Class

A

(b)

.................

1,702,389

302,429,406

Western

Union

Co.

(The)

.............

408,674

5,517,099

WEX,

Inc.

(a)

.......................

45,611

5,789,860

1,623,622,842

Leisure

Products

—

0.1%

Acushnet

Holdings

Corp.

(b)

............

45,285

1,969,445

American

Outdoor

Brands,

Inc.

(a)

........

12,938

113,466

AMMO,

Inc.

(a)(b)

....................

122,786

359,763

Brunswick

Corp.

...................

82,229

5,381,888

Hasbro,

Inc.

......................

134,046

9,037,381

JAKKS

Pacific,

Inc.

(a)

................

35,475

685,732

Johnson

Outdoors,

Inc.,

Class

A

.........

8,750

448,962

Latham

Group,

Inc.

(a)

................

31,106

111,670

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

18,826

903,460

Marine

Products

Corp.

...............

30,105

254,688

Mattel,

Inc.

(a)

......................

367,862

6,967,306

Nautilus,

Inc.

(a)(b)

...................

28,420

46,325

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

307,300

2,129,589

Polaris,

Inc.

.......................

59,264

5,668,602

Smith

&

Wesson

Brands,

Inc.

...........

56,223

583,032

Sturm

Ruger

&

Co.,

Inc.

..............

16,709

848,650

Topgolf

Callaway

Brands

Corp.

(a)

........

122,018

2,350,067

Vista

Outdoor,

Inc.

(a)

.................

56,828

1,382,057

YETI

Holdings,

Inc.

(a)(b)

...............

91,253

2,602,536

41,844,619

Life

Sciences

Tools

&

Services

—

1.7%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

103,509

2,947,936

Adaptive

Biotechnologies

Corp.

(a)(b)

.......

112,696

802,396

Agilent

Technologies,

Inc.

.............

311,016

37,803,995

Applied

DNA

Sciences,

Inc.

(a)

...........

366

414

Avantor,

Inc.

(a)

.....................

709,724

13,910,590

Azenta,

Inc.

......................

75,269

3,226,029

Berkeley

Lights,

Inc.

(a)

................

47,466

135,753

Bionano

Genomics,

Inc.

(a)(b)

............

292,950

536,098

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

22,442

9,361,456

Bio-Techne

Corp.

...................

41,636

11,824,624

Bruker

Corp.

(b)

.....................

99,620

5,285,837

Champions

Oncology,

Inc.

(a)

............

6,894

51,705

Charles

River

Laboratories

International,

Inc.

(a)

53,534

10,535,491

ChromaDex

Corp.

(a)(b)

................

88,451

108,795

Codexis,

Inc.

(a)

.....................

75,081

454,991

Cytek

Biosciences,

Inc.

(a)

..............

34,864

513,198

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Danaher

Corp.

....................

683,616

$

176,571,177

Illumina,

Inc.

(a)

.....................

167,267

31,912,871

Inotiv,

Inc.

(a)(b)

.....................

11,209

188,872

IQVIA

Holdings,

Inc.

(a)(b)

...............

194,220

35,181,011

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

106,843

2,727,702

Medpace

Holdings,

Inc.

(a)(b)

............

29,141

4,580,091

Mettler-Toledo

International,

Inc.

(a)

.......

23,469

25,443,212

NanoString

Technologies,

Inc.

(a)(b)

........

53,364

681,458

Nautilus

Biotechnology,

Inc.

(a)(b)

.........

135,138

286,493

NeoGenomics,

Inc.

(a)

................

128,504

1,106,419

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

243,728

1,414,841

PerkinElmer,

Inc.

...................

130,261

15,674,306

Personalis,

Inc.

(a)(b)

..................

35,283

104,790

Quanterix

Corp.

(a)

...................

31,067

342,358

Quantum-Si,

Inc.,

Class

A

(a)(b)

...........

105,651

290,540

Repligen

Corp.

(a)

...................

54,743

10,242,963

Seer,

Inc.,

Class

A

(a)(b)

................

39,601

306,512

SomaLogic,

Inc.,

Class

A

(a)(b)

...........

152,768

443,027

Sotera

Health

Co.

(a)(b)

................

114,284

779,417

Standard

BioTools,

Inc.

(a)(b)

.............

64,681

71,149

Syneos

Health,

Inc.,

Class

A

(a)

..........

105,775

4,987,291

Thermo

Fisher

Scientific,

Inc.

...........

406,598

206,222,440

Waters

Corp.

(a)

....................

63,477

17,108,956

West

Pharmaceutical

Services,

Inc.

......

77,612

19,098,761

653,265,965

Machinery

—

1.8%

AGCO

Corp.

......................

66,982

6,441,659

AgEagle

Aerial

Systems,

Inc.

(a)(b)

.........

107,306

49,854

Alamo

Group,

Inc.

..................

8,702

1,063,994

Albany

International

Corp.,

Class

A

.......

36,532

2,879,818

Allison

Transmission

Holdings,

Inc.

.......

95,614

3,227,929

Altra

Industrial

Motion

Corp.

...........

64,857

2,180,492

Astec

Industries,

Inc.

................

19,821

618,217

Barnes

Group,

Inc.

..................

48,116

1,389,590

Blue

Bird

Corp.

(a)(b)

..................

34,967

291,974

Caterpillar,

Inc.

....................

554,481

90,979,243

Chart

Industries,

Inc.

(a)(b)

..............

36,545

6,737,071

Chicago

Rivet

&

Machine

Co.

..........

125

3,221

CIRCOR

International,

Inc.

(a)

...........

19,486

321,324

Columbus

McKinnon

Corp.

............

37,786

988,482

Crane

Holdings

Co.

.................

55,912

4,894,537

Cummins,

Inc.

.....................

145,362

29,582,621

Deere

&

Co.

......................

291,796

97,427,766

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

226,834

587,500

Donaldson

Co.,

Inc.

.................

133,244

6,530,288

Douglas

Dynamics,

Inc.

..............

20,053

561,885

Dover

Corp.

......................

148,282

17,286,716

Energy

Recovery,

Inc.

(a)

..............

40,864

888,383

Enerpac

Tool

Group

Corp.,

Class

A

(a)

......

56,821

1,013,118

EnPro

Industries,

Inc.

................

19,701

1,674,191

Esab

Corp.

.......................

41,898

1,397,717

ESCO

Technologies,

Inc.

.............

28,253

2,074,900

Evoqua

Water

Technologies

Corp.

(a)(b)

.....

140,476

4,645,541

Federal

Signal

Corp.

................

65,366

2,439,459

Flowserve

Corp.

...................

143,337

3,483,089

Fortive

Corp.

......................

372,969

21,744,093

Franklin

Electric

Co.,

Inc.

.............

37,900

3,096,809

FreightCar

America,

Inc.

(a)(b)

............

10,169

37,930

Gates

Industrial

Corp.

plc

(a)(b)

...........

101,353

989,205

Gorman-Rupp

Co.

(The)

..............

18,928

450,297

Graco,

Inc.

.......................

181,126

10,858,504

Graham

Corp.

.....................

9,584

84,243

Greenbrier

Cos.,

Inc.

(The)

............

37,249

904,033

Helios

Technologies,

Inc.

..............

37,792

1,912,275

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Hillenbrand,

Inc.

...................

76,045

$

2,792,372

Hillman

Solutions

Corp.

(a)(b)

............

103,441

779,945

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

37,058

71,893

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

116,536

334,458

Hyster-Yale

Materials

Handling,

Inc.

......

9,478

203,872

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

95,118

161,701

IDEX

Corp.

.......................

77,792

15,546,731

Illinois

Tool

Works,

Inc.

...............

289,438

52,286,975

Ingersoll

Rand,

Inc.

.................

433,152

18,738,156

ITT,

Inc.

.........................

81,893

5,350,889

John

Bean

Technologies

Corp.

..........

35,134

3,021,524

Kadant,

Inc.

......................

13,583

2,265,780

Kennametal,

Inc.

...................

162,961

3,353,737

Lincoln

Electric

Holdings,

Inc.

..........

58,322

7,332,242

Lindsay

Corp.

.....................

13,207

1,892,299

LiqTech

International,

Inc.

(a)(b)

...........

11,916

4,540

Luxfer

Holdings

plc

.................

50,201

727,915

Manitowoc

Co.,

Inc.

(The)

(a)

............

46,111

357,360

Markforged

Holding

Corp.

(a)(b)

...........

121,503

240,576

Microvast

Holdings,

Inc.

(a)

.............

246,538

446,234

Middleby

Corp.

(The)

(a)

...............

58,598

7,510,506

Miller

Industries,

Inc.

................

11,518

245,218

Mueller

Industries,

Inc.

...............

56,308

3,346,948

Mueller

Water

Products,

Inc.,

Class

A

.....

169,204

1,737,725

Nikola

Corp.

(a)(b)

....................

243,298

856,409

NN,

Inc.

(a)(b)

.......................

30,624

52,367

Nordson

Corp.

.....................

56,308

11,952,499

Omega

Flex,

Inc.

(b)

..................

7,097

657,324

Oshkosh

Corp.

....................

66,975

4,707,673

Otis

Worldwide

Corp.

................

443,468

28,293,258

P&F

Industries,

Inc.,

Class

A

...........

689

3,672

PACCAR,

Inc.

.....................

359,948

30,124,048

Parker-Hannifin

Corp.

................

134,173

32,511,460

Pentair

plc

.......................

169,366

6,881,341

Proterra,

Inc.

(a)(b)

...................

185,688

924,726

Proto

Labs,

Inc.

(a)(b)

..................

28,113

1,024,157

RBC

Bearings,

Inc.

(a)(b)

...............

31,667

6,580,719

REV

Group,

Inc.

...................

21,800

240,454

Shyft

Group,

Inc.

(The)

...............

37,457

765,247

Snap-on,

Inc.

.....................

54,513

10,976,193

SPX

Technologies,

Inc.

(a)

..............

54,492

3,009,048

Standex

International

Corp.

............

9,917

809,723

Stanley

Black

&

Decker,

Inc.

...........

157,772

11,866,032

Taylor

Devices,

Inc.

(a)(b)

...............

702

7,139

Tennant

Co.

......................

20,006

1,131,539

Terex

Corp.

.......................

65,779

1,956,268

Timken

Co.

(The)

...................

66,236

3,910,573

Titan

International,

Inc.

(a)

..............

46,961

570,107

Toro

Co.

(The)

.....................

114,114

9,868,579

Trinity

Industries,

Inc.

................

77,210

1,648,434

Twin

Disc,

Inc.

(a)

....................

9,526

109,263

Wabash

National

Corp.

...............

66,199

1,030,056

Watts

Water

Technologies,

Inc.,

Class

A

....

28,327

3,561,554

Westinghouse

Air

Brake

Technologies

Corp.

.

187,495

15,252,718

Xylem,

Inc.

.......................

189,930

16,592,285

668,362,429

Marine

—

0.0%

Eagle

Bulk

Shipping,

Inc.

.............

18,801

811,827

Genco

Shipping

&

Trading

Ltd.

..........

26,859

336,543

Kirby

Corp.

(a)

......................

64,612

3,926,471

Matson,

Inc.

......................

39,324

2,419,213

7,494,054

Security

Shares

Shares

Value

Media

—

0.8%

Altice

USA,

Inc.,

Class

A

(a)(b)

............

228,883

$

1,334,388

AMC

Networks,

Inc.,

Class

A

(a)

..........

34,519

700,736

Beasley

Broadcast

Group,

Inc.,

Class

A

(a)(b)

.

904

976

Boston

Omaha

Corp.,

Class

A

(a)

.........

21,506

495,498

Cable

One,

Inc.

....................

5,006

4,270,368

Cardlytics,

Inc.

(a)(b)

..................

35,414

332,892

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

117,495

35,642,108

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

439,493

602,105

Comcast

Corp.,

Class

A

..............

4,626,778

135,703,399

comScore,

Inc.

(a)

...................

48,651

80,274

Cumulus

Media,

Inc.,

Class

A

(a)

.........

44,042

309,615

Daily

Journal

Corp.

(a)

................

3,356

860,445

DallasNews

Corp.

..................

5,433

25,209

DISH

Network

Corp.,

Class

A

(a)

.........

248,517

3,436,990

Entravision

Communications

Corp.,

Class

A

.

56,748

225,290

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

55,979

630,883

Fox

Corp.,

Class

A,

NVS

..............

332,739

10,208,433

Fox

Corp.,

Class

B

..................

141,029

4,019,326

Gannett

Co.,

Inc.

(a)

..................

124,176

189,989

Gray

Television,

Inc.

.................

87,064

1,246,756

iHeartMedia,

Inc.,

Class

A

(a)

............

116,044

850,603

Insignia

Systems,

Inc.

(a)

..............

1,165

7,130

Interpublic

Group

of

Cos.,

Inc.

(The)

......

413,996

10,598,298

John

Wiley

&

Sons,

Inc.,

Class

A

........

47,122

1,769,902

Liberty

Broadband

Corp.,

Class

A

(a)

.......

18,899

1,409,865

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

136,771

10,093,700

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

(b)

...........................

91,864

3,497,263

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(a)

........................

166,558

6,280,902

Loyalty

Ventures,

Inc.

(a)(b)

..............

19,321

23,378

Magnite,

Inc.

(a)(b)

....................

116,900

768,033

Marchex,

Inc.,

Class

B

(a)(b)

.............

28,413

47,734

Mediaco

Holding,

Inc.,

Class

A

(a)

.........

858

1,544

National

CineMedia,

Inc.

..............

94,226

61,388

New

York

Times

Co.

(The),

Class

A

.......

177,792

5,111,520

News

Corp.,

Class

A,

NVS

............

402,306

6,078,843

News

Corp.,

Class

B

................

121,654

1,875,905

Nexstar

Media

Group,

Inc.

.............

41,187

6,872,051

Omnicom

Group,

Inc.

................

216,452

13,655,957

Paramount

Global,

Class

B,

NVS

........

561,614

10,693,131

PubMatic,

Inc.,

Class

A

(a)(b)

.............

35,156

584,644

Saga

Communications,

Inc.,

Class

A

......

8,578

224,315

Scholastic

Corp.,

NVS

...............

28,129

865,248

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

40,557

733,676

Sirius

XM

Holdings,

Inc.

(b)

.............

837,319

4,781,092

Stagwell,

Inc.,

Class

A

(a)(b)

.............

117,027

813,338

TechTarget,

Inc.

(a)

...................

29,365

1,738,408

TEGNA,

Inc.

......................

225,591

4,665,222

Thryv

Holdings,

Inc.

(a)(b)

...............

32,352

738,596

Urban

One,

Inc.,

Class

A

(a)(b)

...........

233

1,233

WideOpenWest,

Inc.

(a)(b)

..............

74,055

908,655

296,067,254

Metals

&

Mining

—

0.5%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

35,673

362,438

Alcoa

Corp.

.......................

189,671

6,384,326

Alpha

Metallurgical

Resources,

Inc.

......

20,047

2,743,232

Ampco-Pittsburgh

Corp.

(a)(b)

............

9,368

34,474

Arconic

Corp.

(a)

....................

101,778

1,734,297

ATI,

Inc.

(a)

........................

131,272

3,493,148

Carpenter

Technology

Corp.

...........

54,067

1,683,646

Century

Aluminum

Co.

(a)

..............

57,673

304,513

Cleveland-Cliffs,

Inc.

(a)(b)

..............

501,357

6,753,279

Coeur

Mining,

Inc.

(a)(b)

................

311,426

1,065,077

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Commercial

Metals

Co.

...............

134,089

$

4,757,478

Compass

Minerals

International,

Inc.

......

38,182

1,471,152

Freeport-McMoRan,

Inc.

..............

1,511,609

41,312,274

Gatos

Silver,

Inc.

(a)(b)

.................

68,910

184,679

Gold

Resource

Corp.

................

72,080

118,932

Golden

Minerals

Co.

(a)(b)

..............

95,234

24,570

Haynes

International,

Inc.

.............

11,208

393,625

Hecla

Mining

Co.

...................

612,916

2,414,889

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

85,980

51,975

Kaiser

Aluminum

Corp.

...............

19,586

1,201,601

Materion

Corp.

....................

20,486

1,638,880

McEwen

Mining,

Inc.

(a)(b)

..............

23,726

77,347

MP

Materials

Corp.,

Class

A

(a)(b)

.........

97,933

2,673,571

Newmont

Corp.

....................

834,035

35,054,491

Nucor

Corp.

......................

275,801

29,507,949

Paramount

Gold

Nevada

Corp.

(a)(b)

.......

159,415

49,100

Piedmont

Lithium,

Inc.

(a)(b)

.............

18,226

974,909

Ramaco

Resources,

Inc.

..............

98,737

908,380

Reliance

Steel

&

Aluminum

Co.

.........

65,582

11,438,157

Royal

Gold,

Inc.

....................

68,560

6,432,299

Ryerson

Holding

Corp.

...............

18,164

467,541

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

28,172

801,775

Solitario

Zinc

Corp.

(a)

................

37,560

18,555

Steel

Dynamics,

Inc.

.................

183,212

12,998,891

SunCoke

Energy,

Inc.

................

69,115

401,558

TimkenSteel

Corp.

(a)

.................

37,935

568,646

United

States

Antimony

Corp.

(a)

.........

74,926

27,573

United

States

Steel

Corp.

.............

234,745

4,253,579

Warrior

Met

Coal,

Inc.

................

46,052

1,309,719

Worthington

Industries,

Inc.

............

36,994

1,410,951

187,503,476

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

AG

Mortgage

Investment

Trust,

Inc.

......

18,900

77,679

AGNC

Investment

Corp.

..............

539,185

4,539,938

Annaly

Capital

Management,

Inc.

........

438,402

7,522,978

Apollo

Commercial

Real

Estate

Finance,

Inc.

134,458

1,116,001

Arbor

Realty

Trust,

Inc.

...............

196,555

2,260,383

Ares

Commercial

Real

Estate

Corp.

......

32,210

336,595

Arlington

Asset

Investment

Corp.,

Class

A

(a)

.

114,463

311,339

ARMOUR

Residential

REIT,

Inc.

.........

396

1,929

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

178,029

4,155,197

BrightSpire

Capital,

Inc.,

Class

A

........

86,405

545,216

Broadmark

Realty

Capital,

Inc.

..........

139,045

710,520

Cherry

Hill

Mortgage

Investment

Corp.

....

17,940

88,085

Chimera

Investment

Corp.

.............

267,508

1,396,392

Claros

Mortgage

Trust,

Inc.

............

100,355

1,178,168

Dynex

Capital,

Inc.

..................

108

1,258

Ellington

Financial,

Inc.

...............

56,572

643,224

Ellington

Residential

Mortgage

REIT

......

11,546

71,239

Franklin

BSP

Realty

Trust,

Inc.

..........

94,620

1,019,057

Granite

Point

Mortgage

Trust,

Inc.

.......

60,253

388,029

Great

Ajax

Corp.

...................

21,188

159,122

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

95,183

2,848,827

Invesco

Mortgage

Capital,

Inc.

..........

40,954

454,589

KKR

Real

Estate

Finance

Trust,

Inc.

......

108

1,755

Ladder

Capital

Corp.,

Class

A

..........

167,900

1,504,384

Manhattan

Bridge

Capital,

Inc.

..........

879

4,958

MFA

Financial,

Inc.

..................

100,269

780,093

New

York

Mortgage

Trust,

Inc.

..........

556,942

1,303,244

Orchid

Island

Capital,

Inc.

.............

151,501

1,242,308

PennyMac

Mortgage

Investment

Trust

.....

91,594

1,078,977

Ready

Capital

Corp.

.................

86,832

880,476

Redwood

Trust,

Inc.

.................

115,390

662,339

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Rithm

Capital

Corp.

.................

470,241

$

3,442,164

Starwood

Property

Trust,

Inc.

...........

334,797

6,100,001

TPG

RE

Finance

Trust,

Inc.

............

73,506

514,542

Two

Harbors

Investment

Corp.

..........

450,849

1,496,819

Western

Asset

Mortgage

Capital

Corp.

....

5,358

59,956

48,897,781

Multiline

Retail

—

0.5%

Big

Lots,

Inc.

......................

39,699

619,701

Dillard's,

Inc.,

Class

A

(b)

...............

3,515

958,751

Dollar

General

Corp.

................

239,197

57,373,792

Dollar

Tree,

Inc.

(a)(b)

.................

222,599

30,295,724

Franchise

Group,

Inc.

................

36,075

876,623

Kohl's

Corp.

......................

132,636

3,335,795

Macy's,

Inc.

......................

286,291

4,486,180

Nordstrom,

Inc.

....................

111,765

1,869,829

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.....

63,268

3,264,629

Target

Corp.

......................

487,913

72,401,410

175,482,434

Multi-Utilities

—

0.8%

Ameren

Corp.

.....................

267,141

21,518,207

Avista

Corp.

......................

69,253

2,565,824

Black

Hills

Corp.

...................

65,526

4,438,076

CenterPoint

Energy,

Inc.

..............

657,475

18,527,645

CMS

Energy

Corp.

..................

299,369

17,435,250

Consolidated

Edison,

Inc.

.............

367,732

31,536,696

Dominion

Energy,

Inc.

................

868,142

59,997,294

DTE

Energy

Co.

...................

204,352

23,510,698

NiSource,

Inc.

.....................

423,814

10,675,875

NorthWestern

Corp.

.................

59,071

2,911,019

Public

Service

Enterprise

Group,

Inc.

.....

526,217

29,589,182

Sempra

Energy

....................

329,480

49,402,231

Unitil

Corp.

.......................

11,733

544,998

WEC

Energy

Group,

Inc.

..............

328,963

29,419,161

302,072,156

Oil,

Gas

&

Consumable

Fuels

—

4.2%

Aemetis,

Inc.

(a)(b)

...................

63,468

388,424

Amplify

Energy

Corp.

(a)

...............

73,393

482,192

Antero

Midstream

Corp.

..............

330,134

3,030,630

Antero

Resources

Corp.

(a)

.............

297,791

9,091,559

APA

Corp.

.......................

353,043

12,070,540

Arch

Resources,

Inc.,

Class

A

..........

19,873

2,356,938

Archaea

Energy,

Inc.,

Class

A

(a)(b)

........

80,614

1,451,858

Barnwell

Industries,

Inc.

(b)

.............

8,015

21,160

Berry

Corp.

.......................

47,665

357,487

Brigham

Minerals,

Inc.,

Class

A

.........

48,045

1,185,270

California

Resources

Corp.

............

85,063

3,268,971

Callon

Petroleum

Co.

(a)

...............

46,643

1,632,971

Camber

Energy,

Inc.

(a)

...............

1

—

Cheniere

Energy,

Inc.

................

259,020

42,974,008

Chesapeake

Energy

Corp.

............

99,332

9,358,068

Chevron

Corp.

.....................

1,880,769

270,210,082

Chord

Energy

Corp.

.................

42,645

5,832,557

Civitas

Resources,

Inc.

...............

60,169

3,453,099

Clean

Energy

Fuels

Corp.

(a)(b)

...........

241,027

1,287,084

CNX

Resources

Corp.

(a)(b)

.............

203,864

3,166,008

Comstock

Resources,

Inc.

(a)

............

97,808

1,691,100

ConocoPhillips

....................

1,326,165

135,719,726

CONSOL

Energy,

Inc.

................

28,449

1,829,840

Continental

Resources,

Inc.

............

65,485

4,375,053

Coterra

Energy,

Inc.

.................

838,921

21,912,617

Crescent

Energy

Co.,

Class

A

(b)

.........

20,091

270,626

CVR

Energy,

Inc.

...................

28,188

816,888

Delek

US

Holdings,

Inc.

..............

85,811

2,328,911

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Denbury,

Inc.

(a)

....................

53,483

$

4,613,444

Devon

Energy

Corp.

.................

684,596

41,164,757

Diamondback

Energy,

Inc.

.............

184,060

22,171,868

Dorian

LPG

Ltd.

....................

23,670

321,202

DT

Midstream,

Inc.

..................

103,044

5,346,953

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

36,919

454,842

Enviva,

Inc.

.......................

31,436

1,888,046

EOG

Resources,

Inc.

................

611,721

68,347,587

EQT

Corp.

.......................

385,308

15,701,301

Equitrans

Midstream

Corp.

............

435,813

3,259,881

Evolution

Petroleum

Corp.

.............

31,731

220,848

Excelerate

Energy,

Inc.,

Class

A

(b)

........

32,665

764,361

Exxon

Mobil

Corp.

..................

4,350,656

379,855,775

Gevo,

Inc.

(a)(b)

.....................

211,177

481,484

Green

Plains,

Inc.

(a)

.................

22,860

664,540

Gulfport

Energy

Corp.

(a)(b)

.............

12,209

1,077,933

Hallador

Energy

Co.

(a)(b)

...............

18,765

105,459

Harvest

Natural

Resources,

Inc.,

NVS

(a)(d)

...

8,626

3,019

Hess

Corp.

.......................

291,862

31,810,039

HF

Sinclair

Corp.

...................

157,474

8,478,400

Houston

American

Energy

Corp.

(a)(b)

......

22,281

77,092

International

Seaways,

Inc.

............

57,319

2,013,616

Kinder

Morgan,

Inc.

.................

2,056,970

34,227,981

Kinetik

Holdings,

Inc.,

Class

A

..........

12,358

402,624

Kosmos

Energy

Ltd.

(a)(b)

...............

496,087

2,564,770

Laredo

Petroleum,

Inc.

(a)

..............

18,714

1,176,175

Lightbridge

Corp.

(a)(b)

.................

9,358

42,672

Magnolia

Oil

&

Gas

Corp.,

Class

A

(b)

......

170,639

3,380,359

Marathon

Oil

Corp.

..................

715,307

16,151,632

Marathon

Petroleum

Corp.

............

520,433

51,694,610

Matador

Resources

Co.

(b)

.............

111,816

5,470,039

Murphy

Oil

Corp.

...................

161,537

5,681,256

NACCO

Industries,

Inc.,

Class

A

.........

16,157

759,864

New

Fortress

Energy,

Inc.,

Class

A

(b)

......

52,642

2,300,982

Northern

Oil

and

Gas,

Inc.

.............

68,534

1,878,517

Occidental

Petroleum

Corp.

............

788,392

48,446,688

ONEOK,

Inc.

......................

469,770

24,071,015

Overseas

Shipholding

Group,

Inc.,

Class

A

(a)(b)

278,803

828,045

Ovintiv,

Inc.

.......................

264,783

12,180,018

Par

Pacific

Holdings,

Inc.

(a)

............

45,123

740,468

PBF

Energy,

Inc.,

Class

A

(a)

............

106,811

3,755,475

PDC

Energy,

Inc.

...................

99,835

5,769,465

Peabody

Energy

Corp.

(a)(b)

.............

111,217

2,760,406

Permian

Resources

Corp.,

Class

A

(a)

......

197,677

1,344,204

Phillips

66

........................

502,317

40,547,028

Pioneer

Natural

Resources

Co.

.........

247,949

53,688,397

Range

Resources

Corp.

..............

259,169

6,546,609

Ranger

Oil

Corp.,

Class

A

.............

15,396

484,204

REX

American

Resources

Corp.

(a)

.......

27,567

769,671

SandRidge

Energy,

Inc.

(a)

.............

25,931

422,935

SilverBow

Resources,

Inc.

(a)(b)

..........

19,759

531,122

Sitio

Royalties

Corp.,

Class

A

...........

18,707

413,612

SM

Energy

Co.

....................

122,797

4,618,395

Southwestern

Energy

Co.

(a)

............

1,156,690

7,078,943

Talos

Energy,

Inc.

(a)

.................

64,377

1,071,877

Targa

Resources

Corp.

...............

238,691

14,402,615

Tellurian,

Inc.

(a)(b)

...................

624,550

1,492,675

Texas

Pacific

Land

Corp.

..............

6,780

12,049,619

Uranium

Energy

Corp.

(a)(b)

.............

285,173

998,105

US

Energy

Corp.

...................

21,151

61,761

VAALCO

Energy,

Inc.

(b)

...............

94,069

410,141

Valero

Energy

Corp.

(b)

................

416,917

44,547,581

Vertex

Energy,

Inc.

(a)(b)

...............

40,730

253,748

W&T

Offshore,

Inc.

(a)

................

96,421

565,027

Williams

Cos.,

Inc.

(The)

..............

1,299,688

37,210,067

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

World

Fuel

Services

Corp.

.............

76,311

$

1,788,730

1,584,966,241

Paper

&

Forest

Products

—

0.0%

Clearwater

Paper

Corp.

(a)

.............

18,755

705,188

Louisiana-Pacific

Corp.

...............

85,334

4,368,248

Mercer

International,

Inc.

..............

46,444

571,261

Resolute

Forest

Products,

Inc.

(a)

.........

67,384

1,347,680

Sylvamo

Corp.

....................

37,486

1,270,775

8,263,152

Personal

Products

—

0.2%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

111,118

1,310,081

BellRing

Brands,

Inc.

(a)

...............

123,742

2,550,323

Coty,

Inc.,

Class

A

(a)(b)

................

319,004

2,016,105

Cyanotech

Corp.

(a)

..................

812

1,754

Edgewell

Personal

Care

Co.

...........

56,961

2,130,341

elf

Beauty,

Inc.

(a)

...................

59,803

2,249,789

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

241,453

52,129,703

Herbalife

Nutrition

Ltd.

(a)

..............

113,363

2,254,790

Honest

Co.,

Inc.

(The)

(a)

..............

51,112

178,892

Inter

Parfums,

Inc.

..................

18,687

1,410,121

LifeMD,

Inc.

(a)(b)

....................

43,984

86,648

Mannatech,

Inc.

....................

256

5,325

Medifast,

Inc.

.....................

11,606

1,257,626

Natural

Alternatives

International,

Inc.

(a)

....

880

8,157

Nature's

Sunshine

Products,

Inc.

(a)

.......

9,399

77,448

Nu

Skin

Enterprises,

Inc.,

Class

A

........

49,724

1,659,290

Olaplex

Holdings,

Inc.

(a)(b)

.............

59,914

572,179

United-Guardian,

Inc.

................

18,458

209,683

USANA

Health

Sciences,

Inc.

(a)

.........

11,717

656,738

Veru,

Inc.

(a)(b)

......................

54,346

626,066

71,391,059

Pharmaceuticals

—

4.1%

9

Meters

Biopharma,

Inc.

(a)

............

102,785

22,099

AcelRx

Pharmaceuticals,

Inc.

(a)(b)

........

105,492

22,048

Acer

Therapeutics,

Inc.

(a)(b)

.............

17,282

24,022

Aclaris

Therapeutics,

Inc.

(a)

............

34,495

542,951

Adamis

Pharmaceuticals

Corp.

(a)(b)

.......

57,389

11,392

Aerie

Pharmaceuticals,

Inc.

(a)

...........

44,960

680,245

Agile

Therapeutics,

Inc.

(a)

.............

15,418

4,578

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

50,166

1,409,665

Ampio

Pharmaceuticals,

Inc.

(a)

..........

274,617

16,614

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

33,662

947,585

ANI

Pharmaceuticals,

Inc.

(a)

............

12,677

407,439

Aquestive

Therapeutics,

Inc.

(a)(b)

.........

9,788

11,452

Arvinas,

Inc.

(a)

.....................

46,514

2,069,408

Assertio

Holdings,

Inc.

(a)(b)

.............

32,214

73,126

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

176,693

1,005,383

Athira

Pharma,

Inc.

(a)

................

42,929

127,499

Avenue

Therapeutics,

Inc.

(a)(b)

...........

514

5,176

Axsome

Therapeutics,

Inc.

(a)

...........

28,467

1,270,198

Aytu

BioPharma,

Inc.

(a)

...............

25,883

4,788

Baudax

Bio,

Inc.

(a)

..................

87

21

Bristol-Myers

Squibb

Co.

..............

2,235,212

158,901,221

Cara

Therapeutics,

Inc.

(a)(b)

............

56,152

525,583

Cassava

Sciences,

Inc.

(a)(b)

............

35,983

1,504,809

Catalent,

Inc.

(a)

....................

187,837

13,591,885

cbdMD,

Inc.

(a)(b)

....................

125,243

28,192

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

273,567

331,016

Clearside

Biomedical,

Inc.

(a)

............

45,978

51,955

Collegium

Pharmaceutical,

Inc.

(a)

........

37,055

593,621

Corcept

Therapeutics,

Inc.

(a)

...........

112,334

2,880,244

CorMedix,

Inc.

(a)(b)

..................

35,595

100,734

Cumberland

Pharmaceuticals,

Inc.

(a)

......

10,249

24,700

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Cymabay

Therapeutics,

Inc.

(a)

..........

64,719

$

226,516

Dare

Bioscience,

Inc.

(a)(b)

..............

106,971

106,971

Durect

Corp.

(a)(b)

....................

144,022

83,274

Elanco

Animal

Health,

Inc.

(a)(b)

..........

500,106

6,206,315

Eli

Lilly

&

Co.

.....................

823,053

266,134,188

Eloxx

Pharmaceuticals,

Inc.

(a)(b)

.........

46,833

7,962

Eton

Pharmaceuticals,

Inc.

(a)(b)

..........

11,020

23,142

Evoke

Pharma,

Inc.

(a)(b)

...............

6,513

12,179

Evolus,

Inc.

(a)(b)

....................

36,656

295,081

Eyenovia,

Inc.

(a)(b)

...................

11,240

21,974

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

110,651

875,249

Fulcrum

Therapeutics,

Inc.

(a)

...........

39,372

318,519

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

26,711

1,183,030

Harrow

Health,

Inc.

(a)(b)

...............

66,778

806,010

Hepion

Pharmaceuticals,

Inc.

(a)(b)

........

57,938

29,270

Hoth

Therapeutics,

Inc.

(a)

..............

1

—

Innoviva,

Inc.

(a)

....................

85,237

989,602

Intra-Cellular

Therapies,

Inc.

(a)

..........

91,077

4,237,813

Jaguar

Health,

Inc.

(a)(b)

...............

28,717

4,480

Jazz

Pharmaceuticals

plc

(a)

............

67,549

9,003,606

Johnson

&

Johnson

.................

2,738,931

447,431,768

Kala

Pharmaceuticals,

Inc.

(a)(b)

..........

160,639

35,565

KemPharm,

Inc.

(a)(b)

.................

60,195

375,617

Kiora

Pharmaceuticals,

Inc.

(a)(b)

..........

1

6

Lannett

Co.,

Inc.

(a)(b)

.................

37,698

16,964

Lipocine,

Inc.

(a)

....................

119

54

Liquidia

Corp.

(a)

....................

180

979

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

29,651

197,179

Merck

&

Co.,

Inc.

...................

2,640,775

227,423,543

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

2

5

Nektar

Therapeutics

(a)(b)

...............

186,878

598,010

NGM

Biopharmaceuticals,

Inc.

(a)

.........

57,905

757,397

NovaBay

Pharmaceuticals,

Inc.

(a)(b)

.......

657

72

Novan,

Inc.

(a)(b)

.....................

15,908

29,748

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

164,280

367,987

Ocular

Therapeutix,

Inc.

(a)

.............

83,873

348,073

Ocuphire

Pharma,

Inc.

(a)

..............

24,308

48,859

Omeros

Corp.

(a)(b)

...................

58,207

183,352

Onconova

Therapeutics,

Inc.

(a)(b)

.........

3

3

Opiant

Pharmaceuticals,

Inc.

(a)

..........

6,795

73,046

Organon

&

Co.

....................

265,593

6,214,876

Otonomy,

Inc.

(a)

....................

19,539

5,764

Pacira

BioSciences,

Inc.

(a)(b)

............

47,929

2,549,344

Palisade

Bio,

Inc.

(a)

..................

16

2

Paratek

Pharmaceuticals,

Inc.

(a)(b)

........

426,278

1,095,534

Perrigo

Co.

plc

....................

143,314

5,110,577

Pfizer,

Inc.

.......................

5,863,297

256,577,877

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

11,178

123,852

Phibro

Animal

Health

Corp.,

Class

A

......

27,903

370,831

Pliant

Therapeutics,

Inc.

(a)(b)

............

21,285

444,644

PLx

Pharma,

Inc.

(a)

..................

31,241

20,307

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

56,471

2,813,950

ProPhase

Labs,

Inc.

(b)

................

76,977

868,301

Provention

Bio,

Inc.

(a)

................

53,927

242,671

Pulmatrix,

Inc.

(a)

....................

1

4

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

29,155

732,665

Relmada

Therapeutics,

Inc.

(a)(b)

..........

22,881

847,055

Revance

Therapeutics,

Inc.

(a)(b)

..........

74,858

2,021,166

Royalty

Pharma

plc,

Class

A

...........

388,133

15,595,184

RVL

Pharmaceuticals

plc

(a)

............

12,788

26,855

Satsuma

Pharmaceuticals,

Inc.

(a)(b)

.......

13,449

80,694

scPharmaceuticals,

Inc.

(a)(b)

............

2,486

16,209

SCYNEXIS,

Inc.

(a)(b)

.................

43,025

103,260

Seelos

Therapeutics,

Inc.

(a)(b)

...........

126,494

130,289

SIGA

Technologies,

Inc.

..............

67,254

692,716

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Societal

CDMO,

Inc.

(a)(b)

..............

10,157

$

16,556

Sonoma

Pharmaceuticals,

Inc.

(a)

.........

609

1,297

Supernus

Pharmaceuticals,

Inc.

(a)

........

56,109

1,899,290

TFF

Pharmaceuticals,

Inc.

(a)(b)

..........

18,402

74,712

Theravance

Biopharma,

Inc.

(a)

..........

49,813

505,104

Timber

Pharmaceuticals,

Inc.

(a)

..........

19

2

Titan

Pharmaceuticals,

Inc.

(a)

...........

60

65

Trevi

Therapeutics,

Inc.

(a)

.............

6,732

10,367

Tricida,

Inc.

(a)

......................

108

1,132

Ventyx

Biosciences,

Inc.

(a)(b)

............

21,353

745,433

Viatris,

Inc.

.......................

1,272,463

10,841,385

VYNE

Therapeutics,

Inc.

(a)(b)

............

77,103

17,202

WaVe

Life

Sciences

Ltd.

(a)

.............

50,271

181,478

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

112,798

175,965

Zoetis,

Inc.,

Class

A

.................

492,272

72,999,015

Zynerba

Pharmaceuticals,

Inc.

(a)

.........

35,160

25,737

1,539,822,424

Professional

Services

—

0.6%

Alight,

Inc.,

Class

A

(a)(b)

...............

255,278

1,871,188

ASGN,

Inc.

(a)

......................

56,883

5,140,517

Barrett

Business

Services,

Inc.

..........

9,148

713,544

BGSF,

Inc.

.......................

25,664

285,127

Booz

Allen

Hamilton

Holding

Corp.

.......

138,160

12,759,076

CACI

International,

Inc.,

Class

A

(a)

.......

24,660

6,437,740

CBIZ,

Inc.

(a)

.......................

47,872

2,047,964

Clarivate

plc

(a)(b)

....................

470,806

4,420,868

CoStar

Group,

Inc.

(a)

.................

412,500

28,730,625

CRA

International,

Inc.

(b)

..............

9,394

833,624

Dun

&

Bradstreet

Holdings,

Inc.

.........

199,678

2,474,010

Equifax,

Inc.

......................

129,386

22,180,642

Exponent,

Inc.

.....................

55,928

4,903,208

First

Advantage

Corp.

(a)(b)

.............

41,444

531,726

Forrester

Research,

Inc.

(a)

.............

9,539

343,499

Franklin

Covey

Co.

(a)(b)

...............

18,081

820,697

FTI

Consulting,

Inc.

(a)(b)

...............

34,180

5,663,968

GEE

Group,

Inc.

(a)(b)

.................

802

506

Heidrick

&

Struggles

International,

Inc.

....

18,712

486,325

Hill

International,

Inc.

(a)(b)

..............

131,483

436,524

HireRight

Holdings

Corp.

(a)

............

50,587

771,958

Hudson

Global,

Inc.

(a)

................

2,027

68,148

Huron

Consulting

Group,

Inc.

(a)(b)

........

20,165

1,335,931

ICF

International,

Inc.

................

18,945

2,065,384

Insperity,

Inc.

......................

39,800

4,063,182

Jacobs

Solutions,

Inc.

................

131,755

14,294,100

KBR,

Inc.

(b)

.......................

142,388

6,154,009

Kelly

Services,

Inc.,

Class

A,

NVS

.......

28,575

388,334

Kforce,

Inc.

.......................

15,892

932,066

Korn

Ferry

.......................

56,989

2,675,633

Legalzoom.com,

Inc.

(a)(b)

..............

113,624

973,758

Leidos

Holdings,

Inc.

................

140,624

12,300,381

ManpowerGroup,

Inc.

................

56,242

3,638,295

Nielsen

Holdings

plc

.................

376,275

10,430,343

Planet

Labs

PBC

(a)(b)

.................

191,916

1,042,104

Red

Violet,

Inc.

(a)(b)

..................

50,551

875,543

Resources

Connection,

Inc.

............

37,720

681,600

Robert

Half

International,

Inc.

...........

113,571

8,688,181

Science

Applications

International

Corp.

...

56,658

5,010,267

TransUnion

.......................

198,859

11,830,122

TriNet

Group,

Inc.

(a)(b)

................

35,731

2,544,762

TrueBlue,

Inc.

(a)(b)

...................

38,648

737,404

Upwork,

Inc.

(a)(b)

....................

124,542

1,696,262

Verisk

Analytics,

Inc.

.................

162,883

27,776,438

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Willdan

Group,

Inc.

(a)(b)

...............

9,154

$

135,571

222,191,154

Real

Estate

Management

&

Development

—

0.2%

ACRE

Realty

Investors,

Inc.,

NVS

(a)(d)

.....

2,715

—

Altisource

Portfolio

Solutions

SA

(a)

.......

10,012

131,257

AMREP

Corp.

(a)

....................

692

7,806

Anywhere

Real

Estate,

Inc.

(a)

...........

120,294

975,584

Avalon

GloboCare

Corp.

(a)(b)

............

25,483

16,335

CBRE

Group,

Inc.,

Class

A

(a)

...........

337,709

22,798,735

CKX

Lands,

Inc.

(a)

..................

229

2,503

Compass,

Inc.,

Class

A

(a)

..............

270,625

627,850

Comstock

Holding

Cos.,

Inc.

(a)

..........

285

1,131

Cushman

&

Wakefield

plc

(a)(b)

...........

167,079

1,913,055

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

170,831

2,137,096

Doma

Holdings,

Inc.

(a)(b)

...............

191,633

84,204

Douglas

Elliman,

Inc.

................

113,345

464,714

eXp

World

Holdings,

Inc.

(b)

.............

66,002

739,882

Forestar

Group,

Inc.

(a)

................

36,406

407,383

FRP

Holdings,

Inc.

(a)

.................

8,738

474,998

Howard

Hughes

Corp.

(The)

(a)(b)

.........

46,069

2,551,762

InterGroup

Corp.

(The)

(a)

..............

126

6,456

Jones

Lang

LaSalle,

Inc.

(a)(b)

............

50,606

7,645,048

JW

Mays,

Inc.

(a)(b)

...................

106

3,945

Kennedy-Wilson

Holdings,

Inc.

..........

140,616

2,173,923

Marcus

&

Millichap,

Inc.

..............

27,649

906,334

Newmark

Group,

Inc.,

Class

A

..........

166,599

1,342,788

Opendoor

Technologies,

Inc.

(a)(b)

.........

414,761

1,289,907

Redfin

Corp.

(a)(b)

....................

111,552

651,464

RMR

Group,

Inc.

(The),

Class

A

.........

11,442

271,061

Seritage

Growth

Properties,

Class

A

(a)

.....

34,476

310,974

St.

Joe

Co.

(The)

...................

40,871

1,309,098

Tejon

Ranch

Co.

(a)

..................

13,657

196,661

WeWork,

Inc.,

Class

A

(a)(b)

.............

204,256

541,278

Zillow

Group,

Inc.,

Class

A

(a)

...........

41,268

1,181,503

Zillow

Group,

Inc.,

Class

C,

NVS

(a)(b)

......

204,800

5,859,328

57,024,063

Road

&

Rail

—

1.0%

AMERCO

........................

10,375

5,283,158

ArcBest

Corp.

.....................

27,576

2,005,602

Avis

Budget

Group,

Inc.

(a)(b)

............

30,854

4,580,585

CSX

Corp.

.......................

2,237,489

59,606,707

Daseke,

Inc.

(a)

.....................

115,531

625,023

Heartland

Express,

Inc.

...............

47,729

683,002

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

180,959

2,946,013

HyreCar,

Inc.

(a)(b)

...................

16,474

15,159

JB

Hunt

Transport

Services,

Inc.

........

87,302

13,655,779

Knight-Swift

Transportation

Holdings,

Inc.

..

172,171

8,424,327

Landstar

System,

Inc.

(b)

...............

39,050

5,637,648

Lyft,

Inc.,

Class

A

(a)(b)

.................

327,808

4,317,231

Marten

Transport

Ltd.

................

45,944

880,287

Norfolk

Southern

Corp.

...............

246,892

51,760,908

Old

Dominion

Freight

Line,

Inc.

(b)

........

95,723

23,813,011

Patriot

Transportation

Holding,

Inc.

.......

681

5,353

Ryder

System,

Inc.

..................

55,733

4,207,284

Saia,

Inc.

(a)(b)

......................

27,648

5,253,120

Schneider

National,

Inc.,

Class

B

(b)

.......

47,438

962,991

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

148,995

1,132,362

Uber

Technologies,

Inc.

(a)

.............

2,086,557

55,293,760

Union

Pacific

Corp.

.................

651,374

126,900,683

Werner

Enterprises,

Inc.

..............

60,134

2,261,038

XPO

Logistics,

Inc.

(a)

................

106,767

4,753,267

385,004,298

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

4.5%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

30,114

$

375,220

Advanced

Micro

Devices,

Inc.

(a)

.........

1,684,712

106,743,352

Aehr

Test

Systems

(a)(b)

................

24,431

344,477

Allegro

MicroSystems,

Inc.

(a)(b)

..........

47,872

1,046,003

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

28,592

879,490

Ambarella,

Inc.

(a)(b)

..................

36,996

2,078,435

Amkor

Technology,

Inc.

...............

111,025

1,892,976

Amtech

Systems,

Inc.

(a)(b)

.............

9,592

81,532

Analog

Devices,

Inc.

.................

545,721

76,040,764

Applied

Materials,

Inc.

(b)

..............

909,168

74,488,134

Atomera,

Inc.

(a)(b)

...................

20,840

211,109

Axcelis

Technologies,

Inc.

(a)

............

29,331

1,776,285

AXT,

Inc.

(a)(b)

......................

37,557

251,632

Broadcom,

Inc.

....................

422,314

187,511,639

CEVA,

Inc.

(a)

......................

31,775

833,458

Cirrus

Logic,

Inc.

(a)

..................

65,467

4,504,130

Cohu,

Inc.

(a)

......................

44,161

1,138,471

Credo

Technology

Group

Holding

Ltd.

(a)

....

81,368

895,048

CyberOptics

Corp.

(a)

.................

9,131

491,065

Diodes,

Inc.

(a)

.....................

49,120

3,188,379

eMagin

Corp.

(a)(b)

...................

19,707

11,647

Enphase

Energy,

Inc.

(a)

...............

142,098

39,427,932

Entegris,

Inc.

......................

155,873

12,940,576

First

Solar,

Inc.

(a)

...................

102,861

13,605,425

FormFactor,

Inc.

(a)(b)

.................

77,968

1,953,098

GSI

Technology,

Inc.

(a)(b)

..............

19,001

54,153

Ichor

Holdings

Ltd.

(a)(b)

................

25,074

607,042

Impinj,

Inc.

(a)(b)

.....................

24,828

1,986,985

indie

Semiconductor,

Inc.,

Class

A

(a)

......

93,965

687,824

Intel

Corp.

.......................

4,300,997

110,836,693

KLA

Corp.

........................

145,264

43,961,244

Kopin

Corp.

(a)(b)

....................

73,028

76,679

Kulicke

&

Soffa

Industries,

Inc.

..........

59,600

2,296,388

Lam

Research

Corp.

(b)

...............

144,561

52,909,326

Lattice

Semiconductor

Corp.

(a)(b)

.........

152,404

7,499,801

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

55,516

2,875,174

Marvell

Technology,

Inc.

..............

883,238

37,899,743

MaxLinear,

Inc.

(a)

...................

74,273

2,422,785

Meta

Materials,

Inc.

(a)(b)

...............

277,486

180,116

Microchip

Technology,

Inc.

.............

580,815

35,447,139

Micron

Technology,

Inc.

...............

1,149,055

57,567,656

MKS

Instruments,

Inc.

...............

60,282

4,981,705

Monolithic

Power

Systems,

Inc.

.........

46,617

16,940,618

Navitas

Semiconductor

Corp.

(a)(b)

........

90,168

437,315

NVE

Corp.

.......................

9,182

428,340

NVIDIA

Corp.

(b)

....................

2,615,226

317,462,284

NXP

Semiconductors

NV

.............

275,293

40,608,470

ON

Semiconductor

Corp.

(a)

............

455,218

28,373,738

Onto

Innovation,

Inc.

(a)

...............

49,836

3,191,996

PDF

Solutions,

Inc.

(a)

................

28,116

689,686

Peraso,

Inc.

(a)

.....................

293

498

Photronics,

Inc.

(a)

...................

63,613

930,022

Pixelworks,

Inc.

(a)(b)

..................

28,110

45,257

Power

Integrations,

Inc.

..............

62,733

4,034,987

Qorvo,

Inc.

(a)

......................

108,455

8,612,412

QUALCOMM,

Inc.

..................

1,169,679

132,150,333

QuickLogic

Corp.

(a)(b)

.................

3,444

22,283

Rambus,

Inc.

(a)

....................

119,309

3,032,835

Rigetti

Computing,

Inc.

(a)(b)

.............

159,567

299,986

Rubicon

Technology,

Inc.

..............

418

895

Semtech

Corp.

(a)

...................

66,003

1,941,148

Silicon

Laboratories,

Inc.

(a)

.............

39,432

4,867,486

SiTime

Corp.

(a)(b)

...................

18,028

1,419,344

Skyworks

Solutions,

Inc.

..............

171,952

14,662,347

SMART

Global

Holdings,

Inc.

(a)

..........

72,698

1,153,717

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SolarEdge

Technologies,

Inc.

(a)(b)

........

58,263

$

13,485,554

Synaptics,

Inc.

(a)(b)

..................

39,626

3,923,370

Teradyne,

Inc.

.....................

164,026

12,326,554

Texas

Instruments,

Inc.

...............

952,498

147,427,640

Trio-Tech

International

(a)

..............

311

1,443

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

39,973

1,029,305

Universal

Display

Corp.

..............

46,486

4,385,954

Veeco

Instruments,

Inc.

(a)

.............

47,252

865,657

Wolfspeed,

Inc.

(a)(b)

..................

133,108

13,758,043

1,673,510,247

Software

—

8.8%

8x8,

Inc.

(a)

........................

122,361

422,145

A10

Networks,

Inc.

..................

48,884

648,691

ACI

Worldwide,

Inc.

(a)

................

121,974

2,549,257

Adobe,

Inc.

(a)

......................

489,480

134,704,896

Agilysys,

Inc.

(a)

....................

18,233

1,009,197

Akerna

Corp.

(a)(b)

...................

12,408

1,117

Alarm.com

Holdings,

Inc.

(a)

............

48,359

3,136,565

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

54,468

2,408,575

Alteryx,

Inc.,

Class

A

(a)(b)

..............

65,904

3,680,079

American

Software,

Inc.,

Class

A

........

28,140

431,105

Amplitude,

Inc.,

Class

A

(a)(b)

............

28,973

448,212

ANSYS,

Inc.

(a)

.....................

91,615

20,311,046

Appfolio,

Inc.,

Class

A

(a)(b)

.............

19,877

2,081,519

Appian

Corp.,

Class

A

(a)(b)

.............

40,485

1,653,003

AppLovin

Corp.,

Class

A

(a)(b)

............

124,526

2,427,012

Asana,

Inc.,

Class

A

(a)(b)

...............

81,549

1,812,834

Aspen

Technology,

Inc.

(a)(b)

.............

28,474

6,782,507

Asure

Software,

Inc.

(a)

................

7,636

43,678

AudioEye,

Inc.

(a)

....................

2,856

15,737

Autodesk,

Inc.

(a)

....................

228,373

42,660,076

Avalara,

Inc.

(a)

.....................

95,610

8,776,998

Avaya

Holdings

Corp.

(a)

...............

252

401

AvePoint,

Inc.,

Class

A

(a)(b)

.............

96,909

388,605

Aware,

Inc.

(a)

......................

18,901

33,644

Benefitfocus,

Inc.

(a)

..................

29,164

185,191

Bentley

Systems,

Inc.,

Class

B

(b)

.........

190,590

5,830,148

Bill.com

Holdings,

Inc.

(a)(b)

.............

101,845

13,481,223

Black

Knight,

Inc.

(a)

..................

162,021

10,487,619

Blackbaud,

Inc.

(a)(b)

..................

48,966

2,157,442

Blackline,

Inc.

(a)

....................

58,493

3,503,731

Box,

Inc.,

Class

A

(a)

.................

162,164

3,955,180

Braze,

Inc.,

Class

A

(a)(b)

...............

22,764

792,870

BSQUARE

Corp.

(a)(b)

.................

9,747

11,307

BTRS

Holdings,

Inc.,

Class

A

(a)

..........

72,079

667,452

C3.ai,

Inc.,

Class

A

(a)(b)

...............

72,995

912,438

Cadence

Design

Systems,

Inc.

(a)

........

289,632

47,334,558

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

84,832

771,971

Cerence,

Inc.

(a)(b)

...................

38,536

606,942

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

166,330

9,294,520

ChannelAdvisor

Corp.

(a)

..............

27,462

622,289

Citrix

Systems,

Inc.

.................

136,063

14,136,946

Cleanspark,

Inc.

(a)

..................

180

572

Clear

Secure,

Inc.,

Class

A

(a)(b)

..........

77,287

1,766,781

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

63,589

1,067,659

CommVault

Systems,

Inc.

(a)

............

44,182

2,343,413

Confluent,

Inc.,

Class

A

(a)(b)

............

153,435

3,647,150

Consensus

Cloud

Solutions,

Inc.

(a)

.......

16,222

767,301

CoreCard

Corp.

(a)(b)

.................

9,090

197,889

Coupa

Software,

Inc.

(a)

...............

75,806

4,457,393

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

222,966

36,747,026

Cvent

Holding

Corp.

(a)(b)

...............

154,947

813,472

Datadog,

Inc.,

Class

A

(a)

..............

258,938

22,988,516

Digimarc

Corp.

(a)(b)

..................

12,361

167,492

Security

Shares

Shares

Value

Software

(continued)

Digital

Turbine,

Inc.

(a)(b)

...............

93,488

$

1,347,162

DocuSign,

Inc.

(a)(b)

..................

223,251

11,937,231

Dolby

Laboratories,

Inc.,

Class

A

........

67,542

4,400,361

Domo,

Inc.,

Class

B

(a)

................

30,642

551,250

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

53,361

1,459,423

Dropbox,

Inc.,

Class

A

(a)

..............

272,835

5,653,141

Duck

Creek

Technologies,

Inc.

(a)(b)

........

77,728

921,077

Dynatrace,

Inc.

(a)

...................

209,588

7,295,758

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

209,307

1,270,493

Ebix,

Inc.

........................

28,090

532,867

eGain

Corp.

(a)(b)

....................

18,865

138,658

Elastic

NV

(a)(b)

.....................

87,800

6,298,772

Envestnet,

Inc.

(a)

...................

48,715

2,162,946

Everbridge,

Inc.

(a)

...................

37,627

1,161,922

Fair

Isaac

Corp.

(a)

...................

26,655

10,982,127

Five9,

Inc.

(a)

......................

69,651

5,222,432

ForgeRock,

Inc.,

Class

A

(a)

.............

40,917

594,524

Fortinet,

Inc.

(a)

.....................

678,810

33,349,935

Freshworks,

Inc.,

Class

A

(a)(b)

...........

163,284

2,117,793

Gitlab,

Inc.,

Class

A

(a)(b)

...............

58,738

3,008,560

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

7,163

14,326

Guidewire

Software,

Inc.

(a)(b)

............

88,130

5,427,045

HashiCorp,

Inc.,

Class

A

(a)(b)

............

47,880

1,541,257

HubSpot,

Inc.

(a)(b)

...................

51,636

13,947,916

Informatica,

Inc.,

Class

A

(a)(b)

...........

41,864

840,210

Intellicheck,

Inc.

(a)(b)

.................

12,592

31,732

InterDigital,

Inc.

....................

37,251

1,505,685

Intrusion,

Inc.

(a)(b)

...................

223,114

1,075,409

Intuit,

Inc.

........................

293,570

113,705,532

Inuvo,

Inc.

(a)(b)

.....................

19,803

8,060

Issuer

Direct

Corp.

(a)

.................

318

6,455

Jamf

Holding

Corp.

(a)(b)

...............

45,413

1,006,352

Kaspien

Holdings,

Inc.

(a)

..............

364

553

KnowBe4,

Inc.,

Class

A

(a)

.............

87,644

1,823,872

Latch,

Inc.

(a)(b)

.....................

93,988

89,627

LivePerson,

Inc.

(a)(b)

.................

59,772

563,052

LiveRamp

Holdings,

Inc.

(a)

.............

69,242

1,257,435

Manhattan

Associates,

Inc.

(a)(b)

..........

67,683

9,003,869

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

95,696

1,024,904

Marin

Software,

Inc.

(a)(b)

...............

3,737

4,783

Matterport,

Inc.,

Class

A

(a)(b)

............

190,812

723,177

Microsoft

Corp.

....................

7,784,841

1,813,089,469

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

11,100

2,356,086

Mitek

Systems,

Inc.

(a)(b)

...............

68,079

623,604

Model

N,

Inc.

(a)(b)

...................

56,024

1,917,702

Momentive

Global,

Inc.

(a)

..............

125,953

731,787

N-able,

Inc.

(a)(b)

....................

105,059

969,695

nCino,

Inc.

(a)(b)

.....................

85,084

2,902,215

NCR

Corp.

(a)(b)

.....................

140,471

2,670,354

New

Relic,

Inc.

(a)

...................

58,305

3,345,541

NortonLifeLock,

Inc.

.................

620,866

12,504,241

Nutanix,

Inc.,

Class

A

(a)

...............

255,607

5,324,294

Oblong,

Inc.

(a)

.....................

1,121

168

Olo,

Inc.,

Class

A

(a)(b)

.................

68,718

542,872

ON24,

Inc.

(a)

......................

16,772

147,594

OneSpan,

Inc.

(a)

....................

29,524

254,202

Oracle

Corp.

......................

1,581,703

96,594,602

PagerDuty,

Inc.

(a)(b)

..................

79,250

1,828,297

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

1,881,881

15,299,693

Palo

Alto

Networks,

Inc.

(a)(b)

............

313,563

51,358,484

Paycom

Software,

Inc.

(a)

..............

50,494

16,662,515

Paycor

HCM,

Inc.

(a)(b)

................

30,718

908,024

Paylocity

Holding

Corp.

(a)

.............

43,757

10,570,816

Pegasystems,

Inc.

..................

45,000

1,446,300

Phunware,

Inc.

(a)(b)

..................

71,894

84,835

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Ping

Identity

Holding

Corp.

(a)(b)

..........

71,278

$

2,000,773

Procore

Technologies,

Inc.

(a)

...........

68,726

3,400,562

Progress

Software

Corp.

..............

47,948

2,040,187

PROS

Holdings,

Inc.

(a)

...............

37,073

915,703

PTC,

Inc.

(a)

.......................

113,493

11,871,368

Q2

Holdings,

Inc.

(a)(b)

.................

54,469

1,753,902

Qualtrics

International,

Inc.,

Class

A

(a)

.....

104,685

1,065,693

Qualys,

Inc.

(a)

.....................

37,566

5,236,325

Qumu

Corp.

(a)(b)

....................

10,069

6,142

Rapid7,

Inc.

(a)

.....................

56,644

2,430,028

RealNetworks,

Inc.

(a)

.................

41,604

28,886

Rekor

Systems,

Inc.

(a)

................

57,403

57,403

Rimini

Street,

Inc.

(a)(b)

................

184,825

861,284

RingCentral,

Inc.,

Class

A

(a)

............

85,443

3,414,302

Riot

Blockchain,

Inc.

(a)(b)

..............

121,566

852,178

Roper

Technologies,

Inc.

..............

111,606

40,137,982

Salesforce,

Inc.

(a)

...................

1,041,957

149,875,095

Samsara,

Inc.,

Class

A

(a)(b)

.............

60,092

725,310

SeaChange

International,

Inc.

(a)(b)

........

34,056

14,644

SecureWorks

Corp.,

Class

A

(a)

..........

9,573

77,063

SEMrush

Holdings,

Inc.,

Class

A

(a)(b)

......

70,183

786,751

SentinelOne,

Inc.,

Class

A

(a)(b)

..........

228,622

5,843,578

ServiceNow,

Inc.

(a)

..................

211,475

79,855,075

ShotSpotter,

Inc.

(a)(b)

.................

8,400

241,584

Smartsheet,

Inc.,

Class

A

(a)(b)

...........

134,699

4,628,258

Smith

Micro

Software,

Inc.

(a)(b)

..........

16,603

37,523

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

288,601

946,611

Splunk,

Inc.

(a)(b)

....................

162,697

12,234,814

Sprinklr,

Inc.,

Class

A

(a)

...............

77,021

710,134

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

46,876

2,844,436

SPS

Commerce,

Inc.

(a)

...............

37,536

4,663,097

SRAX,

Inc.,

Class

A

(a)(b)

...............

11,963

20,457

SRAX,

Inc.,

NVS

(a)(b)

.................

10,903

654

Sumo

Logic,

Inc.

(a)

..................

88,350

662,625

Synchronoss

Technologies,

Inc.

(a)(b)

.......

58,964

67,219

Synopsys,

Inc.

(a)

...................

161,648

49,385,080

Telos

Corp.

(a)

......................

62,405

554,780

Tenable

Holdings,

Inc.

(a)

..............

117,272

4,081,066

Teradata

Corp.

(a)

...................

104,767

3,254,063

Terawulf,

Inc.

(a)(b)

...................

17,898

22,551

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

462,986

27,663,414

Tyler

Technologies,

Inc.

(a)

.............

44,121

15,332,048

UiPath,

Inc.,

Class

A

(a)(b)

..............

385,191

4,857,259

Unity

Software,

Inc.

(a)(b)

...............

181,748

5,790,491

Upland

Software,

Inc.

(a)

...............

23,408

190,307

Varonis

Systems,

Inc.

(a)(b)

..............

117,034

3,103,742

Verb

Technology

Co.,

Inc.

(a)(b)

...........

126,279

59,351

Verint

Systems,

Inc.

(a)(b)

...............

66,736

2,240,995

Veritone,

Inc.

(a)(b)

...................

33,148

186,623

Vertex,

Inc.,

Class

A

(a)(b)

...............

30,750

420,353

Viant

Technology,

Inc.,

Class

A

(a)(b)

.......

18,327

77,157

VirnetX

Holding

Corp.

(a)(b)

..............

56,202

65,756

VMware,

Inc.,

Class

A

................

218,158

23,225,101

WM

Technology,

Inc.,

Class

A

(a)

.........

69,410

111,750

Workday,

Inc.,

Class

A

(a)

..............

212,667

32,372,171

Workiva,

Inc.,

Class

A

(a)(b)

.............

47,114

3,665,469

Xperi

Holding

Corp.

.................

111,718

1,579,693

Yext,

Inc.

(a)(b)

......................

118,579

528,862

Zendesk,

Inc.

(a)

....................

136,142

10,360,406

Zeta

Global

Holdings

Corp.,

Class

A

(a)

.....

106,245

702,279

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

238,726

17,567,846

Zscaler,

Inc.

(a)(b)

....................

90,834

14,930,385

Zuora,

Inc.,

Class

A

(a)

................

138,252

1,020,300

3,285,941,407

Security

Shares

Shares

Value

Specialty

Retail

—

2.2%

Aaron's

Co.,

Inc.

(The)

...............

36,282

$

352,661

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

64,120

997,066

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

98,256

4,144,438

Advance

Auto

Parts,

Inc.

..............

62,248

9,731,852

American

Eagle

Outfitters,

Inc.

..........

144,523

1,406,209

America's

Car-Mart,

Inc.

(a)

.............

10,060

613,861

Arko

Corp.

.......................

88,485

830,874

Asbury

Automotive

Group,

Inc.

(a)

.........

25,367

3,832,954

AutoNation,

Inc.

(a)(b)

.................

37,180

3,787,527

AutoZone,

Inc.

(a)

...................

20,220

43,309,825

Barnes

&

Noble

Education,

Inc.

(a)(b)

.......

39,172

94,013

Bath

&

Body

Works,

Inc.

..............

237,206

7,732,916

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

98,026

596,978

Best

Buy

Co.,

Inc.

..................

211,277

13,382,285

Big

5

Sporting

Goods

Corp.

(b)

...........

17,149

184,180

Boot

Barn

Holdings,

Inc.

(a)

.............

36,726

2,147,002

Buckle,

Inc.

(The)

..................

26,835

849,596

Burlington

Stores,

Inc.

(a)(b)

.............

67,749

7,580,436

Caleres,

Inc.

......................

48,141

1,165,975

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

40,813

1,033,385

CarLotz,

Inc.,

Class

A

(a)(b)

..............

117,147

35,144

CarMax,

Inc.

(a)(b)

....................

170,444

11,252,713

Carvana

Co.,

Class

A

(a)(b)

..............

115,072

2,335,962

Cato

Corp.

(The),

Class

A

.............

38,012

362,634

Chico's

FAS,

Inc.

(a)

..................

139,137

673,423

Children's

Place,

Inc.

(The)

(a)(b)

..........

19,172

592,223

Conn's,

Inc.

(a)

.....................

28,091

198,884

Designer

Brands,

Inc.,

Class

A

..........

73,009

1,117,768

Dick's

Sporting

Goods,

Inc.

............

55,672

5,825,518

EVgo,

Inc.,

Class

A

(a)(b)

...............

89,056

704,433

Five

Below,

Inc.

(a)(b)

..................

57,251

7,881,745

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

110,833

7,787,127

Foot

Locker,

Inc.

...................

101,189

3,150,014

GameStop

Corp.,

Class

A

(a)(b)

...........

259,423

6,519,300

Gap,

Inc.

(The)

....................

227,540

1,868,103

Group

1

Automotive,

Inc.

..............

19,471

2,781,822

GrowGeneration

Corp.

(a)(b)

.............

66,532

232,862

Guess?,

Inc.

......................

49,391

724,566

Haverty

Furniture

Cos.,

Inc.

............

17,299

430,745

Hibbett,

Inc.

......................

10,788

537,350

Home

Depot,

Inc.

(The)

..............

1,072,035

295,817,338

Kirkland's,

Inc.

(a)(b)

..................

18,198

54,776

Lazydays

Holdings,

Inc.

(a)(b)

............

3,257

43,969

Leslie's,

Inc.

(a)(b)

....................

129,117

1,899,311

Lithia

Motors,

Inc.,

Class

A

............

30,489

6,541,415

Lowe's

Cos.,

Inc.

...................

664,966

124,887,264

MarineMax,

Inc.

(a)

...................

20,265

603,694

Monro,

Inc.

.......................

36,897

1,603,544

Murphy

USA,

Inc.

(b)

.................

22,134

6,084,858

National

Vision

Holdings,

Inc.

(a)(b)

........

84,607

2,762,419

ODP

Corp.

(The)

(a)

..................

56,126

1,972,829

OneWater

Marine,

Inc.,

Class

A

(a)

........

20,225

608,975

O'Reilly

Automotive,

Inc.

(a)

.............

66,483

46,760,818

Party

City

Holdco,

Inc.

(a)

..............

612

967

Penske

Automotive

Group,

Inc.

(b)

........

28,008

2,756,827

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

92,731

1,034,878

Rent-A-Center,

Inc.

.................

55,335

968,916

RH

(a)(b)

..........................

22,880

5,630,082

Ross

Stores,

Inc.

...................

363,332

30,617,988

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

79,471

1,001,335

Shift

Technologies,

Inc.,

Class

A

(a)(b)

.......

97,032

67,932

Shoe

Carnival,

Inc.

..................

18,300

392,352

Signet

Jewelers

Ltd.

.................

55,567

3,177,877

Sleep

Number

Corp.

(a)

...............

25,565

864,353

Sonic

Automotive,

Inc.,

Class

A

.........

28,521

1,234,959

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

TJX

Cos.,

Inc.

(The)

(b)

................

1,231,721

$

76,514,509

Tractor

Supply

Co.

..................

116,112

21,582,899

TravelCenters

of

America,

Inc.

(a)

.........

22,896

1,234,781

Ulta

Beauty,

Inc.

(a)

..................

54,630

21,917,010

Urban

Outfitters,

Inc.

(a)(b)

..............

64,396

1,265,381

Victoria's

Secret

&

Co.

(a)

..............

77,243

2,249,316

Volta,

Inc.,

Class

A

(a)(b)

................

166,120

201,005

Vroom,

Inc.

(a)(b)

.....................

612

710

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

31,680

422,611

Williams-Sonoma,

Inc.

...............

71,291

8,401,644

Winmark

Corp.

....................

3,469

750,483

Xcel

Brands,

Inc.

(a)

..................

315

300

Zumiez,

Inc.

(a)

.....................

28,723

618,406

831,335,100

Technology

Hardware,

Storage

&

Peripherals

—

6.1%

3D

Systems

Corp.

(a)(b)

................

129,641

1,034,535

Apple,

Inc.

.......................

15,781,760

2,181,039,232

Avid

Technology,

Inc.

(a)(b)

..............

24,135

561,380

Corsair

Gaming,

Inc.

(a)(b)

..............

46,028

522,418

Dell

Technologies,

Inc.,

Class

C

.........

266,892

9,119,700

Eastman

Kodak

Co.

(a)(b)

...............

57,194

262,521

Hewlett

Packard

Enterprise

Co.

.........

1,335,332

15,997,277

HP,

Inc.

.........................

969,091

24,149,748

Immersion

Corp.

(a)(b)

.................

31,018

170,289

Intevac,

Inc.

(a)(b)

....................

19,602

91,149

IonQ,

Inc.

(a)(b)

......................

123,997

628,665

NetApp,

Inc.

......................

237,094

14,664,264

One

Stop

Systems,

Inc.

(a)

.............

10,351

33,123

Pure

Storage,

Inc.,

Class

A

(a)

...........

310,168

8,489,298

Quantum

Corp.

(a)

...................

117,170

126,544

Seagate

Technology

Holdings

plc

........

212,419

11,307,063

Super

Micro

Computer,

Inc.

(a)

...........

37,969

2,090,953

TransAct

Technologies,

Inc.

(a)

...........

9,299

33,941

Turtle

Beach

Corp.

(a)(b)

................

31,041

211,700

Western

Digital

Corp.

(a)

...............

332,931

10,836,904

Xerox

Holdings

Corp.

................

122,929

1,607,911

2,282,978,615

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

165,979

504,576

Capri

Holdings

Ltd.

(a)

................

144,817

5,566,765

Carter's,

Inc.

......................

41,376

2,711,369

Columbia

Sportswear

Co.

.............

38,565

2,595,424

Crocs,

Inc.

(a)(b)

.....................

64,963

4,460,360

Culp,

Inc.

........................

13

57

Deckers

Outdoor

Corp.

(a)

..............

29,165

9,117,271

G-III

Apparel

Group

Ltd.

(a)

.............

38,389

573,916

Hanesbrands,

Inc.

..................

378,288

2,632,884

Jerash

Holdings

US,

Inc.

..............

1,955

8,289

Kontoor

Brands,

Inc.

.................

48,172

1,619,061

Levi

Strauss

&

Co.,

Class

A

(b)

...........

84,212

1,218,548

Lululemon

Athletica,

Inc.

(a)

.............

122,959

34,374,418

Movado

Group,

Inc.

.................

12,101

341,006

Nike,

Inc.,

Class

B

..................

1,311,538

109,015,039

Oxford

Industries,

Inc.

...............

18,228

1,636,510

PLBY

Group,

Inc.

(a)(b)

................

24,839

100,101

PVH

Corp.

.......................

64,682

2,897,754

Ralph

Lauren

Corp.,

Class

A

...........

48,422

4,112,480

Skechers

USA,

Inc.,

Class

A

(a)

..........

143,367

4,547,601

Steven

Madden

Ltd.

.................

84,978

2,266,363

Tapestry,

Inc.

......................

259,684

7,382,816

Under

Armour,

Inc.,

Class

A

(a)

...........

198,363

1,319,114

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

205,276

1,223,445

VF

Corp.

........................

337,945

10,107,935

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Vince

Holding

Corp.

(a)(b)

...............

896

$

5,600

Wolverine

World

Wide,

Inc.

............

86,433

1,330,204

211,668,906

Thrifts

&

Mortgage

Finance

—

0.1%

1895

Bancorp

of

Wisconsin,

Inc.

(a)(b)

......

2,115

21,996

Axos

Financial,

Inc.

(a)(b)

...............

46,842

1,603,402

Bridgewater

Bancshares,

Inc.

(a)

.........

21,654

356,641

Broadway

Financial

Corp.

(a)(b)

...........

16,617

18,777

Capitol

Federal

Financial,

Inc.

..........

134,257

1,114,333

CF

Bankshares,

Inc.

(b)

................

1,726

35,590

Columbia

Financial,

Inc.

(a)

.............

54,597

1,153,635

Essent

Group

Ltd.

..................

106,812

3,724,534

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

9,467

938,558

First

Seacoast

Bancorp

(a)(b)

............

2,148

22,189

Flagstar

Bancorp,

Inc.

...............

43,474

1,452,032

Greene

County

Bancorp,

Inc.

...........

15,022

860,310

HMN

Financial,

Inc.

.................

848

18,995

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

506

9,472

HV

Bancorp,

Inc.

(a)

..................

1,371

28,476

IF

Bancorp,

Inc.

....................

697

13,222

Impac

Mortgage

Holdings,

Inc.

(a)

.........

9,241

2,779

Income

Opportunity

Realty

Investors,

Inc.

(a)

.

108

1,350

Kearny

Financial

Corp.

...............

84,574

898,176

Kentucky

First

Federal

Bancorp

.........

844

6,077

Lake

Shore

Bancorp,

Inc.

.............

652

8,593

Magyar

Bancorp,

Inc.

................

871

10,827

Merchants

Bancorp

.................

31,750

732,473

MGIC

Investment

Corp.

..............

307,998

3,948,534

Mid-Southern

Bancorp,

Inc.

............

2,439

32,683

Mr

Cooper

Group,

Inc.

(a)

..............

86,599

3,507,260

New

York

Community

Bancorp,

Inc.

......

511,616

4,364,084

NMI

Holdings,

Inc.,

Class

A

(a)

...........

83,118

1,693,114

Northeast

Community

Bancorp,

Inc.,

NVS

..

66,021

818,660

Northfield

Bancorp,

Inc.

..............

34,171

488,987

Oconee

Federal

Financial

Corp.

.........

212

5,113

PennyMac

Financial

Services,

Inc.

.......

30,281

1,299,055

Ponce

Financial

Group,

Inc.

(a)(b)

.........

82,860

758,998

Provident

Financial

Services,

Inc.

........

61,828

1,205,646

Radian

Group,

Inc.

..................

172,112

3,320,040

Rocket

Cos.,

Inc.,

Class

A

(b)

............

153,292

968,805

Southern

Missouri

Bancorp,

Inc.

.........

8,666

442,226

Sterling

Bancorp,

Inc.

(a)(b)

..............

63,552

383,219

Territorial

Bancorp,

Inc.

...............

17,890

331,681

TFS

Financial

Corp.

.................

66,237

861,081

UWM

Holdings

Corp.,

Class

A

(b)

.........

95,885

280,943

Velocity

Financial,

Inc.

(a)

..............

74,838

811,244

Walker

&

Dunlop,

Inc.

................

37,451

3,135,772

Waterstone

Financial,

Inc.

.............

28,083

453,821

WSFS

Financial

Corp.

...............

62,418

2,899,940

45,043,343

Tobacco

—

0.6%

22nd

Century

Group,

Inc.

(a)(b)

...........

152,183

141,119

Altria

Group,

Inc.

...................

1,895,012

76,520,585

Philip

Morris

International,

Inc.

..........

1,621,463

134,597,644

Turning

Point

Brands,

Inc.

.............

12,471

264,759

Universal

Corp.

....................

26,822

1,234,885

Vector

Group

Ltd.

..................

129,994

1,145,247

213,904,239

Trading

Companies

&

Distributors

—

0.4%

Air

Lease

Corp.,

Class

A

..............

112,677

3,494,114

Applied

Industrial

Technologies,

Inc.

......

37,654

3,870,078

Beacon

Roofing

Supply,

Inc.

(a)

..........

64,645

3,537,374

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

BlueLinx

Holdings,

Inc.

(a)

..............

9,130

$

566,973

Boise

Cascade

Co.

.................

37,945

2,256,210

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

70,174

1,595,757

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

102,749

599,027

Distribution

Solutions

Group,

Inc.

(a)

.......

23,167

652,614

DXP

Enterprises,

Inc.

(a)

...............

11,080

262,374

Fastenal

Co.

......................

616,873

28,400,833

GATX

Corp.

......................

37,849

3,222,842

Global

Industrial

Co.

.................

12,540

336,448

GMS,

Inc.

(a)

.......................

47,143

1,886,191

H&E

Equipment

Services,

Inc.

..........

29,074

823,957

Herc

Holdings,

Inc.

..................

30,946

3,214,671

Hudson

Technologies,

Inc.

(a)

...........

28,472

209,269

India

Globalization

Capital,

Inc.

(a)

........

37,978

16,380

McGrath

RentCorp

..................

28,823

2,417,097

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

47,560

3,462,844

NOW,

Inc.

(a)

......................

112,596

1,131,590

Rush

Enterprises,

Inc.,

Class

A

(b)

........

41,198

1,806,944

Rush

Enterprises,

Inc.,

Class

B

(b)

........

15,299

732,975

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

47,451

4,941,547

Titan

Machinery,

Inc.

(a)

...............

18,700

528,462

Transcat,

Inc.

(a)(b)

...................

9,167

693,850

Triton

International

Ltd.

...............

65,207

3,568,779

United

Rentals,

Inc.

(a)

................

74,406

20,098,549

Univar

Solutions,

Inc.

(a)

...............

187,190

4,256,701

Veritiv

Corp.

(a)(b)

....................

15,543

1,519,639

Watsco,

Inc.

......................

35,360

9,103,786

WESCO

International,

Inc.

(a)(b)

..........

49,438

5,901,908

Willis

Lease

Finance

Corp.

(a)(b)

..........

8,671

283,889

WW

Grainger,

Inc.

..................

45,700

22,355,983

137,749,655

Water

Utilities

—

0.1%

American

States

Water

Co.

............

38,636

3,011,676

American

Water

Works

Co.,

Inc.

.........

190,902

24,847,804

Artesian

Resources

Corp.,

Class

A,

NVS

...

8,684

417,874

Cadiz,

Inc.

(a)(b)

.....................

31,614

60,067

California

Water

Service

Group

.........

54,440

2,868,444

Essential

Utilities,

Inc.

................

242,112

10,018,595

Middlesex

Water

Co.

................

16,133

1,245,468

Pure

Cycle

Corp.

(a)(b)

.................

19,432

162,257

SJW

Group

.......................

25,749

1,483,142

York

Water

Co.

(The)

................

11,291

433,913

44,549,240

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)

......................

39,660

480,679

Shenandoah

Telecommunications

Co.

(b)

....

49,747

846,694

Spok

Holdings,

Inc.

.................

25,010

191,077

Telephone

&

Data

Systems,

Inc.

.........

111,097

1,544,248

T-Mobile

US,

Inc.

(a)

..................

627,501

84,191,809

87,254,507

Total

Common

Stocks

—

99.8%

(Cost:

$35,312,744,602)

...........................

37,372,020,589

Rights

Biotechnology

—

0.0%

(a)(d)

Contra

Aduro

Biotech

I,

CVR

...........

4,142

10,517

Contra

Miragen

Therape,

CVR

..........

119

—

F-star

Therapeutics,

Inc.,

CVR

..........

11,084

3,768

Oncternal

Therapeutics,

Inc.,

CVR

(b)

......

722

740

Progenics

Pharmaceuticals,

Inc.,

CVR

(b)

...

10,240

—

Security

Shares

Shares

Value

Biotechnology

(continued)

Qualigen

Therapeutics,

Inc.,

CVR

(b)

.......

14,465

$

978

16,003

Capital

Markets

—

0.0%

Contran

Corp.,

CVR

(a)(b)

...............

97

3

Chemicals

—

0.0%

(a)

CVR

Partners

LP,

CVR

(d)

..............

11,084

4,434

Ikonics

Corp.,

CVR

.................

237

924

5,358

Diversified

Consumer

Services

—

0.0%

Contra

A/S,

CVR

(a)(d)

.................

23,161

2,084

Diversified

Financial

Services

—

0.0%

Contra

Costa

County

Board

of

Education,

CVR

(a)(d)

.......................

266

37

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(a)(d)

........

2,058

—

Health

Care

Equipment

&

Supplies

—

0.0%

SiNtx

Technologies,

Inc.(Expires

10/12/22,

Strike

Price

USD

0.00)

(a)(b)

...........

13

—

Pharmaceuticals

—

0.0%

Seelos

Therapeutics,

Inc.,

CVR

(a)(d)

.......

43

23

Total

Rights

—

0.0%

(Cost:

$4,542)

.................................

23,508

Warrants

Biotechnology

—

0.0%

Salarius

Pharmaceuticals,

Inc.

(Issued/

Exercisable

07/02/21,

1

Share

for

1

Warrant,

Expires

01/20/25,

Strike

Price

USD

15.17)

(a)

(b)(d)

..........................

19,965

—

Total

Warrants

—

0.0%

(Cost:

$—)

....................................

—

Total

Long-Term

Investments

—

99.8%

(Cost:

$35,312,749,144)

...........................

37,372,044,097

Short-Term

Securities

Money

Market

Funds

—

3.0%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(g)

............

1,075,544,552

1,075,867,215

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

60,713,897

60,713,897

Total

Short-Term

Securities

—

3.0%

(Cost:

$1,135,994,535)

...........................

1,136,581,112

Total

Investments

—

102.8%

(Cost:

$36,448,743,679

)

...........................

38,508,625,209

Liabilities

in

Excess

of

Other

Assets

—

(2.8)%

............

(1,048,747,182)

Net

Assets

—

100.0%

..............................

$

37,459,878,027

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

44

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

780,950,442

$

294,387,383

(a)

$

—

$

50,482

$

478,908

$

1,075,867,215

1,075,544,552

$

5,109,175

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

77,230,000

—

(16,516,103)

(a)

—

—

60,713,897

60,713,897

536,255

—

BlackRock,

Inc.

............

105,831,432

21,842,463

(10,272,247)

3,774,061

(34,524,768)

86,650,941

157,467

1,392,006

—

$

3,824,543

$

(34,045,860)

$

1,223,232,053

$

7,037,436

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

540

12/16/22

$

97,241

$

(6,844,926)

S&P

Midcap

400

E-Mini

Index

.................................................

42

12/16/22

9,274

(625,781)

$

(7,470,707)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

7,470,707

$

—

$

—

$

—

$

7,470,707

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

45

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(15,146,385)

$

—

$

—

$

—

$

(15,146,385)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(12,213,954)

$

—

$

—

$

—

$

(12,213,954)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

95,141,558

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

585,533,303

$

—

$

—

$

585,533,303

Air

Freight

&

Logistics

....................................

202,531,330

—

—

202,531,330

Airlines

..............................................

71,468,872

—

—

71,468,872

Auto

Components

......................................

82,550,567

—

—

82,550,567

Automobiles

..........................................

874,686,109

—

—

874,686,109

Banks

...............................................

1,528,605,151

—

—

1,528,605,151

Beverages

...........................................

602,443,741

—

—

602,443,741

Biotechnology

.........................................

1,059,615,035

—

119,836

1,059,734,871

Building

Products

.......................................

226,835,478

—

—

226,835,478

Capital

Markets

........................................

1,159,040,232

—

—

1,159,040,232

Chemicals

............................................

660,330,498

—

—

660,330,498

Commercial

Services

&

Supplies

.............................

216,512,785

—

247

216,513,032

Communications

Equipment

................................

298,552,951

—

—

298,552,951

Construction

&

Engineering

................................

87,418,649

—

—

87,418,649

Construction

Materials

....................................

50,436,809

—

—

50,436,809

Consumer

Finance

......................................

205,721,041

—

—

205,721,041

Containers

&

Packaging

..................................

130,239,926

—

—

130,239,926

Distributors

...........................................

49,020,326

—

—

49,020,326

Diversified

Consumer

Services

..............................

54,001,991

—

—

54,001,991

Diversified

Financial

Services

...............................

540,956,469

—

—

540,956,469

Diversified

Telecommunication

Services

........................

319,684,974

—

—

319,684,974

Electric

Utilities

........................................

676,731,130

—

—

676,731,130

Electrical

Equipment

.....................................

263,206,671

—

—

263,206,671

Electronic

Equipment,

Instruments

&

Components

.................

301,942,823

—

—

301,942,823

Energy

Equipment

&

Services

..............................

148,575,975

—

—

148,575,975

Entertainment

.........................................

491,352,010

—

—

491,352,010

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,206,504,437

—

—

1,206,504,437

Food

&

Staples

Retailing

..................................

553,442,361

—

—

553,442,361

Food

Products

.........................................

431,536,380

—

—

431,536,380

Gas

Utilities

...........................................

52,413,304

—

—

52,413,304

Health

Care

Equipment

&

Supplies

...........................

1,012,450,287

—

—

1,012,450,287

Health

Care

Providers

&

Services

............................

1,268,704,133

—

—

1,268,704,133

Health

Care

Technology

..................................

55,193,765

—

—

55,193,765

Hotels,

Restaurants

&

Leisure

..............................

765,459,339

—

—

765,459,339

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30

,2022

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

46

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Household

Durables

.....................................

$

149,433,903

$

—

$

—

$

149,433,903

Household

Products

.....................................

459,428,046

—

—

459,428,046

Independent

Power

and

Renewable

Electricity

Producers

............

36,335,963

—

—

36,335,963

Industrial

Conglomerates

..................................

253,424,241

—

—

253,424,241

Insurance

............................................

877,487,357

—

—

877,487,357

Interactive

Media

&

Services

...............................

1,566,371,172

—

—

1,566,371,172

Internet

&

Direct

Marketing

Retail

............................

1,108,510,312

—

—

1,108,510,312

IT

Services

...........................................

1,623,622,842

—

—

1,623,622,842

Leisure

Products

.......................................

41,844,619

—

—

41,844,619

Life

Sciences

Tools

&

Services

..............................

653,265,965

—

—

653,265,965

Machinery

............................................

668,362,429

—

—

668,362,429

Marine

..............................................

7,494,054

—

—

7,494,054

Media

...............................................

296,067,254

—

—

296,067,254

Metals

&

Mining

........................................

187,503,476

—

—

187,503,476

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

48,897,781

—

—

48,897,781

Multiline

Retail

.........................................

175,482,434

—

—

175,482,434

Multi-Utilities

..........................................

302,072,156

—

—

302,072,156

Oil,

Gas

&

Consumable

Fuels

...............................

1,584,963,222

—

3,019

1,584,966,241

Paper

&

Forest

Products

..................................

8,263,152

—

—

8,263,152

Personal

Products

......................................

71,391,059

—

—

71,391,059

Pharmaceuticals

.......................................

1,539,822,424

—

—

1,539,822,424

Professional

Services

....................................

222,191,154

—

—

222,191,154

Real

Estate

Management

&

Development

.......................

57,024,063

—

—

57,024,063

Road

&

Rail

...........................................

385,004,298

—

—

385,004,298

Semiconductors

&

Semiconductor

Equipment

....................

1,673,510,247

—

—

1,673,510,247

Software

.............................................

3,271,803,807

14,137,600

—

3,285,941,407

Specialty

Retail

........................................

831,335,100

—

—

831,335,100

Technology

Hardware,

Storage

&

Peripherals

....................

2,282,978,615

—

—

2,282,978,615

Textiles,

Apparel

&

Luxury

Goods

............................

211,668,906

—

—

211,668,906

Thrifts

&

Mortgage

Finance

................................

45,043,343

—

—

45,043,343

Tobacco

.............................................

213,904,239

—

—

213,904,239

Trading

Companies

&

Distributors

............................

137,749,655

—

—

137,749,655

Water

Utilities

.........................................

44,549,240

—

—

44,549,240

Wireless

Telecommunication

Services

.........................

87,254,507

—

—

87,254,507

Rights

................................................

—

927

22,581

23,508

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

1,136,581,112

—

—

1,136,581,112

$

38,494,340,999

$

14,138,527

$

145,683

$

38,508,625,209

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(7,470,707)

$

—

$

—

$

(7,470,707)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

47

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

267,261,382,002‌

$

37,285,393,156‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

3,959,067,039‌

1,223,232,053‌

Cash  

..............................................................................................

1,676,534‌

281,386‌

Cash

pledged:

Futures

contracts

.....................................................................................

35,491,800‌

5,569,790‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

1,306,760‌

655,206‌

Capital

shares

sold

....................................................................................

770,312‌

—‌

Dividends

—

unaffiliated

................................................................................

213,847,098‌

31,193,404‌

Dividends

—

affiliated

..................................................................................

1,111,448‌

167,604‌

Total

assets

..........................................................................................

271,474,652,993‌

38,546,492,599‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

2,806,127,070‌

1,075,726,930‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

312,791,482‌

—‌

Capital

shares

redeemed

................................................................................

771,835‌

8,650,239‌

Investment

advisory

fees

................................................................................

7,159,326‌

996,283‌

Variation

margin

on

futures

contracts

........................................................................

9,630,605‌

1,241,120‌

Total

liabilities

.........................................................................................

3,136,480,318‌

1,086,614,572‌

NET

ASSETS

.........................................................................................

$

268,338,172,675‌

$

37,459,878,027‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

279,357,383,975‌

$

34,037,171,649‌

Accumulated

earnings

(loss)

...............................................................................

(11,019,211,300‌)

3,422,706,378‌

NET

ASSETS

.........................................................................................

$

268,338,172,675‌

$

37,459,878,027‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

748,000,000‌

471,400,000‌

Net

asset

value

........................................................................................

$

358.74‌

$

79.47‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

281,847,650,194‌

$

35,223,973,292‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

2,684,932,526‌

$

1,027,567,574‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

4,102,789,062‌

$

1,224,770,387‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

48

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

2,472,102,069‌

$

334,219,386‌

Dividends

—

affiliated

..................................................................................

15,902,639‌

1,928,261‌

Securities

lending

income

—

affiliated

—

net

..................................................................

3,073,834‌

5,109,175‌

Foreign

taxes

withheld

.................................................................................

(588,607‌)

(81,448‌)

Total

investment

income

..................................................................................

2,490,489,935‌

341,175,374‌

EXPENSES

Investment

advisory

...................................................................................

44,798,284‌

6,216,628‌

Total

expenses

........................................................................................

44,798,284‌

6,216,628‌

Net

investment

income

...................................................................................

2,445,691,651‌

334,958,746‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(69,548,716,564‌)

$

(9,610,010,238‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

(1,759,861,169‌)

(194,029,145‌)

Investments

—

affiliated

..............................................................................

22,877,690‌

3,824,543‌

Futures

contracts

...................................................................................

(127,755,639‌)

(15,146,385‌)

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

11,814,507,664‌

1,960,115,207‌

In-kind

redemptions

—

affiliated

(a)

........................................................................

24,134,043‌

3,774,061‌

9,973,902,589‌

1,758,538,281‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

(79,143,336,010‌)

(11,322,288,705‌)

Investments

—

affiliated

..............................................................................

(293,377,092‌)

(34,045,860‌)

Futures

contracts

...................................................................................

(85,906,051‌)

(12,213,954‌)

(79,522,619,153‌)

(11,368,548,519‌)

Net

realized

and

unrealized

loss

.............................................................................

(69,548,716,564‌)

(9,610,010,238‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(67,103,024,913‌)

$

(9,275,051,492‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

49

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................

$

2,445,691,651‌

$

4,095,945,590‌

$

334,958,746‌

$

545,410,098‌

Net

realized

gain

...............................................

9,973,902,589‌

30,797,260,452‌

1,758,538,281‌

1,039,334,103‌

Net

change

in

unrealized

appreciation

(depreciation)

.......................

(79,522,619,153‌)

6,431,314,059‌

(11,368,548,519‌)

2,713,687,958‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................

(67,103,024,913‌)

41,324,520,101‌

(9,275,051,492‌)

4,298,432,159‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................

(2,374,261,949‌)

(4,093,331,529‌)

(319,234,466‌)

(551,777,171‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

................

4,849,636,771‌

33,794,619,676‌

2,311,559,208‌

4,930,473,507‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................

(64,627,650,091‌)

71,025,808,248‌

(7,282,726,750‌)

8,677,128,495‌

Beginning

of

period

...............................................

332,965,822,766‌

261,940,014,518‌

44,742,604,777‌

36,065,476,282‌

End

of

period

...................................................

$

268,338,172,675‌

$

332,965,822,766‌

$

37,459,878,027‌

$

44,742,604,777‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

50

iShares

Core

S&P

500

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

$

265.21

‌

$

237.21

‌

Net

investment

income

(a)

........................

3.33

‌

5.98

‌

5.60

‌

5.90

‌

5.38

‌

5.00

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(94.78

)

55.94

‌

139.01

‌

(25.20

)

19.43

‌

27.90

‌

Net

increase

(decrease)

from

investment

operations

.......

(91.45

)

61.92

‌

144.61

‌

(19.30

)

24.81

‌

32.90

‌

Distributions

from

net

investment

income

(c)

..............

(3.19

)

(5.90

)

(5.69

)

(6.83

)

(5.45

)

(4.90

)

Net

asset

value,

end

of

period

.....................

$

358.74

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

$

265.21

‌

Total

Return

(d)

(20.21)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(20.21

)%

(e)

15.61

%

56.31

%

(7.01

)%

9.46

%

13.95

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.03

%

(g)

0.03

%

0.03

%

0.04

%

0.04

%

0.04

%

Net

investment

income

...........................

1.64

%

(g)

1.35

%

1.64

%

1.96

%

1.95

%

1.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

268,338,173

‌

$

332,965,823

‌

$

261,940,015

‌

$

162,018,956

‌

$

169,347,166

‌

$

140,335,431

‌

Portfolio

turnover

rate

(h)

...........................

2

%

3

%

5

%

4

%

5

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

51

Financial

Highlights

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

$

60.42

‌

$

54.02

‌

Net

investment

income

(a)

........................

0.73

‌

1.29

‌

1.20

‌

1.27

‌

1.19

‌

1.09

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(21.50

)

9.41

‌

34.37

‌

(7.09

)

4.00

‌

6.37

‌

Net

increase

(decrease)

from

investment

operations

.......

(20.77

)

10.70

‌

35.57

‌

(5.82

)

5.19

‌

7.46

‌

Distributions

from

net

investment

income

(c)

..............

(0.68

)

(1.29

)

(1.25

)

(1.39

)

(1.21

)

(1.06

)

Net

asset

value,

end

of

period

.....................

$

79.47

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

$

60.42

‌

Total

Return

(d)

(20.62)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(20.62

)%

(e)

11.70

%

62.58

%

(9.28

)%

8.68

%

13.88

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.03

%

(g)

0.03

%

0.03

%

0.03

%

0.03

%

0.03

%

Net

investment

income

...........................

1.62

%

(g)

1.29

%

1.54

%

1.88

%

1.90

%

1.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

37,459,878

‌

$

44,742,605

‌

$

36,065,476

‌

$

21,439,033

‌

$

18,750,686

‌

$

12,948,631

‌

Portfolio

turnover

rate

(h)

...........................

2

%

4

%

5

%

4

%

6

%

8

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2022

iShares

Semi-Annual

Report

To

Shareholders

52

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

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.

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

iShares

ETF

Diversification

Classification

Core

S&P

500

.......................................................................................................

Diversified

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

53

Notes

to

Financial

Statements

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

54

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

Core

S&P

500

Barclays

Bank

PLC

...................................

$

182,816,075‌

$

(182,816,075‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

Barclays

Capital,

Inc.

...................................

1,771,418‌

(1,771,418‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

806,393‌

(806,393‌)

–‌

–‌

BNP

Paribas

SA

.......................................

252,877,336‌

(252,877,336‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

115,706,576‌

(115,706,576‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

173,772‌

(173,772‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

348,119,064‌

(348,119,064‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

882,705‌

(882,705‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

175,084,461‌

(175,084,461‌)

–‌

–‌

HSBC

Bank

PLC

......................................

297,117,193‌

(297,117,193‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

300,552‌

(300,552‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

143,783,303‌

(143,783,303‌)

–‌

–‌

Jefferies

LLC

.........................................

49,394,301‌

(49,394,301‌)

–‌

–‌

Morgan

Stanley

.......................................

32,331,077‌

(32,331,077‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,020,032‌

(5,020,032‌)

–‌

–‌

Natixis

SA

...........................................

366,154‌

(366,154‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

205,830,977‌

(205,830,977‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

80,382,192‌

(80,382,192‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

84,914,922‌

(84,914,922‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

1,464,568‌

(1,464,568‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

373,897,353‌

(373,897,353‌)

–‌

–‌

UBS

AG

............................................

241,133,446‌

(241,133,446‌)

–‌

–‌

UBS

Securities

LLC

....................................

65,170,107‌

(65,170,107‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

24,512,740‌

(24,512,740‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,075,809‌

(1,075,809‌)

–‌

–‌

$

2,684,932,526‌

$

(2,684,932,526‌)

$

–‌

$

–‌

Core

S&P

Total

U.S.

Stock

Market

Barclays

Bank

PLC

...................................

$

24,402,290‌

$

(24,402,290‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

4,155,409‌

(4,155,409‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

2,812,562‌

(2,812,562‌)

–‌

–‌

BNP

Paribas

SA

.......................................

225,469,104‌

(225,469,104‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

43,634,052‌

(43,634,052‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,145,605‌

(2,145,605‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

67,216,956‌

(67,216,956‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

1,006,730‌

(1,006,730‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

10,590‌

(10,590‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

135,776,951‌

(135,776,951‌)

–‌

–‌

HSBC

Bank

PLC

......................................

101,828,853‌

(101,828,853‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

864,803‌

(864,803‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

117,623,903‌

(117,623,903‌)

–‌

–‌

Jefferies

LLC

.........................................

11,647,225‌

(11,647,225‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

6,461‌

(6,461‌)

–‌

–‌

Morgan

Stanley

.......................................

65,920,339‌

(65,920,339‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,573,733‌

(5,573,733‌)

–‌

–‌

Natixis

SA

...........................................

2,215,537‌

(2,215,537‌)

–‌

–‌

Pershing

LLC

.........................................

415,235‌

(415,235‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

17,746,847‌

(17,746,847‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

42,492,905‌

(42,492,905‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

15,521,197‌

(15,521,197‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,912,437‌

(6,912,437‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

66,870,272‌

(66,870,272‌)

–‌

–‌

UBS

AG

............................................

39,339,137‌

(39,339,137‌)

–‌

–‌

UBS

Securities

LLC

....................................

11,489,464‌

(11,489,464‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

55

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to 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:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

Each Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Core

S&P

Total

U.S.

Stock

Market

(continued)

Virtu

Americas

LLC

.....................................

$

4,496,258‌

$

(4,496,258‌)

$

–‌

$

–‌

Wells

Fargo

Bank

N.A.

..................................

4,328,072‌

(4,328,072‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

5,644,647‌

(5,644,647‌)

–‌

–‌

$

1,027,567,574‌

$

(1,027,567,574‌)

$

–‌

$

–‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

iShares

ETF

Investment

Advisory

Fees

Core

S&P

500

....................................................................................................

0.03‌

%

Core

S&P

Total

U.S.

Stock

Market

......................................................................................

0.03‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

56

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

iShares

ETF

Amounts

Core

S&P

500

...........................................................................................................

$

1,137,211‌

Core

S&P

Total

U.S.

Stock

Market

.............................................................................................

1,413,325‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

S&P

500

........................................................................

$

1,071,694,562‌

$

530,235,638‌

$

(355,270,334‌)

Core

S&P

Total

U.S.

Stock

Market

..........................................................

71,719,503‌

128,126,561‌

(35,406,520‌)

iShares

ETF

Purchases

Sales

Core

S&P

500

........................................................................................

$

5,523,033,249‌

$

5,209,787,039‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

990,325,165‌

960,567,271‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

S&P

500

........................................................................................

$

36,571,632,235‌

$

31,748,808,994‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

6,630,420,687‌

4,335,535,648‌

iShares

ETF

Amounts

Core

S&P

500

..........................................................................................................

$

4,768,706,162‌

Core

S&P

Total

U.S.

Stock

Market

............................................................................................

277,482,313‌

Notes

to

Financial

Statements

(unaudited)

(continued)

57

Notes

to

Financial

Statements

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

S&P

500

...................................................

$

287,432,994,480‌

$

16,456,478,041‌

$

(32,712,096,489‌)

$

(16,255,618,448‌)

Core

S&P

Total

U.S.

Stock

Market

......................................

36,571,994,802‌

5,795,794,923‌

(3,866,635,223‌)

1,929,159,700‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

58

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31, 2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Core

S&P

500

Shares

sold

90,400,000‌

$

36,721,902,861‌

233,500,000‌

$

104,876,081,561‌

Shares

redeemed

(76,800,000‌)

(31,872,266,090‌)

(158,300,000‌)

(71,081,461,885‌)

13,600,000‌

$

4,849,636,771‌

75,200,000‌

$

33,794,619,676‌

Core

S&P

Total

U.S.

Stock

Market

Shares

sold

79,050,000‌

$

6,674,795,084‌

67,200,000‌

$

6,724,020,212‌

Shares

redeemed

(51,000,000‌)

(4,363,235,876‌)

(17,950,000‌)

(1,793,546,705‌)

28,050,000‌

$

2,311,559,208‌

49,250,000‌

$

4,930,473,507‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

59

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Core

S&P

500

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“

Broadridge

”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

60

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

T

he

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

61

Board

Review

and

Approval

of

Investment

Advisory

Contract

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“

Broadridge

”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

62

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

T

he

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

63

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Core

S&P

500

(a)

.......................

$

3.166663‌

$

—‌

$

0.021899‌

$

3.188562‌

99‌%

—‌%

1‌%

100‌%

Core

S&P

Total

U.S.

Stock

Market

..........

0.677938‌

—‌

—‌

0.677938‌

100‌

—‌

—‌

100‌

(a)

Each

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

each

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

each

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

each

Fund’s

net

asset

value

per

share.

General

Information

2022

iShares

Semi-Annual

Report

to

Shareholders

64

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

pr

ospectuses

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 each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

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

65

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-SAR-319-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Russell

2000

ETF

|

IWM

|

NYSE

Arca

iShares

Russell

2000

Growth

ETF

|

IWO

|

NYSE

Arca

iShares

Russell

2000

Value

ETF

|

IWN

|

NYSE

Arca

Dear

Shareholder,

The

12-month

reporting

period

as

of September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedules

of

Investments

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

58

Statements

of

Operations

................................................................................................

59

Statements

of

Changes

in

Net

Assets

........................................................................................

60

Financial

Highlights

.....................................................................................................

62

Notes

to

Financial

Statements

...............................................................................................

65

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

73

Supplemental

Information

.................................................................................................

79

General

Information

.....................................................................................................

80

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

81

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Russell

2000

ETF

Investment

Objective

The 

iShares

Russell

2000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2000

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.03‌)%

(23.56‌)%

3.48‌%

8.54‌%

(23.56‌)%

18.64‌%

126.83‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.02‌)

(23.63‌)

3.46‌

8.54‌

(23.63‌)

18.52‌

126.86‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.01‌)

(23.50‌)

3.55‌

8.55‌

(23.50‌)

19.08‌

127.20‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

809.70‌

$

0.86‌

$

1,000.00‌

$

1,024.12‌

$

0.96‌

0.19‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

18.9‌

%

Financials

......................................

17.2‌

Industrials

......................................

14.8‌

Information

Technology

.............................

12.9‌

Consumer

Discretionary

............................

10.2‌

Real

Estate

.....................................

6.4‌

Energy

........................................

6.1‌

Materials

......................................

4.0‌

Consumer

Staples

................................

3.4‌

Utilities

........................................

3.4‌

Communication

Services

............................

2.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Shockwave

Medical,

Inc.

.............................

0.5‌

%

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

.................

0.4‌

Chart

Industries,

Inc.

...............................

0.3‌

Karuna

Therapeutics,

Inc.

............................

0.3‌

Apellis

Pharmaceuticals,

Inc.

..........................

0.3‌

Murphy

USA,

Inc.

.................................

0.3‌

RBC

Bearings,

Inc.

................................

0.3‌

SouthState

Corp.

..................................

0.3‌

Texas

Roadhouse,

Inc.

..............................

0.3‌

Chord

Energy

Corp.

................................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

5

Fund

Summary

iShares

®

Russell

2000

Growth

ETF

Investment

Objective

The 

iShares

Russell

2000

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

growth

characteristics, as

represented

by

the

Russell

2000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.01‌)%

(29.27‌)%

3.55‌%

8.85‌%

(29.27‌)%

19.07‌%

133.56‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(18.88‌)

(29.20‌)

3.56‌

8.87‌

(29.20‌)

19.10‌

133.94‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.06‌)

(29.27‌)

3.60‌

8.81‌

(29.27‌)

19.32‌

132.59‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

809.90‌

$

1.09‌

$

1,000.00‌

$

1,023.87‌

$

1.22‌

0.24‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

25.3‌

%

Information

Technology

.............................

19.5‌

Industrials

......................................

17.2‌

Consumer

Discretionary

............................

10.8‌

Energy

........................................

6.5‌

Financials

......................................

6.0‌

Materials

......................................

4.3‌

Consumer

Staples

................................

4.2‌

Communication

Services

............................

2.4‌

Real

Estate

.....................................

2.2‌

Utilities

........................................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Shockwave

Medical,

Inc.

.............................

0.9‌

%

Chart

Industries,

Inc.

...............................

0.6‌

Karuna

Therapeutics,

Inc.

............................

0.6‌

Apellis

Pharmaceuticals,

Inc.

..........................

0.6‌

Murphy

USA,

Inc.

.................................

0.5‌

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

.................

0.5‌

Texas

Roadhouse,

Inc.

..............................

0.5‌

Iridium

Communications,

Inc.

..........................

0.5‌

EMCOR

Group,

Inc.

................................

0.5‌

HealthEquity,

Inc.

..................................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Russell

2000

Value

ETF

Investment

Objective

The

iShares

Russell

2000

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit value

characteristics, as

represented

by

the

Russell

2000

®

 Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.26‌)%

(17.87‌)%

2.70‌%

7.80‌%

(17.87‌)%

14.24‌%

111.90‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.25‌)

(17.94‌)

2.68‌

7.80‌

(17.94‌)

14.15‌

111.93‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.18‌)

(17.69‌)

2.87‌

7.94‌

(17.69‌)

15.21‌

114.78‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

807.40‌

$

1.09‌

$

1,000.00‌

$

1,023.87‌

$

1.22‌

0.24‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

29.0‌

%

Industrials

......................................

12.4‌

Health

Care

....................................

12.1‌

Real

Estate

.....................................

10.8‌

Consumer

Discretionary

............................

9.6‌

Information

Technology

.............................

5.9‌

Energy

........................................

5.7‌

Utilities

........................................

5.1‌

Materials

......................................

3.7‌

Communication

Services

............................

3.0‌

Consumer

Staples

................................

2.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

SouthState

Corp.

..................................

0.6‌

%

Agree

Realty

Corp.

................................

0.5‌

STAG

Industrial,

Inc.

...............................

0.5‌

RBC

Bearings,

Inc.

................................

0.5‌

Old

National

Bancorp

...............................

0.5‌

Selective

Insurance

Group,

Inc.

........................

0.5‌

Glacier

Bancorp,

Inc.

...............................

0.5‌

United

Bankshares,

Inc.

.............................

0.4‌

Valley

National

Bancorp

.............................

0.4‌

TEGNA,

Inc.

.....................................

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance

/

Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

2000

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.9%

AAR

Corp.

(a)

......................

760,219

$

27,231,045

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

1,723,768

68,933,482

AeroVironment

,

Inc.

(a)(b)

...............

537,680

44,821,005

AerSale

Corp.

(a)(b)

...................

335,132

6,213,347

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

3,101,608

8,095,197

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

3,108,126

1,899,065

Astronics

Corp.

(a)(b)

..................

532,957

4,189,042

Cadre

Holdings,

Inc.

(b)

................

406,018

9,768,793

Ducommun,

Inc.

(a)(b)

.................

233,874

9,275,443

Kaman

Corp.

.....................

620,445

17,329,029

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

2,718,256

27,617,481

Maxar

Technologies,

Inc.

(b)

............

1,594,541

29,849,807

Momentus

,

Inc.,

Class

A

(a)(b)

............

1,080,452

1,480,219

Moog,

Inc.,

Class

A

.................

627,046

44,112,686

National

Presto

Industries,

Inc.

..........

110,593

7,194,075

Park

Aerospace

Corp.

................

429,370

4,740,245

Parsons

Corp.

(a)(b)

...................

739,430

28,985,656

Redwire

Corp.

(a)(b)

...................

378,770

901,473

Rocket

Lab

USA,

Inc.

(a)(b)

..............

4,743,641

19,306,619

Terran

Orbital

Corp.

(a)(b)

...............

461,692

817,195

Triumph

Group,

Inc.

(a)

................

1,420,484

12,201,957

V2X,

Inc.

(a)(b)

......................

260,810

9,232,674

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

5,017,373

23,631,827

407,827,362

Air

Freight

&

Logistics

—

0.4%

(b)

Air

Transport

Services

Group,

Inc.

(a)

......

1,284,422

30,941,726

Atlas

Air

Worldwide

Holdings,

Inc.

(a)

......

605,845

57,900,607

Forward

Air

Corp.

..................

587,985

53,071,526

Hub

Group,

Inc.,

Class

A

(a)

.............

732,002

50,493,498

Radiant

Logistics,

Inc.

(a)

..............

844,708

4,806,388

197,213,745

Airlines

—

0.3%

Allegiant

Travel

Co.

(a)

................

336,550

24,561,419

Blade

Air

Mobility,

Inc.,

Class

A

(a)(b)

.......

1,265,593

5,100,340

Frontier

Group

Holdings,

Inc.

(a)(b)

.........

816,024

7,915,433

Hawaiian

Holdings,

Inc.

(a)(b)

............

1,126,697

14,816,066

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

5,427,148

23,499,551

SkyWest,

Inc.

(a)

....................

1,103,846

17,948,536

Spirit

Airlines,

Inc.

(b)

.................

2,380,070

44,792,917

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

729,169

9,923,990

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

3,435,588

3,950,926

152,509,178

Auto

Components

—

1.3%

Adient

plc

(a)(b)

......................

2,075,199

57,586,772

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

2,435,800

16,636,514

Dana,

Inc.

........................

2,811,798

32,138,851

Dorman

Products,

Inc.

(a)

..............

571,577

46,937,903

Fox

Factory

Holding

Corp.

(a)(b)

..........

927,335

73,333,652

Gentherm

,

Inc.

(a)

...................

719,411

35,776,309

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

6,097,107

61,519,810

Holley,

Inc.

(a)(b)

.....................

1,097,606

4,445,304

LCI

Industries

.....................

540,810

54,870,583

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

5,321,369

38,766,173

Modine

Manufacturing

Co.

(a)(b)

..........

1,087,534

14,072,690

Motorcar

Parts

of

America,

Inc.

(a)(b)

.......

398,740

6,068,823

Patrick

Industries,

Inc.

...............

478,456

20,975,511

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

2,806,698

14,763,231

Standard

Motor

Products,

Inc.

..........

423,163

13,752,798

Stoneridge,

Inc.

(a)(b)

..................

559,457

9,482,796

Tenneco,

Inc.,

Class

A

(a)(b)

.............

1,775,420

30,874,554

Visteon

Corp.

(a)(b)

...................

605,556

64,225,269

Security

Shares

Shares

Value

Auto

Components

(continued)

XPEL,

Inc.

(a)(b)(c)

....................

471,289

$

30,369,863

626,597,406

Automobiles

—

0.2%

(b)

Canoo

,

Inc.,

Class

A

(a)

................

3,081,008

5,776,890

Cenntro

Electric

Group

Ltd.

(a)

...........

4,191,840

4,317,595

Faraday

Future

Intelligent

Electric,

Inc.

(a)

...

2,153,505

1,370,060

Fisker

,

Inc.,

Class

A

(a)

................

3,536,586

26,701,224

Lordstown

Motors

Corp.,

Class

A

(a)

.......

3,721,131

6,809,670

Mullen

Automotive,

Inc.

(a)

..............

7,347,143

2,408,394

Winnebago

Industries,

Inc.

............

678,056

36,079,360

Workhorse

Group,

Inc.

(a)

..............

3,390,944

9,732,009

93,195,202

Banks

—

10.1%

1st

Source

Corp.

...................

364,130

16,859,219

ACNB

Corp.

......................

179,164

5,382,087

Allegiance

Bancshares,

Inc.

............

422,668

17,595,669

Amalgamated

Financial

Corp.

..........

314,126

7,083,541

Amerant

Bancorp,

Inc.,

Class

A

(b)

........

602,753

14,972,384

American

National

Bankshares

,

Inc.

......

236,858

7,567,613

Ameris

Bancorp

....................

1,427,709

63,832,869

Arrow

Financial

Corp.

................

313,998

9,049,422

Associated

Banc-Corp.

...............

3,243,487

65,129,219

Atlantic

Union

Bankshares

Corp.

........

1,625,163

49,372,452

Banc

of

California,

Inc.

...............

1,167,344

18,642,484

BancFirst

Corp.

(b)

...................

430,129

38,483,642

Bancorp,

Inc.

(The)

(a)(b)

...............

1,176,691

25,863,668

Bank

First

Corp.

(b)

..................

147,480

11,279,270

Bank

of

Marin

Bancorp

...............

351,347

10,522,843

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

1,087,982

35,315,896

BankUnited

,

Inc.

...................

1,690,296

57,757,414

Bankwell

Financial

Group,

Inc.

..........

119,376

3,475,035

Banner

Corp.

.....................

688,510

40,677,171

Bar

Harbor

Bankshares

..............

324,614

8,608,763

BayCom

Corp.

(b)

...................

272,571

4,791,798

BCB

Bancorp,

Inc.

..................

304,675

5,127,680

Berkshire

Hills

Bancorp,

Inc.

...........

938,965

25,633,744

Blue

Ridge

Bankshares

,

Inc.

...........

389,305

4,948,067

Brookline

Bancorp,

Inc.

...............

1,694,763

19,743,989

Business

First

Bancshares,

Inc.

.........

434,832

9,361,933

Byline

Bancorp,

Inc.

.................

554,101

11,220,545

Cadence

Bank

....................

3,760,243

95,547,775

Cambridge

Bancorp

.................

151,097

12,048,475

Camden

National

Corp.

..............

327,185

13,938,081

Capital

Bancorp,

Inc.

................

191,485

4,423,303

Capital

City

Bank

Group,

Inc.

...........

300,762

9,356,706

Capstar

Financial

Holdings,

Inc.

.........

465,301

8,622,028

Carter

Bankshares

,

Inc.

(a)(b)

............

547,074

8,807,891

Cathay

General

Bancorp

..............

1,567,516

60,286,665

CBTX,

Inc.

.......................

424,382

12,413,173

Central

Pacific

Financial

Corp.

..........

550,458

11,388,976

Citizens

&

Northern

Corp.

.............

340,492

8,233,097

City

Holding

Co.

...................

319,645

28,349,315

Civista

Bancshares,

Inc.

..............

317,737

6,596,220

CNB

Financial

Corp.

.................

359,497

8,473,344

Coastal

Financial

Corp.

(a)(b)

............

222,200

8,830,228

Colony

Bankcorp

,

Inc.

...............

347,121

4,522,987

Columbia

Banking

System,

Inc.

.........

1,690,281

48,832,218

Community

Bank

System,

Inc.

..........

1,154,356

69,353,708

Community

Trust

Bancorp,

Inc.

.........

354,958

14,393,547

ConnectOne

Bancorp,

Inc.

............

813,939

18,769,433

CrossFirst

Bankshares

,

Inc.

(a)(b)

.........

1,043,089

13,612,311

Customers

Bancorp,

Inc.

(a)

.............

674,293

19,878,158

CVB

Financial

Corp.

.................

2,884,920

73,046,174

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Dime

Community

Bancshares,

Inc.

.......

722,613

$

21,158,109

Eagle

Bancorp,

Inc.

.................

695,132

31,155,816

Eastern

Bankshares

,

Inc.

(b)

............

3,384,301

66,467,672

Enterprise

Bancorp,

Inc.

..............

196,486

5,876,896

Enterprise

Financial

Services

Corp.

(b)

.....

771,773

33,988,883

Equity

Bancshares,

Inc.,

Class

A

........

307,272

9,104,469

Esquire

Financial

Holdings,

Inc.

.........

146,970

5,518,723

Farmers

&

Merchants

Bancorp,

Inc.

(b)

.....

256,618

6,895,326

Farmers

National

Banc

Corp.

...........

699,412

9,155,303

FB

Financial

Corp.

(b)

.................

761,643

29,102,379

Financial

Institutions,

Inc.

.............

358,408

8,626,881

First

Bancorp

.....................

782,358

28,618,656

First

BanCorp

.....................

4,018,770

54,976,774

First

Bancorp,

Inc.

(The)

..............

227,249

6,260,710

First

Bancshares,

Inc.

(The)

(b)

..........

446,825

13,346,663

First

Bank

........................

346,429

4,735,684

First

Busey

Corp.

...................

1,132,885

24,900,812

First

Business

Financial

Services,

Inc.

(b)

....

170,085

5,495,446

First

Commonwealth

Financial

Corp.

......

2,010,661

25,816,887

First

Community

Bankshares

,

Inc.

.......

370,974

11,882,297

First

Financial

Bancorp

...............

2,038,212

42,965,509

First

Financial

Bankshares

,

Inc.

(b)

........

2,835,573

118,612,019

First

Financial

Corp.

.................

249,341

11,267,720

First

Foundation,

Inc.

................

1,108,140

20,101,660

First

Guaranty

Bancshares,

Inc.

.........

87,426

1,912,881

First

Internet

Bancorp

(b)

...............

199,184

6,744,370

First

Interstate

BancSystem

,

Inc.,

Class

A

..

1,982,615

79,998,515

First

Merchants

Corp.

................

1,243,324

48,091,772

First

Mid

Bancshares,

Inc.

.............

401,257

12,828,186

First

of

Long

Island

Corp.

(The)

.........

507,153

8,743,318

First

Western

Financial,

Inc.

(a)(b)

.........

167,414

4,126,755

Five

Star

Bancorp

..................

249,594

7,078,486

Flushing

Financial

Corp.

..............

648,912

12,569,425

Fulton

Financial

Corp.

................

3,501,055

55,316,669

FVCBankcorp

,

Inc.

(a)(b)

...............

253,307

4,855,895

German

American

Bancorp,

Inc.

.........

573,244

20,470,543

Glacier

Bancorp,

Inc.

................

2,415,666

118,681,671

Great

Southern

Bancorp,

Inc.

(b)

.........

200,495

11,442,250

Guaranty

Bancshares,

Inc.

(b)

...........

174,910

6,050,137

Hancock

Whitney

Corp.

..............

1,875,537

85,918,350

Hanmi

Financial

Corp.

...............

640,061

15,156,644

HarborOne

Bancorp,

Inc.

.............

1,001,018

13,433,662

HBT

Financial,

Inc.

..................

205,052

3,721,694

Heartland

Financial

USA,

Inc.

..........

888,434

38,522,498

Heritage

Commerce

Corp.

.............

1,293,418

14,667,360

Heritage

Financial

Corp.

..............

762,866

20,193,063

Hilltop

Holdings,

Inc.

.................

1,092,480

27,148,128

Home

BancShares

,

Inc.

..............

4,145,753

93,320,900

HomeStreet

,

Inc.

...................

396,143

11,412,880

HomeTrust

Bancshares,

Inc.

...........

350,877

7,754,382

Hope

Bancorp,

Inc.

.................

2,553,370

32,274,597

Horizon

Bancorp,

Inc.

................

912,980

16,397,121

Independent

Bank

Corp.

..............

1,472,712

82,980,387

Independent

Bank

Group,

Inc.

..........

787,259

48,329,830

International

Bancshares

Corp.

(b)

........

1,174,434

49,913,445

John

Marshall

Bancorp,

Inc.

(b)

..........

241,580

5,933,205

Lakeland

Bancorp,

Inc.

...............

1,377,255

22,049,853

Lakeland

Financial

Corp.

..............

537,748

39,153,432

Live

Oak

Bancshares,

Inc.

(b)

............

724,337

22,164,712

Macatawa

Bank

Corp.

...............

584,130

5,409,044

Mercantile

Bank

Corp.

...............

354,876

10,543,366

Metrocity

Bankshares

,

Inc.

............

427,914

8,404,231

Metropolitan

Bank

Holding

Corp.

(a)(b)

......

227,730

14,656,703

Mid

Penn

Bancorp,

Inc.

...............

312,230

8,970,368

Midland

States

Bancorp,

Inc.

...........

478,495

11,278,127

Security

Shares

Shares

Value

Banks

(continued)

MidWestOne

Financial

Group,

Inc.

.......

322,918

$

8,812,432

MVB

Financial

Corp.

................

219,193

6,100,141

National

Bank

Holdings

Corp.,

Class

A

....

654,478

24,209,141

NBT

Bancorp,

Inc.

..................

919,347

34,889,219

Nicolet

Bankshares

,

Inc.

(a)(b)

............

274,128

19,309,576

Northeast

Bank

(b)

...................

142,400

5,221,808

Northwest

Bancshares,

Inc.

............

2,643,639

35,715,563

OceanFirst

Financial

Corp.

............

1,272,646

23,722,121

OFG

Bancorp

.....................

1,022,354

25,691,756

Old

National

Bancorp

................

6,390,157

105,245,886

Old

Second

Bancorp,

Inc.

.............

899,211

11,734,704

Origin

Bancorp,

Inc.

.................

504,469

19,406,922

Orrstown

Financial

Services,

Inc.

........

238,044

5,694,012

Pacific

Premier

Bancorp,

Inc.

...........

2,030,659

62,869,203

Park

National

Corp.

.................

313,441

39,017,136

Parke

Bancorp,

Inc.

(b)

................

214,367

4,493,132

Pathward

Financial,

Inc.

..............

624,653

20,588,563

PCB

Bancorp

.....................

246,674

4,457,399

PCSB

Financial

Corp.

(b)

..............

290,888

5,215,622

Peapack

-Gladstone

Financial

Corp.

(b)

.....

393,165

13,230,002

Peoples

Bancorp,

Inc.

...............

579,885

16,776,073

Peoples

Financial

Services

Corp.

........

155,021

7,261,184

Preferred

Bank

....................

212,051

13,832,087

Premier

Financial

Corp.

..............

790,335

20,311,609

Primis

Financial

Corp.

................

544,453

6,604,215

Professional

Holding

Corp.,

Class

A

(a)(b)

....

273,923

7,105,563

QCR

Holdings,

Inc.

(b)

................

358,273

18,250,427

RBB

Bancorp

.....................

323,620

6,724,824

Red

River

Bancshares,

Inc.

(b)

...........

101,059

4,995,346

Renasant

Corp.

....................

1,180,886

36,938,114

Republic

Bancorp,

Inc.,

Class

A

.........

194,016

7,430,813

Republic

First

Bancorp,

Inc.

(a)(b)

.........

969,491

2,743,660

S&T

Bancorp,

Inc.

..................

794,390

23,283,571

Sandy

Spring

Bancorp,

Inc.

............

978,164

34,490,063

Seacoast

Banking

Corp.

of

Florida

.......

1,281,128

38,728,499

ServisFirst

Bancshares,

Inc.

(b)

..........

1,090,538

87,243,040

Shore

Bancshares,

Inc.

...............

377,434

6,537,157

Sierra

Bancorp

....................

313,671

6,195,002

Silvergate

Capital

Corp.,

Class

A

(a)(b)

......

682,779

51,447,398

Simmons

First

National

Corp.,

Class

A

....

2,663,598

58,039,800

SmartFinancial

,

Inc.

.................

306,317

7,569,093

South

Plains

Financial,

Inc.

............

238,945

6,585,324

Southern

First

Bancshares,

Inc.

(a)(b)

.......

170,905

7,119,902

Southside

Bancshares,

Inc.

............

680,863

24,075,316

SouthState

Corp.

...................

1,627,471

128,765,505

Stock

Yards

Bancorp,

Inc.

(b)

............

616,471

41,926,193

Summit

Financial

Group,

Inc.

...........

250,135

6,738,637

Texas

Capital

Bancshares,

Inc.

(a)

........

1,086,286

64,123,463

Third

Coast

Bancshares,

Inc.

(a)(b)

.........

269,651

4,613,729

Tompkins

Financial

Corp.

.............

302,281

21,951,646

Towne

Bank

......................

1,477,988

39,654,418

TriCo

Bancshares

..................

683,026

30,497,111

Triumph

Bancorp,

Inc.

(a)(b)

.............

511,430

27,796,220

Trustmark

Corp.

...................

1,341,665

41,095,199

UMB

Financial

Corp.

................

960,142

80,930,369

United

Bankshares

,

Inc.

..............

2,836,972

101,421,749

United

Community

Banks,

Inc.

..........

2,237,778

74,070,452

Unity

Bancorp,

Inc.

(b)

................

149,236

3,747,316

Univest

Financial

Corp.

...............

660,120

15,499,618

USCB

Financial

Holdings,

Inc.,

Class

A

(a)(b)

..

228,451

2,994,993

Valley

National

Bancorp

..............

9,377,745

101,279,646

Veritex

Holdings,

Inc.

................

1,124,669

29,904,949

Washington

Federal,

Inc.

..............

1,426,861

42,777,293

Washington

Trust

Bancorp,

Inc.

.........

386,283

17,954,434

WesBanco

,

Inc.

....................

1,259,172

42,018,570

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

West

BanCorp

,

Inc.

.................

356,635

$

7,421,574

Westamerica

BanCorp

(b)

..............

572,622

29,942,404

4,785,710,285

Beverages

—

0.6%

Celsius

Holdings,

Inc.

(a)(b)

..............

1,207,366

109,483,949

Coca-Cola

Consolidated,

Inc.

(b)

.........

101,961

41,980,403

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

803,964

11,601,201

MGP

Ingredients,

Inc.

(b)

...............

301,547

32,012,229

National

Beverage

Corp.

..............

513,854

19,803,933

Primo

Water

Corp.

..................

3,446,017

43,247,513

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

603,870

1,672,720

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

600,228

6,836,597

266,638,545

Biotechnology

—

8.4%

(a)

2seventy

bio,

Inc.

(b)

.................

828,019

12,047,676

4D

Molecular

Therapeutics,

Inc.

.........

630,795

5,071,592

Aadi

Bioscience,

Inc.

(b)

...............

327,028

4,620,906

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

2,610,654

42,710,299

Adicet

Bio,

Inc.

(b)

...................

620,998

8,830,592

ADMA

Biologics,

Inc.

(b)

...............

3,998,075

9,715,322

Aerovate

Therapeutics,

Inc.

(b)

...........

222,757

3,693,311

Affimed

NV

(b)

......................

3,024,170

6,229,790

Agenus,

Inc.

(b)

.....................

6,182,298

12,673,711

Agios

Pharmaceuticals,

Inc.

(b)

..........

1,187,875

33,593,105

Akero

Therapeutics,

Inc.

(b)

.............

603,592

20,552,308

Albireo

Pharma,

Inc.

(b)

................

381,945

7,394,455

Alector

,

Inc.

(b)

.....................

1,378,094

13,036,769

Alkermes

plc

(b)

.....................

3,542,125

79,095,651

Allogene

Therapeutics,

Inc.

(b)

...........

1,741,482

18,808,006

Allovir

,

Inc.

(b)

......................

642,715

5,071,021

Alpine

Immune

Sciences,

Inc.

(b)

.........

319,842

2,302,862

ALX

Oncology

Holdings,

Inc.

(b)

..........

477,675

4,571,350

Amicus

Therapeutics,

Inc.

(b)

............

6,007,997

62,723,489

AnaptysBio

,

Inc.

(b)

..................

443,777

11,320,751

Anavex

Life

Sciences

Corp.

(b)

...........

1,521,618

15,703,098

Anika

Therapeutics,

Inc.

(b)

.............

314,512

7,485,386

Apellis

Pharmaceuticals,

Inc.

(b)

..........

2,039,633

139,306,934

Arbutus

Biopharma

Corp.

(b)

............

2,263,160

4,322,636

Arcellx

,

Inc.

(b)

.....................

632,190

11,866,206

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

499,966

7,409,496

Arcus

Biosciences,

Inc.

(b)

..............

1,106,094

28,935,419

Arcutis

Biotherapeutics

,

Inc.

(b)

..........

888,721

16,983,458

Arrowhead

Pharmaceuticals,

Inc.

(b)

.......

2,253,302

74,471,631

Atara

Biotherapeutics

,

Inc.

(b)

...........

2,087,879

7,892,183

Aura

Biosciences,

Inc.

(b)

..............

398,857

7,227,289

Aurinia

Pharmaceuticals,

Inc.

(b)

..........

2,889,875

21,731,860

Avid

Bioservices

,

Inc.

(b)

...............

1,349,656

25,805,423

Avidity

Biosciences,

Inc.

(b)

.............

1,111,739

18,154,698

Beam

Therapeutics,

Inc.

(b)

.............

1,383,094

65,890,598

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

4,062,116

51,182,662

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

..

1,374,286

207,750,815

Bioxcel

Therapeutics,

Inc.

(b)

............

423,866

5,010,096

Bluebird

Bio,

Inc.

(b)

..................

1,690,422

10,700,371

Blueprint

Medicines

Corp.

(b)

............

1,299,331

85,612,920

Bridgebio

Pharma,

Inc.

(b)

..............

2,258,968

22,454,142

C4

Therapeutics,

Inc.

(b)

...............

898,882

7,883,195

CareDx

,

Inc.

(b)

.....................

1,116,411

19,001,315

Caribou

Biosciences,

Inc.

(b)

............

1,211,519

12,781,525

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

2,054,246

26,355,976

Celldex

Therapeutics,

Inc.

(b)

............

1,003,960

28,221,316

Celularity

,

Inc.,

Class

A

(b)

..............

1,309,286

3,024,451

Century

Therapeutics,

Inc.

(b)

...........

420,298

4,156,747

Cerevel

Therapeutics

Holdings,

Inc.

(b)

.....

1,187,959

33,571,721

Security

Shares

Shares

Value

Biotechnology

(continued)

ChemoCentryx

,

Inc.

(b)

................

1,374,978

$

71,031,363

Chimerix

,

Inc.

(b)

....................

1,832,061

3,535,878

Chinook

Therapeutics,

Inc.

............

1,080,854

21,249,590

Cogent

Biosciences,

Inc.

(b)

.............

1,388,086

20,710,243

Coherus

Biosciences,

Inc.

(b)

............

1,613,411

15,504,880

Crinetics

Pharmaceuticals,

Inc.

(b)

........

1,135,075

22,292,873

CTI

BioPharma

Corp.

(b)

...............

2,181,279

12,695,044

Cullinan

Oncology,

Inc.

(b)

..............

640,578

8,212,210

Cytokinetics,

Inc.

(b)

..................

1,783,414

86,406,408

Day

One

Biopharmaceuticals,

Inc.

(b)

......

603,217

12,082,437

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

971,761

17,977,579

Denali

Therapeutics,

Inc.

(b)

............

2,158,889

66,256,303

Design

Therapeutics,

Inc.

(b)

............

737,044

12,323,376

Dynavax

Technologies

Corp.

(b)

..........

2,587,000

27,008,280

Dyne

Therapeutics,

Inc.

..............

689,789

8,760,320

Eagle

Pharmaceuticals,

Inc.

(b)

..........

227,627

6,013,905

Editas

Medicine,

Inc.

(b)

...............

1,512,776

18,516,378

Eiger

BioPharmaceuticals

,

Inc.

(b)

.........

866,593

6,525,445

Emergent

BioSolutions

,

Inc.

(b)

..........

1,093,310

22,948,577

Enanta

Pharmaceuticals,

Inc.

(b)

.........

428,251

22,213,379

Enochian

Biosciences,

Inc.

(b)

...........

344,085

622,794

EQRx

,

Inc.

(b)

......................

4,349,733

21,531,178

Erasca

,

Inc.

(b)

.....................

1,408,006

10,982,447

Fate

Therapeutics,

Inc.

(b)

..............

1,812,064

40,608,354

FibroGen

,

Inc.

(b)

....................

1,882,502

24,491,351

Foghorn

Therapeutics,

Inc.

(b)

...........

425,139

3,647,693

Forma

Therapeutics

Holdings,

Inc.

.......

787,789

15,716,391

Generation

Bio

Co.

(b)

................

1,047,888

5,564,285

Geron

Corp.

(b)

.....................

7,915,651

18,522,623

Global

Blood

Therapeutics,

Inc.

(b)

........

1,403,688

95,591,153

Gossamer

Bio,

Inc.

(b)

................

1,368,083

16,389,634

GreenLight

Biosciences

Holdings

PBC

(b)

...

1,321,727

3,066,407

Halozyme

Therapeutics,

Inc.

(b)

..........

2,946,487

116,504,096

Heron

Therapeutics,

Inc.

(b)

.............

2,220,656

9,371,168

HilleVax

,

Inc.

(b)

.....................

269,270

4,601,824

Humacyte

,

Inc.

(b)

...................

370,277

1,207,103

Icosavax

,

Inc.

(b)

....................

496,434

1,568,731

Ideaya

Biosciences,

Inc.

(b)

.............

756,848

11,292,172

IGM

Biosciences,

Inc.

(b)

...............

222,021

5,048,758

Imago

Biosciences,

Inc.

(b)

.............

580,500

8,736,525

ImmunityBio

,

Inc.

(b)

..................

1,800,804

8,949,996

ImmunoGen

,

Inc.

(b)

..................

4,688,791

22,412,421

Immunovant

,

Inc.

(b)

..................

864,334

4,822,984

Inhibrx

,

Inc.

(b)

.....................

637,385

11,441,061

Inovio

Pharmaceuticals,

Inc.

(b)

..........

5,406,326

9,325,912

Insmed

,

Inc.

(b)

.....................

2,586,086

55,704,292

Instil

Bio,

Inc.

(b)

....................

1,490,767

7,215,312

Intellia

Therapeutics,

Inc.

(b)

............

1,640,253

91,788,558

Intercept

Pharmaceuticals,

Inc.

(b)

........

512,237

7,145,706

Invivyd

,

Inc.

(b)

.....................

1,126,464

3,525,832

Iovance

Biotherapeutics

,

Inc.

(b)

..........

3,310,789

31,717,359

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(b)

..

2,994,550

31,023,538

iTeos

Therapeutics,

Inc.

..............

514,709

9,805,206

IVERIC

bio,

Inc.

(b)

...................

2,587,680

46,422,979

Janux

Therapeutics,

Inc.

(b)

.............

358,049

4,847,983

Jounce

Therapeutics,

Inc.

(b)

............

889,014

2,080,293

KalVista

Pharmaceuticals,

Inc.

(b)

.........

529,065

7,676,733

Karuna

Therapeutics,

Inc.

(b)

............

649,973

146,198,427

Karyopharm

Therapeutics,

Inc.

(b)

........

1,629,046

8,894,591

Keros

Therapeutics,

Inc.

(b)

.............

391,620

14,732,744

Kezar

Life

Sciences,

Inc.

(b)

.............

1,145,065

9,859,010

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

681,738

8,753,516

Kinnate

Biopharma,

Inc.

(b)

.............

621,004

7,420,998

Kodiak

Sciences,

Inc.

................

725,610

5,616,221

Kronos

Bio,

Inc.

(b)

...................

845,273

2,831,665

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Krystal

Biotech,

Inc.

(b)

................

465,733

$

32,461,590

Kura

Oncology,

Inc.

(b)

................

1,370,693

18,723,666

Kymera

Therapeutics,

Inc.

(b)

............

830,012

18,069,361

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

1,776,623

4,263,895

Ligand

Pharmaceuticals,

Inc.

(b)

..........

333,370

28,706,491

Lyell

Immunopharma

,

Inc.

(b)

............

3,770,641

27,638,799

MacroGenics

,

Inc.

(b)

.................

1,302,005

4,504,937

Madrigal

Pharmaceuticals,

Inc.

(b)

........

280,830

18,251,142

MannKind

Corp.

(b)

..................

5,461,472

16,875,949

MeiraGTx

Holdings

plc

(b)

..............

647,873

5,448,612

Mersana

Therapeutics,

Inc.

(b)

...........

1,949,998

13,181,986

MiMedx

Group,

Inc.

(b)

................

2,534,355

7,273,599

Mirum

Pharmaceuticals,

Inc.

(b)

..........

390,795

8,210,603

Monte

Rosa

Therapeutics,

Inc.

(b)

.........

602,958

4,926,167

Morphic

Holding,

Inc.

(b)

...............

570,740

16,151,942

Myriad

Genetics,

Inc.

(b)

...............

1,746,615

33,325,414

Nkarta

,

Inc.

(b)

......................

720,908

9,487,149

Nurix

Therapeutics,

Inc.

(b)

.............

1,011,732

13,182,868

Nuvalent

,

Inc.,

Class

A

(b)

..............

380,045

7,388,075

Ocugen

,

Inc.

(b)

.....................

4,605,583

8,197,938

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

1,565,896

5,073,503

Outlook

Therapeutics,

Inc.

(b)

............

2,401,494

2,929,823

Pardes

Biosciences,

Inc.

(b)

.............

695,524

1,286,719

PDL

BioPharma

,

Inc.

(d)

...............

11,853

10,454

PepGen

,

Inc.

(b)

....................

152,707

1,386,580

PMV

Pharmaceuticals,

Inc.

(b)

...........

796,023

9,472,674

Point

Biopharma

Global,

Inc.

(b)

..........

1,580,645

12,218,386

Praxis

Precision

Medicines,

Inc.

(b)

........

952,212

2,161,521

Precigen

,

Inc.

(b)

....................

2,264,435

4,800,602

Prometheus

Biosciences,

Inc.

(b)

.........

667,558

39,392,598

Protagonist

Therapeutics,

Inc.

(b)

.........

1,023,305

8,626,461

Prothena

Corp.

plc

..................

779,423

47,256,417

PTC

Therapeutics,

Inc.

(b)

..............

1,525,835

76,596,917

Rallybio

Corp.

(b)

....................

391,605

5,666,524

RAPT

Therapeutics,

Inc.

(b)

.............

576,270

13,865,056

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

2,979,988

31,707,072

REGENXBIO,

Inc.

(b)

.................

879,225

23,237,917

Relay

Therapeutics,

Inc.

(b)

.............

1,664,891

37,243,612

Replimune

Group,

Inc.

(b)

..............

861,529

14,878,606

REVOLUTION

Medicines,

Inc.

(b)

.........

1,618,675

31,920,271

Rigel

Pharmaceuticals,

Inc.

............

3,719,037

4,388,464

Rocket

Pharmaceuticals,

Inc.

(b)

..........

963,627

15,379,487

Sage

Therapeutics,

Inc.

(b)

.............

1,135,900

44,481,844

Sana

Biotechnology,

Inc.

(b)

.............

1,931,267

11,587,602

Sangamo

Therapeutics,

Inc.

(b)

..........

2,796,300

13,701,870

Seres

Therapeutics,

Inc.

(b)

.............

1,516,785

9,737,760

Sorrento

Therapeutics,

Inc.

(b)

...........

8,322,042

13,065,606

SpringWorks

Therapeutics,

Inc.

(b)

........

761,230

21,717,892

Stoke

Therapeutics,

Inc.

(b)

.............

485,183

6,229,750

Sutro

Biopharma,

Inc.

(b)

...............

1,049,507

5,824,764

Syndax

Pharmaceuticals,

Inc.

(b)

.........

1,166,238

28,024,699

Talaris

Therapeutics,

Inc.

.............

407,007

1,070,428

Tango

Therapeutics,

Inc.

(b)

.............

900,629

3,260,277

Tenaya

Therapeutics,

Inc.

(b)

............

618,679

1,794,169

TG

Therapeutics,

Inc.

(b)

...............

2,890,826

17,113,690

Travere

Therapeutics,

Inc.

(b)

............

1,327,488

32,709,304

Twist

Bioscience

Corp.

(b)

..............

1,228,874

43,305,520

Tyra

Biosciences,

Inc.

(b)

..............

249,682

2,194,705

Vanda

Pharmaceuticals,

Inc.

(b)

..........

1,172,595

11,585,239

Vaxart

,

Inc.

(b)

......................

2,798,817

6,101,421

Vaxcyte

,

Inc.

......................

1,183,014

28,392,336

VBI

Vaccines,

Inc.

(b)

.................

4,086,337

2,884,137

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

306,995

6,542,063

Veracyte

,

Inc.

(b)

....................

1,565,257

25,983,266

Vericel

Corp.

(b)

.....................

1,036,464

24,045,965

Security

Shares

Shares

Value

Biotechnology

(continued)

Verve

Therapeutics,

Inc.

(b)

.............

991,291

$

34,050,846

Vir

Biotechnology,

Inc.

(b)

..............

1,570,936

30,287,646

Viridian

Therapeutics,

Inc.

(b)

............

589,838

12,097,577

VistaGen

Therapeutics,

Inc.

(b)

...........

4,181,283

635,973

Xencor

,

Inc.

(b)

.....................

1,257,032

32,657,691

Y-

mAbs

Therapeutics,

Inc.

(b)

............

791,883

11,418,953

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

1,023,488

22,168,750

3,982,940,615

Building

Products

—

1.3%

AAON,

Inc.

.......................

953,184

51,357,554

American

Woodmark

Corp.

(a)

...........

353,764

15,516,089

Apogee

Enterprises,

Inc.

..............

488,699

18,678,076

Caesarstone

Ltd.

...................

507,871

4,728,279

CSW

Industrials,

Inc.

................

319,734

38,304,133

Gibraltar

Industries,

Inc.

(a)

.............

698,295

28,581,214

Griffon

Corp.

......................

1,003,697

29,629,135

Insteel

Industries,

Inc.

(b)

..............

406,607

10,787,284

Janus

International

Group,

Inc.

(a)(b)

.......

1,786,188

15,932,797

JELD-WEN

Holding,

Inc.

(a)(b)

............

1,843,405

16,129,794

Masonite

International

Corp.

(a)(b)

.........

489,856

34,921,834

PGT

Innovations,

Inc.

(a)

...............

1,267,633

26,569,588

Quanex

Building

Products

Corp.

.........

709,415

12,882,976

Resideo

Technologies,

Inc.

(a)

...........

3,151,749

60,072,336

Simpson

Manufacturing

Co.,

Inc.

........

940,800

73,758,720

UFP

Industries,

Inc.

.................

1,300,779

93,864,213

View,

Inc.,

Class

A

(a)(b)

................

2,321,923

3,111,377

Zurn

Elkay

Water

Solutions

Corp.

(b)

.......

2,702,692

66,215,954

601,041,353

Capital

Markets

—

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

1,304,538

35,131,208

AssetMark

Financial

Holdings,

Inc.

(a)(b)

.....

415,837

7,605,659

Associated

Capital

Group,

Inc.,

Class

A

(b)

...

36,756

1,351,151

B

Riley

Financial,

Inc.

................

446,065

19,858,814

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

1,320,793

3,011,408

BGC

Partners,

Inc.,

Class

A

............

6,989,892

21,948,261

Blucora

,

Inc.

(a)(b)

....................

1,027,912

19,879,818

Brightsphere

Investment

Group,

Inc.

......

704,169

10,499,160

Cohen

&

Steers,

Inc.

................

557,271

34,901,883

Cowen,

Inc.,

Class

A

(b)

...............

573,448

22,158,031

Diamond

Hill

Investment

Group,

Inc.

......

67,314

11,106,810

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

570,608

21,095,378

Federated

Hermes,

Inc.,

Class

B

........

1,851,505

61,321,846

Focus

Financial

Partners,

Inc.,

Class

A

(a)(b)

..

1,277,117

40,241,957

GAMCO

Investors,

Inc.,

Class

A

(b)

........

127,610

2,175,750

GCM

Grosvenor,

Inc.,

Class

A

..........

905,066

7,140,971

Hamilton

Lane,

Inc.,

Class

A

(b)

..........

772,899

46,072,509

Houlihan

Lokey

,

Inc.,

Class

A

...........

1,087,244

81,956,453

Manning

&

Napier,

Inc.,

Class

A

.........

356,566

4,375,065

MarketWise

,

Inc.,

Class

A

(a)(b)

...........

255,858

583,356

Moelis

&

Co.,

Class

A

................

1,400,459

47,349,519

Open

Lending

Corp.,

Class

A

(a)(b)

........

2,341,289

18,823,964

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

179,157

5,550,284

Perella

Weinberg

Partners,

Class

A

.......

922,586

5,839,969

Piper

Sandler

Cos.

..................

374,352

39,209,628

PJT

Partners,

Inc.,

Class

A

(b)

...........

518,139

34,622,048

Pzena

Investment

Management,

Inc.,

Class

A

349,557

3,313,800

Sculptor

Capital

Management,

Inc.,

Class

A

.

544,452

4,812,956

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

(b)

......................

210,426

3,440,465

StepStone

Group,

Inc.,

Class

A

.........

1,155,396

28,318,756

StoneX

Group,

Inc.

(a)

................

374,400

31,052,736

Value

Line,

Inc.

....................

24,655

1,082,354

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Victory

Capital

Holdings,

Inc.,

Class

A

.....

370,156

$

8,628,336

Virtus

Investment

Partners,

Inc.

.........

154,039

24,572,301

WisdomTree

Investments,

Inc.

..........

2,912,487

13,630,439

722,663,043

Chemicals

—

2.1%

AdvanSix

,

Inc.

.....................

593,216

19,042,234

American

Vanguard

Corp.

(b)

............

648,897

12,134,374

Amyris

,

Inc.

(a)(b)

....................

4,278,473

12,493,141

Aspen

Aerogels,

Inc.

(a)(b)

..............

670,277

6,179,954

Avient

Corp.

......................

1,976,715

59,894,465

Balchem

Corp.

....................

692,603

84,206,673

Cabot

Corp.

......................

1,209,597

77,281,152

Chase

Corp.

......................

159,988

13,370,197

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

1,975,983

5,829,150

Diversey

Holdings

Ltd.

(a)(b)

.............

1,699,093

8,257,592

Ecovyst

,

Inc.

(a)

.....................

1,604,734

13,543,955

FutureFuel

Corp.

...................

585,101

3,534,010

Hawkins,

Inc.

.....................

417,333

16,271,814

HB

Fuller

Co.

.....................

1,155,155

69,424,816

Ingevity

Corp.

(a)(b)

...................

839,891

50,922,591

Innospec

,

Inc.

(b)

....................

536,225

45,938,396

Intrepid

Potash,

Inc.

(a)(b)

...............

244,564

9,677,397

Koppers

Holdings,

Inc.

...............

443,136

9,208,366

Kronos

Worldwide,

Inc.

...............

487,380

4,552,129

Livent

Corp.

(a)(b)

....................

3,534,131

108,321,115

LSB

Industries,

Inc.

(a)(b)

...............

695,501

9,910,889

Mativ

Holdings,

Inc.

.................

1,192,992

26,341,263

Minerals

Technologies,

Inc.

(b)

...........

715,450

35,350,385

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

2,327,482

12,009,807

Orion

Engineered

Carbons

SA

(b)

.........

1,316,997

17,581,910

Perimeter

Solutions

SA

(a)

..............

2,687,469

21,526,627

PureCycle

Technologies,

Inc.

(a)(b)

.........

2,314,669

18,679,379

Quaker

Chemical

Corp.

(b)

.............

296,003

42,736,913

Rayonier

Advanced

Materials,

Inc.

(a)(b)

.....

1,334,809

4,204,648

Sensient

Technologies

Corp.

...........

912,235

63,254,375

Stepan

Co.

.......................

467,801

43,818,920

Tredegar

Corp.

....................

558,467

5,271,928

Trinseo

plc

.......................

775,193

14,201,536

Tronox

Holdings

plc,

Class

A

...........

2,553,085

31,275,291

Valhi,

Inc.

(b)

.......................

53,107

1,336,172

977,583,564

Commercial

Services

&

Supplies

—

1.4%

ABM

Industries,

Inc.

.................

1,467,321

56,095,682

ACCO

Brands

Corp.

.................

2,005,386

9,826,391

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

2,519,285

18,113,659

Aris

Water

Solution,

Inc.,

Class

A

........

485,742

6,198,068

Brady

Corp.,

Class

A,

NVS

............

997,515

41,626,301

BrightView

Holdings,

Inc.

(a)(b)

...........

963,239

7,648,118

Brink's

Co.

(The)

...................

1,009,259

48,888,506

Casella

Waste

Systems,

Inc.,

Class

A

(a)(b)

...

1,087,633

83,084,285

Cimpress

plc

(a)(b)

...................

381,596

9,341,470

CompX

International,

Inc.

.............

38,695

628,407

CoreCivic

,

Inc.

(a)

...................

2,561,480

22,643,483

Deluxe

Corp.

......................

918,993

15,301,233

Ennis,

Inc.

.......................

540,892

10,888,156

GEO

Group,

Inc.

(The)

(a)

..............

2,532,932

19,503,576

Harsco

Corp.

(a)(b)

...................

1,775,679

6,641,040

Healthcare

Services

Group,

Inc.

.........

1,631,596

19,725,996

Heritage-Crystal

Clean,

Inc.

(a)

...........

341,405

10,095,346

HNI

Corp.

........................

917,575

24,324,913

Interface,

Inc.

.....................

1,264,594

11,368,700

KAR

Auction

Services,

Inc.

(a)(b)

..........

2,480,431

27,706,414

Kimball

International,

Inc.,

Class

B

.......

791,440

4,978,158

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Li-Cycle

Holdings

Corp.

(a)(b)

............

3,015,260

$

16,041,183

Matthews

International

Corp.,

Class

A

(b)

....

661,857

14,832,215

MillerKnoll

,

Inc.

....................

1,664,145

25,960,662

Montrose

Environmental

Group,

Inc.

(a)(b)

....

599,055

20,158,201

NL

Industries,

Inc.

(b)

.................

196,295

1,517,360

Pitney

Bowes,

Inc.

..................

2,823,565

6,578,906

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

609,582

1,560,530

SP

Plus

Corp.

(a)

....................

501,846

15,717,817

Steelcase,

Inc.,

Class

A

..............

1,906,125

12,427,935

UniFirst

Corp.

(b)

....................

325,860

54,819,428

Viad

Corp.

(a)

......................

444,384

14,033,647

VSE

Corp.

.......................

231,813

8,206,180

646,481,966

Communications

Equipment

—

0.9%

ADTRAN

Holdings,

Inc.

..............

1,537,335

30,101,019

Aviat

Networks,

Inc.

(a)(b)

...............

180,767

4,949,401

Calix,

Inc.

(a)(b)

......................

1,237,201

75,642,469

Cambium

Networks

Corp.

(a)(b)

...........

231,184

3,911,633

Casa

Systems,

Inc.

(a)(b)

...............

783,770

2,453,200

Clearfield,

Inc.

(a)(b)

...................

249,760

26,134,887

CommScope

Holding

Co.,

Inc.

(a)(b)

........

4,450,096

40,985,384

Comtech

Telecommunications

Corp.

......

565,678

5,662,437

Digi

International,

Inc.

(a)(b)

.............

744,195

25,726,821

DZS,

Inc.

(a)(b)

......................

372,002

4,203,623

Extreme

Networks,

Inc.

(a)

..............

2,766,019

36,151,868

Harmonic,

Inc.

(a)(b)

..................

2,005,424

26,210,892

Infinera

Corp.

(a)(b)

...................

4,128,164

19,980,314

Inseego

Corp.

(a)(b)

...................

1,825,304

3,778,379

NETGEAR,

Inc.

(a)(b)

..................

626,786

12,560,792

NetScout

Systems,

Inc.

(a)(b)

............

1,489,148

46,640,115

Ondas

Holdings,

Inc.

(a)(b)

..............

807,499

2,987,746

Ribbon

Communications,

Inc.

(a)(b)

........

1,514,250

3,361,635

Viavi

Solutions,

Inc.

(a)(b)

...............

5,000,127

65,251,657

436,694,272

Construction

&

Engineering

—

1.5%

Ameresco

,

Inc.,

Class

A

(a)(b)

............

686,014

45,606,211

API

Group

Corp.

(a)(b)

.................

4,519,504

59,973,818

Arcosa

,

Inc.

(b)

.....................

1,056,752

60,425,079

Argan

,

Inc.

.......................

294,069

9,460,200

Comfort

Systems

USA,

Inc.

(b)

...........

768,998

74,846,575

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

522,244

3,368,474

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

871,118

22,849,425

Dycom

Industries,

Inc.

(a)(b)

.............

630,287

60,211,317

EMCOR

Group,

Inc.

.................

1,062,759

122,727,409

Fluor

Corp.

(a)(b)

.....................

3,085,674

76,802,426

Granite

Construction,

Inc.

.............

964,787

24,495,942

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

1,392,661

10,556,370

IES

Holdings,

Inc.

(a)(b)

................

188,135

5,196,289

Infrastructure

and

Energy

Alternatives,

Inc.

(a)(b)

652,321

8,832,426

MYR

Group,

Inc.

(a)(b)

.................

360,980

30,585,836

Northwest

Pipe

Co.

(a)(b)

...............

219,255

6,161,066

NV5

Global,

Inc.

(a)(b)

.................

295,393

36,575,561

Primoris

Services

Corp.

..............

1,154,184

18,755,490

Sterling

Infrastructure,

Inc.

(a)(b)

..........

619,283

13,296,006

Tutor

Perini

Corp.

(a)(b)

................

908,696

5,016,002

695,741,922

Construction

Materials

—

0.1%

(b)

Summit

Materials,

Inc.,

Class

A

(a)

........

2,600,533

62,308,771

United

States

Lime

&

Minerals,

Inc.

.......

45,377

4,637,529

66,946,300

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

—

0.7%

Atlanticus

Holdings

Corp.

(a)(b)

...........

107,496

$

2,819,620

Bread

Financial

Holdings,

Inc.

..........

608,374

19,133,362

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

233,871

1,700,242

Curo

Group

Holdings

Corp.

............

467,169

1,873,348

Encore

Capital

Group,

Inc.

(a)(b)

..........

516,798

23,503,973

Enova

International,

Inc.

(a)

.............

690,291

20,204,818

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

1,106,706

8,532,703

FirstCash

Holdings,

Inc.

..............

842,736

61,814,686

Green

Dot

Corp.,

Class

A

(a)(b)

...........

1,058,150

20,083,687

LendingClub

Corp.

(a)(b)

................

2,240,321

24,755,547

LendingTree

,

Inc.

(a)(b)

................

232,385

5,544,706

Moneylion

,

Inc.,

Class

A

(a)(b)

............

2,963,031

2,644,801

Navient

Corp.

.....................

2,450,456

35,997,199

Nelnet,

Inc.,

Class

A

(b)

................

316,930

25,097,687

NerdWallet

,

Inc.,

Class

A

(a)(b)

...........

568,860

5,045,788

Oportun

Financial

Corp.

(a)(b)

............

573,098

2,504,438

OppFi

,

Inc.,

Class

A

(a)(b)

...............

214,870

494,201

PRA

Group,

Inc.

(a)(b)

.................

847,491

27,848,554

PROG

Holdings,

Inc.

(a)

...............

1,103,557

16,531,284

Regional

Management

Corp.

...........

168,746

4,731,638

Sunlight

Financial

Holdings,

Inc.

(a)(b)

......

518,815

643,331

World

Acceptance

Corp.

(a)(b)

............

86,923

8,415,885

319,921,498

Containers

&

Packaging

—

0.3%

Cryptyde

,

Inc.

(a)(b)

...................

389,955

270,122

Greif,

Inc.,

Class

A,

NVS

..............

550,557

32,796,680

Greif,

Inc.,

Class

B

..................

126,505

7,691,504

Myers

Industries,

Inc.

................

789,524

13,003,460

O-I

Glass,

Inc.

(a)(b)

...................

3,366,137

43,591,474

Pactiv

Evergreen,

Inc.

...............

943,346

8,235,411

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

999,902

3,419,665

TriMas

Corp.

(b)

.....................

927,683

23,257,013

132,265,329

Distributors

—

0.0%

Funko

,

Inc.,

Class

A

(a)(b)

...............

682,248

13,795,055

Weyco

Group,

Inc.

..................

125,036

2,543,232

16,338,287

Diversified

Consumer

Services

—

1.0%

2U,

Inc.

(a)(b)

.......................

1,643,398

10,271,237

Adtalem

Global

Education,

Inc.

(a)(b)

.......

973,143

35,471,062

American

Public

Education,

Inc.

(a)(b)

.......

404,486

3,697,002

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

2,038,173

2,058,555

Carriage

Services,

Inc.

...............

296,712

9,542,258

Chegg

,

Inc.

(a)(b)

....................

2,702,157

56,934,448

Coursera,

Inc.

(a)(b)

...................

2,507,628

27,032,230

Duolingo

,

Inc.,

Class

A

(a)(b)

.............

514,779

49,022,404

European

Wax

Center,

Inc.,

Class

A

(b)

.....

524,009

9,667,966

Frontdoor

,

Inc.

(a)(b)

..................

1,810,746

36,921,111

Graham

Holdings

Co.,

Class

B

..........

80,949

43,548,943

Laureate

Education,

Inc.

..............

2,331,374

24,595,996

Nerdy,

Inc.,

Class

A

(a)(b)

...............

1,265,571

2,670,355

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

1,414,045

11,877,978

Perdoceo

Education

Corp.

(a)(b)

..........

1,471,703

15,158,541

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

987,020

16,473,364

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

2,023,627

6,758,914

StoneMor

,

Inc.

(a)(b)

..................

545,517

1,871,123

Strategic

Education,

Inc.

..............

496,553

30,493,320

Stride,

Inc.

(a)(b)

.....................

876,101

36,822,525

Udemy

,

Inc.

(a)

.....................

1,571,391

18,998,117

Universal

Technical

Institute,

Inc.

(a)(b)

......

685,132

3,727,118

Vivint

Smart

Home,

Inc.,

Class

A

(a)(b)

......

2,070,595

13,624,515

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

WW

International,

Inc.

(a)(b)

.............

1,212,929

$

4,766,811

472,005,893

Diversified

Financial

Services

—

0.3%

Alerus

Financial

Corp.

...............

336,202

7,430,064

A-Mark

Precious

Metals,

Inc.

...........

399,103

11,330,534

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

622,674

8,132,122

Cannae

Holdings,

Inc.

(a)(b)

.............

1,557,150

32,170,719

Compass

Diversified

Holdings

..........

1,334,266

24,096,844

Jackson

Financial,

Inc.,

Class

A

.........

1,665,925

46,229,419

SWK

Holdings

Corp.

(a)(b)

..............

24,558

417,486

129,807,188

Diversified

Telecommunication

Services

—

0.6%

Anterix

,

Inc.

(a)(b)

....................

395,009

14,109,721

ATN

International,

Inc.

(b)

..............

241,665

9,321,019

Bandwidth,

Inc.,

Class

A

(a)(b)

............

527,379

6,275,810

Charge

Enterprises,

Inc.

(a)(b)

............

2,772,678

4,879,913

Cogent

Communications

Holdings,

Inc.

....

949,179

49,509,177

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

...........................

1,585,113

6,594,070

EchoStar

Corp.,

Class

A

(a)(b)

............

758,346

12,489,959

Globalstar

,

Inc.

(a)(b)

..................

14,977,549

23,814,303

IDT

Corp.,

Class

B

(a)(b)

................

321,560

7,984,335

Iridium

Communications,

Inc.

(a)(b)

.........

2,784,241

123,536,773

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

936,483

5,796,830

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

3,223,513

19,824,605

Ooma

,

Inc.

(a)(b)

.....................

518,329

6,375,447

Radius

Global

Infrastructure,

Inc.

(a)(b)

......

1,668,750

15,719,625

Starry

Group

Holdings,

Inc.,

Class

A

(a)(b)

....

474,964

707,696

306,939,283

Electric

Utilities

—

0.7%

ALLETE,

Inc.

.....................

1,259,404

63,033,170

MGE

Energy,

Inc.

...................

797,155

52,317,283

Otter

Tail

Corp.

(b)

...................

895,222

55,074,057

PNM

Resources,

Inc.

................

1,860,910

85,099,414

Portland

General

Electric

Co.

...........

1,943,969

84,484,893

Via

Renewables,

Inc.,

Class

A

..........

274,125

1,894,204

341,903,021

Electrical

Equipment

—

1.4%

Allied

Motion

Technologies,

Inc.

(b)

........

275,532

7,885,726

Array

Technologies,

Inc.

(a)(b)

............

3,294,316

54,619,759

Atkore

,

Inc.

(a)(b)

.....................

894,366

69,590,619

AZZ,

Inc.

........................

549,300

20,054,943

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

1,300,735

8,298,689

Blink

Charging

Co.

(a)(b)

................

795,972

14,104,624

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

3,819,630

76,354,404

Encore

Wire

Corp.

(b)

.................

398,423

46,033,793

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

1,310,351

6,918,653

EnerSys

(b)

........................

889,788

51,758,968

Enovix

Corp.

(a)(b)

....................

2,375,253

43,550,264

ESS

Tech,

Inc.

(a)(b)

..................

1,773,300

7,252,797

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

759,300

11,078,187

FTC

Solar,

Inc.

(a)(b)

..................

954,266

2,824,627

FuelCell

Energy,

Inc.

(a)(b)

..............

8,509,600

29,017,736

GrafTech

International

Ltd.

(b)

...........

4,286,094

18,473,065

Heliogen

,

Inc.

(a)(b)

...................

1,838,838

3,420,239

NuScale

Power

Corp.,

Class

A

(a)(b)

........

669,205

7,816,314

Powell

Industries,

Inc.

................

205,601

4,334,069

Preformed

Line

Products

Co.

...........

59,616

4,241,678

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

2,428,563

52,335,533

Stem,

Inc.

(a)(b)

.....................

3,129,989

41,754,053

SunPower

Corp.

(a)(b)

.................

1,771,549

40,816,489

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Thermon

Group

Holdings,

Inc.

(a)(b)

........

707,349

$

10,900,248

TPI

Composites,

Inc.

(a)(b)

..............

798,027

9,001,745

Vicor

Corp.

(a)(b)

.....................

482,968

28,562,728

670,999,950

Electronic

Equipment,

Instruments

&

Components

—

2.3%

908

Devices,

Inc.

(a)(b)

.................

474,253

7,801,462

Advanced

Energy

Industries,

Inc.

(b)

.......

819,736

63,455,764

Aeva

Technologies,

Inc.

(a)(b)

............

2,280,504

4,264,543

AEye

,

Inc.,

Class

A

(a)(b)

...............

562,673

624,567

Akoustis

Technologies,

Inc.

(a)(b)

..........

1,094,343

3,250,199

Arlo

Technologies,

Inc.

(a)

..............

1,866,372

8,659,966

Badger

Meter,

Inc.

(b)

.................

636,407

58,797,643

Belden,

Inc.

(b)

.....................

942,505

56,569,150

Benchmark

Electronics,

Inc.

...........

762,983

18,906,719

Cepton

,

Inc.

(a)(b)

....................

702,242

1,376,394

CTS

Corp.

.......................

694,373

28,920,635

ePlus

,

Inc.

(a)(b)

.....................

578,744

24,041,026

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

1,861,253

3,945,856

Fabrinet

(a)

........................

807,178

77,045,140

FARO

Technologies,

Inc.

(a)(b)

...........

393,703

10,803,210

Focus

Universal,

Inc.

(a)(b)

..............

387,790

3,637,470

Identiv

,

Inc.

(a)(b)

.....................

464,506

5,824,905

Insight

Enterprises,

Inc.

(a)(b)

............

687,292

56,639,734

Itron

,

Inc.

(a)(b)

......................

985,877

41,515,280

Kimball

Electronics,

Inc.

(a)(b)

............

524,902

9,002,069

Knowles

Corp.

(a)

...................

1,976,079

24,048,881

Lightwave

Logic,

Inc.

(a)(b)

..............

2,435,254

17,874,764

Methode

Electronics,

Inc.

.............

803,169

29,837,728

MicroVision

,

Inc.

(a)(b)

.................

3,613,666

13,045,334

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

2,995,199

22,374,137

Napco

Security

Technologies,

Inc.

(a)(b)

.....

630,531

18,335,842

nLight

,

Inc.

(a)(b)

.....................

980,004

9,261,038

Novanta

,

Inc.

(a)(b)

...................

774,161

89,531,720

OSI

Systems,

Inc.

(a)(b)

................

354,736

25,562,276

Ouster,

Inc.,

Class

A

(a)(b)

..............

2,909,763

2,803,266

PAR

Technology

Corp.

(a)(b)

.............

571,817

16,885,756

PC

Connection,

Inc.

.................

244,099

11,006,424

Plexus

Corp.

(a)(b)

....................

590,750

51,726,070

Rogers

Corp.

(a)

....................

408,547

98,819,348

Sanmina

Corp.

(a)(b)

..................

1,233,535

56,841,293

ScanSource

,

Inc.

(a)

..................

564,624

14,911,720

SmartRent

,

Inc.,

Class

A

(a)(b)

............

2,583,850

5,865,340

TTM

Technologies,

Inc.

(a)(b)

............

2,196,060

28,944,071

Velodyne

Lidar,

Inc.

(a)(b)

...............

4,436,798

4,202,091

Vishay

Intertechnology

,

Inc.

............

2,868,815

51,036,219

Vishay

Precision

Group,

Inc.

(a)(b)

.........

266,361

7,881,622

1,085,876,672

Energy

Equipment

&

Services

—

1.6%

Archrock

,

Inc.

.....................

2,996,900

19,240,098

Borr

Drilling

Ltd.

(a)(b)

.................

4,217,398

14,001,761

Bristow

Group,

Inc.

(a)(b)

...............

514,852

12,093,873

Cactus,

Inc.,

Class

A

(b)

...............

1,283,998

49,344,043

ChampionX

Corp.

..................

4,467,870

87,436,216

Diamond

Offshore

Drilling,

Inc.

(a)(b)

.......

2,233,688

14,809,351

DMC

Global,

Inc.

(a)(b)

.................

404,180

6,458,796

Dril

-Quip,

Inc.

(a)(b)

...................

762,115

14,876,485

Expro

Group

Holdings

NV

(a)(b)

...........

1,688,591

21,512,649

Helix

Energy

Solutions

Group,

Inc.

(a)

......

3,202,750

12,362,615

Helmerich

&

Payne,

Inc.

..............

2,246,370

83,048,299

Liberty

Energy,

Inc.,

Class

A

(a)(b)

.........

3,094,879

39,243,066

Nabors

Industries

Ltd.

(a)(b)

.............

198,918

20,180,231

National

Energy

Services

Reunited

Corp.

(a)(b)

817,772

4,857,566

Newpark

Resources,

Inc.

(a)(b)

...........

2,004,527

5,051,408

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

NexTier

Oilfield

Solutions,

Inc.

(a)(b)

........

3,816,428

$

28,241,567

Noble

Corp.

plc

(a)(b)

..................

1,594,136

47,154,543

Oceaneering

International,

Inc.

(a)

........

2,200,342

17,514,722

Oil

States

International,

Inc.

(a)

...........

1,340,139

5,213,141

Patterson-UTI

Energy,

Inc.

............

4,690,486

54,784,877

ProFrac

Holding

Corp.,

Class

A

(a)

........

267,983

4,076,021

ProPetro

Holding

Corp.

(a)

..............

1,974,425

15,894,121

RPC,

Inc.

(b)

.......................

1,632,921

11,316,143

Select

Energy

Services,

Inc.,

Class

A

(a)

....

1,517,360

10,575,999

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

679,921

6,364,061

TETRA

Technologies,

Inc.

(a)(b)

...........

2,679,188

9,618,285

Tidewater,

Inc.

(a)(b)

..................

926,794

20,111,430

US

Silica

Holdings,

Inc.

(a)

.............

1,611,544

17,646,407

Valaris

Ltd.

(a)(b)

.....................

1,320,125

64,606,918

Weatherford

International

plc

(a)(b)

.........

1,517,435

48,997,976

766,632,668

Entertainment

—

0.3%

(b)

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(a)

.........................

76

523

Cinemark

Holdings,

Inc.

(a)

.............

2,370,933

28,711,999

IMAX

Corp.

(a)

.....................

1,049,845

14,823,811

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)

217,479

6,122,034

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)

........................

807,077

22,194,617

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

1,336,574

9,930,745

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

2,481,622

17,247,273

Madison

Square

Garden

Entertainment

Corp.

(a)

563,017

24,823,420

Marcus

Corp.

(The)

.................

508,559

7,063,885

Playstudios

,

Inc.,

Class

A

(a)

............

1,717,329

5,993,478

Reservoir

Media,

Inc.

(a)

...............

410,521

2,003,342

Skillz

,

Inc.,

Class

A

(a)

................

6,892,805

7,030,661

145,945,788

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.7%

Acadia

Realty

Trust

.................

2,009,684

25,362,212

Agree

Realty

Corp.

(b)

................

1,716,337

115,990,054

Alexander

&

Baldwin,

Inc.

.............

1,593,583

26,421,606

Alexander's,

Inc.

...................

46,202

9,654,370

American

Assets

Trust,

Inc.

............

1,099,225

28,272,067

Apartment

Investment

and

Management

Co.,

Class

A

.......................

3,223,224

23,529,535

Apple

Hospitality

REIT,

Inc.

............

4,697,140

66,041,788

Armada

Hoffler

Properties,

Inc.

.........

1,431,284

14,856,728

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

794,431

5,410,075

Bluerock

Residential

Growth

REIT,

Inc.

....

622,481

16,651,367

Braemar

Hotels

&

Resorts,

Inc.

.........

1,479,656

6,362,521

Brandywine

Realty

Trust

..............

3,738,352

25,233,876

Broadstone

Net

Lease,

Inc.

............

3,626,333

56,316,951

BRT

Apartments

Corp.

...............

243,784

4,951,253

CareTrust

REIT,

Inc.

.................

2,106,405

38,146,995

CBL

&

Associates

Properties,

Inc.

(b)

.......

586,454

15,019,087

Centerspace

......................

334,290

22,504,403

Chatham

Lodging

Trust

(a)

.............

1,035,436

10,219,753

City

Office

REIT,

Inc.

................

921,808

9,190,426

Clipper

Realty,

Inc.

..................

265,255

1,848,827

Community

Healthcare

Trust,

Inc.

........

526,273

17,235,441

Corporate

Office

Properties

Trust

........

2,445,520

56,809,430

CTO

Realty

Growth,

Inc.

(b)

.............

380,937

7,138,759

DiamondRock

Hospitality

Co.

...........

4,600,389

34,548,921

Diversified

Healthcare

Trust

............

5,153,249

5,102,232

Easterly

Government

Properties,

Inc.

(b)

....

2,009,457

31,689,137

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

2,931,204

19,228,698

Equity

Commonwealth

...............

2,303,824

56,121,153

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Essential

Properties

Realty

Trust,

Inc.

.....

3,079,080

$

59,888,106

Farmland

Partners,

Inc.

(b)

.............

1,054,085

13,355,257

Four

Corners

Property

Trust,

Inc.

........

1,755,227

42,458,941

Franklin

Street

Properties

Corp.

.........

2,156,042

5,670,390

Getty

Realty

Corp.

..................

937,406

25,206,847

Gladstone

Commercial

Corp.

...........

804,539

12,470,355

Gladstone

Land

Corp.

(b)

..............

707,999

12,814,782

Global

Medical

REIT,

Inc.

.............

1,289,448

10,986,097

Global

Net

Lease,

Inc.

...............

2,288,292

24,370,310

Hersha

Hospitality

Trust,

Class

A

........

704,764

5,624,017

Independence

Realty

Trust,

Inc.

.........

4,805,895

80,402,623

Indus

Realty

Trust,

Inc.

(b)

..............

113,572

5,947,766

Industrial

Logistics

Properties

Trust

(b)

......

1,404,465

7,724,557

Innovative

Industrial

Properties,

Inc.

......

605,018

53,544,093

InvenTrust

Properties

Corp.

............

1,476,214

31,487,645

iStar

,

Inc.

........................

1,496,692

13,859,368

Kite

Realty

Group

Trust

(b)

.............

4,739,467

81,613,622

LTC

Properties,

Inc.

.................

864,494

32,375,300

LXP

Industrial

Trust

.................

6,012,724

55,076,552

Macerich

Co.

(The)

.................

4,726,733

37,530,260

National

Health

Investors,

Inc.

..........

942,012

53,251,938

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

2,841,984

16,710,866

NETSTREIT

Corp.

..................

1,299,343

23,141,299

NexPoint

Residential

Trust,

Inc.

.........

493,041

22,783,425

Office

Properties

Income

Trust

..........

1,041,670

14,635,463

One

Liberty

Properties,

Inc.

............

349,227

7,340,752

Orion

Office

REIT,

Inc.

...............

1,298,914

11,365,498

Outfront

Media,

Inc.

.................

3,173,448

48,204,675

Paramount

Group,

Inc.

(b)

..............

4,150,699

25,858,855

Pebblebrook

Hotel

Trust

(b)

.............

2,813,440

40,823,014

Phillips

Edison

&

Co.,

Inc.

.............

2,536,852

71,158,699

Physicians

Realty

Trust

...............

4,887,893

73,513,911

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

2,704,188

28,556,225

Plymouth

Industrial

REIT,

Inc.

(b)

.........

823,244

13,838,732

Postal

Realty

Trust,

Inc.,

Class

A

........

376,173

5,518,458

PotlatchDeltic

Corp.

.................

1,734,904

71,200,460

Retail

Opportunity

Investments

Corp.

.....

2,643,455

36,373,941

RLJ

Lodging

Trust

..................

3,544,467

35,870,006

RPT

Realty

.......................

1,807,804

13,666,998

Ryman

Hospitality

Properties,

Inc.

(b)

......

1,173,082

86,327,104

Sabra

Health

Care

REIT,

Inc.

...........

5,031,324

66,010,971

Safehold

,

Inc.

.....................

472,909

12,513,172

Saul

Centers,

Inc.

..................

254,472

9,542,700

Service

Properties

Trust

(b)

.............

3,596,532

18,666,001

SITE

Centers

Corp.

.................

4,255,097

45,572,089

STAG

Industrial,

Inc.

................

3,931,423

111,770,356

Summit

Hotel

Properties,

Inc.

(b)

.........

2,316,368

15,565,993

Sunstone

Hotel

Investors,

Inc.

..........

4,641,500

43,722,930

Tanger

Factory

Outlet

Centers,

Inc.

.......

2,201,705

30,119,324

Terreno

Realty

Corp.

................

1,624,311

86,072,240

UMH

Properties,

Inc.

................

1,083,364

17,496,329

Uniti

Group,

Inc.

...................

5,142,579

35,740,924

Universal

Health

Realty

Income

Trust

.....

282,233

12,195,288

Urban

Edge

Properties

...............

2,523,475

33,663,156

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

649,652

10,076,103

Veris

Residential,

Inc.

(a)

...............

1,925,800

21,896,346

Washington

REIT

...................

1,895,833

33,290,827

Whitestone

REIT

...................

1,002,908

8,484,602

Xenia

Hotels

&

Resorts,

Inc.

...........

2,497,767

34,444,207

2,709,248,430

Food

&

Staples

Retailing

—

0.6%

Andersons,

Inc.

(The)

................

699,720

21,712,312

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

737,891

21,376,702

Fresh

Market,

Inc.

(The),

NVS

(a)(b)(d)

.......

673,064

7

Security

Shares

Shares

Value

Food

&

Staples

Retailing

(continued)

HF

Foods

Group,

Inc.

(a)(b)

..............

721,888

$

2,793,707

Ingles

Markets,

Inc.,

Class

A

...........

311,697

24,689,519

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

186,662

2,014,083

PriceSmart

,

Inc.

....................

534,909

30,805,409

Rite

Aid

Corp.

(a)(b)

...................

1,193,316

5,906,914

SpartanNash

Co.

...................

782,041

22,694,830

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

2,348,348

65,166,657

United

Natural

Foods,

Inc.

(a)

............

1,264,853

43,472,998

Village

Super

Market,

Inc.,

Class

A

.......

179,019

3,460,437

Weis

Markets,

Inc.

(b)

.................

357,093

25,439,305

269,532,880

Food

Products

—

1.2%

Alico

,

Inc.

........................

132,935

3,754,084

AppHarvest

,

Inc.

(a)(b)

.................

1,505,283

2,965,408

B&G

Foods,

Inc.

(b)

..................

1,539,345

25,383,799

Benson

Hill,

Inc.

(a)(b)

.................

3,709,225

10,163,276

Beyond

Meat,

Inc.

(a)(b)

................

1,346,080

19,073,954

BRC,

Inc.,

Class

A

(a)(b)

................

588,183

4,546,655

Calavo

Growers,

Inc.

................

380,526

12,081,701

Cal-Maine

Foods,

Inc.

(b)

..............

822,250

45,708,877

Fresh

Del

Monte

Produce,

Inc.

..........

679,457

15,790,581

Hain

Celestial

Group,

Inc.

(The)

(a)

........

1,664,518

28,097,064

Hostess

Brands,

Inc.,

Class

A

(a)(b)

........

2,972,643

69,084,223

J

&

J

Snack

Foods

Corp.

(b)

............

331,613

42,933,935

John

B

Sanfilippo

&

Son,

Inc.

...........

187,866

14,227,092

Lancaster

Colony

Corp.

..............

422,508

63,494,502

Landec

Corp.

(a)(b)

...................

547,914

4,870,955

Local

Bounti

Corp.

(a)(b)

................

776,624

2,205,612

Mission

Produce,

Inc.

(a)(b)

..............

840,395

12,152,112

Seneca

Foods

Corp.,

Class

A

(a)

.........

123,319

6,220,210

Simply

Good

Foods

Co.

(The)

(a)(b)

........

1,972,545

63,101,715

Sovos

Brands,

Inc.

(a)(b)

...............

807,921

11,504,795

SunOpta

,

Inc.

(a)(b)

...................

2,140,232

19,476,111

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

1,105,804

5,506,904

Tootsie

Roll

Industries,

Inc.

(b)

...........

331,017

11,016,246

TreeHouse

Foods,

Inc.

(a)(b)

.............

1,105,469

46,893,995

Utz

Brands,

Inc.,

Class

A

(b)

............

1,451,777

21,921,833

Vital

Farms,

Inc.

(a)(b)

.................

654,651

7,836,172

Whole

Earth

Brands,

Inc.,

Class

A

(a)(b)

.....

812,856

3,121,367

573,133,178

Gas

Utilities

—

1.2%

Brookfield

Infrastructure

Corp.,

Class

A

....

2,134,677

86,881,354

Chesapeake

Utilities

Corp.

(b)

...........

376,592

43,454,951

New

Jersey

Resources

Corp.

...........

2,104,026

81,425,806

Northwest

Natural

Holding

Co.

..........

759,837

32,961,729

ONE

Gas,

Inc.

.....................

1,165,399

82,032,435

South

Jersey

Industries,

Inc.

...........

2,669,197

89,204,564

Southwest

Gas

Holdings,

Inc.

(b)

.........

1,454,433

101,446,702

Spire,

Inc.

........................

1,114,318

69,455,441

586,862,982

Health

Care

Equipment

&

Supplies

—

4.2%

Alphatec

Holdings,

Inc.

(a)(b)

.............

1,584,942

13,852,393

AngioDynamics

,

Inc.

(a)(b)

..............

811,619

16,605,725

Artivion

,

Inc.

(a)(b)

....................

851,254

11,781,355

AtriCure

,

Inc.

(a)(b)

...................

1,002,288

39,189,461

Atrion

Corp.

......................

28,933

16,347,145

Avanos

Medical,

Inc.

(a)

...............

1,034,972

22,541,690

AxoGen

,

Inc.

(a)(b)

...................

876,740

10,450,741

Axonics

,

Inc.

(a)(b)

....................

1,068,443

75,261,125

BioLife

Solutions,

Inc.

(a)(b)

..............

738,127

16,792,389

Bioventus

,

Inc.,

Class

A

(a)(b)

............

666,955

4,668,685

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

2,896,979

13,615,801

Cardiovascular

Systems,

Inc.

(a)

..........

855,744

11,860,612

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Cerus

Corp.

(a)(b)

....................

3,822,458

$

13,760,849

CONMED

Corp.

(b)

..................

634,126

50,837,881

CryoPort

,

Inc.

(a)(b)

...................

952,723

23,208,332

Cue

Health,

Inc.

(a)(b)

.................

2,355,595

7,090,341

Cutera

,

Inc.

(a)(b)

....................

357,646

16,308,658

Embecta

Corp.

....................

1,273,344

36,659,574

Figs,

Inc.,

Class

A

(a)(b)

................

2,762,667

22,792,003

Glaukos

Corp.

(a)(b)

...................

990,343

52,725,861

Haemonetics

Corp.

(a)(b)

...............

1,107,206

81,966,460

Heska

Corp.

(a)(b)

....................

211,360

15,412,371

Inari

Medical,

Inc.

(a)(b)

................

1,050,528

76,310,354

Inogen

,

Inc.

(a)(b)

....................

505,108

12,264,022

Inspire

Medical

Systems,

Inc.

(a)(b)

........

615,740

109,213,804

Integer

Holdings

Corp.

(a)(b)

.............

726,663

45,220,238

iRadimed

Corp.

....................

137,843

4,143,561

iRhythm

Technologies,

Inc.

(a)(b)

..........

649,648

81,387,901

Lantheus

Holdings,

Inc.

(a)(b)

............

1,484,336

104,393,351

LeMaitre

Vascular,

Inc.

...............

429,573

21,770,760

LivaNova

plc

(a)(b)

....................

1,168,302

59,314,692

Meridian

Bioscience,

Inc.

(a)

............

939,508

29,622,687

Merit

Medical

Systems,

Inc.

(a)

...........

1,217,932

68,825,337

Mesa

Laboratories,

Inc.

(b)

.............

112,248

15,807,886

Nano-X

Imaging

Ltd.

(a)(b)

..............

995,531

11,418,741

Neogen

Corp.

(a)

....................

2,373,350

33,155,699

Nevro

Corp.

(a)(b)

....................

762,501

35,532,547

NuVasive

,

Inc.

(a)(b)

...................

1,142,513

50,053,494

Omnicell

,

Inc.

(a)(b)

...................

953,326

82,967,962

OraSure

Technologies,

Inc.

(a)

...........

1,567,462

5,940,681

Orthofix

Medical,

Inc.

(a)(b)

..............

407,971

7,796,326

OrthoPediatrics

Corp.

(a)(b)

..............

322,278

14,869,907

Outset

Medical,

Inc.

(a)(b)

...............

1,050,023

16,726,866

Paragon

28,

Inc.

(a)(b)

.................

1,012,737

18,046,973

PROCEPT

BioRobotics

Corp.

(a)(b)

........

556,222

23,060,964

Pulmonx

Corp.

(a)(b)

..................

763,594

12,721,476

RxSight

,

Inc.

(a)(b)

....................

423,045

5,076,540

SeaSpine

Holdings

Corp.

(a)(b)

...........

773,172

4,391,617

Senseonics

Holdings,

Inc.

(a)(b)

...........

10,028,387

13,237,471

Shockwave

Medical,

Inc.

(a)(b)

...........

774,873

215,468,933

SI-BONE,

Inc.

(a)(b)

...................

723,204

12,627,142

Sight

Sciences,

Inc.

(a)(b)

...............

455,533

2,892,635

Silk

Road

Medical,

Inc.

(a)(b)

.............

760,683

34,230,735

STAAR

Surgical

Co.

(a)(b)

...............

1,039,971

73,369,954

Surmodics

,

Inc.

(a)

...................

294,015

8,938,056

Tactile

Systems

Technology,

Inc.

(a)

.......

416,882

3,247,511

TransMedics

Group,

Inc.

(a)(b)

............

664,432

27,733,392

Treace

Medical

Concepts,

Inc.

(a)(b)

........

732,855

16,174,110

UFP

Technologies,

Inc.

(a)(b)

.............

150,540

12,922,354

Utah

Medical

Products,

Inc.

............

73,144

6,239,915

Varex

Imaging

Corp.

(a)(b)

..............

861,951

18,221,644

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

1,171,872

3,925,771

ViewRay

,

Inc.

(a)(b)

...................

3,250,014

11,830,051

Zimvie

,

Inc.

(a)

......................

445,844

4,400,480

Zynex

,

Inc.

(b)

......................

508,686

4,613,782

1,993,837,774

Health

Care

Providers

&

Services

—

3.2%

1Life

Healthcare,

Inc.

(a)(b)

..............

3,906,710

67,000,077

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

5,601,649

16,020,716

Accolade,

Inc.

(a)(b)

...................

1,413,851

16,146,178

AdaptHealth

Corp.

(a)(b)

................

1,558,905

29,276,236

Addus

HomeCare

Corp.

(a)(b)

............

337,267

32,121,309

Agiliti

,

Inc.

(a)(b)

.....................

593,737

8,496,376

AirSculpt

Technologies,

Inc.

............

233,553

1,501,746

Alignment

Healthcare,

Inc.

(a)(b)

..........

1,837,856

21,760,215

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

941,269

99,736,863

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

842,654

$

32,863,506

ATI

Physical

Therapy,

Inc.,

Class

A

(a)(b)

.....

1,391,332

1,391,332

Aveanna

Healthcare

Holdings,

Inc.

(a)(b)

.....

841,081

1,261,622

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

4,040,957

17,254,886

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

3,515,723

30,481,318

CareMax

,

Inc.,

Class

A

(a)(b)

.............

1,276,295

9,048,932

Castle

Biosciences,

Inc.

(a)(b)

............

533,146

13,904,448

Clover

Health

Investments

Corp.

(a)(b)

......

8,446,029

14,358,249

Community

Health

Systems,

Inc.

(a)

.......

2,791,445

6,001,607

CorVel

Corp.

(a)(b)

....................

191,016

26,442,345

Covetrus

,

Inc.

(a)

....................

2,298,618

47,995,144

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

797,150

22,615,145

DocGo

,

Inc.

(a)(b)

....................

1,726,803

17,129,886

Ensign

Group,

Inc.

(The)

..............

1,174,295

93,356,453

Fulgent

Genetics,

Inc.

(a)(b)

.............

476,678

18,170,965

Hanger,

Inc.

(a)

.....................

832,006

15,575,152

HealthEquity

,

Inc.

(a)(b)

................

1,804,835

121,230,767

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

2,632,349

14,688,507

Innovage

Holding

Corp.

(a)(b)

............

398,507

2,343,221

Invitae

Corp.

(a)(b)

....................

5,194,721

12,779,014

Joint

Corp.

(The)

(a)

..................

301,534

4,737,099

LHC

Group,

Inc.

(a)(b)

.................

648,417

106,119,926

LifeStance

Health

Group,

Inc.

(a)(b)

........

1,588,775

10,517,691

ModivCare

,

Inc.

(a)

...................

279,350

27,845,608

National

HealthCare

Corp.

.............

265,546

16,819,684

National

Research

Corp.

..............

295,338

11,754,452

Oncology

Institute,

Inc.

(The)

(a)(b)

.........

645,998

2,990,971

OPKO

Health,

Inc.

(a)(b)

................

8,856,682

16,739,129

Option

Care

Health,

Inc.

(a)(b)

............

3,408,619

107,269,240

Owens

&

Minor,

Inc.

.................

1,613,152

38,876,963

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

437,723

2,022,280

Patterson

Cos.,

Inc.

.................

1,898,283

45,596,758

Pediatrix

Medical

Group,

Inc.

(a)(b)

.........

1,805,726

29,812,536

Pennant

Group,

Inc.

(The)

(a)(b)

..........

558,022

5,809,009

PetIQ

,

Inc.,

Class

A

(a)(b)

...............

581,010

4,008,969

Privia

Health

Group,

Inc.

(a)(b)

............

973,033

33,141,504

Progyny

,

Inc.

(a)(b)

...................

1,629,631

60,394,125

R1

RCM,

Inc.

(a)(b)

...................

3,243,414

60,100,461

RadNet

,

Inc.

(a)(b)

....................

1,077,748

21,932,172

Select

Medical

Holdings

Corp.

(b)

.........

2,274,419

50,264,660

Sema4

Holdings

Corp.,

Class

A

(a)(b)

.......

3,210,549

2,817,257

Surgery

Partners,

Inc.

(a)(b)

.............

875,408

20,484,547

US

Physical

Therapy,

Inc.

.............

280,344

21,311,751

1,512,319,007

Health

Care

Technology

—

0.6%

Allscripts

Healthcare

Solutions,

Inc.

(a)(b)

....

2,370,510

36,102,867

American

Well

Corp.,

Class

A

(a)(b)

........

5,081,538

18,242,721

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

2,027,723

957,694

Computer

Programs

&

Systems,

Inc.

(a)(b)

...

306,693

8,550,601

Convey

Health

Solutions

Holdings,

Inc.

(a)(b)

..

342,479

3,599,454

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

1,782,754

64,054,351

Health

Catalyst,

Inc.

(a)(b)

...............

1,199,525

11,635,392

HealthStream

,

Inc.

(a)

.................

552,964

11,756,015

Multiplan

Corp.,

Class

A

(a)(b)

............

8,223,543

23,519,333

NextGen

Healthcare,

Inc.

(a)

............

1,256,037

22,231,855

Nutex

Health,

Inc.

(a)(b)

................

819,993

1,229,989

OptimizeRx

Corp.

(a)

.................

409,134

6,063,366

Pear

Therapeutics,

Inc.,

Class

A

(a)

........

1,158,438

2,363,214

Phreesia

,

Inc.

(a)(b)

...................

1,076,064

27,418,111

Schrodinger,

Inc.

(a)(b)

.................

1,180,551

29,490,164

Sharecare

,

Inc.,

Class

A

(a)(b)

............

6,121,973

11,631,749

Simulations

Plus,

Inc.

................

341,085

16,556,266

295,403,142

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

2.3%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

1,215,054

$

9,489,572

Bally's

Corp.

(a)(b)

....................

810,644

16,018,325

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)(b)

....

17,693

2,045,311

BJ's

Restaurants,

Inc.

(a)

...............

501,583

11,962,755

Bloomin

'

Brands,

Inc.

................

1,922,668

35,242,504

Bluegreen

Vacations

Holding

Corp.

.......

276,355

4,565,385

Bowlero

Corp.

(a)(b)

...................

869,520

10,703,791

Brinker

International,

Inc.

(a)(b)

...........

956,356

23,889,773

Century

Casinos,

Inc.

(a)(b)

..............

578,131

3,792,539

Cheesecake

Factory,

Inc.

(The)

.........

1,073,869

31,442,884

Chuy's

Holdings,

Inc.

(a)(b)

..............

413,900

9,594,202

Cracker

Barrel

Old

Country

Store,

Inc.

.....

496,713

45,985,690

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

935,908

29,041,225

Denny's

Corp.

(a)(b)

...................

1,270,160

11,952,206

Dine

Brands

Global,

Inc.

..............

329,376

20,935,139

El

Pollo

Loco

Holdings,

Inc.

(a)(b)

..........

421,717

3,761,716

Everi

Holdings,

Inc.

(a)(b)

...............

1,879,482

30,485,198

F45

Training

Holdings,

Inc.

(a)(b)

..........

663,818

2,051,198

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

216,437

3,134,008

Full

House

Resorts,

Inc.

(a)(b)

............

718,974

4,040,634

Golden

Entertainment,

Inc.

(a)

...........

430,139

15,007,550

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

1,908,706

62,777,340

Inspirato

,

Inc.,

Class

A

(a)(b)

.............

396,157

934,931

Inspired

Entertainment,

Inc.

(a)(b)

..........

466,109

4,115,742

International

Game

Technology

plc

.......

2,149,903

33,968,467

Jack

in

the

Box,

Inc.

.................

459,584

34,041,387

Krispy

Kreme,

Inc.

(b)

.................

1,561,108

17,999,575

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

102,978

7,577,121

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

899,315

8,768,321

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

2,054,863

88,112,525

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

721,587

4,877,928

Monarch

Casino

&

Resort,

Inc.

(a)(b)

.......

293,371

16,469,848

NeoGames

SA

(a)(b)

..................

278,949

3,598,442

Noodles

&

Co.,

Class

A

(a)

.............

884,219

4,155,829

ONE

Group

Hospitality,

Inc.

(The)

(a)

.......

445,699

2,959,441

Papa

John's

International,

Inc.

..........

705,491

49,391,425

Portillo's,

Inc.,

Class

A

(a)(b)

.............

503,802

9,919,861

RCI

Hospitality

Holdings,

Inc.

(b)

..........

190,958

12,477,196

Red

Rock

Resorts,

Inc.,

Class

A

.........

1,119,468

38,352,974

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

1,329,857

4,893,874

Ruth's

Hospitality

Group,

Inc.

...........

706,382

11,909,601

SeaWorld

Entertainment,

Inc.

(a)(b)

........

920,377

41,886,357

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

822,006

36,973,830

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

3,907,248

6,486,032

Sweetgreen

,

Inc.,

Class

A

(a)(b)

...........

1,894,264

35,043,884

Target

Hospitality

Corp.

(a)(b)

............

604,699

7,631,301

Texas

Roadhouse,

Inc.

...............

1,453,772

126,856,145

Vacasa

,

Inc.,

Class

A

(a)(b)

..............

2,390,107

7,337,628

Wingstop

,

Inc.

(b)

....................

651,930

81,765,061

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

384,855

7,027,452

1,093,451,123

Household

Durables

—

1.5%

Aterian

,

Inc.

(a)(b)

....................

1,316,747

1,632,766

Beazer

Homes

USA,

Inc.

(a)

............

640,933

6,197,822

Cavco

Industries,

Inc.

(a)

...............

192,814

39,673,409

Century

Communities,

Inc.

(b)

...........

632,550

27,060,489

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

442,422

4,689,673

Ethan

Allen

Interiors,

Inc.

.............

483,625

10,223,833

GoPro,

Inc.,

Class

A

(a)(b)

...............

2,821,296

13,908,989

Green

Brick

Partners,

Inc.

(a)

............

574,075

12,273,724

Helen

of

Troy

Ltd.

(a)(b)

................

517,252

49,883,783

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

111,350

3,975,195

Installed

Building

Products,

Inc.

.........

516,199

41,806,957

iRobot

Corp.

(a)(b)

....................

580,756

32,713,985

Security

Shares

Shares

Value

Household

Durables

(continued)

KB

Home

........................

1,697,845

$

44,008,142

Landsea

Homes

Corp.

(a)(b)

.............

231,682

1,105,123

La-Z-Boy,

Inc.

.....................

947,034

21,374,557

Legacy

Housing

Corp.

(a)(b)

.............

177,058

3,036,545

LGI

Homes,

Inc.

(a)(b)

.................

443,593

36,095,162

Lifetime

Brands,

Inc.

.................

279,543

1,892,506

Lovesac

Co.

(The)

(a)(b)

................

311,819

6,354,871

M/I

Homes,

Inc.

(a)

...................

590,606

21,397,655

MDC

Holdings,

Inc.

.................

1,243,373

34,093,288

Meritage

Homes

Corp.

(a)(b)

.............

781,562

54,920,362

Purple

Innovation,

Inc.

(a)(b)

.............

1,240,272

5,023,102

Skyline

Champion

Corp.

(a)(b)

............

1,156,577

61,148,226

Snap

One

Holdings

Corp.

(a)(b)

...........

384,824

3,902,115

Sonos

,

Inc.

(a)(b)

.....................

2,794,355

38,841,535

Taylor

Morrison

Home

Corp.

(a)(b)

.........

2,410,506

56,213,000

Traeger

,

Inc.

(a)(b)

....................

643,850

1,815,657

TRI

Pointe

Homes,

Inc.

(a)(b)

............

2,211,726

33,419,180

Tupperware

Brands

Corp.

(a)(b)

...........

981,387

6,428,085

Universal

Electronics,

Inc.

(a)(b)

...........

280,709

5,521,546

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

1,470,219

12,849,714

Vuzix

Corp.

(a)(b)

....................

1,347,183

7,800,190

Weber,

Inc.,

Class

A

(b)

................

627,762

4,124,396

705,405,582

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)

............

211,938

7,638,245

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)(b)

.

885,836

30,260,158

Energizer

Holdings,

Inc.

..............

1,457,382

36,638,584

WD-40

Co.

(b)

......................

297,492

52,281,244

126,818,231

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

925,818

10,193,256

Clearway

Energy,

Inc.,

Class

A

..........

780,461

22,711,415

Clearway

Energy,

Inc.,

Class

C

.........

1,757,277

55,969,272

Montauk

Renewables,

Inc.

(a)(b)

..........

1,401,600

24,443,904

Ormat

Technologies,

Inc.

(b)

............

984,819

84,891,398

Sunnova

Energy

International,

Inc.

(a)(b)

.....

2,164,698

47,796,532

246,005,777

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

(b)

......

550,834

12,173,431

Insurance

—

2.0%

Ambac

Financial

Group,

Inc.

(a)

..........

973,143

12,407,573

American

Equity

Investment

Life

Holding

Co.

1,572,998

58,657,095

AMERISAFE,

Inc.

..................

406,161

18,979,904

Argo

Group

International

Holdings

Ltd.

....

699,603

13,474,354

Bright

Health

Group,

Inc.

(a)(b)

...........

4,519,290

4,745,254

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

1,297,339

34,184,883

CNO

Financial

Group,

Inc.

.............

2,485,436

44,663,285

Crawford

&

Co.,

Class

A,

NVS

..........

356,068

2,043,830

Donegal

Group,

Inc.,

Class

A

...........

321,251

4,333,676

eHealth,

Inc.

(a)

.....................

544,117

2,127,497

Employers

Holdings,

Inc.

..............

595,115

20,525,516

Enstar

Group

Ltd.

(a)(b)

................

244,664

41,492,568

Genworth

Financial,

Inc.,

Class

A

(a)(b)

......

10,932,709

38,264,481

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

416,251

14,835,186

Greenlight

Capital

Re

Ltd.,

Class

A

(a)(b)

.....

582,532

4,334,038

HCI

Group,

Inc.

....................

144,372

5,659,382

Hippo

Holdings,

Inc.

(a)(b)

...............

333,181

6,173,837

Horace

Mann

Educators

Corp.

..........

897,256

31,664,164

Investors

Title

Co.

..................

28,232

3,980,712

James

River

Group

Holdings

Ltd.

........

796,590

18,170,218

Kinsale

Capital

Group,

Inc.

(b)

...........

471,666

120,472,930

Lemonade,

Inc.

(a)(b)

..................

1,026,882

21,749,361

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

MBIA,

Inc.

(a)(b)

.....................

1,026,156

$

9,440,635

Mercury

General

Corp.

...............

570,979

16,227,223

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

51,725

8,834,630

NI

Holdings,

Inc.

(a)(b)

.................

193,161

2,580,631

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

2,586,041

12,904,345

Palomar

Holdings,

Inc.

(a)(b)

.............

528,522

44,247,862

ProAssurance

Corp.

.................

1,159,638

22,624,537

RLI

Corp.

........................

846,725

86,687,705

Root,

Inc.,

Class

A

(a)(b)

................

158,948

1,252,512

Safety

Insurance

Group,

Inc.

...........

308,961

25,198,859

Selective

Insurance

Group,

Inc.

(b)

........

1,294,984

105,411,698

Selectquote

,

Inc.

(a)(b)

.................

2,955,482

2,157,502

SiriusPoint

Ltd.

(a)

...................

1,994,403

9,872,295

Stewart

Information

Services

Corp.

.......

583,144

25,448,404

Tiptree,

Inc.

......................

505,785

5,442,247

Trean

Insurance

Group,

Inc.

(a)

..........

400,701

1,362,383

Trupanion

,

Inc.

(a)(b)

..................

847,955

50,393,966

United

Fire

Group,

Inc.

...............

463,527

13,317,131

Universal

Insurance

Holdings,

Inc.

.......

605,774

5,966,874

972,311,183

Interactive

Media

&

Services

—

0.7%

Arena

Group

Holdings,

Inc.

(The)

(a)(b)

......

235,948

3,090,919

Bumble,

Inc.,

Class

A

(a)(b)

..............

1,863,407

40,044,616

Cargurus

,

Inc.,

Class

A

(a)(b)

.............

2,212,693

31,353,860

Cars.com,

Inc.

(a)

....................

1,491,386

17,150,939

DHI

Group,

Inc.

(a)(b)

..................

871,913

4,690,892

Eventbrite,

Inc.,

Class

A

(a)(b)

............

1,674,099

10,178,522

EverQuote

,

Inc.,

Class

A

(a)(b)

............

412,942

2,816,264

fuboTV

,

Inc.

(a)(b)

....................

3,894,176

13,824,325

Leafly

Holdings,

Inc.

(a)(b)

...............

463,306

314,585

MediaAlpha

,

Inc.,

Class

A

(a)(b)

...........

518,374

4,535,773

Outbrain

,

Inc.

(a)(b)

...................

825,557

3,013,283

QuinStreet

,

Inc.

(a)(b)

..................

1,126,350

11,826,675

Shutterstock

,

Inc.

...................

528,197

26,499,643

TrueCar

,

Inc.

(a)

.....................

2,054,382

3,102,117

Vimeo,

Inc.

(a)(b)

.....................

3,202,074

12,808,296

Vinco

Ventures,

Inc.

(a)(b)

...............

4,947,910

4,607,494

Wejo

Group

Ltd.

(a)(b)

.................

582,636

635,073

Yelp,

Inc.

(a)(b)

......................

1,505,475

51,050,657

Ziff

Davis,

Inc.

(a)(b)

...................

999,481

68,444,459

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

1,737,059

28,661,473

338,649,865

Internet

&

Direct

Marketing

Retail

—

0.4%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

585,460

3,799,635

1stdibs.com,

Inc.

(a)(b)

.................

507,237

3,190,521

aka

Brands

Holding

Corp.

(a)(b)

...........

153,535

222,626

BARK,

Inc.

(a)(b)

.....................

2,486,470

4,525,375

Boxed,

Inc.

(a)(b)

.....................

1,078,462

994,342

CarParts.com,

Inc.

(a)(b)

................

1,133,111

5,858,184

ContextLogic

,

Inc.,

Class

A

(a)(b)

..........

12,669,901

9,298,440

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

263,891

1,857,793

Groupon,

Inc.

(a)(b)

...................

473,165

3,766,393

Lands'

End,

Inc.

(a)(b)

.................

314,616

2,428,835

Liquidity

Services,

Inc.

(a)(b)

.............

544,602

8,855,229

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

305,266

1,422,540

Overstock.com,

Inc.

(a)(b)

...............

930,037

22,646,401

PetMed

Express,

Inc.

................

436,379

8,518,118

Porch

Group,

Inc.

(a)(b)

................

1,870,388

4,208,373

Poshmark

,

Inc.,

Class

A

(a)

.............

1,010,219

15,830,132

Quotient

Technology,

Inc.

(a)(b)

...........

2,104,181

4,860,658

Qurate

Retail,

Inc.

..................

7,569,984

15,215,668

RealReal

,

Inc.

(The)

(a)(b)

...............

2,001,603

3,002,404

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

963,978

2,120,752

Security

Shares

Shares

Value

Internet

&

Direct

Marketing

Retail

(continued)

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

884,878

$

19,193,004

RumbleON

,

Inc.,

Class

B

(a)(b)

...........

229,424

3,881,854

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

1,827,275

7,217,736

ThredUp

,

Inc.,

Class

A

(a)(b)

.............

1,241,856

2,285,015

Vivid

Seats,

Inc.,

Class

A

(b)

............

555,101

4,252,074

Xometry

,

Inc.,

Class

A

(a)(b)

.............

737,150

41,862,748

201,314,850

IT

Services

—

2.1%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

3,179,722

26,773,259

BigCommerce

Holdings,

Inc.

(a)(b)

.........

1,420,933

21,029,808

Brightcove

,

Inc.

(a)

...................

876,178

5,519,921

Cantaloupe,

Inc.

(a)(b)

.................

1,267,004

4,409,174

Cass

Information

Systems,

Inc.

.........

310,921

10,785,849

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

912,066

2,690,595

Conduent

,

Inc.

(a)

...................

3,652,300

12,198,682

Core

Scientific,

Inc.

(a)(b)

...............

5,835,057

7,585,574

CSG

Systems

International,

Inc.

.........

701,146

37,076,600

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

854,368

3,485,821

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

1,527,483

55,249,060

Edgio

,

Inc.

(a)(b)

.....................

2,994,600

8,324,988

EVERTEC,

Inc.

....................

1,358,459

42,587,690

Evo

Payments,

Inc.,

Class

A

(a)

..........

1,032,795

34,392,073

ExlService

Holdings,

Inc.

(a)(b)

...........

703,374

103,649,193

Fastly

,

Inc.,

Class

A

(a)(b)

...............

2,478,523

22,703,271

Flywire

Corp.

(a)(b)

...................

1,214,825

27,892,382

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

1,068,683

20,016,433

Hackett

Group,

Inc.

(The)

.............

579,885

10,275,562

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

478,456

9,583,474

IBEX

Holdings

Ltd.

(a)(b)

...............

123,261

2,288,957

Information

Services

Group,

Inc.

.........

735,260

3,499,838

International

Money

Express,

Inc.

(a)(b)

......

723,404

16,486,377

Marqeta

,

Inc.,

Class

A

(a)(b)

.............

9,479,374

67,493,143

Maximus,

Inc.

.....................

1,314,786

76,086,666

MoneyGram

International,

Inc.

(a)(b)

........

2,044,770

21,265,608

Paya

Holdings,

Inc.,

Class

A

(a)(b)

.........

1,905,194

11,640,735

Payoneer

Global,

Inc.

(a)(b)

..............

4,694,056

28,399,039

Paysafe

Ltd.

(a)(b)

....................

7,480,276

10,322,781

Perficient

,

Inc.

(a)(b)

...................

743,796

48,361,616

PFSweb

,

Inc.

(a)(b)

...................

314,306

2,929,332

Priority

Technology

Holdings,

Inc.

(a)(b)

......

216,779

977,673

Rackspace

Technology,

Inc.

(a)(b)

.........

1,309,792

5,343,951

Remitly

Global,

Inc.

(a)(b)

...............

2,154,218

23,954,904

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

1,962,032

13,851,946

Sabre

Corp.

(a)(b)

....................

7,128,246

36,710,467

SolarWinds

Corp.

(a)

.................

1,109,863

8,601,438

Squarespace,

Inc.,

Class

A

(a)(b)

..........

691,216

14,764,374

StoneCo

Ltd.,

Class

A

(a)(b)

.............

6,058,778

57,740,154

TTEC

Holdings,

Inc.

.................

410,870

18,205,650

Tucows

,

Inc.,

Class

A

(a)(b)

..............

206,992

7,743,571

Unisys

Corp.

(a)(b)

....................

1,475,501

11,140,033

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

3,126,153

48,048,972

1,002,086,634

Leisure

Products

—

0.4%

Acushnet

Holdings

Corp.

(b)

............

731,366

31,807,107

AMMO,

Inc.

(a)(b)

....................

1,988,745

5,827,023

Clarus

Corp.

(b)

.....................

625,770

8,429,122

Johnson

Outdoors,

Inc.,

Class

A

.........

111,806

5,736,766

Latham

Group,

Inc.

(a)(b)

...............

961,601

3,452,148

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

442,667

21,243,589

Marine

Products

Corp.

...............

178,998

1,514,323

MasterCraft

Boat

Holdings,

Inc.

(a)(b)

.......

410,516

7,738,227

Smith

&

Wesson

Brands,

Inc.

...........

999,423

10,364,016

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

429,689

1,632,818

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Leisure

Products

(continued)

Sturm

Ruger

&

Co.,

Inc.

..............

373,759

$

18,983,220

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

3,059,316

58,922,426

Vista

Outdoor,

Inc.

(a)(b)

................

1,211,775

29,470,368

205,121,153

Life

Sciences

Tools

&

Services

—

0.7%

(a)(b)

AbCellera

Biologics,

Inc.

..............

4,486,175

44,368,271

Absci

Corp.

.......................

1,160,246

3,631,570

Adaptive

Biotechnologies

Corp.

.........

2,436,597

17,348,571

Akoya

Biosciences,

Inc.

..............

326,518

3,836,586

Alpha

Teknova

,

Inc.

.................

150,788

503,632

Berkeley

Lights,

Inc.

.................

1,211,200

3,464,032

Bionano

Genomics,

Inc.

..............

6,265,731

11,466,288

Codexis

,

Inc.

......................

1,343,378

8,140,871

Cytek

Biosciences,

Inc.

...............

2,498,724

36,781,217

Inotiv

,

Inc.

........................

373,567

6,294,604

MaxCyte

,

Inc.

.....................

1,963,892

12,765,298

Medpace

Holdings,

Inc.

..............

553,588

87,007,426

NanoString

Technologies,

Inc.

..........

1,016,896

12,985,762

Nautilus

Biotechnology,

Inc.

............

905,113

1,918,839

NeoGenomics

,

Inc.

.................

2,742,367

23,611,780

Pacific

Biosciences

of

California,

Inc.

.....

4,911,689

28,512,355

Quanterix

Corp.

....................

787,129

8,674,161

Quantum-Si,

Inc.,

Class

A

.............

2,037,610

5,603,427

Science

37

Holdings,

Inc.

.............

1,266,398

2,038,901

Seer,

Inc.,

Class

A

..................

1,101,377

8,524,658

Singular

Genomics

Systems,

Inc.

........

1,195,490

2,988,725

SomaLogic

,

Inc.,

Class

A

..............

3,215,948

9,326,249

339,793,223

Machinery

—

3.6%

Alamo

Group,

Inc.

..................

214,479

26,224,347

Albany

International

Corp.,

Class

A

(b)

......

685,758

54,058,303

Altra

Industrial

Motion

Corp.

(b)

..........

1,422,289

47,817,356

Astec

Industries,

Inc.

................

491,595

15,332,848

Barnes

Group,

Inc.

..................

1,077,223

31,110,200

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

967,380

1,644,546

Blue

Bird

Corp.

(a)(b)

..................

374,440

3,126,574

Chart

Industries,

Inc.

(a)(b)

..............

799,668

147,418,796

CIRCOR

International,

Inc.

(a)(b)

..........

402,426

6,636,005

Columbus

McKinnon

Corp.

............

598,506

15,656,917

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

5,676,941

14,703,277

Douglas

Dynamics,

Inc.

..............

492,577

13,802,007

Energy

Recovery,

Inc.

(a)(b)

.............

1,185,926

25,782,031

Enerpac

Tool

Group

Corp.,

Class

A

(a)

......

1,301,093

23,198,488

EnPro

Industries,

Inc.

................

456,506

38,793,880

ESCO

Technologies,

Inc.

.............

565,936

41,562,340

Evoqua

Water

Technologies

Corp.

(a)(b)

.....

2,555,065

84,495,999

Federal

Signal

Corp.

(b)

...............

1,298,453

48,458,266

Franklin

Electric

Co.,

Inc.

.............

1,000,580

81,757,392

Gorman-Rupp

Co.

(The)

..............

480,670

11,435,139

Greenbrier

Cos.,

Inc.

(The)

............

707,349

17,167,360

Helios

Technologies,

Inc.

..............

710,321

35,942,243

Hillenbrand,

Inc.

...................

1,516,540

55,687,349

Hillman

Solutions

Corp.

(a)(b)

............

2,905,363

21,906,437

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

880,447

1,708,067

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

2,820,951

8,096,129

Hyster

-Yale

Materials

Handling,

Inc.

......

236,025

5,076,898

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

1,998,868

3,398,076

John

Bean

Technologies

Corp.

(b)

.........

690,174

59,354,964

Kadant

,

Inc.

......................

254,607

42,470,994

Kennametal,

Inc.

...................

1,811,386

37,278,324

Lightning

eMotors

,

Inc.

(a)(b)

.............

783,721

1,214,768

Lindsay

Corp.

.....................

239,042

34,249,938

Luxfer

Holdings

plc

.................

592,529

8,591,670

Security

Shares

Shares

Value

Machinery

(continued)

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

759,700

$

5,887,675

Markforged

Holding

Corp.

(a)(b)

...........

2,429,220

4,809,856

Microvast

Holdings,

Inc.

(a)(b)

............

3,800,697

6,879,262

Miller

Industries,

Inc.

................

239,514

5,099,253

Mueller

Industries,

Inc.

...............

1,217,365

72,360,176

Mueller

Water

Products,

Inc.,

Class

A

.....

3,438,571

35,314,124

Nikola

Corp.

(a)(b)

....................

6,572,267

23,134,380

Omega

Flex,

Inc.

(b)

..................

67,372

6,239,995

Proterra

,

Inc.

(a)(b)

...................

4,830,584

24,056,308

Proto

Labs,

Inc.

(a)(b)

..................

598,789

21,813,883

RBC

Bearings,

Inc.

(a)(b)

...............

620,071

128,856,954

REV

Group,

Inc.

(b)

..................

720,770

7,950,093

Sarcos

Technology

&

Robotics

Corp.

(a)(b)

...

2,240,722

4,974,403

Shyft

Group,

Inc.

(The)

(b)

..............

764,822

15,625,313

SPX

Technologies,

Inc.

(a)(b)

.............

949,801

52,448,011

Standex

International

Corp.

............

249,425

20,365,551

Tennant

Co.

......................

397,703

22,494,082

Terex

Corp.

.......................

1,469,958

43,716,551

Titan

International,

Inc.

(a)(b)

.............

1,108,657

13,459,096

Trinity

Industries,

Inc.

................

1,799,079

38,410,337

Velo3D,

Inc.

(a)(b)

....................

1,281,322

5,048,409

Wabash

National

Corp.

(b)

..............

1,082,854

16,849,208

Watts

Water

Technologies,

Inc.,

Class

A

(b)

..

595,431

74,863,540

Xos

,

Inc.

(a)(b)

......................

1,020,700

1,224,840

1,717,039,228

Marine

—

0.2%

Costamare

,

Inc.

....................

1,150,597

10,297,843

Eagle

Bulk

Shipping,

Inc.

.............

293,166

12,658,908

Eneti

,

Inc.

(b)

.......................

497,269

3,316,784

Genco

Shipping

&

Trading

Ltd.

..........

797,722

9,995,457

Golden

Ocean

Group

Ltd.

.............

2,679,259

20,014,065

Matson,

Inc.

......................

841,632

51,777,200

Safe

Bulkers,

Inc.

(b)

.................

1,555,111

3,841,124

111,901,381

Media

—

0.9%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

610,043

1,311,593

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

1,669,748

3,556,563

AMC

Networks,

Inc.,

Class

A

(a)(b)

.........

659,412

13,386,064

Audacy

,

Inc.,

Class

A

(a)(b)

..............

2,550,711

984,830

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

468,161

10,786,429

Cardlytics,

Inc.

(a)(b)

..................

708,279

6,657,823

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

8,145,329

11,159,101

Cumulus

Media,

Inc.,

Class

A

(a)

.........

359,978

2,530,645

Daily

Journal

Corp.

(a)(b)

...............

26,421

6,774,080

Entravision

Communications

Corp.,

Class

A

.

1,323,887

5,255,831

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

1,246,445

14,047,435

Gambling.com

Group

Ltd.

(a)(b)

...........

134,511

1,022,284

Gannett

Co.,

Inc.

(a)(b)

.................

3,047,544

4,662,742

Gray

Television,

Inc.

.................

1,830,772

26,216,655

iHeartMedia

,

Inc.,

Class

A

(a)(b)

...........

2,647,521

19,406,329

Innovid

Corp.

(a)(b)

...................

1,493,166

4,046,480

Integral

Ad

Science

Holding

Corp.

(a)(b)

.....

872,010

6,313,352

John

Wiley

&

Sons,

Inc.,

Class

A

........

940,825

35,337,387

Loyalty

Ventures,

Inc.

(a)(b)

..............

409,766

495,817

Magnite

,

Inc.

(a)(b)

....................

2,863,786

18,815,074

PubMatic,

Inc.,

Class

A

(a)(b)

.............

935,548

15,558,163

Scholastic

Corp.,

NVS

...............

644,747

19,832,418

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

896,643

16,220,272

Stagwell

,

Inc.,

Class

A

(a)(b)

.............

1,690,311

11,747,662

TechTarget

,

Inc.

(a)(b)

.................

598,614

35,437,949

TEGNA,

Inc.

......................

4,849,208

100,281,621

Thryv

Holdings,

Inc.

(a)(b)

...............

555,305

12,677,613

Urban

One,

Inc.,

Class

A

(a)(b)

...........

221,647

1,172,513

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

156,802

$

666,408

WideOpenWest

,

Inc.

(a)(b)

..............

1,167,104

14,320,366

420,681,499

Metals

&

Mining

—

1.4%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

701,741

7,129,689

Alpha

Metallurgical

Resources,

Inc.

......

362,265

49,572,343

Arconic

Corp.

(a)(b)

...................

2,228,451

37,972,805

ATI,

Inc.

(a)(b)

.......................

2,689,087

71,556,605

Carpenter

Technology

Corp.

...........

1,046,289

32,581,439

Century

Aluminum

Co.

(a)(b)

.............

1,127,930

5,955,470

Coeur

Mining,

Inc.

(a)(b)

................

6,062,347

20,733,227

Commercial

Metals

Co.

...............

2,609,690

92,591,801

Compass

Minerals

International,

Inc.

......

742,120

28,593,884

Constellium

SE,

Class

A

(a)

.............

2,755,390

27,939,655

Dakota

Gold

Corp.

(a)(b)

................

1,112,018

3,391,655

Haynes

International,

Inc.

.............

281,488

9,885,859

Hecla

Mining

Co.

(b)

..................

12,083,266

47,608,068

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

3,120,431

1,886,300

Ivanhoe

Electric,

Inc.

(a)(b)

..............

246,210

2,031,232

Kaiser

Aluminum

Corp.

...............

348,868

21,403,052

Materion

Corp.

....................

444,491

35,559,280

Novagold

Resources,

Inc.

(a)(b)

...........

5,172,126

24,257,271

Olympic

Steel,

Inc.

..................

210,467

4,800,752

Piedmont

Lithium,

Inc.

(a)(b)

.............

377,964

20,217,294

PolyMet

Mining

Corp.

(a)(b)

..............

627,567

1,807,393

Ramaco

Resources,

Inc.

..............

493,749

4,542,491

Ryerson

Holding

Corp.

...............

414,141

10,659,989

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

561,437

15,978,497

SunCoke

Energy,

Inc.

................

1,823,941

10,597,097

TimkenSteel

Corp.

(a)(b)

................

1,015,354

15,220,156

Warrior

Met

Coal,

Inc.

(b)

...............

1,128,956

32,107,509

Worthington

Industries,

Inc.

(b)

...........

683,713

26,076,814

662,657,627

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

AFC

Gamma,

Inc.

..................

325,440

4,979,232

Angel

Oak

Mortgage,

Inc.

(b)

............

237,500

2,845,250

Apollo

Commercial

Real

Estate

Finance,

Inc.

3,111,419

25,824,778

Arbor

Realty

Trust,

Inc.

...............

3,575,832

41,122,068

Ares

Commercial

Real

Estate

Corp.

......

1,072,896

11,211,763

ARMOUR

Residential

REIT,

Inc.

.........

2,466,521

12,011,957

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

3,671,946

85,703,220

BrightSpire

Capital,

Inc.,

Class

A

........

1,996,173

12,595,852

Broadmark

Realty

Capital,

Inc.

..........

2,771,376

14,161,731

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

95,287

1,373,086

Chimera

Investment

Corp.

.............

5,147,001

26,867,345

Claros

Mortgage

Trust,

Inc.

............

2,008,343

23,577,947

Dynex

Capital,

Inc.

..................

906,969

10,566,189

Ellington

Financial,

Inc.

...............

1,239,331

14,091,193

Franklin

BSP

Realty

Trust,

Inc.

..........

1,786,370

19,239,205

Granite

Point

Mortgage

Trust,

Inc.

.......

1,248,713

8,041,712

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

1,861,026

55,700,508

Invesco

Mortgage

Capital,

Inc.

..........

740,063

8,214,699

KKR

Real

Estate

Finance

Trust,

Inc.

......

1,213,022

19,711,607

Ladder

Capital

Corp.,

Class

A

..........

2,504,700

22,442,112

MFA

Financial,

Inc.

..................

2,281,138

17,747,254

New

York

Mortgage

Trust,

Inc.

..........

8,419,954

19,702,692

Nexpoint

Real

Estate

Finance,

Inc.

.......

144,108

2,158,738

Orchid

Island

Capital,

Inc.

(b)

............

832,323

6,825,048

PennyMac

Mortgage

Investment

Trust

.....

1,996,619

23,520,172

Ready

Capital

Corp.

(b)

................

1,556,913

15,787,098

Redwood

Trust,

Inc.

.................

2,554,543

14,663,077

TPG

RE

Finance

Trust,

Inc.

............

1,451,659

10,161,613

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Two

Harbors

Investment

Corp.

..........

7,619,462

$

25,296,614

556,143,760

Multiline

Retail

—

0.1%

Big

Lots,

Inc.

......................

632,774

9,877,602

Dillard's,

Inc.,

Class

A

(b)

...............

89,297

24,356,650

Franchise

Group,

Inc.

................

608,265

14,780,839

49,015,091

Multi-Utilities

—

0.5%

Avista

Corp.

......................

1,553,286

57,549,246

Black

Hills

Corp.

...................

1,413,095

95,708,925

NorthWestern

Corp.

.................

1,218,542

60,049,750

Unitil

Corp.

.......................

337,385

15,671,533

228,979,454

Oil,

Gas

&

Consumable

Fuels

—

4.5%

Aemetis

,

Inc.

(a)(b)

...................

680,167

4,162,622

Alto

Ingredients,

Inc.

(a)(b)

..............

1,688,429

6,145,882

Amplify

Energy

Corp.

(a)(b)

..............

776,348

5,100,606

Arch

Resources,

Inc.,

Class

A

..........

330,596

39,208,686

Archaea

Energy,

Inc.,

Class

A

(a)(b)

........

1,297,965

23,376,350

Ardmore

Shipping

Corp.

(a)(b)

............

787,601

7,190,797

Battalion

Oil

Corp.

(a)(b)

................

31,065

369,673

Berry

Corp.

(b)

......................

1,719,437

12,895,777

Brigham

Minerals,

Inc.,

Class

A

.........

1,153,568

28,458,523

California

Resources

Corp.

(b)

...........

1,650,358

63,423,258

Callon

Petroleum

Co.

(a)(b)

..............

1,078,613

37,762,241

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

237,650

9,738,897

Chord

Energy

Corp.

.................

904,468

123,704,088

Civitas

Resources,

Inc.

...............

1,605,325

92,129,602

Clean

Energy

Fuels

Corp.

(a)(b)

...........

3,733,844

19,938,727

CNX

Resources

Corp.

(a)(b)

.............

4,109,533

63,821,047

Comstock

Resources,

Inc.

(a)(b)

..........

1,995,501

34,502,212

CONSOL

Energy,

Inc.

................

748,743

48,159,150

Crescent

Energy

Co.,

Class

A

(b)

.........

732,089

9,861,239

CVR

Energy,

Inc.

...................

659,304

19,106,630

Delek

US

Holdings,

Inc.

..............

1,567,235

42,534,758

Denbury,

Inc.

(a)(b)

...................

1,089,236

93,957,497

DHT

Holdings,

Inc.

..................

3,015,066

22,793,899

Dorian

LPG

Ltd.

....................

698,562

9,479,486

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

979,631

12,069,054

Empire

Petroleum

Corp.

(a)(b)

............

198,578

2,611,301

Energy

Fuels,

Inc.

(a)(b)

................

3,393,324

20,767,143

Equitrans

Midstream

Corp.

............

8,947,839

66,929,836

Excelerate

Energy,

Inc.,

Class

A

(b)

........

406,534

9,512,896

FLEX

LNG

Ltd.

(b)

...................

617,798

19,565,663

Frontline

Ltd.

(b)

....................

2,706,077

29,577,422

Gevo

,

Inc.

(a)(b)

.....................

4,504,453

10,270,153

Golar

LNG

Ltd.

(a)(b)

..................

2,180,265

54,332,204

Green

Plains,

Inc.

(a)(b)

................

800,530

23,271,407

Gulfport

Energy

Corp.

(a)(b)

.............

247,626

21,862,900

HighPeak

Energy,

Inc.

(b)

..............

127,781

2,767,736

International

Seaways,

Inc.

............

1,081,950

38,008,903

Kinetik

Holdings,

Inc.,

Class

A

..........

385,877

12,571,873

Kosmos

Energy

Ltd.

(a)(b)

...............

9,842,111

50,883,714

Laredo

Petroleum,

Inc.

(a)(b)

.............

367,558

23,101,020

Magnolia

Oil

&

Gas

Corp.,

Class

A

(b)

......

3,658,938

72,483,562

Matador

Resources

Co.

(b)

.............

2,458,410

120,265,417

Murphy

Oil

Corp.

...................

3,209,819

112,889,334

NACCO

Industries,

Inc.,

Class

A

.........

82,961

3,901,656

NextDecade

Corp.

(a)(b)

................

714,693

4,302,452

Nordic

American

Tankers

Ltd.

..........

4,266,984

11,392,847

Northern

Oil

and

Gas,

Inc.

.............

1,459,942

40,017,010

Par

Pacific

Holdings,

Inc.

(a)(b)

...........

1,123,586

18,438,046

PBF

Energy,

Inc.,

Class

A

(a)(b)

...........

2,115,091

74,366,600

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Peabody

Energy

Corp.

(a)(b)

.............

2,557,681

$

63,481,642

Permian

Resources

Corp.,

Class

A

(a)(b)

.....

4,460,893

30,334,072

Petrocorp,

Inc.,

NVS

(a)(d)

..............

26,106

—

Ranger

Oil

Corp.,

Class

A

(b)

............

442,673

13,922,066

REX

American

Resources

Corp.

(a)(b)

......

371,858

10,382,275

Riley

Exploration

Permian,

Inc.

..........

230,600

4,376,788

Ring

Energy,

Inc.

(a)(b)

.................

1,955,472

4,536,695

SandRidge

Energy,

Inc.

(a)(b)

............

456,548

7,446,298

Scorpio

Tankers,

Inc.

................

1,056,713

44,424,214

SFL

Corp.

Ltd.

.....................

2,544,189

23,177,562

SilverBow

Resources,

Inc.

(a)(b)

..........

254,979

6,853,835

Sitio

Royalties

Corp.,

Class

A

(b)

.........

266,279

5,887,429

SM

Energy

Co.

(b)

...................

2,639,375

99,266,894

Talos

Energy,

Inc.

(a)(b)

................

1,445,677

24,070,522

Teekay

Corp.

(a)

....................

1,509,774

5,420,089

Teekay

Tankers

Ltd.,

Class

A

(a)

..........

500,081

13,772,231

Tellurian,

Inc.

(a)(b)

...................

11,185,064

26,732,303

Uranium

Energy

Corp.

(a)(b)

.............

7,001,918

24,506,713

Ur-Energy,

Inc.

(a)(b)

..................

4,490,859

4,895,036

VAALCO

Energy,

Inc.

(b)

...............

1,245,238

5,429,238

Vertex

Energy,

Inc.

(a)(b)

...............

1,193,082

7,432,901

W&T

Offshore,

Inc.

(a)(b)

...............

2,013,321

11,798,061

World

Fuel

Services

Corp.

.............

1,375,573

32,243,431

2,144,372,091

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.

(a)

.............

360,665

13,561,004

Glatfelter

Corp.

....................

960,618

2,987,522

Resolute

Forest

Products,

Inc.

(a)

.........

998,971

19,979,420

Sylvamo

Corp.

....................

775,259

26,281,280

62,809,226

Personal

Products

—

0.7%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

2,158,628

25,450,224

BellRing

Brands,

Inc.

(a)(b)

..............

2,866,726

59,083,223

Edgewell

Personal

Care

Co.

(b)

..........

1,117,978

41,812,377

elf

Beauty,

Inc.

(a)

...................

1,045,068

39,315,458

Herbalife

Nutrition

Ltd.

(a)(b)

.............

2,122,212

42,210,797

Honest

Co.,

Inc.

(The)

(a)(b)

.............

1,532,533

5,363,865

Inter

Parfums

,

Inc.

..................

393,186

29,669,816

Medifast

,

Inc.

.....................

238,276

25,819,587

Nature's

Sunshine

Products,

Inc.

(a)

.......

264,239

2,177,329

Nu

Skin

Enterprises,

Inc.,

Class

A

........

1,094,860

36,535,478

Thorne

HealthTech

,

Inc.

(a)(b)

............

210,812

997,141

USANA

Health

Sciences,

Inc.

(a)

.........

250,058

14,015,751

Veru

,

Inc.

(a)(b)

......................

1,426,040

16,427,981

338,879,027

Pharmaceuticals

—

1.7%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

1,398,753

22,016,372

Aerie

Pharmaceuticals,

Inc.

(a)

...........

1,044,068

15,796,749

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

2,132,103

4,306,848

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

832,053

23,380,689

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

763,425

21,490,414

AN2

Therapeutics,

Inc.

(a)(b)

.............

84,061

1,460,980

ANI

Pharmaceuticals,

Inc.

(a)

............

279,686

8,989,108

Arvinas

,

Inc.

(a)(b)

....................

1,061,622

47,231,563

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

1,694,319

9,640,675

Athira

Pharma,

Inc.

(a)(b)

...............

858,022

2,548,325

Axsome

Therapeutics,

Inc.

(a)(b)

..........

649,441

28,978,057

Cara

Therapeutics,

Inc.

(a)(b)

............

974,324

9,119,673

Cassava

Sciences,

Inc.

(a)(b)

............

831,868

34,788,720

CinCor

Pharma,

Inc.

(a)(b)

..............

429,680

14,102,098

Collegium

Pharmaceutical,

Inc.

(a)(b)

.......

757,062

12,128,133

Corcept

Therapeutics,

Inc.

(a)(b)

..........

1,860,370

47,699,887

DICE

Therapeutics,

Inc.

(a)(b)

............

623,332

12,641,173

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Edgewise

Therapeutics,

Inc.

(a)

..........

678,582

$

6,677,247

Esperion

Therapeutics,

Inc.

(a)(b)

..........

1,455,325

9,750,677

Evolus

,

Inc.

(a)(b)

....................

807,267

6,498,499

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

526,724

4,166,387

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

750,705

6,073,203

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

574,842

25,459,752

Innoviva

,

Inc.

(a)(b)

...................

1,386,069

16,092,261

Intra-Cellular

Therapies,

Inc.

(a)(b)

.........

1,996,131

92,879,975

Liquidia

Corp.

(a)(b)

...................

1,037,524

5,644,131

Nektar

Therapeutics

(a)(b)

...............

4,000,442

12,801,414

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

851,036

11,131,551

Nuvation

Bio,

Inc.,

Class

A

(a)(b)

..........

2,667,224

5,974,582

Ocular

Therapeutix

,

Inc.

(a)(b)

............

1,673,191

6,943,743

Pacira

BioSciences

,

Inc.

(a)(b)

............

987,236

52,511,083

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

498,085

5,518,782

Phibro

Animal

Health

Corp.,

Class

A

......

446,434

5,933,108

Prestige

Consumer

Healthcare,

Inc.

(a)(b)

....

1,083,667

53,999,127

Provention

Bio,

Inc.

(a)(b)

...............

1,332,413

5,995,858

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

604,339

15,187,039

Relmada

Therapeutics,

Inc.

(a)(b)

..........

603,432

22,339,053

Revance

Therapeutics,

Inc.

(a)(b)

..........

1,550,971

41,876,217

SIGA

Technologies,

Inc.

(b)

.............

1,039,999

10,711,990

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

1,072,409

36,301,045

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

376,056

6,438,079

Theravance

Biopharma,

Inc.

(a)(b)

.........

1,378,267

13,975,627

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

297,787

1,727,165

Tricida

,

Inc.

(a)(b)

....................

715,459

7,498,010

Ventyx

Biosciences,

Inc.

(a)(b)

............

485,792

16,958,999

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

2,953,495

4,607,452

827,991,520

Professional

Services

—

1.7%

Alight,

Inc.,

Class

A

(a)(b)

...............

7,394,197

54,199,464

ASGN,

Inc.

(a)(b)

.....................

1,072,330

96,906,462

Atlas

Technical

Consultants,

Inc.

(a)(b)

......

363,759

2,418,997

Barrett

Business

Services,

Inc.

..........

156,350

12,195,300

CBIZ,

Inc.

(a)(b)

......................

1,053,590

45,072,580

CRA

International,

Inc.

(b)

..............

157,002

13,932,358

Exponent,

Inc.

.....................

1,107,688

97,111,007

First

Advantage

Corp.

(a)(b)

.............

1,289,476

16,543,977

Forrester

Research,

Inc.

(a)

.............

238,157

8,576,034

Franklin

Covey

Co.

(a)(b)

...............

269,772

12,244,951

Heidrick

&

Struggles

International,

Inc.

....

420,160

10,919,959

HireRight

Holdings

Corp.

(a)(b)

...........

442,995

6,760,104

Huron

Consulting

Group,

Inc.

(a)(b)

........

450,940

29,874,775

ICF

International,

Inc.

(b)

...............

399,836

43,590,121

Insperity

,

Inc.

......................

788,980

80,546,968

Kelly

Services,

Inc.,

Class

A,

NVS

.......

743,543

10,104,749

Kforce

,

Inc.

.......................

442,981

25,980,836

Korn

Ferry

.......................

1,185,889

55,677,489

Legalzoom.com,

Inc.

(a)(b)

..............

2,110,753

18,089,153

Planet

Labs

PBC

(a)(b)

.................

3,402,966

18,478,106

Red

Violet,

Inc.

(a)(b)

..................

192,604

3,335,901

Resources

Connection,

Inc.

............

702,819

12,699,939

Skillsoft

Corp.,

Class

A

(a)(b)

.............

1,841,304

3,369,586

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

2,818,940

3,044,455

Sterling

Check

Corp.

(a)(b)

..............

506,677

8,937,782

TriNet

Group,

Inc.

(a)(b)

................

817,764

58,241,152

TrueBlue

,

Inc.

(a)

....................

709,137

13,530,334

Upwork

,

Inc.

(a)(b)

....................

2,614,911

35,615,088

Willdan

Group,

Inc.

(a)(b)

...............

239,525

3,547,365

801,544,992

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.7%

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

2,482,659

$

20,134,365

Compass,

Inc.,

Class

A

(a)(b)

............

5,986,618

13,888,954

Cushman

&

Wakefield

plc

(a)(b)

...........

3,495,472

40,023,154

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

3,524,913

44,096,662

Doma

Holdings,

Inc.

(a)(b)

...............

2,709,382

1,190,503

Douglas

Elliman

,

Inc.

................

1,556,702

6,382,478

eXp

World

Holdings,

Inc.

(b)

.............

1,501,876

16,836,030

Forestar

Group,

Inc.

(a)(b)

...............

376,098

4,208,537

FRP

Holdings,

Inc.

(a)(b)

................

149,254

8,113,447

Kennedy-Wilson

Holdings,

Inc.

..........

2,563,442

39,630,813

Marcus

&

Millichap,

Inc.

..............

552,485

18,110,458

Newmark

Group,

Inc.,

Class

A

..........

3,131,005

25,235,900

Offerpad

Solutions,

Inc.,

Class

A

(a)(b)

......

1,378,499

1,667,984

RE/MAX

Holdings,

Inc.,

Class

A

.........

412,381

7,798,125

Redfin

Corp.

(a)(b)

....................

2,307,035

13,473,084

RMR

Group,

Inc.

(The),

Class

A

.........

338,536

8,019,918

Seritage

Growth

Properties,

Class

A

(a)

.....

887,298

8,003,428

St.

Joe

Co.

(The)

(b)

..................

744,412

23,843,516

Stratus

Properties,

Inc.

...............

124,923

2,910,706

Tejon

Ranch

Co.

(a)(b)

.................

441,067

6,351,365

Transcontinental

Realty

Investors,

Inc.

(a)

...

13,563

547,267

310,466,694

Road

&

Rail

—

0.6%

ArcBest

Corp.

(b)

....................

533,819

38,824,656

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

3,365,626

1,187,729

Covenant

Logistics

Group,

Inc.,

Class

A

....

227,590

6,531,833

Daseke

,

Inc.

(a)(b)

....................

867,141

4,691,233

Heartland

Express,

Inc.

...............

951,120

13,610,527

Marten

Transport

Ltd.

................

1,271,141

24,355,062

PAM

Transportation

Services,

Inc.

(a)(b)

.....

160,384

4,965,489

Saia,

Inc.

(a)(b)

......................

578,685

109,950,150

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

3,099,762

23,558,191

Universal

Logistics

Holdings,

Inc.

(b)

.......

165,652

5,254,482

Werner

Enterprises,

Inc.

(b)

.............

1,381,854

51,957,710

284,887,062

Semiconductors

&

Semiconductor

Equipment

—

2.4%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

1,065,062

13,270,673

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

488,137

15,015,094

Ambarella

,

Inc.

(a)(b)

..................

789,842

44,373,324

Amkor

Technology,

Inc.

...............

2,232,211

38,059,198

Atomera

,

Inc.

(a)(b)

...................

441,228

4,469,640

Axcelis

Technologies,

Inc.

(a)(b)

...........

713,919

43,234,935

AXT,

Inc.

(a)

.......................

851,613

5,705,807

CEVA,

Inc.

(a)(b)

.....................

485,038

12,722,547

Cohu

,

Inc.

(a)

......................

1,056,607

27,239,328

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

2,081,898

22,900,878

CyberOptics

Corp.

(a)

.................

153,135

8,235,600

Diodes,

Inc.

(a)(b)

....................

975,140

63,296,337

FormFactor

,

Inc.

(a)

..................

1,689,224

42,315,061

Ichor

Holdings

Ltd.

(a)(b)

................

626,076

15,157,300

Impinj

,

Inc.

(a)(b)

.....................

455,879

36,483,996

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

2,215,689

16,218,843

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

1,234,690

47,572,606

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

1,101,719

57,058,027

MaxLinear

,

Inc.

(a)(b)

..................

1,592,524

51,948,133

Onto

Innovation,

Inc.

(a)(b)

..............

1,078,777

69,095,667

PDF

Solutions,

Inc.

(a)(b)

...............

642,791

15,767,663

Photronics

,

Inc.

(a)

...................

1,313,349

19,201,162

Power

Integrations,

Inc.

(b)

.............

1,231,901

79,235,872

Rambus,

Inc.

(a)(b)

...................

2,404,756

61,128,898

Rigetti

Computing,

Inc.

(a)(b)

.............

649,193

1,220,483

Rockley

Photonics

Holdings

Ltd.

(a)(b)

......

1,995,478

1,416,989

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Semtech

Corp.

(a)

...................

1,373,771

$

40,402,605

Silicon

Laboratories,

Inc.

(a)(b)

............

742,281

91,627,167

SiTime

Corp.

(a)(b)

...................

351,663

27,686,428

SkyWater

Technology,

Inc.

(a)(b)

..........

215,522

1,648,743

SMART

Global

Holdings,

Inc.

(a)(b)

........

1,067,731

16,944,891

Synaptics

,

Inc.

(a)(b)

..................

864,059

85,550,482

Transphorm

,

Inc.

(a)(b)

.................

393,993

1,981,785

Ultra

Clean

Holdings,

Inc.

(a)

............

994,506

25,608,529

Veeco

Instruments,

Inc.

(a)(b)

............

1,106,600

20,272,912

1,124,067,603

Software

—

4.8%

8x8,

Inc.

(a)(b)

.......................

2,605,347

8,988,447

A10

Networks,

Inc.

..................

1,431,072

18,990,325

ACI

Worldwide,

Inc.

(a)(b)

...............

2,536,407

53,010,906

Agilysys

,

Inc.

(a)

....................

429,687

23,783,175

Alarm.com

Holdings,

Inc.

(a)(b)

...........

1,048,986

68,037,232

Alkami

Technology,

Inc.

(a)(b)

............

796,772

11,991,419

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

1,145,002

50,631,988

American

Software,

Inc.,

Class

A

........

745,354

11,418,823

Amplitude,

Inc.,

Class

A

(a)(b)

............

1,213,822

18,777,826

Appfolio

,

Inc.,

Class

A

(a)(b)

.............

416,342

43,599,334

Appian

Corp.,

Class

A

(a)(b)

.............

872,434

35,621,480

Applied

Blockchain

,

Inc.

(a)(b)

............

245,286

416,986

Arteris

,

Inc.

(a)(b)

.....................

331,819

2,209,915

Asana,

Inc.,

Class

A

(a)(b)

...............

1,608,910

35,766,069

Avaya

Holdings

Corp.

(a)(b)

..............

1,792,530

2,850,123

AvePoint

,

Inc.,

Class

A

(a)(b)

.............

2,835,686

11,371,101

Benefitfocus

,

Inc.

(a)(b)

.................

544,886

3,460,026

Blackbaud

,

Inc.

(a)(b)

..................

1,019,953

44,939,129

Blackline,

Inc.

(a)(b)

...................

1,199,865

71,871,914

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

4,023,653

8,892,273

Box,

Inc.,

Class

A

(a)(b)

................

3,043,710

74,236,087

BTRS

Holdings,

Inc.,

Class

A

(a)(b)

........

2,259,415

20,922,183

C3.ai,

Inc.,

Class

A

(a)(b)

...............

1,507,845

18,848,063

Cerence

,

Inc.

(a)(b)

...................

873,237

13,753,483

ChannelAdvisor

Corp.

(a)

..............

619,620

14,040,589

Cipher

Mining,

Inc.

(a)(b)

................

796,057

1,003,032

Cleanspark

,

Inc.

(a)(b)

.................

982,642

3,124,802

Clear

Secure,

Inc.,

Class

A

(a)(b)

..........

1,347,129

30,795,369

CommVault

Systems,

Inc.

(a)

............

971,997

51,554,721

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

344,833

16,310,601

Couchbase

,

Inc.

(a)

..................

574,123

8,192,735

CS

Disco,

Inc.

(a)(b)

...................

469,695

4,696,950

Cvent

Holding

Corp.

(a)(b)

...............

1,104,490

5,798,573

Digimarc

Corp.

(a)(b)

..................

278,945

3,779,705

Digital

Turbine,

Inc.

(a)(b)

...............

2,054,037

29,598,673

Domo,

Inc.,

Class

B

(a)(b)

...............

678,715

12,210,083

Duck

Creek

Technologies,

Inc.

(a)(b)

........

1,665,488

19,736,033

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

4,372,810

26,542,957

Ebix

,

Inc.

(b)

.......................

581,187

11,025,117

eGain

Corp.

(a)(b)

....................

445,366

3,273,440

Enfusion

,

Inc.,

Class

A

(a)(b)

.............

549,554

6,781,496

EngageSmart

,

Inc.

(a)(b)

................

750,685

15,531,673

Envestnet

,

Inc.

(a)(b)

..................

1,178,862

52,341,473

Everbridge

,

Inc.

(a)(b)

..................

863,706

26,671,241

EverCommerce

,

Inc.

(a)(b)

..............

558,453

6,103,891

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

658,725

9,571,274

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

200,166

400,332

Instructure

Holdings,

Inc.

(a)(b)

...........

381,433

8,498,327

Intapp

,

Inc.

(a)(b)

.....................

285,749

5,334,934

InterDigital

,

Inc.

....................

645,191

26,078,620

IronNet

,

Inc.

(a)(b)

....................

1,324,091

912,299

Kaleyra

,

Inc.

(a)(b)

....................

552,361

535,790

KnowBe4,

Inc.,

Class

A

(a)(b)

............

1,600,007

33,296,146

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Latch,

Inc.

(a)(b)

.....................

2,187,506

$

2,086,006

LivePerson

,

Inc.

(a)(b)

.................

1,553,841

14,637,182

LiveRamp

Holdings,

Inc.

(a)

.............

1,453,309

26,392,091

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

248,699

733,662

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

2,435,069

26,079,589

Matterport

,

Inc.,

Class

A

(a)(b)

............

4,778,372

18,110,030

MeridianLink

,

Inc.

(a)(b)

................

507,263

8,258,242

MicroStrategy

,

Inc.,

Class

A

(a)(b)

..........

204,079

43,317,809

Mitek

Systems,

Inc.

(a)(b)

...............

926,944

8,490,807

Model

N,

Inc.

(a)(b)

...................

792,148

27,115,226

Momentive

Global,

Inc.

(a)

..............

2,906,590

16,887,288

N-able,

Inc.

(a)(b)

....................

1,480,660

13,666,492

NextNav

,

Inc.

(a)(b)

...................

1,352,139

3,637,254

Olo

,

Inc.,

Class

A

(a)(b)

.................

1,967,000

15,539,300

ON24,

Inc.

(a)(b)

.....................

928,680

8,172,384

OneSpan

,

Inc.

(a)

....................

845,612

7,280,719

PagerDuty

,

Inc.

(a)(b)

..................

1,880,181

43,375,776

Ping

Identity

Holding

Corp.

(a)(b)

..........

1,688,251

47,389,206

Progress

Software

Corp.

..............

963,717

41,006,158

PROS

Holdings,

Inc.

(a)(b)

..............

885,254

21,865,774

Q2

Holdings,

Inc.

(a)(b)

.................

1,220,984

39,315,685

Qualys

,

Inc.

(a)(b)

....................

838,609

116,893,709

Rapid7,

Inc.

(a)(b)

....................

1,263,370

54,198,573

Rimini

Street,

Inc.

(a)(b)

................

1,045,248

4,870,856

Riot

Blockchain

,

Inc.

(a)(b)

..............

2,966,236

20,793,314

Sapiens

International

Corp.

NV

(b)

........

672,402

12,896,670

SecureWorks

Corp.,

Class

A

(a)(b)

.........

220,534

1,775,299

ShotSpotter,

Inc.

(a)(b)

.................

189,617

5,453,385

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

1,006,418

61,069,444

SPS

Commerce,

Inc.

(a)(b)

..............

789,639

98,096,853

Sumo

Logic,

Inc.

(a)

..................

2,423,823

18,178,673

Telos

Corp.

(a)(b)

.....................

1,148,528

10,210,414

Tenable

Holdings,

Inc.

(a)(b)

.............

2,384,383

82,976,528

Terawulf

,

Inc.

(a)(b)

...................

510,455

643,173

Upland

Software,

Inc.

(a)(b)

..............

622,964

5,064,697

UserTesting

,

Inc.

(a)(b)

.................

968,395

3,796,108

Varonis

Systems,

Inc.

(a)(b)

..............

2,369,796

62,846,990

Verint

Systems,

Inc.

(a)(b)

...............

1,384,717

46,498,797

Veritone

,

Inc.

(a)(b)

...................

734,405

4,134,700

Viant

Technology,

Inc.,

Class

A

(a)(b)

.......

248,348

1,045,545

Weave

Communications,

Inc.

(a)(b)

........

606,809

3,064,385

WM

Technology,

Inc.,

Class

A

(a)(b)

........

1,482,517

2,386,852

Workiva

,

Inc.,

Class

A

(a)(b)

.............

1,047,157

81,468,815

Xperi

Holding

Corp.

.................

2,344,188

33,146,818

Yext

,

Inc.

(a)(b)

......................

2,597,133

11,583,213

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

2,342,926

15,486,741

Zuora

,

Inc.,

Class

A

(a)(b)

...............

2,639,639

19,480,536

2,299,546,951

Specialty

Retail

—

2.3%

Aaron's

Co.,

Inc.

(The)

...............

676,253

6,573,179

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

1,086,903

16,901,342

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

1,793,195

75,636,965

American

Eagle

Outfitters,

Inc.

..........

3,358,067

32,673,992

America's

Car-Mart,

Inc.

(a)(b)

............

133,665

8,156,238

Arko

Corp.

(b)

......................

1,821,047

17,099,631

Asbury

Automotive

Group,

Inc.

(a)(b)

........

481,097

72,693,757

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

1,739,232

10,591,923

Big

5

Sporting

Goods

Corp.

(b)

...........

466,140

5,006,344

Boot

Barn

Holdings,

Inc.

(a)(b)

............

641,396

37,496,010

Buckle,

Inc.

(The)

..................

653,997

20,705,545

Build-A-Bear

Workshop,

Inc.

...........

306,604

4,087,031

Caleres

,

Inc.

(b)

.....................

773,872

18,743,180

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

831,717

21,059,074

Cato

Corp.

(The),

Class

A

.............

459,367

4,382,361

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Chico's

FAS,

Inc.

(a)(b)

.................

2,674,307

$

12,943,646

Children's

Place,

Inc.

(The)

(a)(b)

..........

282,686

8,732,171

Citi

Trends,

Inc.

(a)(b)

..................

184,743

2,865,364

Conn's,

Inc.

(a)(b)

....................

311,387

2,204,620

Container

Store

Group,

Inc.

(The)

(a)(b)

.....

701,771

3,438,678

Designer

Brands,

Inc.,

Class

A

..........

1,235,038

18,908,432

Destination

XL

Group,

Inc.

(a)(b)

..........

1,241,773

6,730,410

EVgo

,

Inc.,

Class

A

(a)(b)

...............

1,455,764

11,515,093

Express,

Inc.

(a)(b)

...................

1,293,454

1,409,865

Foot

Locker,

Inc.

...................

1,782,736

55,496,572

Genesco,

Inc.

(a)(b)

...................

292,272

11,492,135

Group

1

Automotive,

Inc.

(b)

.............

330,673

47,243,251

GrowGeneration

Corp.

(a)(b)

.............

1,333,341

4,666,693

Guess?,

Inc.

......................

734,576

10,776,230

Haverty

Furniture

Cos.,

Inc.

............

313,538

7,807,096

Hibbett,

Inc.

......................

275,258

13,710,601

JOANN,

Inc.

(b)

.....................

261,665

1,732,222

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

623,300

4,319,469

MarineMax

,

Inc.

(a)(b)

.................

457,931

13,641,764

Monro

,

Inc.

.......................

690,008

29,987,748

Murphy

USA,

Inc.

(b)

.................

470,694

129,398,488

National

Vision

Holdings,

Inc.

(a)(b)

........

1,700,889

55,534,026

ODP

Corp.

(The)

(a)

..................

927,074

32,586,651

OneWater

Marine,

Inc.,

Class

A

(a)

........

241,520

7,272,167

Party

City

Holdco,

Inc.

(a)(b)

.............

2,431,520

3,841,802

Rent-A-Center,

Inc.

.................

1,164,661

20,393,214

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

2,333,256

29,399,026

Shoe

Carnival,

Inc.

..................

385,253

8,259,824

Signet

Jewelers

Ltd.

(b)

................

1,000,601

57,224,371

Sleep

Number

Corp.

(a)(b)

..............

468,460

15,838,633

Sonic

Automotive,

Inc.,

Class

A

(b)

........

429,693

18,605,707

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

950,136

7,886,129

Tile

Shop

Holdings,

Inc.

..............

689,512

2,427,082

Tilly's,

Inc.,

Class

A

.................

484,937

3,355,764

Torrid

Holdings,

Inc.

(a)(b)

...............

370,699

1,545,815

TravelCenters

of

America,

Inc.

(a)(b)

........

275,298

14,846,821

Urban

Outfitters,

Inc.

(a)(b)

..............

1,397,912

27,468,971

Volta,

Inc.,

Class

A

(a)(b)

................

2,578,307

3,119,751

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

1,810,527

24,152,430

Winmark

Corp.

(b)

...................

59,184

12,803,867

Zumiez

,

Inc.

(a)(b)

....................

360,676

7,765,354

1,105,154,525

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

3D

Systems

Corp.

(a)(b)

................

2,798,176

22,329,444

Avid

Technology,

Inc.

(a)(b)

..............

783,081

18,214,464

CompoSecure

,

Inc.,

Class

A

(a)(b)

.........

123,484

618,655

Corsair

Gaming,

Inc.

(a)(b)

..............

859,655

9,757,084

Diebold

Nixdorf,

Inc.

(a)(b)

...............

1,595,543

3,893,125

Eastman

Kodak

Co.

(a)(b)

...............

1,293,701

5,938,088

IonQ

,

Inc.

(a)(b)

......................

2,628,399

13,325,983

Super

Micro

Computer,

Inc.

(a)(b)

..........

985,800

54,288,006

Turtle

Beach

Corp.

(a)(b)

................

331,144

2,258,402

Xerox

Holdings

Corp.

................

2,510,262

32,834,227

163,457,478

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Allbirds

,

Inc.,

Class

A

(a)(b)

..............

2,092,917

6,362,468

Crocs,

Inc.

(a)(b)

.....................

1,317,518

90,460,786

Ermenegildo

Zegna

NV

(b)

.............

1,002,948

10,781,691

Fossil

Group,

Inc.

(a)(b)

................

1,051,521

3,596,202

G-III

Apparel

Group

Ltd.

(a)(b)

............

982,956

14,695,192

Kontoor

Brands,

Inc.

.................

1,213,125

40,773,131

Movado

Group,

Inc.

.................

326,048

9,188,032

Oxford

Industries,

Inc.

...............

329,950

29,622,911

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

PLBY

Group,

Inc.

(a)(b)

................

652,698

$

2,630,373

Rocky

Brands,

Inc.

..................

144,821

2,905,109

Steven

Madden

Ltd.

.................

1,703,904

45,443,120

Superior

Group

of

Cos.,

Inc.

...........

251,167

2,230,363

Unifi,

Inc.

(a)(b)

......................

291,088

2,768,247

Wolverine

World

Wide,

Inc.

............

1,710,961

26,331,690

287,789,315

Thrifts

&

Mortgage

Finance

—

1.5%

Axos

Financial,

Inc.

(a)(b)

...............

1,255,202

42,965,564

Blue

Foundry

Bancorp

(a)(b)

.............

612,207

6,826,108

Bridgewater

Bancshares,

Inc.

(a)(b)

........

478,861

7,886,841

Capitol

Federal

Financial,

Inc.

..........

2,887,471

23,966,009

Columbia

Financial,

Inc.

(a)(b)

............

753,696

15,925,596

Enact

Holdings,

Inc.

(b)

................

647,957

14,365,207

Essent

Group

Ltd.

..................

2,298,372

80,144,232

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

201,914

20,017,754

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

509,435

753,964

Flagstar

Bancorp,

Inc.

...............

1,138,947

38,040,830

Greene

County

Bancorp,

Inc.

(b)

..........

71,944

4,120,233

Hingham

Institution

for

Savings

(The)

.....

32,271

8,103,571

Home

Bancorp,

Inc.

.................

166,835

6,504,897

Home

Point

Capital,

Inc.

(b)

.............

167,760

258,350

Kearny

Financial

Corp.

(b)

..............

1,404,652

14,917,404

Luther

Burbank

Corp.

................

347,194

4,034,394

Merchants

Bancorp

(b)

................

350,572

8,087,696

Mr

Cooper

Group,

Inc.

(a)(b)

.............

1,527,209

61,851,964

NMI

Holdings,

Inc.,

Class

A

(a)

...........

1,827,648

37,229,190

Northfield

Bancorp,

Inc.

..............

978,431

14,001,348

PennyMac

Financial

Services,

Inc.

.......

607,092

26,044,247

Pioneer

Bancorp,

Inc.

(a)(b)

..............

253,691

2,415,138

Provident

Bancorp,

Inc.

(b)

.............

340,785

4,876,633

Provident

Financial

Services,

Inc.

........

1,595,424

31,110,768

Radian

Group,

Inc.

..................

3,524,325

67,984,229

Southern

Missouri

Bancorp,

Inc.

.........

170,084

8,679,387

Sterling

Bancorp,

Inc.

(a)(b)

..............

319,216

1,924,872

TrustCo

Bank

Corp.

.................

411,892

12,941,647

Velocity

Financial,

Inc.

(a)(b)

.............

188,356

2,041,779

Walker

&

Dunlop,

Inc.

................

668,514

55,974,677

Waterstone

Financial,

Inc.

.............

453,599

7,330,160

WSFS

Financial

Corp.

...............

1,368,680

63,588,873

694,913,562

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

3,430,673

3,181,263

Turning

Point

Brands,

Inc.

.............

334,838

7,108,611

Universal

Corp.

....................

519,062

23,897,615

Vector

Group

Ltd.

..................

3,153,030

27,778,194

61,965,683

Trading

Companies

&

Distributors

—

1.5%

Alta

Equipment

Group,

Inc.,

Class

A

......

411,089

4,526,090

Applied

Industrial

Technologies,

Inc.

......

832,504

85,564,761

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

1,114,483

60,984,510

BlueLinx

Holdings,

Inc.

(a)(b)

.............

197,687

12,276,363

Boise

Cascade

Co.

(b)

................

861,860

51,246,196

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

1,298,734

7,571,619

Distribution

Solutions

Group,

Inc.

(a)(b)

......

105,870

2,982,358

DXP

Enterprises,

Inc.

(a)

...............

331,816

7,857,403

GATX

Corp.

(b)

.....................

771,760

65,715,364

Global

Industrial

Co.

.................

273,211

7,330,251

GMS,

Inc.

(a)

.......................

947,946

37,927,319

H&E

Equipment

Services,

Inc.

..........

708,773

20,086,627

Herc

Holdings,

Inc.

..................

560,625

58,237,725

Hudson

Technologies,

Inc.

(a)(b)

..........

919,889

6,761,184

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Karat

Packaging,

Inc.

(a)(b)

..............

99,739

$

1,594,827

McGrath

RentCorp

..................

527,468

44,233,466

MRC

Global,

Inc.

(a)(b)

.................

1,799,262

12,936,694

NOW,

Inc.

(a)

......................

2,392,570

24,045,329

Rush

Enterprises,

Inc.,

Class

A

.........

913,473

40,064,926

Rush

Enterprises,

Inc.,

Class

B

.........

143,038

6,852,950

Textainer

Group

Holdings

Ltd.

..........

990,366

26,601,231

Titan

Machinery,

Inc.

(a)(b)

..............

434,455

12,277,698

Transcat

,

Inc.

(a)(b)

...................

156,127

11,817,253

Triton

International

Ltd.

...............

1,333,711

72,994,003

Veritiv

Corp.

(a)(b)

....................

296,637

29,002,199

711,488,346

Water

Utilities

—

0.5%

American

States

Water

Co.

(b)

...........

806,425

62,860,829

Artesian

Resources

Corp.,

Class

A,

NVS

...

182,079

8,761,641

California

Water

Service

Group

.........

1,186,090

62,495,082

Global

Water

Resources,

Inc.

...........

274,877

3,224,307

Middlesex

Water

Co.

................

377,518

29,144,390

Pure

Cycle

Corp.

(a)(b)

.................

418,160

3,491,636

SJW

Group

.......................

591,412

34,065,331

York

Water

Co.

(The)

................

295,511

11,356,488

215,399,704

Wireless

Telecommunication

Services

—

0.1%

Gogo

,

Inc.

(a)(b)

.....................

702,533

8,514,700

KORE

Group

Holdings,

Inc.

(a)(b)

..........

528,987

1,010,365

Shenandoah

Telecommunications

Co.

(b)

....

1,062,980

18,091,920

Telephone

&

Data

Systems,

Inc.

.........

2,218,962

30,843,572

United

States

Cellular

Corp.

(a)(b)

.........

332,234

8,648,051

67,108,608

Total

Common

Stocks

—

99.8%

(Cost:

$73,601,130,510)

...........................

47,480,149,207

Rights

Biotechnology

—

0.0%

(a)(b)(d)

Contra

Aduro

Biotech

I,

CVR

...........

272,340

691,468

Oncternal

Therapeutics,

Inc.,

CVR

.......

13,273

13,605

705,073

Pharmaceuticals

—

0.0%

Zogenix

,

Inc.,

CVR

(a)(b)(d)

..............

1,280,909

871,018

Total

Rights

—

0.0%

(Cost:

$898,226)

................................

1,576,091

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)(b)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

.....

92,645

1,991,867

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

....

46,322

967,667

Total

Warrants

—

0.0%

(Cost:

$11,350,881)

..............................

2,959,534

Total

Long-Term

Investments

—

99.8%

(Cost:

$73,613,379,617)

...........................

47,484,684,832

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.9%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(g)

............

6,075,788,535

$

6,077,611,271

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

64,986,939

64,986,939

Total

Short-Term

Securities

—

12.9%

(Cost:

$6,139,329,525)

...........................

6,142,598,210

Total

Investments

—

112.7%

(Cost:

$79,752,709,142

)

...........................

53,627,283,042

Liabilities

in

Excess

of

Other

Assets

—

(12.7)%

...........

(6,028,091,733)

Net

Assets

—

100.0%

..............................

$

47,599,191,309

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,977,476,546

$

96,597,891

(a)

$

—

$

197,598

$

3,339,236

$

6,077,611,271

6,075,788,535

$

46,594,970

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

60,200,000

4,786,939

(a)

—

—

—

64,986,939

64,986,939

717,367

—

$

197,598

$

3,339,236

$

6,142,598,210

$

47,312,337

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

1,267

12/16/22

$

105,782

$

(206,339)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

206,339

$

—

$

—

$

—

$

206,339

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

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).

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

26

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(25,426,806)

$

—

$

—

$

—

$

(25,426,806)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(3,324,724)

$

—

$

—

$

—

$

(3,324,724)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

119,332,115

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

407,827,362

$

—

$

—

$

407,827,362

Air

Freight

&

Logistics

....................................

197,213,745

—

—

197,213,745

Airlines

..............................................

152,509,178

—

—

152,509,178

Auto

Components

......................................

626,597,406

—

—

626,597,406

Automobiles

..........................................

93,195,202

—

—

93,195,202

Banks

...............................................

4,785,710,285

—

—

4,785,710,285

Beverages

...........................................

266,638,545

—

—

266,638,545

Biotechnology

.........................................

3,982,930,161

—

10,454

3,982,940,615

Building

Products

.......................................

601,041,353

—

—

601,041,353

Capital

Markets

........................................

722,663,043

—

—

722,663,043

Chemicals

............................................

977,583,564

—

—

977,583,564

Commercial

Services

&

Supplies

.............................

646,481,966

—

—

646,481,966

Communications

Equipment

................................

436,694,272

—

—

436,694,272

Construction

&

Engineering

................................

695,741,922

—

—

695,741,922

Construction

Materials

....................................

66,946,300

—

—

66,946,300

Consumer

Finance

......................................

319,921,498

—

—

319,921,498

Containers

&

Packaging

..................................

132,265,329

—

—

132,265,329

Distributors

...........................................

16,338,287

—

—

16,338,287

Diversified

Consumer

Services

..............................

472,005,893

—

—

472,005,893

Diversified

Financial

Services

...............................

129,807,188

—

—

129,807,188

Diversified

Telecommunication

Services

........................

306,939,283

—

—

306,939,283

Electric

Utilities

........................................

341,903,021

—

—

341,903,021

Electrical

Equipment

.....................................

670,999,950

—

—

670,999,950

Electronic

Equipment,

Instruments

&

Components

.................

1,085,876,672

—

—

1,085,876,672

Energy

Equipment

&

Services

..............................

766,632,668

—

—

766,632,668

Entertainment

.........................................

145,945,788

—

—

145,945,788

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

2,709,248,430

—

—

2,709,248,430

Food

&

Staples

Retailing

..................................

269,532,873

—

7

269,532,880

Food

Products

.........................................

573,133,178

—

—

573,133,178

Gas

Utilities

...........................................

586,862,982

—

—

586,862,982

Health

Care

Equipment

&

Supplies

...........................

1,993,837,774

—

—

1,993,837,774

Health

Care

Providers

&

Services

............................

1,512,319,007

—

—

1,512,319,007

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

ETF

Schedules

of

Investments

27

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Health

Care

Technology

..................................

$

295,403,142

$

—

$

—

$

295,403,142

Hotels,

Restaurants

&

Leisure

..............................

1,093,451,123

—

—

1,093,451,123

Household

Durables

.....................................

705,405,582

—

—

705,405,582

Household

Products

.....................................

126,818,231

—

—

126,818,231

Independent

Power

and

Renewable

Electricity

Producers

............

246,005,777

—

—

246,005,777

Industrial

Conglomerates

..................................

12,173,431

—

—

12,173,431

Insurance

............................................

972,311,183

—

—

972,311,183

Interactive

Media

&

Services

...............................

338,649,865

—

—

338,649,865

Internet

&

Direct

Marketing

Retail

............................

201,314,850

—

—

201,314,850

IT

Services

...........................................

1,002,086,634

—

—

1,002,086,634

Leisure

Products

.......................................

205,121,153

—

—

205,121,153

Life

Sciences

Tools

&

Services

..............................

339,793,223

—

—

339,793,223

Machinery

............................................

1,717,039,228

—

—

1,717,039,228

Marine

..............................................

111,901,381

—

—

111,901,381

Media

...............................................

420,681,499

—

—

420,681,499

Metals

&

Mining

........................................

662,657,627

—

—

662,657,627

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

556,143,760

—

—

556,143,760

Multiline

Retail

.........................................

49,015,091

—

—

49,015,091

Multi-Utilities

..........................................

228,979,454

—

—

228,979,454

Oil,

Gas

&

Consumable

Fuels

...............................

2,144,372,091

—

—

2,144,372,091

Paper

&

Forest

Products

..................................

62,809,226

—

—

62,809,226

Personal

Products

......................................

338,879,027

—

—

338,879,027

Pharmaceuticals

.......................................

827,991,520

—

—

827,991,520

Professional

Services

....................................

801,544,992

—

—

801,544,992

Real

Estate

Management

&

Development

.......................

310,466,694

—

—

310,466,694

Road

&

Rail

...........................................

284,887,062

—

—

284,887,062

Semiconductors

&

Semiconductor

Equipment

....................

1,124,067,603

—

—

1,124,067,603

Software

.............................................

2,299,546,951

—

—

2,299,546,951

Specialty

Retail

........................................

1,105,154,525

—

—

1,105,154,525

Technology

Hardware,

Storage

&

Peripherals

....................

163,457,478

—

—

163,457,478

Textiles,

Apparel

&

Luxury

Goods

............................

287,789,315

—

—

287,789,315

Thrifts

&

Mortgage

Finance

................................

694,913,562

—

—

694,913,562

Tobacco

.............................................

61,965,683

—

—

61,965,683

Trading

Companies

&

Distributors

............................

711,488,346

—

—

711,488,346

Water

Utilities

.........................................

215,399,704

—

—

215,399,704

Wireless

Telecommunication

Services

.........................

67,108,608

—

—

67,108,608

Rights

................................................

—

—

1,576,091

1,576,091

Warrants

..............................................

2,959,534

—

—

2,959,534

Short-Term

Securities

Money

Market

Funds

......................................

6,142,598,210

—

—

6,142,598,210

$

53,625,696,490

$

—

$

1,586,552

$

53,627,283,042

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(206,339)

$

—

$

—

$

(206,339)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.6%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

462,755

$

18,505,573

AeroVironment

,

Inc.

(a)(b)

...............

189,990

15,837,566

Cadre

Holdings,

Inc.

(b)

................

145,830

3,508,670

Momentus

,

Inc.,

Class

A

(a)(b)

............

144,300

197,691

Moog,

Inc.,

Class

A

.................

36,877

2,594,297

Redwire

Corp.

(a)(b)

...................

58,264

138,668

Rocket

Lab

USA,

Inc.

(a)

...............

1,664,107

6,772,916

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

842,051

3,966,060

51,521,441

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

168,962

4,070,295

Forward

Air

Corp.

..................

206,401

18,629,754

Radiant

Logistics,

Inc.

(a)(b)

.............

71,118

404,661

23,104,710

Airlines

—

0.2%

(a)

Allegiant

Travel

Co.

.................

51,197

3,736,357

Frontier

Group

Holdings,

Inc.

...........

285,719

2,771,474

Joby

Aviation,

Inc.,

Class

A

(b)

...........

1,762,939

7,633,526

Sun

Country

Airlines

Holdings,

Inc.

(b)

......

254,477

3,463,432

17,604,789

Auto

Components

—

1.6%

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

43,053

294,052

Dorman

Products,

Inc.

(a)

..............

202,879

16,660,423

Fox

Factory

Holding

Corp.

(a)(b)

..........

325,504

25,740,856

Gentherm

,

Inc.

(a)

...................

254,508

12,656,683

Holley,

Inc.

(a)(b)

.....................

396,811

1,607,085

LCI

Industries

.....................

189,917

19,268,979

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

1,895,240

13,806,823

Patrick

Industries,

Inc.

...............

14,968

656,197

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

398,782

2,097,593

Stoneridge,

Inc.

(a)(b)

..................

29,345

497,398

Tenneco,

Inc.,

Class

A

(a)(b)

.............

635,116

11,044,667

Visteon

Corp.

(a)(b)

...................

213,597

22,654,098

XPEL,

Inc.

(a)(b)(c)

....................

164,913

10,626,994

137,611,848

Automobiles

—

0.2%

(a)(b)

Canoo

,

Inc.,

Class

A

.................

1,085,914

2,036,089

Faraday

Future

Intelligent

Electric,

Inc.

....

395,940

251,897

Fisker

,

Inc.,

Class

A

.................

1,254,790

9,473,664

Mullen

Automotive,

Inc.

...............

2,587,173

848,075

Workhorse

Group,

Inc.

...............

1,085,602

3,115,678

15,725,403

Banks

—

1.9%

BancFirst

Corp.

....................

90,883

8,131,302

Bancorp,

Inc.

(The)

(a)

................

236,872

5,206,447

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

22,571

732,655

BayCom

Corp.

(b)

...................

9,274

163,037

Cadence

Bank

....................

77,229

1,962,389

Coastal

Financial

Corp.

(a)(b)

............

80,041

3,180,829

Eastern

Bankshares

,

Inc.

.............

250,911

4,927,892

Esquire

Financial

Holdings,

Inc.

.........

45,665

1,714,721

Farmers

&

Merchants

Bancorp,

Inc.

(b)

.....

27,796

746,878

First

BanCorp

.....................

72,108

986,437

First

Financial

Bankshares

,

Inc.

(b)

........

1,001,320

41,885,216

First

Guaranty

Bancshares,

Inc.

.........

5,871

128,457

Five

Star

Bancorp

..................

35,214

998,669

FVCBankcorp

,

Inc.

(a)(b)

...............

13,019

249,574

Glacier

Bancorp,

Inc.

................

111,368

5,471,510

HomeTrust

Bancshares,

Inc.

...........

20,598

455,216

Security

Shares

Shares

Value

Banks

(continued)

Lakeland

Financial

Corp.

..............

172,320

$

12,546,619

Live

Oak

Bancshares,

Inc.

(b)

............

198,029

6,059,687

Metrocity

Bankshares

,

Inc.

............

38,538

756,886

Metropolitan

Bank

Holding

Corp.

(a)

.......

5,630

362,347

National

Bank

Holdings

Corp.,

Class

A

....

2,437

90,145

Nicolet

Bankshares

,

Inc.

(a)(b)

............

12,288

865,567

Pathward

Financial,

Inc.

..............

62,192

2,049,848

Professional

Holding

Corp.,

Class

A

(a)(b)

....

8,151

211,437

ServisFirst

Bancshares,

Inc.

(b)

..........

386,738

30,939,040

Silvergate

Capital

Corp.,

Class

A

(a)(b)

......

190,516

14,355,381

Stock

Yards

Bancorp,

Inc.

(b)

............

187,863

12,776,563

Triumph

Bancorp,

Inc.

(a)(b)

.............

66,935

3,637,917

Veritex

Holdings,

Inc.

................

58,161

1,546,501

West

BanCorp

,

Inc.

.................

27,467

571,588

Westamerica

BanCorp

...............

50,299

2,630,135

166,340,890

Beverages

—

0.9%

Celsius

Holdings,

Inc.

(a)(b)

..............

427,322

38,749,559

Coca-Cola

Consolidated,

Inc.

...........

36,057

14,845,749

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

288,475

4,162,694

MGP

Ingredients,

Inc.

(b)

...............

108,277

11,494,686

National

Beverage

Corp.

..............

183,862

7,086,042

Vintage

Wine

Estates,

Inc.

(a)(b)

..........

31,068

86,058

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

...........

214,028

2,437,779

78,862,567

Biotechnology

—

10.0%

(a)

Aadi

Bioscience,

Inc.

(b)

...............

108,356

1,531,070

ACADIA

Pharmaceuticals,

Inc.

..........

923,394

15,106,726

ADMA

Biologics,

Inc.

................

653,149

1,587,152

Affimed

NV

(b)

......................

1,038,644

2,139,607

Agenus,

Inc.

(b)

.....................

2,173,173

4,455,005

Akero

Therapeutics,

Inc.

(b)

.............

16,313

555,458

Albireo

Pharma,

Inc.

(b)

................

135,875

2,630,540

Alector

,

Inc.

(b)

.....................

483,427

4,573,219

Alkermes

plc

......................

1,255,560

28,036,655

Alpine

Immune

Sciences,

Inc.

(b)

.........

51,962

374,126

Amicus

Therapeutics,

Inc.

(b)

............

2,124,448

22,179,237

Anavex

Life

Sciences

Corp.

(b)

...........

529,248

5,461,839

Apellis

Pharmaceuticals,

Inc.

(b)

..........

721,490

49,277,767

Arbutus

Biopharma

Corp.

(b)

............

464,348

886,905

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

163,691

2,425,901

Arcutis

Biotherapeutics

,

Inc.

(b)

..........

315,091

6,021,389

Arrowhead

Pharmaceuticals,

Inc.

(b)

.......

792,594

26,195,232

Atara

Biotherapeutics

,

Inc.

(b)

...........

59,053

223,220

Aura

Biosciences,

Inc.

(b)

..............

137,743

2,495,903

Aurinia

Pharmaceuticals,

Inc.

(b)

..........

1,033,693

7,773,371

Avid

Bioservices

,

Inc.

(b)

...............

471,454

9,014,201

Beam

Therapeutics,

Inc.

(b)

.............

488,112

23,253,656

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

982,616

12,380,962

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

..

301,787

45,621,141

Blueprint

Medicines

Corp.

(b)

............

460,133

30,318,163

Bridgebio

Pharma,

Inc.

(b)

..............

498,232

4,952,426

CareDx

,

Inc.

(b)

.....................

394,382

6,712,382

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

734,472

9,423,276

Celldex

Therapeutics,

Inc.

(b)

............

73,801

2,074,546

Celularity

,

Inc.,

Class

A

(b)

..............

505,762

1,168,310

Cerevel

Therapeutics

Holdings,

Inc.

(b)

.....

416,684

11,775,490

ChemoCentryx

,

Inc.

.................

360,013

18,598,272

Chimerix

,

Inc.

.....................

428,707

827,405

Coherus

Biosciences,

Inc.

(b)

............

567,789

5,456,452

Crinetics

Pharmaceuticals,

Inc.

(b)

........

58,551

1,149,942

CTI

BioPharma

Corp.

(b)

...............

144,083

838,563

Cytokinetics,

Inc.

(b)

..................

570,124

27,622,508

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

98,704

$

1,826,024

Denali

Therapeutics,

Inc.

(b)

............

758,102

23,266,150

Dynavax

Technologies

Corp.

(b)

..........

912,142

9,522,762

Eagle

Pharmaceuticals,

Inc.

...........

81,456

2,152,068

Eiger

BioPharmaceuticals

,

Inc.

(b)

.........

284,784

2,144,424

Enanta

Pharmaceuticals,

Inc.

...........

17,233

893,876

Fate

Therapeutics,

Inc.

(b)

..............

640,923

14,363,084

FibroGen

,

Inc.

(b)

....................

598,354

7,784,586

Foghorn

Therapeutics,

Inc.

(b)

...........

155,042

1,330,260

Geron

Corp.

(b)

.....................

1,934,203

4,526,035

Global

Blood

Therapeutics,

Inc.

.........

496,961

33,843,044

Gossamer

Bio,

Inc.

(b)

................

487,728

5,842,981

GreenLight

Biosciences

Holdings

PBC

(b)

...

532,145

1,234,576

Halozyme

Therapeutics,

Inc.

(b)

..........

1,044,082

41,283,002

Heron

Therapeutics,

Inc.

(b)

.............

784,355

3,309,978

HilleVax

,

Inc.

(b)

.....................

16,358

279,558

Humacyte

,

Inc.

(b)

...................

132,250

431,135

IGM

Biosciences,

Inc.

(b)

...............

62,381

1,418,544

Imago

Biosciences,

Inc.

(b)

.............

119,048

1,791,672

ImmunityBio

,

Inc.

(b)

..................

494,533

2,457,829

ImmunoGen

,

Inc.

...................

813,153

3,886,871

Inhibrx

,

Inc.

(b)

.....................

225,332

4,044,709

Insmed

,

Inc.

(b)

.....................

917,028

19,752,783

Intellia

Therapeutics,

Inc.

(b)

............

380,421

21,288,359

Intercept

Pharmaceuticals,

Inc.

(b)

........

187,323

2,613,156

Ironwood

Pharmaceuticals,

Inc.,

Class

A

(b)

..

1,057,742

10,958,207

IVERIC

bio,

Inc.

(b)

...................

911,090

16,344,955

Karuna

Therapeutics,

Inc.

.............

229,737

51,674,743

Karyopharm

Therapeutics,

Inc.

(b)

........

598,862

3,269,787

Keros

Therapeutics,

Inc.

..............

131,063

4,930,590

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

227,325

2,918,853

Krystal

Biotech,

Inc.

(b)

................

54,294

3,784,292

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

243,174

583,618

Ligand

Pharmaceuticals,

Inc.

...........

14,035

1,208,554

Madrigal

Pharmaceuticals,

Inc.

(b)

........

98,807

6,421,467

MannKind

Corp.

(b)

..................

208,740

645,007

MeiraGTx

Holdings

plc

...............

15,564

130,893

Mirum

Pharmaceuticals,

Inc.

(b)

..........

139,256

2,925,769

Morphic

Holding,

Inc.

(b)

...............

168,778

4,776,417

Ocugen

,

Inc.

(b)

.....................

1,633,799

2,908,162

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

545,063

1,766,004

Outlook

Therapeutics,

Inc.

(b)

............

910,977

1,111,392

PepGen

,

Inc.

(b)

....................

14,366

130,443

Point

Biopharma

Global,

Inc.

(b)

..........

539,794

4,172,608

Praxis

Precision

Medicines,

Inc.

(b)

........

34,225

77,691

Precigen

,

Inc.

.....................

659,070

1,397,228

Prometheus

Biosciences,

Inc.

(b)

.........

235,215

13,880,037

Prothena

Corp.

plc

..................

271,983

16,490,329

PTC

Therapeutics,

Inc.

(b)

..............

408,442

20,503,788

Rallybio

Corp.

(b)

....................

90,722

1,312,747

RAPT

Therapeutics,

Inc.

(b)

.............

138,265

3,326,656

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

93,341

993,148

Relay

Therapeutics,

Inc.

(b)

.............

46,962

1,050,540

REVOLUTION

Medicines,

Inc.

..........

81,969

1,616,429

Rigel

Pharmaceuticals,

Inc.

(b)

...........

1,360,510

1,605,402

Sangamo

Therapeutics,

Inc.

(b)

..........

48,725

238,753

Seres

Therapeutics,

Inc.

(b)

.............

536,979

3,447,405

Sorrento

Therapeutics,

Inc.

(b)

...........

426,589

669,745

SpringWorks

Therapeutics,

Inc.

.........

52,759

1,505,214

Syndax

Pharmaceuticals,

Inc.

(b)

.........

95,419

2,292,919

TG

Therapeutics,

Inc.

(b)

...............

1,030,077

6,098,056

Travere

Therapeutics,

Inc.

.............

425,190

10,476,682

Twist

Bioscience

Corp.

...............

300,110

10,575,876

Vaxart

,

Inc.

(b)

......................

199,411

434,716

Vaxcyte

,

Inc.

(b)

.....................

414,537

9,948,888

Security

Shares

Shares

Value

Biotechnology

(continued)

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

96,111

$

2,048,125

Vericel

Corp.

(b)

.....................

364,872

8,465,030

Verve

Therapeutics,

Inc.

(b)

.............

52,706

1,810,451

Viridian

Therapeutics,

Inc.

(b)

............

148,832

3,052,544

VistaGen

Therapeutics,

Inc.

(b)

...........

1,188,876

180,828

Y-

mAbs

Therapeutics,

Inc.

(b)

............

285,108

4,111,257

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

343,198

7,433,669

862,111,397

Building

Products

—

1.8%

AAON,

Inc.

(b)

......................

339,116

18,271,570

American

Woodmark

Corp.

(a)

...........

5,421

237,765

Apogee

Enterprises,

Inc.

..............

173,143

6,617,525

CSW

Industrials,

Inc.

................

113,360

13,580,528

Griffon

Corp.

......................

180,425

5,326,146

Insteel

Industries,

Inc.

................

145,279

3,854,252

Janus

International

Group,

Inc.

(a)(b)

.......

632,127

5,638,573

JELD-WEN

Holding,

Inc.

(a)(b)

............

235,088

2,057,020

Masonite

International

Corp.

(a)(b)

.........

171,323

12,213,617

PGT

Innovations,

Inc.

(a)

...............

445,256

9,332,566

Simpson

Manufacturing

Co.,

Inc.

........

334,103

26,193,675

UFP

Industries,

Inc.

.................

402,969

29,078,243

Zurn

Elkay

Water

Solutions

Corp.

(b)

.......

955,610

23,412,445

155,813,925

Capital

Markets

—

2.1%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

299,810

8,073,883

Associated

Capital

Group,

Inc.,

Class

A

....

3,068

112,780

B

Riley

Financial,

Inc.

................

157,720

7,021,694

Blucora

,

Inc.

(a)(b)

....................

366,162

7,081,573

Brightsphere

Investment

Group,

Inc.

......

231,039

3,444,792

Cohen

&

Steers,

Inc.

................

196,195

12,287,693

Diamond

Hill

Investment

Group,

Inc.

......

23,568

3,888,720

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

12,219

451,736

Federated

Hermes,

Inc.,

Class

B

........

656,562

21,745,333

Focus

Financial

Partners,

Inc.,

Class

A

(a)(b)

..

441,305

13,905,521

GAMCO

Investors,

Inc.,

Class

A

.........

36,353

619,819

GCM

Grosvenor,

Inc.,

Class

A

..........

274,045

2,162,215

Hamilton

Lane,

Inc.,

Class

A

...........

271,998

16,213,801

Houlihan

Lokey

,

Inc.,

Class

A

...........

385,272

29,041,803

Manning

&

Napier,

Inc.,

Class

A

.........

46,444

569,868

MarketWise

,

Inc.,

Class

A

(a)

............

52,216

119,053

Moelis

&

Co.,

Class

A

................

244,881

8,279,427

Open

Lending

Corp.,

Class

A

(a)(b)

........

811,295

6,522,812

Perella

Weinberg

Partners,

Class

A

.......

296,203

1,874,965

PJT

Partners,

Inc.,

Class

A

(b)

...........

181,792

12,147,341

Pzena

Investment

Management,

Inc.,

Class

A

129,925

1,231,689

Sculptor

Capital

Management,

Inc.,

Class

A

.

98,574

871,394

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

70,395

1,150,958

StepStone

Group,

Inc.,

Class

A

.........

406,472

9,962,629

StoneX

Group,

Inc.

(a)

................

11,594

961,606

Value

Line,

Inc.

....................

6,871

301,637

Victory

Capital

Holdings,

Inc.,

Class

A

.....

36,139

842,400

Virtus

Investment

Partners,

Inc.

.........

5,398

861,089

WisdomTree

Investments,

Inc.

..........

1,055,936

4,941,780

176,690,011

Chemicals

—

2.7%

AdvanSix

,

Inc.

.....................

71,019

2,279,710

American

Vanguard

Corp.

(b)

............

197,200

3,687,640

Amyris

,

Inc.

(a)(b)

....................

189,005

551,895

Aspen

Aerogels,

Inc.

(a)(b)

..............

235,181

2,168,369

Avient

Corp.

......................

512,842

15,539,113

Balchem

Corp.

....................

246,024

29,911,598

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Cabot

Corp.

......................

427,633

$

27,321,472

Chase

Corp.

......................

15,983

1,335,699

Diversey

Holdings

Ltd.

(a)(b)

.............

597,035

2,901,590

Hawkins,

Inc.

.....................

91,372

3,562,594

HB

Fuller

Co.

.....................

353,181

21,226,178

Ingevity

Corp.

(a)(b)

...................

294,544

17,858,203

Innospec

,

Inc.

.....................

163,381

13,996,850

Kronos

Worldwide,

Inc.

...............

174,241

1,627,411

Livent

Corp.

(a)(b)

....................

1,246,503

38,205,317

LSB

Industries,

Inc.

(a)(b)

...............

244,497

3,484,082

Mativ

Holdings,

Inc.

.................

28,684

633,343

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

496,067

2,559,706

Orion

Engineered

Carbons

SA

(b)

.........

463,683

6,190,168

PureCycle

Technologies,

Inc.

(a)(b)

.........

644,397

5,200,284

Quaker

Chemical

Corp.

(b)

.............

68,732

9,923,526

Sensient

Technologies

Corp.

...........

307,143

21,297,296

Stepan

Co.

.......................

18,478

1,730,834

233,192,878

Commercial

Services

&

Supplies

—

1.1%

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

432,974

3,113,083

Aris

Water

Solution,

Inc.,

Class

A

........

175,162

2,235,067

Brady

Corp.,

Class

A,

NVS

............

277,388

11,575,401

Brink's

Co.

(The)

...................

356,428

17,265,372

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

385,634

29,458,581

Cimpress

plc

(a)(b)

...................

134,967

3,303,992

Healthcare

Services

Group,

Inc.

.........

276,728

3,345,642

HNI

Corp.

........................

321,023

8,510,320

Interface,

Inc.

.....................

367,476

3,303,609

Li-Cycle

Holdings

Corp.

(a)(b)

............

397,266

2,113,455

Montrose

Environmental

Group,

Inc.

(a)(b)

....

212,510

7,150,962

Pitney

Bowes,

Inc.

..................

556,049

1,295,594

SP

Plus

Corp.

(a)(b)

...................

180,293

5,646,777

98,317,855

Communications

Equipment

—

1.3%

ADTRAN

Holdings,

Inc.

..............

492,852

9,650,042

Calix,

Inc.

(a)

.......................

344,511

21,063,403

Cambium

Networks

Corp.

(a)(b)

...........

90,900

1,538,028

Casa

Systems,

Inc.

(a)(b)

...............

275,910

863,598

Clearfield,

Inc.

(a)(b)

...................

88,940

9,306,682

CommScope

Holding

Co.,

Inc.

(a)(b)

........

1,581,019

14,561,185

Digi

International,

Inc.

(a)

...............

92,620

3,201,873

DZS,

Inc.

(a)(b)

......................

140,365

1,586,125

Extreme

Networks,

Inc.

(a)

..............

973,817

12,727,788

Harmonic,

Inc.

(a)(b)

..................

716,814

9,368,759

Infinera

Corp.

(a)(b)

...................

1,478,422

7,155,562

Inseego

Corp.

(a)(b)

...................

143,387

296,811

Ondas

Holdings,

Inc.

(a)(b)

..............

276,764

1,024,027

Viavi

Solutions,

Inc.

(a)(b)

...............

1,769,062

23,086,259

115,430,142

Construction

&

Engineering

—

2.0%

Ameresco

,

Inc.,

Class

A

(a)(b)

............

247,635

16,462,775

Comfort

Systems

USA,

Inc.

............

272,464

26,518,921

Construction

Partners,

Inc.,

Class

A

(a)(b)

....

308,332

8,087,548

Dycom

Industries,

Inc.

(a)

..............

221,686

21,177,664

EMCOR

Group,

Inc.

.................

376,348

43,460,667

Fluor

Corp.

(a)(b)

.....................

998,156

24,844,103

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

128,705

975,584

IES

Holdings,

Inc.

(a)

.................

44,968

1,242,016

Infrastructure

and

Energy

Alternatives,

Inc.

(a)

236,920

3,207,897

MYR

Group,

Inc.

(a)

..................

127,117

10,770,623

Northwest

Pipe

Co.

(a)(b)

...............

15,478

434,932

NV5

Global,

Inc.

(a)

..................

104,164

12,897,587

Primoris

Services

Corp.

..............

23,045

374,481

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Sterling

Infrastructure,

Inc.

(a)(b)

..........

188,537

$

4,047,889

174,502,687

Construction

Materials

—

0.0%

United

States

Lime

&

Minerals,

Inc.

(b)

.....

13,222

1,351,288

Consumer

Finance

—

0.2%

Atlanticus

Holdings

Corp.

(a)(b)

...........

19,939

523,000

Curo

Group

Holdings

Corp.

............

131,530

527,435

FirstCash

Holdings,

Inc.

(b)

.............

148,452

10,888,954

Green

Dot

Corp.,

Class

A

(a)

............

37,058

703,361

LendingClub

Corp.

(a)(b)

................

39,807

439,867

LendingTree

,

Inc.

(a)(b)

................

80,517

1,921,136

Moneylion

,

Inc.,

Class

A

(a)(b)

............

114,970

102,622

NerdWallet

,

Inc.,

Class

A

(a)(b)

...........

200,862

1,781,646

PROG

Holdings,

Inc.

(a)

...............

59,826

896,194

World

Acceptance

Corp.

(a)(b)

............

20,629

1,997,300

19,781,515

Containers

&

Packaging

—

0.2%

Greif,

Inc.,

Class

A,

NVS

..............

29,651

1,766,310

Greif,

Inc.,

Class

B

..................

5,574

338,899

Myers

Industries,

Inc.

................

286,162

4,713,088

O-I

Glass,

Inc.

(a)(b)

...................

969,586

12,556,139

19,374,436

Distributors

—

0.1%

Funko

,

Inc.,

Class

A

(a)(b)

...............

244,392

4,941,606

Diversified

Consumer

Services

—

1.0%

(b)

Beachbody

Co.,

Inc.

(The),

Class

A

(a)

.....

79,266

80,059

Carriage

Services,

Inc.

...............

104,177

3,350,332

Chegg

,

Inc.

(a)

......................

955,951

20,141,888

Coursera,

Inc.

(a)

....................

875,486

9,437,739

Duolingo

,

Inc.,

Class

A

(a)

..............

180,445

17,183,777

European

Wax

Center,

Inc.,

Class

A

......

173,794

3,206,499

Nerdy,

Inc.,

Class

A

(a)

................

411,043

867,301

OneSpaWorld

Holdings

Ltd.

(a)

..........

501,727

4,214,507

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

120,998

2,019,457

Rover

Group,

Inc.,

Class

A

(a)

...........

682,072

2,278,120

Stride,

Inc.

(a)

......................

313,728

13,185,988

Udemy

,

Inc.

(a)

.....................

554,030

6,698,223

Universal

Technical

Institute,

Inc.

(a)

.......

253,021

1,376,434

Vivint

Smart

Home,

Inc.,

Class

A

(a)

.......

180,600

1,188,348

85,228,672

Diversified

Telecommunication

Services

—

0.8%

Anterix

,

Inc.

(a)(b)

....................

42,683

1,524,637

Bandwidth,

Inc.,

Class

A

(a)

.............

37,818

450,034

Charge

Enterprises,

Inc.

(a)(b)

............

999,175

1,758,548

Cogent

Communications

Holdings,

Inc.

....

180,710

9,425,834

Consolidated

Communications

Holdings,

Inc.

(a)

52,506

218,425

Globalstar

,

Inc.

(a)(b)

..................

4,444,477

7,066,718

IDT

Corp.,

Class

B

(a)

.................

80,529

1,999,535

Iridium

Communications,

Inc.

(a)

..........

983,478

43,636,919

Ooma

,

Inc.

(a)(b)

.....................

180,013

2,214,160

Starry

Group

Holdings,

Inc.,

Class

A

(a)(b)

....

177,493

264,464

68,559,274

Electric

Utilities

—

0.2%

MGE

Energy,

Inc.

...................

122,782

8,058,183

Otter

Tail

Corp.

(b)

...................

144,518

8,890,747

Via

Renewables,

Inc.,

Class

A

..........

103,736

716,816

17,665,746

Electrical

Equipment

—

2.1%

Allied

Motion

Technologies,

Inc.

(b)

........

93,122

2,665,152

Array

Technologies,

Inc.

(a)(b)

............

1,158,040

19,200,303

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Atkore

,

Inc.

(a)(b)

.....................

316,565

$

24,631,923

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

462,329

2,949,659

Blink

Charging

Co.

(a)(b)

................

276,481

4,899,243

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

1,351,680

27,020,083

Energy

Vault

Holdings,

Inc.

(a)(b)

..........

485,430

2,563,070

EnerSys

.........................

36,929

2,148,160

Enovix

Corp.

(a)(b)

....................

836,160

15,330,994

ESS

Tech,

Inc.

(a)(b)

..................

553,829

2,265,161

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

278,627

4,065,168

FTC

Solar,

Inc.

(a)(b)

..................

315,848

934,910

FuelCell

Energy,

Inc.

(a)(b)

..............

2,172,744

7,409,057

GrafTech

International

Ltd.

............

1,492,825

6,434,076

Heliogen

,

Inc.

(a)(b)

...................

687,559

1,278,860

Shoals

Technologies

Group,

Inc.,

Class

A

(a)(b)

858,281

18,495,955

Stem,

Inc.

(a)(b)

.....................

1,047,984

13,980,106

SunPower

Corp.

(a)(b)

.................

629,889

14,512,643

TPI

Composites,

Inc.

(a)(b)

..............

282,003

3,180,994

Vicor

Corp.

(a)(b)

.....................

170,142

10,062,198

184,027,715

Electronic

Equipment,

Instruments

&

Components

—

2.7%

908

Devices,

Inc.

(a)(b)

.................

38,448

632,470

Advanced

Energy

Industries,

Inc.

(b)

.......

289,978

22,447,197

Aeva

Technologies,

Inc.

(a)

.............

49,095

91,808

AEye

,

Inc.,

Class

A

(a)(b)

...............

213,415

236,891

Akoustis

Technologies,

Inc.

(a)(b)

..........

388,016

1,152,407

Arlo

Technologies,

Inc.

(a)

..............

669,771

3,107,737

Badger

Meter,

Inc.

..................

225,564

20,839,858

Belden,

Inc.

(b)

.....................

176,960

10,621,139

Cepton

,

Inc.

(a)(b)

....................

265,431

520,245

CTS

Corp.

.......................

246,422

10,263,476

ePlus

,

Inc.

(a)

......................

156,894

6,517,377

Fabrinet

(a)

........................

284,631

27,168,029

FARO

Technologies,

Inc.

(a)(b)

...........

12,061

330,954

Focus

Universal,

Inc.

(a)(b)

..............

136,988

1,284,947

Identiv

,

Inc.

(a)(b)

.....................

166,607

2,089,252

Insight

Enterprises,

Inc.

(a)(b)

............

205,953

16,972,587

Itron

,

Inc.

(a)

.......................

28,344

1,193,566

Lightwave

Logic,

Inc.

(a)(b)

..............

857,771

6,296,039

MicroVision

,

Inc.

(a)(b)

.................

1,267,870

4,577,011

Napco

Security

Technologies,

Inc.

(a)(b)

.....

226,897

6,598,165

Novanta

,

Inc.

(a)(b)

...................

274,129

31,703,019

OSI

Systems,

Inc.

(a)

.................

13,539

975,620

PAR

Technology

Corp.

(a)(b)

.............

76,072

2,246,406

Plexus

Corp.

(a)

.....................

181,508

15,892,840

Rogers

Corp.

(a)

....................

144,486

34,948,274

SmartRent

,

Inc.,

Class

A

(a)

.............

944,961

2,145,061

230,852,375

Energy

Equipment

&

Services

—

1.8%

Borr

Drilling

Ltd.

(a)(b)

.................

683,125

2,267,975

Cactus,

Inc.,

Class

A

(b)

...............

454,205

17,455,098

ChampionX

Corp.

..................

1,575,126

30,825,216

DMC

Global,

Inc.

(a)

..................

38,821

620,360

Liberty

Energy,

Inc.,

Class

A

(a)(b)

.........

1,098,097

13,923,870

Nabors

Industries

Ltd.

(a)

..............

61,209

6,209,653

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

1,360,004

10,064,030

Noble

Corp.

plc

(a)(b)

..................

102,920

3,044,374

Oceaneering

International,

Inc.

(a)

........

696,921

5,547,491

Patterson-UTI

Energy,

Inc.

............

1,114,408

13,016,285

ProFrac

Holding

Corp.,

Class

A

(a)

........

45,328

689,439

RPC,

Inc.

(b)

.......................

580,411

4,022,248

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

251,520

2,354,227

TETRA

Technologies,

Inc.

(a)(b)

...........

969,346

3,479,952

US

Silica

Holdings,

Inc.

(a)

.............

85,870

940,277

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Valaris

Ltd.

(a)(b)

.....................

468,500

$

22,928,390

Weatherford

International

plc

(a)(b)

.........

538,446

17,386,421

154,775,306

Entertainment

—

0.3%

(a)

Cinemark

Holdings,

Inc.

(b)

.............

661,375

8,009,251

IMAX

Corp.

.......................

220,769

3,117,258

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(b)

79,571

2,239,924

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(b)

........................

294,568

8,100,620

Playstudios

,

Inc.,

Class

A

(b)

............

317,227

1,107,122

Reservoir

Media,

Inc.

(b)

...............

145,196

708,557

23,282,732

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.5%

Alexander's,

Inc.

...................

17,575

3,672,472

Bluerock

Residential

Growth

REIT,

Inc.

....

79,419

2,124,458

CareTrust

REIT,

Inc.

.................

65,162

1,180,084

CBL

&

Associates

Properties,

Inc.

........

37,221

953,230

Clipper

Realty,

Inc.

..................

105,361

734,366

Community

Healthcare

Trust,

Inc.

........

106,653

3,492,886

Corporate

Office

Properties

Trust

........

112,523

2,613,909

Essential

Properties

Realty

Trust,

Inc.

.....

99,047

1,926,464

Four

Corners

Property

Trust,

Inc.

........

54,930

1,328,757

Gladstone

Commercial

Corp.

...........

283,643

4,396,467

Gladstone

Land

Corp.

(b)

..............

135,505

2,452,641

Hersha

Hospitality

Trust,

Class

A

........

17,711

141,334

Industrial

Logistics

Properties

Trust

.......

29,984

164,912

Innovative

Industrial

Properties,

Inc.

......

213,811

18,922,273

NexPoint

Residential

Trust,

Inc.

.........

168,619

7,791,884

Outfront

Media,

Inc.

.................

1,130,329

17,169,698

Phillips

Edison

&

Co.,

Inc.

.............

908,145

25,473,467

Postal

Realty

Trust,

Inc.,

Class

A

........

88,203

1,293,938

PotlatchDeltic

Corp.

.................

62,084

2,547,927

Safehold

,

Inc.

.....................

106,455

2,816,799

Saul

Centers,

Inc.

..................

86,346

3,237,975

Tanger

Factory

Outlet

Centers,

Inc.

(b)

......

790,912

10,819,676

UMH

Properties,

Inc.

................

324,074

5,233,795

Universal

Health

Realty

Income

Trust

.....

102,598

4,433,260

124,922,672

Food

&

Staples

Retailing

—

0.4%

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

185,550

5,375,383

Fresh

Market,

Inc.

(The),

NVS

(a)(d)

........

311,573

3

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

62,289

672,098

PriceSmart

,

Inc.

(b)

...................

120,325

6,929,517

Rite

Aid

Corp.

(a)

....................

197,456

977,407

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

831,728

23,080,452

United

Natural

Foods,

Inc.

(a)

............

33,588

1,154,420

38,189,280

Food

Products

—

1.3%

Benson

Hill,

Inc.

(a)(b)

.................

651,508

1,785,132

Beyond

Meat,

Inc.

(a)(b)

................

471,481

6,680,886

BRC,

Inc.,

Class

A

(a)(b)

................

201,727

1,559,350

Calavo

Growers,

Inc.

................

135,355

4,297,521

Cal-Maine

Foods,

Inc.

................

269,503

14,981,672

J

&

J

Snack

Foods

Corp.

(b)

............

118,000

15,277,460

John

B

Sanfilippo

&

Son,

Inc.

...........

43,636

3,304,554

Lancaster

Colony

Corp.

..............

126,769

19,050,845

Local

Bounti

Corp.

(a)(b)

................

315,651

896,449

Mission

Produce,

Inc.

(a)(b)

..............

39,283

568,032

Simply

Good

Foods

Co.

(The)

(a)

.........

696,174

22,270,606

Sovos

Brands,

Inc.

(a)(b)

...............

204,948

2,918,460

SunOpta

,

Inc.

(a)(b)

...................

701,717

6,385,625

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

364,745

1,816,430

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Tootsie

Roll

Industries,

Inc.

............

109,081

$

3,630,216

Utz

Brands,

Inc.,

Class

A

(b)

............

444,870

6,717,537

Vital

Farms,

Inc.

(a)

..................

236,460

2,830,426

114,971,201

Gas

Utilities

—

0.4%

Brookfield

Infrastructure

Corp.,

Class

A

....

754,447

30,705,993

New

Jersey

Resources

Corp.

...........

65,395

2,530,786

Southwest

Gas

Holdings,

Inc.

..........

49,484

3,451,509

36,688,288

Health

Care

Equipment

&

Supplies

—

7.1%

Alphatec

Holdings,

Inc.

(a)(b)

.............

497,984

4,352,380

Artivion

,

Inc.

(a)(b)

....................

258,337

3,575,384

AtriCure

,

Inc.

(a)(b)

...................

227,131

8,880,822

Atrion

Corp.

......................

10,802

6,103,130

AxoGen

,

Inc.

(a)(b)

...................

311,444

3,712,412

Axonics

,

Inc.

(a)(b)

....................

376,714

26,535,734

BioLife

Solutions,

Inc.

(a)(b)

..............

18,243

415,028

Cardiovascular

Systems,

Inc.

(a)

..........

168,588

2,336,630

Cerus

Corp.

(a)(b)

....................

1,349,906

4,859,662

CONMED

Corp.

(b)

..................

223,927

17,952,228

CryoPort

,

Inc.

(a)(b)

...................

274,683

6,691,278

Cutera

,

Inc.

(a)(b)

....................

127,039

5,792,978

Embecta

Corp.

....................

386,963

11,140,665

Figs,

Inc.,

Class

A

(a)(b)

................

833,715

6,878,149

Glaukos

Corp.

(a)

....................

351,981

18,739,468

Haemonetics

Corp.

(a)(b)

...............

390,571

28,913,971

Heska

Corp.

(a)(b)

....................

75,099

5,476,219

Inari

Medical,

Inc.

(a)(b)

................

338,166

24,564,378

Inogen

,

Inc.

(a)

.....................

10,482

254,503

Inspire

Medical

Systems,

Inc.

(a)(b)

........

217,193

38,523,522

iRadimed

Corp.

....................

55,855

1,679,001

iRhythm

Technologies,

Inc.

(a)(b)

..........

229,564

28,759,778

Lantheus

Holdings,

Inc.

(a)

.............

525,599

36,965,378

LeMaitre

Vascular,

Inc.

...............

154,280

7,818,910

LivaNova

plc

(a)(b)

....................

316,327

16,059,922

Meridian

Bioscience,

Inc.

(a)

............

333,208

10,506,048

Merit

Medical

Systems,

Inc.

(a)

...........

370,947

20,962,215

Mesa

Laboratories,

Inc.

(b)

.............

39,356

5,542,505

Nano-X

Imaging

Ltd.

(a)(b)

..............

34,668

397,642

Neogen

Corp.

(a)

....................

767,168

10,717,337

Nevro

Corp.

(a)(b)

....................

270,091

12,586,241

NuVasive

,

Inc.

(a)

....................

403,888

17,694,333

Omnicell

,

Inc.

(a)(b)

...................

338,122

29,426,758

OrthoPediatrics

Corp.

(a)(b)

..............

115,310

5,320,403

Outset

Medical,

Inc.

(a)(b)

...............

367,006

5,846,406

Owlet,

Inc.,

Class

A

(a)(b)

...............

132,645

141,930

Paragon

28,

Inc.

(a)(b)

.................

355,763

6,339,697

PROCEPT

BioRobotics

Corp.

(a)(b)

........

195,812

8,118,366

Pulmonx

Corp.

(a)(b)

..................

264,302

4,403,271

RxSight

,

Inc.

(a)

.....................

146,041

1,752,492

Senseonics

Holdings,

Inc.

(a)(b)

...........

3,539,201

4,671,745

Shockwave

Medical,

Inc.

(a)(b)

...........

273,903

76,164,207

SI-BONE,

Inc.

(a)(b)

...................

259,435

4,529,735

Sight

Sciences,

Inc.

(a)(b)

...............

24,784

157,378

Silk

Road

Medical,

Inc.

(a)(b)

.............

266,984

12,014,280

STAAR

Surgical

Co.

(a)(b)

...............

368,555

26,001,555

Surmodics

,

Inc.

(a)

...................

108,282

3,291,773

Tactile

Systems

Technology,

Inc.

(a)

.......

55,867

435,204

Tenon

Medical,

Inc.

(a)(b)

...............

78,725

103,130

TransMedics

Group,

Inc.

(a)(b)

............

234,816

9,801,220

Treace

Medical

Concepts,

Inc.

(a)(b)

........

257,164

5,675,610

UFP

Technologies,

Inc.

(a)(b)

.............

53,058

4,554,499

Utah

Medical

Products,

Inc.

............

25,147

2,145,291

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

412,801

$

1,382,883

ViewRay

,

Inc.

(a)(b)

...................

1,011,026

3,680,135

Zynex

,

Inc.

.......................

173,338

1,572,176

612,917,995

Health

Care

Providers

&

Services

—

4.4%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

849,445

2,429,413

Addus

HomeCare

Corp.

(a)

.............

48,021

4,573,520

Agiliti

,

Inc.

(a)(b)

.....................

216,349

3,095,954

AirSculpt

Technologies,

Inc.

............

97,649

627,883

Alignment

Healthcare,

Inc.

(a)(b)

..........

651,372

7,712,244

AMN

Healthcare

Services,

Inc.

(a)

.........

333,115

35,296,865

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

300,016

11,700,624

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

1,249,898

10,836,616

Clover

Health

Investments

Corp.

(a)(b)

......

2,974,254

5,056,232

CorVel

Corp.

(a)(b)

....................

69,048

9,558,315

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

36,362

1,031,590

DocGo

,

Inc.

(a)(b)

....................

625,598

6,205,932

Ensign

Group,

Inc.

(The)

..............

416,078

33,078,201

Hanger,

Inc.

(a)

.....................

292,847

5,482,096

HealthEquity

,

Inc.

(a)(b)

................

638,649

42,898,053

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

796,894

4,446,669

Innovage

Holding

Corp.

(a)(b)

............

37,571

220,918

Joint

Corp.

(The)

(a)

..................

106,645

1,675,393

LHC

Group,

Inc.

(a)

..................

229,870

37,620,524

LifeStance

Health

Group,

Inc.

(a)(b)

........

32,658

216,196

ModivCare

,

Inc.

(a)

...................

29,991

2,989,503

National

Research

Corp.

..............

111,189

4,425,322

Oncology

Institute,

Inc.

(The)

(a)(b)

.........

255,783

1,184,275

Option

Care

Health,

Inc.

(a)(b)

............

1,202,278

37,835,689

Owens

&

Minor,

Inc.

.................

66,953

1,613,567

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

120,678

557,532

Patterson

Cos.,

Inc.

.................

528,999

12,706,556

Pennant

Group,

Inc.

(The)

(a)(b)

..........

197,679

2,057,838

PetIQ

,

Inc.,

Class

A

(a)(b)

...............

168,274

1,161,091

Privia

Health

Group,

Inc.

(a)(b)

............

343,003

11,682,682

Progyny

,

Inc.

(a)(b)

...................

575,484

21,327,437

R1

RCM,

Inc.

(a)(b)

...................

1,159,000

21,476,270

RadNet

,

Inc.

(a)(b)

....................

380,951

7,752,353

Select

Medical

Holdings

Corp.

..........

678,775

15,000,928

Surgery

Partners,

Inc.

(a)(b)

.............

269,323

6,302,158

US

Physical

Therapy,

Inc.

.............

99,168

7,538,751

379,375,190

Health

Care

Technology

—

0.6%

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

783,101

369,859

Evolent

Health,

Inc.,

Class

A

(a)

..........

629,414

22,614,845

HealthStream

,

Inc.

(a)

.................

16,947

360,293

NextGen

Healthcare,

Inc.

(a)(b)

...........

209,285

3,704,345

Nutex

Health,

Inc.

(a)(b)

................

308,880

463,320

OptimizeRx

Corp.

(a)

.................

135,293

2,005,042

Pear

Therapeutics,

Inc.,

Class

A

(a)(b)

......

194,934

397,665

Phreesia

,

Inc.

(a)(b)

...................

179,335

4,569,456

Schrodinger,

Inc.

(a)(b)

.................

415,558

10,380,639

Simulations

Plus,

Inc.

(b)

...............

121,652

5,904,988

50,770,452

Hotels,

Restaurants

&

Leisure

—

3.1%

Accel

Entertainment,

Inc.,

Class

A

(a)(b)

.....

454,985

3,553,433

Bloomin

'

Brands,

Inc.

................

491,414

9,007,619

Bluegreen

Vacations

Holding

Corp.

.......

9,586

158,361

Brinker

International,

Inc.

(a)(b)

...........

299,673

7,485,832

Century

Casinos,

Inc.

(a)(b)

..............

162,893

1,068,578

Cheesecake

Factory,

Inc.

(The)

.........

380,675

11,146,164

Cracker

Barrel

Old

Country

Store,

Inc.

.....

175,294

16,228,719

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

330,068

10,242,010

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Denny's

Corp.

(a)(b)

...................

314,523

$

2,959,661

Dine

Brands

Global,

Inc.

..............

99,803

6,343,479

Everi

Holdings,

Inc.

(a)(b)

...............

354,989

5,757,922

F45

Training

Holdings,

Inc.

(a)(b)

..........

256,078

791,281

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

25,219

365,171

Full

House

Resorts,

Inc.

(a)(b)

............

68,022

382,284

Golden

Entertainment,

Inc.

(a)

...........

153,026

5,339,077

Hilton

Grand

Vacations,

Inc.

(a)

..........

673,384

22,147,600

Inspired

Entertainment,

Inc.

(a)

...........

110,808

978,435

International

Game

Technology

plc

.......

164,307

2,596,051

Jack

in

the

Box,

Inc.

.................

22,663

1,678,648

Krispy

Kreme,

Inc.

(b)

.................

151,173

1,743,025

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

36,216

2,664,773

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

20,469

138,370

Monarch

Casino

&

Resort,

Inc.

(a)(b)

.......

102,722

5,766,813

NeoGames

SA

(a)(b)

..................

102,896

1,327,358

Noodles

&

Co.,

Class

A

(a)

.............

300,606

1,412,848

ONE

Group

Hospitality,

Inc.

(The)

(a)(b)

.....

162,707

1,080,374

Papa

John's

International,

Inc.

..........

181,750

12,724,317

Portillo's,

Inc.,

Class

A

(a)(b)

.............

179,982

3,543,846

RCI

Hospitality

Holdings,

Inc.

(b)

..........

61,258

4,002,598

Red

Rock

Resorts,

Inc.,

Class

A

.........

171,702

5,882,510

Rush

Street

Interactive,

Inc.,

Class

A

(a)(b)

...

463,784

1,706,725

Ruth's

Hospitality

Group,

Inc.

...........

249,488

4,206,368

SeaWorld

Entertainment,

Inc.

(a)(b)

........

160,109

7,286,561

Shake

Shack,

Inc.,

Class

A

(a)

...........

288,376

12,971,152

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

1,435,460

2,382,864

Sweetgreen

,

Inc.,

Class

A

(a)(b)

...........

681,363

12,605,215

Target

Hospitality

Corp.

(a)

.............

223,391

2,819,194

Texas

Roadhouse,

Inc.

...............

518,115

45,210,715

Wingstop

,

Inc.

(b)

....................

230,357

28,891,375

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

40,823

745,428

267,342,754

Household

Durables

—

1.4%

Aterian

,

Inc.

(a)(b)

....................

77,917

96,617

Cavco

Industries,

Inc.

(a)

...............

69,113

14,220,691

Century

Communities,

Inc.

............

14,899

637,379

Dream

Finders

Homes,

Inc.,

Class

A

(a)(b)

....

162,549

1,723,019

Green

Brick

Partners,

Inc.

(a)

............

57,969

1,239,377

Helen

of

Troy

Ltd.

(a)(b)

................

182,740

17,623,446

Hovnanian

Enterprises,

Inc.,

Class

A

(a)(b)

...

40,100

1,431,570

Installed

Building

Products,

Inc.

.........

182,870

14,810,641

iRobot

Corp.

(a)(b)

....................

180,651

10,176,071

KB

Home

........................

105,707

2,739,926

LGI

Homes,

Inc.

(a)

..................

11,338

922,573

Lovesac

Co.

(The)

(a)(b)

................

107,779

2,196,536

M/I

Homes,

Inc.

(a)

...................

27,065

980,565

MDC

Holdings,

Inc.

.................

112,098

3,073,727

Meritage

Homes

Corp.

(a)

..............

16,583

1,165,287

Purple

Innovation,

Inc.

(a)(b)

.............

53,332

215,995

Skyline

Champion

Corp.

(a)

.............

410,460

21,701,020

Sonos

,

Inc.

(a)(b)

.....................

981,635

13,644,727

Taylor

Morrison

Home

Corp.

(a)(b)

.........

100,639

2,346,902

TRI

Pointe

Homes,

Inc.

(a)(b)

............

62,803

948,953

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

518,618

4,532,721

Vuzix

Corp.

(a)(b)

....................

398,597

2,307,877

118,735,620

Household

Products

—

0.4%

Central

Garden

&

Pet

Co.

(a)(b)

...........

28,535

1,028,401

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)(b)

.

114,953

3,926,795

Energizer

Holdings,

Inc.

..............

515,150

12,950,871

WD-40

Co.

(b)

......................

105,646

18,566,228

36,472,295

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.7%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

111,018

$

1,222,308

Clearway

Energy,

Inc.,

Class

A

..........

275,164

8,007,272

Clearway

Energy,

Inc.,

Class

C

.........

638,646

20,340,875

Montauk

Renewables,

Inc.

(a)(b)

..........

508,140

8,861,962

Ormat

Technologies,

Inc.

..............

198,158

17,081,220

55,513,637

Industrial

Conglomerates

—

0.1%

Brookfield

Business

Corp.,

Class

A

.......

178,627

3,947,657

Insurance

—

1.5%

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

460,689

12,139,155

eHealth,

Inc.

(a)

.....................

61,232

239,417

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

129,422

4,612,600

HCI

Group,

Inc.

....................

51,475

2,017,820

Investors

Title

Co.

..................

2,116

298,356

Kinsale

Capital

Group,

Inc.

(b)

...........

167,618

42,812,990

Palomar

Holdings,

Inc.

(a)(b)

.............

188,181

15,754,513

RLI

Corp.

........................

300,589

30,774,302

SiriusPoint

Ltd.

(a)

...................

95,555

472,997

Trupanion

,

Inc.

(a)(b)

..................

300,737

17,872,800

Universal

Insurance

Holdings,

Inc.

.......

34,712

341,913

127,336,863

Interactive

Media

&

Services

—

0.8%

Arena

Group

Holdings,

Inc.

(The)

(a)(b)

......

65,142

853,360

Cargurus

,

Inc.,

Class

A

(a)(b)

.............

782,209

11,083,902

Cars.com,

Inc.

(a)(b)

..................

66,734

767,441

DHI

Group,

Inc.

(a)

...................

272,803

1,467,680

Eventbrite,

Inc.,

Class

A

(a)(b)

............

514,948

3,130,884

EverQuote

,

Inc.,

Class

A

(a)(b)

............

146,672

1,000,303

Leafly

Holdings,

Inc.

(a)(b)

...............

158,185

107,408

MediaAlpha

,

Inc.,

Class

A

(a)(b)

...........

178,303

1,560,151

QuinStreet

,

Inc.

(a)(b)

..................

25,942

272,391

Shutterstock

,

Inc.

...................

185,101

9,286,517

Vimeo,

Inc.

(a)(b)

.....................

1,109,452

4,437,808

Vinco

Ventures,

Inc.

(a)(b)

...............

1,000,456

931,625

Wejo

Group

Ltd.

(a)

..................

189,681

206,752

Yelp,

Inc.

(a)

.......................

526,337

17,848,088

Ziff

Davis,

Inc.

(a)(b)

...................

64,215

4,397,443

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

614,898

10,145,817

67,497,570

Internet

&

Direct

Marketing

Retail

—

0.4%

CarParts.com,

Inc.

(a)(b)

................

391,965

2,026,459

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

49,824

350,761

Groupon,

Inc.

(a)(b)

...................

18,352

146,082

Liquidity

Services,

Inc.

(a)(b)

.............

95,804

1,557,773

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

120,296

560,579

PetMed

Express,

Inc.

................

132,944

2,595,067

Quotient

Technology,

Inc.

(a)

............

77,307

178,579

RealReal

,

Inc.

(The)

(a)(b)

...............

96,913

145,370

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

357,395

786,269

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

315,113

6,834,801

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

244,788

966,913

ThredUp

,

Inc.,

Class

A

(a)

..............

62,010

114,098

Vivid

Seats,

Inc.,

Class

A

(b)

............

52,005

398,358

Xometry

,

Inc.,

Class

A

(a)(b)

.............

258,999

14,708,553

31,369,662

IT

Services

—

3.3%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

1,011,842

8,519,710

BigCommerce

Holdings,

Inc.

(a)(b)

.........

495,297

7,330,396

Brightcove

,

Inc.

(a)

...................

214,893

1,353,826

Cantaloupe,

Inc.

(a)

..................

263,057

915,438

Cass

Information

Systems,

Inc.

.........

19,107

662,822

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

349,212

1,030,175

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Core

Scientific,

Inc.

(a)(b)

...............

150,363

$

195,472

CSG

Systems

International,

Inc.

.........

244,600

12,934,448

Cyxtera

Technologies,

Inc.,

Class

A

(a)(b)

....

287,772

1,174,110

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

535,519

19,369,722

Edgio

,

Inc.

(a)

......................

987,763

2,745,981

EVERTEC,

Inc.

....................

481,730

15,102,235

Evo

Payments,

Inc.,

Class

A

(a)

..........

362,836

12,082,439

ExlService

Holdings,

Inc.

(a)(b)

...........

249,500

36,766,320

Flywire

Corp.

(a)

....................

430,353

9,880,905

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)(b)

..

372,338

6,973,891

Hackett

Group,

Inc.

(The)

.............

191,987

3,402,010

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

169,874

3,402,576

IBEX

Holdings

Ltd.

(a)(b)

...............

46,932

871,527

Information

Services

Group,

Inc.

.........

121,213

576,974

International

Money

Express,

Inc.

(a)(b)

......

246,710

5,622,521

Marqeta

,

Inc.,

Class

A

(a)(b)

.............

3,332,775

23,729,358

Maximus,

Inc.

.....................

441,166

25,530,276

Paya

Holdings,

Inc.,

Class

A

(a)

..........

668,502

4,084,547

Payoneer

Global,

Inc.

(a)(b)

..............

1,670,649

10,107,426

Perficient

,

Inc.

(a)

....................

262,849

17,090,442

Priority

Technology

Holdings,

Inc.

(a)(b)

......

119,172

537,466

Remitly

Global,

Inc.

(a)

................

757,993

8,428,882

Sabre

Corp.

(a)(b)

....................

516,760

2,661,314

Squarespace,

Inc.,

Class

A

(a)

...........

57,289

1,223,693

StoneCo

Ltd.,

Class

A

(a)(b)

.............

1,104,642

10,527,238

TTEC

Holdings,

Inc.

.................

145,742

6,457,828

Tucows

,

Inc.,

Class

A

(a)(b)

..............

74,985

2,805,189

Unisys

Corp.

(a)

.....................

375,387

2,834,172

Verra

Mobility

Corp.,

Class

A

(a)(b)

.........

1,100,386

16,912,933

283,844,262

Leisure

Products

—

0.3%

Acushnet

Holdings

Corp.

(b)

............

73,225

3,184,555

Clarus

Corp.

(b)

.....................

190,952

2,572,123

Latham

Group,

Inc.

(a)

................

338,666

1,215,811

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

156,788

7,524,256

Marine

Products

Corp.

...............

68,978

583,554

MasterCraft

Boat

Holdings,

Inc.

(a)(b)

.......

137,468

2,591,272

Smith

&

Wesson

Brands,

Inc.

...........

24,186

250,809

Sturm

Ruger

&

Co.,

Inc.

..............

121,214

6,156,459

24,078,839

Life

Sciences

Tools

&

Services

—

0.7%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

676,493

6,690,516

Adaptive

Biotechnologies

Corp.

(b)

........

40,755

290,176

Akoya

Biosciences,

Inc.

(b)

.............

119,337

1,402,210

Codexis

,

Inc.

......................

471,452

2,856,999

Cytek

Biosciences,

Inc.

...............

879,220

12,942,118

Medpace

Holdings,

Inc.

..............

195,406

30,711,961

NanoString

Technologies,

Inc.

(b)

.........

320,094

4,087,600

Quanterix

Corp.

....................

33,100

364,762

Science

37

Holdings,

Inc.

(b)

............

416,276

670,204

SomaLogic

,

Inc.,

Class

A

(b)

............

143,270

415,483

60,432,029

Machinery

—

4.0%

Alamo

Group,

Inc.

..................

66,611

8,144,527

Albany

International

Corp.,

Class

A

(b)

......

47,413

3,737,567

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

358,891

610,115

Blue

Bird

Corp.

(a)(b)

..................

133,267

1,112,779

Chart

Industries,

Inc.

(a)(b)

..............

282,495

52,077,953

CIRCOR

International,

Inc.

(a)

...........

38,197

629,869

Douglas

Dynamics,

Inc.

..............

172,716

4,839,502

Energy

Recovery,

Inc.

(a)(b)

.............

425,804

9,256,979

Enerpac

Tool

Group

Corp.,

Class

A

(a)

......

456,474

8,138,931

ESCO

Technologies,

Inc.

.............

19,503

1,432,300

Security

Shares

Shares

Value

Machinery

(continued)

Evoqua

Water

Technologies

Corp.

(a)(b)

.....

904,196

$

29,901,762

Federal

Signal

Corp.

(b)

...............

461,693

17,230,383

Franklin

Electric

Co.,

Inc.

.............

356,254

29,109,514

Gorman-Rupp

Co.

(The)

..............

34,428

819,042

Helios

Technologies,

Inc.

..............

251,221

12,711,783

Hillenbrand,

Inc.

...................

266,988

9,803,799

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

681,816

1,159,087

John

Bean

Technologies

Corp.

(b)

.........

243,099

20,906,514

Kadant

,

Inc.

......................

89,864

14,990,214

Lightning

eMotors

,

Inc.

(a)(b)

.............

290,212

449,829

Lindsay

Corp.

.....................

85,028

12,182,812

Luxfer

Holdings

plc

.................

90,155

1,307,247

Markforged

Holding

Corp.

(a)

............

118,111

233,860

Microvast

Holdings,

Inc.

(a)(b)

............

774,232

1,401,360

Miller

Industries,

Inc.

................

4,614

98,232

Mueller

Industries,

Inc.

...............

153,938

9,150,075

Mueller

Water

Products,

Inc.,

Class

A

.....

1,216,562

12,494,092

Nikola

Corp.

(a)(b)

....................

2,309,917

8,130,908

Omega

Flex,

Inc.

(b)

..................

25,413

2,353,752

Proterra

,

Inc.

(a)(b)

...................

773,088

3,849,978

Proto

Labs,

Inc.

(a)(b)

..................

35,409

1,289,950

RBC

Bearings,

Inc.

(a)(b)

...............

31,920

6,633,295

Sarcos

Technology

&

Robotics

Corp.

(a)(b)

...

826,892

1,835,700

Shyft

Group,

Inc.

(The)

...............

264,169

5,396,973

Tennant

Co.

......................

64,135

3,627,476

Terex

Corp.

.......................

251,848

7,489,959

Titan

International,

Inc.

(a)

..............

390,270

4,737,878

Trinity

Industries,

Inc.

................

96,652

2,063,520

Velo3D,

Inc.

(a)(b)

....................

431,395

1,699,696

Wabash

National

Corp.

...............

322,450

5,017,322

Watts

Water

Technologies,

Inc.,

Class

A

....

210,983

26,526,893

Xos

,

Inc.

(a)(b)

......................

414,094

496,913

345,080,340

Media

—

0.6%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

252,141

542,103

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

9,299

214,249

Entravision

Communications

Corp.,

Class

A

.

326,335

1,295,550

Gambling.com

Group

Ltd.

(a)(b)

...........

65,827

500,285

Gray

Television,

Inc.

.................

275,118

3,939,690

Innovid

Corp.

(a)(b)

...................

507,810

1,376,165

Integral

Ad

Science

Holding

Corp.

(a)

......

96,000

695,040

John

Wiley

&

Sons,

Inc.,

Class

A

........

311,861

11,713,499

Loyalty

Ventures,

Inc.

(a)(b)

..............

86,878

105,122

PubMatic,

Inc.,

Class

A

(a)(b)

.............

296,993

4,938,994

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

308,388

5,578,739

Stagwell

,

Inc.,

Class

A

(a)(b)

.............

58,884

409,244

TechTarget

,

Inc.

(a)(b)

.................

211,802

12,538,678

Thryv

Holdings,

Inc.

(a)(b)

...............

47,917

1,093,945

WideOpenWest

,

Inc.

(a)(b)

..............

239,506

2,938,739

47,880,042

Metals

&

Mining

—

1.2%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

253,655

2,577,135

Alpha

Metallurgical

Resources,

Inc.

......

127,218

17,408,511

ATI,

Inc.

(a)(b)

.......................

954,560

25,400,841

Century

Aluminum

Co.

(a)

..............

397,465

2,098,615

Commercial

Metals

Co.

...............

158,179

5,612,191

Compass

Minerals

International,

Inc.

......

263,277

10,144,063

Constellium

SE,

Class

A

(a)

.............

514,619

5,218,237

Dakota

Gold

Corp.

(a)(b)

................

403,260

1,229,943

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

941,147

568,923

Ivanhoe

Electric,

Inc.

(a)(b)

..............

47,481

391,718

Kaiser

Aluminum

Corp.

...............

122,385

7,508,320

Materion

Corp.

....................

147,800

11,824,000

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Novagold

Resources,

Inc.

(a)(b)

...........

1,759,872

$

8,253,800

Piedmont

Lithium,

Inc.

(a)(b)

.............

36,349

1,944,308

Ramaco

Resources,

Inc.

..............

178,910

1,645,972

Ryerson

Holding

Corp.

...............

7,524

193,668

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

17,397

495,119

Warrior

Met

Coal,

Inc.

................

43,010

1,223,204

103,738,568

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

43,200

1,292,976

PennyMac

Mortgage

Investment

Trust

.....

135,682

1,598,334

2,891,310

Multiline

Retail

—

0.2%

Dillard's,

Inc.,

Class

A

(b)

...............

31,374

8,557,572

Franchise

Group,

Inc.

................

196,475

4,774,343

13,331,915

Oil,

Gas

&

Consumable

Fuels

—

4.7%

Amplify

Energy

Corp.

(a)(b)

..............

214,995

1,412,517

Arch

Resources,

Inc.,

Class

A

(b)

.........

117,885

13,981,161

Archaea

Energy,

Inc.,

Class

A

(a)(b)

........

161,115

2,901,681

Battalion

Oil

Corp.

(a)(b)

................

25,206

299,951

Berry

Corp.

.......................

100,542

754,065

Brigham

Minerals,

Inc.,

Class

A

.........

405,998

10,015,971

Callon

Petroleum

Co.

(a)(b)

..............

314,036

10,994,400

Chord

Energy

Corp.

(b)

................

189,976

25,983,018

CNX

Resources

Corp.

(a)

..............

79,374

1,232,678

Comstock

Resources,

Inc.

(a)(b)

..........

704,818

12,186,303

CONSOL

Energy,

Inc.

................

248,613

15,990,788

Crescent

Energy

Co.,

Class

A

(b)

.........

249,508

3,360,873

CVR

Energy,

Inc.

...................

228,076

6,609,643

Delek

US

Holdings,

Inc.

..............

544,502

14,777,784

Denbury,

Inc.

(a)

....................

386,048

33,300,501

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

343,771

4,235,259

Empire

Petroleum

Corp.

(a)(b)

............

76,199

1,002,017

Energy

Fuels,

Inc.

(a)(b)

................

997,892

6,107,099

Equitrans

Midstream

Corp.

............

754,999

5,647,393

Golar

LNG

Ltd.

(a)

...................

42,566

1,060,745

Gulfport

Energy

Corp.

(a)(b)

.............

86,866

7,669,399

HighPeak

Energy,

Inc.

(b)

..............

52,932

1,146,507

Kinetik

Holdings,

Inc.,

Class

A

..........

12,578

409,791

Kosmos

Energy

Ltd.

(a)(b)

...............

3,468,924

17,934,337

Laredo

Petroleum,

Inc.

(a)(b)

.............

129,710

8,152,274

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

1,288,134

25,517,935

Matador

Resources

Co.

..............

865,676

42,348,870

Murphy

Oil

Corp.

...................

494,953

17,407,497

NextDecade

Corp.

(a)(b)

................

222,805

1,341,286

Northern

Oil

and

Gas,

Inc.

.............

435,934

11,948,951

Par

Pacific

Holdings,

Inc.

(a)

............

385,000

6,317,850

PBF

Energy,

Inc.,

Class

A

(a)

............

170,075

5,979,837

Permian

Resources

Corp.,

Class

A

(a)

......

206,208

1,402,214

Ranger

Oil

Corp.,

Class

A

.............

153,421

4,825,090

Riley

Exploration

Permian,

Inc.

..........

52,057

988,042

Ring

Energy,

Inc.

(a)(b)

.................

280,682

651,182

SandRidge

Energy,

Inc.

(a)(b)

............

203,540

3,319,737

SilverBow

Resources,

Inc.

(a)(b)

..........

91,361

2,455,784

Sitio

Royalties

Corp.,

Class

A

...........

90,747

2,006,416

SM

Energy

Co.

(b)

...................

930,889

35,010,735

Talos

Energy,

Inc.

(a)(b)

................

508,916

8,473,451

Tellurian,

Inc.

(a)(b)

...................

3,925,818

9,382,705

Uranium

Energy

Corp.

(a)(b)

.............

2,474,497

8,660,740

Ur-Energy,

Inc.

(a)(b)

..................

1,491,570

1,625,811

VAALCO

Energy,

Inc.

................

457,376

1,994,159

Vertex

Energy,

Inc.

(a)(b)

...............

369,172

2,299,942

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

W&T

Offshore,

Inc.

(a)(b)

...............

602,440

$

3,530,298

404,654,687

Paper

&

Forest

Products

—

0.1%

Sylvamo

Corp.

....................

258,004

8,746,336

Personal

Products

—

1.0%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

684,629

8,071,776

BellRing

Brands,

Inc.

(a)(b)

..............

1,016,523

20,950,539

elf

Beauty,

Inc.

(a)

...................

372,229

14,003,255

Herbalife

Nutrition

Ltd.

(a)(b)

.............

501,476

9,974,358

Inter

Parfums

,

Inc.

..................

139,180

10,502,523

Medifast

,

Inc.

.....................

83,918

9,093,355

Nu

Skin

Enterprises,

Inc.,

Class

A

........

158,068

5,274,729

Thorne

HealthTech

,

Inc.

(a)(b)

............

104,047

492,142

USANA

Health

Sciences,

Inc.

(a)(b)

........

90,403

5,067,088

Veru

,

Inc.

(a)(b)

......................

499,029

5,748,814

89,178,579

Pharmaceuticals

—

2.4%

Aclaris

Therapeutics,

Inc.

(a)(b)

...........

496,462

7,814,312

Aerie

Pharmaceuticals,

Inc.

(a)

...........

309,645

4,684,929

Amneal

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

..

810,962

1,638,143

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

296,138

8,321,478

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

52,948

1,490,486

Arvinas

,

Inc.

(a)(b)

....................

374,271

16,651,317

Axsome

Therapeutics,

Inc.

(a)

...........

228,465

10,194,108

Cassava

Sciences,

Inc.

(a)(b)

............

292,975

12,252,214

Collegium

Pharmaceutical,

Inc.

(a)

........

261,157

4,183,735

Corcept

Therapeutics,

Inc.

(a)(b)

..........

655,795

16,814,584

Esperion

Therapeutics,

Inc.

(a)(b)

..........

512,451

3,433,422

Evolus

,

Inc.

(a)(b)

....................

273,027

2,197,867

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

91,996

727,688

Harmony

Biosciences

Holdings,

Inc.

(a)(b)

....

201,349

8,917,747

Innoviva

,

Inc.

(a)(b)

...................

492,657

5,719,748

Intra-Cellular

Therapies,

Inc.

(a)(b)

.........

704,891

32,798,578

Liquidia

Corp.

(a)(b)

...................

229,549

1,248,747

NGM

Biopharmaceuticals,

Inc.

(a)

.........

182,639

2,388,918

Ocular

Therapeutix

,

Inc.

(a)(b)

............

587,018

2,436,125

Pacira

BioSciences

,

Inc.

(a)(b)

............

344,745

18,336,987

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

175,316

1,942,501

Phibro

Animal

Health

Corp.,

Class

A

......

152,840

2,031,244

Provention

Bio,

Inc.

(a)

................

392,751

1,767,379

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

176,568

4,437,154

Relmada

Therapeutics,

Inc.

(a)(b)

..........

152,654

5,651,251

Revance

Therapeutics,

Inc.

(a)(b)

..........

551,626

14,893,902

SIGA

Technologies,

Inc.

..............

365,965

3,769,439

Theravance

Biopharma,

Inc.

(a)(b)

.........

446,234

4,524,813

Tricida

,

Inc.

(a)(b)

....................

46,559

487,938

Ventyx

Biosciences,

Inc.

(a)(b)

............

172,104

6,008,151

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

982,698

1,533,009

209,297,914

Professional

Services

—

2.7%

ASGN,

Inc.

(a)

......................

377,178

34,085,576

Atlas

Technical

Consultants,

Inc.

(a)(b)

......

100,197

666,310

Barrett

Business

Services,

Inc.

..........

49,147

3,833,466

CBIZ,

Inc.

(a)(b)

......................

377,888

16,166,049

CRA

International,

Inc.

(b)

..............

54,182

4,808,111

Exponent,

Inc.

.....................

392,696

34,427,658

First

Advantage

Corp.

(a)(b)

.............

36,031

462,278

Forrester

Research,

Inc.

(a)

.............

90,370

3,254,224

Franklin

Covey

Co.

(a)(b)

...............

95,297

4,325,531

HireRight

Holdings

Corp.

(a)(b)

...........

167,364

2,553,975

Huron

Consulting

Group,

Inc.

(a)(b)

........

95,554

6,330,452

ICF

International,

Inc.

(b)

...............

101,389

11,053,429

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Insperity

,

Inc.

(b)

....................

279,077

$

28,490,971

Kforce

,

Inc.

.......................

157,516

9,238,313

Korn

Ferry

.......................

417,630

19,607,728

Legalzoom.com,

Inc.

(a)(b)

..............

737,309

6,318,738

Planet

Labs

PBC

(a)(b)

.................

1,044,473

5,671,488

Red

Violet,

Inc.

(a)(b)

..................

72,130

1,249,292

Sterling

Check

Corp.

(a)(b)

..............

169,109

2,983,083

TriNet

Group,

Inc.

(a)(b)

................

289,358

20,608,077

Upwork

,

Inc.

(a)(b)

....................

920,481

12,536,951

Willdan

Group,

Inc.

(a)(b)

...............

10,429

154,453

228,826,153

Real

Estate

Management

&

Development

—

0.7%

Compass,

Inc.,

Class

A

(a)(b)

............

2,096,079

4,862,903

Cushman

&

Wakefield

plc

(a)(b)

...........

1,232,604

14,113,316

DigitalBridge

Group,

Inc.,

Class

A

........

1,122,203

14,038,760

Doma

Holdings,

Inc.

(a)(b)

...............

176,387

77,504

Douglas

Elliman

,

Inc.

................

58,970

241,777

eXp

World

Holdings,

Inc.

(b)

.............

537,325

6,023,413

Forestar

Group,

Inc.

(a)(b)

...............

36,091

403,858

Marcus

&

Millichap,

Inc.

(b)

.............

200,433

6,570,194

Newmark

Group,

Inc.,

Class

A

(b)

.........

88,186

710,779

Offerpad

Solutions,

Inc.,

Class

A

(a)(b)

......

486,332

588,462

Redfin

Corp.

(a)(b)

....................

815,263

4,761,136

RMR

Group,

Inc.

(The),

Class

A

.........

82,522

1,954,946

St.

Joe

Co.

(The)

(b)

..................

270,368

8,659,887

63,006,935

Road

&

Rail

—

0.7%

ArcBest

Corp.

(b)

....................

59,988

4,362,927

Daseke

,

Inc.

(a)(b)

....................

300,120

1,623,649

Marten

Transport

Ltd.

................

335,697

6,431,955

PAM

Transportation

Services,

Inc.

(a)(b)

.....

49,898

1,544,842

Saia,

Inc.

(a)(b)

......................

204,264

38,810,160

Universal

Logistics

Holdings,

Inc.

........

39,802

1,262,519

Werner

Enterprises,

Inc.

(b)

.............

56,961

2,141,734

56,177,786

Semiconductors

&

Semiconductor

Equipment

—

4.0%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

47,470

591,476

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

129,875

3,994,955

Ambarella

,

Inc.

(a)

...................

280,780

15,774,220

Amkor

Technology,

Inc.

...............

153,436

2,616,084

Atomera

,

Inc.

(a)(b)

...................

159,872

1,619,503

Axcelis

Technologies,

Inc.

(a)

............

252,401

15,285,405

CEVA,

Inc.

(a)

......................

181,719

4,766,489

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

748,120

8,229,320

CyberOptics

Corp.

(a)(b)

................

54,956

2,955,534

Diodes,

Inc.

(a)

.....................

249,090

16,168,432

FormFactor

,

Inc.

(a)(b)

.................

596,147

14,933,482

Impinj

,

Inc.

(a)(b)

.....................

147,058

11,769,052

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

785,186

5,747,562

Kulicke

&

Soffa

Industries,

Inc.

(b)

.........

439,128

16,919,602

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

...........................

388,239

20,106,898

MaxLinear

,

Inc.

(a)

...................

558,825

18,228,871

Onto

Innovation,

Inc.

(a)

...............

381,997

24,466,908

PDF

Solutions,

Inc.

(a)(b)

...............

232,835

5,711,443

Photronics

,

Inc.

(a)

...................

336,096

4,913,724

Power

Integrations,

Inc.

..............

438,227

28,186,761

Rambus,

Inc.

(a)(b)

...................

711,909

18,096,727

Rockley

Photonics

Holdings

Ltd.

(a)(b)

......

770,294

546,986

Semtech

Corp.

(a)

...................

488,495

14,366,638

Silicon

Laboratories,

Inc.

(a)(b)

............

261,494

32,278,819

SiTime

Corp.

(a)(b)

...................

124,499

9,801,806

SkyWater

Technology,

Inc.

(a)(b)

..........

83,569

639,303

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SMART

Global

Holdings,

Inc.

(a)(b)

........

378,461

$

6,006,176

Synaptics

,

Inc.

(a)(b)

..................

305,279

30,225,674

Transphorm

,

Inc.

(a)

..................

174,277

876,613

Ultra

Clean

Holdings,

Inc.

(a)

............

119,106

3,066,979

Veeco

Instruments,

Inc.

(a)(b)

............

310,648

5,691,071

344,582,513

Software

—

7.8%

8x8,

Inc.

(a)(b)

.......................

918,194

3,167,769

A10

Networks,

Inc.

..................

407,053

5,401,593

ACI

Worldwide,

Inc.

(a)

................

880,119

18,394,487

Agilysys

,

Inc.

(a)

....................

152,501

8,440,930

Alarm.com

Holdings,

Inc.

(a)

............

371,406

24,089,393

Alkami

Technology,

Inc.

(a)(b)

............

274,698

4,134,205

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

400,968

17,730,805

American

Software,

Inc.,

Class

A

........

201,436

3,086,000

Amplitude,

Inc.,

Class

A

(a)(b)

............

432,153

6,685,407

Appfolio

,

Inc.,

Class

A

(a)(b)

.............

147,418

15,437,613

Appian

Corp.,

Class

A

(a)(b)

.............

308,138

12,581,275

Applied

Blockchain

,

Inc.

(a)

.............

44,074

74,926

Arteris

,

Inc.

(a)(b)

.....................

125,574

836,323

Asana,

Inc.,

Class

A

(a)(b)

...............

567,010

12,604,632

AvePoint

,

Inc.,

Class

A

(a)(b)

.............

988,296

3,963,067

Benefitfocus

,

Inc.

(a)(b)

.................

144,734

919,061

Blackbaud

,

Inc.

(a)

...................

340,053

14,982,735

Blackline,

Inc.

(a)(b)

...................

424,453

25,424,735

Box,

Inc.,

Class

A

(a)(b)

................

1,077,314

26,275,688

BTRS

Holdings,

Inc.,

Class

A

(a)

..........

766,159

7,094,632

C3.ai,

Inc.,

Class

A

(a)(b)

...............

102,531

1,281,638

Clear

Secure,

Inc.,

Class

A

(a)(b)

..........

480,358

10,980,984

CommVault

Systems,

Inc.

(a)

............

343,731

18,231,492

Consensus

Cloud

Solutions,

Inc.

(a)

.......

59,366

2,808,012

Couchbase

,

Inc.

(a)

..................

202,494

2,889,589

CS

Disco,

Inc.

(a)(b)

...................

172,059

1,720,590

Digimarc

Corp.

(a)(b)

..................

95,706

1,296,816

Digital

Turbine,

Inc.

(a)(b)

...............

721,953

10,403,343

Domo,

Inc.,

Class

B

(a)(b)

...............

234,968

4,227,074

Duck

Creek

Technologies,

Inc.

(a)(b)

........

598,925

7,097,261

Ebix

,

Inc.

........................

41,316

783,765

eGain

Corp.

(a)(b)

....................

74,005

543,937

Enfusion

,

Inc.,

Class

A

(a)(b)

.............

200,524

2,474,466

EngageSmart

,

Inc.

(a)(b)

................

268,374

5,552,658

Envestnet

,

Inc.

(a)(b)

..................

398,743

17,704,189

Everbridge

,

Inc.

(a)(b)

..................

303,405

9,369,146

EverCommerce

,

Inc.

(a)(b)

..............

24,709

270,069

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

167,627

2,435,620

Instructure

Holdings,

Inc.

(a)(b)

...........

18,327

408,326

Intapp

,

Inc.

(a)(b)

.....................

106,845

1,994,796

InterDigital

,

Inc.

....................

87,621

3,541,641

IronNet

,

Inc.

(a)(b)

....................

487,461

335,861

KnowBe4,

Inc.,

Class

A

(a)

.............

558,007

11,612,126

LivePerson

,

Inc.

(a)(b)

.................

538,440

5,072,105

Matterport

,

Inc.,

Class

A

(a)(b)

............

1,234,845

4,680,063

MeridianLink

,

Inc.

(a)

.................

173,943

2,831,792

MicroStrategy

,

Inc.,

Class

A

(a)(b)

..........

42,930

9,112,322

Mitek

Systems,

Inc.

(a)(b)

...............

302,913

2,774,683

Model

N,

Inc.

(a)(b)

...................

281,786

9,645,535

Momentive

Global,

Inc.

(a)

..............

1,006,198

5,846,010

N-able,

Inc.

(a)(b)

....................

458,275

4,229,878

NextNav

,

Inc.

(a)(b)

...................

502,078

1,350,590

OneSpan

,

Inc.

(a)

....................

121,035

1,042,111

PagerDuty

,

Inc.

(a)(b)

..................

654,693

15,103,768

Progress

Software

Corp.

..............

339,932

14,464,107

PROS

Holdings,

Inc.

(a)(b)

..............

203,291

5,021,288

Q2

Holdings,

Inc.

(a)(b)

.................

429,770

13,838,594

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Qualys

,

Inc.

(a)

.....................

296,903

$

41,385,309

Rapid7,

Inc.

(a)(b)

....................

447,526

19,198,865

Rimini

Street,

Inc.

(a)(b)

................

377,772

1,760,418

Sapiens

International

Corp.

NV

.........

172,403

3,306,690

ShotSpotter,

Inc.

(a)(b)

.................

69,078

1,986,683

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

352,846

21,410,695

SPS

Commerce,

Inc.

(a)(b)

..............

279,505

34,722,906

Sumo

Logic,

Inc.

(a)

..................

562,280

4,217,100

Telos

Corp.

(a)(b)

.....................

411,289

3,656,359

Tenable

Holdings,

Inc.

(a)(b)

.............

846,179

29,447,029

Terawulf

,

Inc.

(a)(b)

...................

111,624

140,646

UserTesting

,

Inc.

(a)(b)

.................

380,788

1,492,689

Varonis

Systems,

Inc.

(a)(b)

..............

836,901

22,194,615

Verint

Systems,

Inc.

(a)(b)

...............

446,559

14,995,451

Veritone

,

Inc.

(a)(b)

...................

236,853

1,333,482

Viant

Technology,

Inc.,

Class

A

(a)(b)

.......

105,969

446,130

Weave

Communications,

Inc.

(a)(b)

........

233,540

1,179,377

WM

Technology,

Inc.,

Class

A

(a)(b)

........

533,583

859,069

Workiva

,

Inc.,

Class

A

(a)(b)

.............

367,375

28,581,775

Yext

,

Inc.

(a)(b)

......................

887,543

3,958,442

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

843,104

5,572,917

Zuora

,

Inc.,

Class

A

(a)(b)

...............

936,409

6,910,698

673,058,866

Specialty

Retail

—

1.7%

Arko

Corp.

(b)

......................

652,668

6,128,553

Asbury

Automotive

Group,

Inc.

(a)(b)

........

49,308

7,450,439

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

444,625

2,707,766

Boot

Barn

Holdings,

Inc.

(a)

.............

226,299

13,229,440

Buckle,

Inc.

(The)

..................

213,540

6,760,676

Build-A-Bear

Workshop,

Inc.

...........

78,485

1,046,205

Caleres

,

Inc.

......................

269,706

6,532,279

Camping

World

Holdings,

Inc.,

Class

A

(b)

...

291,266

7,374,855

Chico's

FAS,

Inc.

(a)(b)

.................

668,124

3,233,720

Children's

Place,

Inc.

(The)

(a)

...........

62,224

1,922,099

Designer

Brands,

Inc.,

Class

A

(b)

.........

307,753

4,711,698

Destination

XL

Group,

Inc.

(a)(b)

..........

230,259

1,248,004

EVgo

,

Inc.,

Class

A

(a)(b)

...............

90,827

718,442

Guess?,

Inc.

......................

258,367

3,790,244

Hibbett,

Inc.

......................

76,091

3,790,093

MarineMax

,

Inc.

(a)(b)

.................

11,550

344,074

Murphy

USA,

Inc.

(b)

.................

165,993

45,633,136

National

Vision

Holdings,

Inc.

(a)(b)

........

35,158

1,147,909

OneWater

Marine,

Inc.,

Class

A

(a)

........

5,542

166,870

Party

City

Holdco,

Inc.

(a)(b)

.............

294,795

465,776

Rent-A-Center,

Inc.

.................

406,159

7,111,844

Sally

Beauty

Holdings,

Inc.

(a)(b)

..........

759,660

9,571,716

Sleep

Number

Corp.

(a)(b)

..............

74,198

2,508,634

Torrid

Holdings,

Inc.

(a)(b)

...............

55,769

232,557

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

643,919

8,589,879

146,416,908

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

(a)

Avid

Technology,

Inc.

(b)

...............

173,664

4,039,425

CompoSecure

,

Inc.,

Class

A

(b)

..........

52,686

263,957

Corsair

Gaming,

Inc.

(b)

...............

167,606

1,902,328

Diebold

Nixdorf,

Inc.

.................

426,464

1,040,572

IonQ

,

Inc.

(b)

.......................

120,151

609,166

Super

Micro

Computer,

Inc.

............

349,501

19,247,020

Turtle

Beach

Corp.

(b)

.................

92,827

633,080

27,735,548

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Allbirds

,

Inc.,

Class

A

(a)(b)

..............

191,423

581,926

Crocs,

Inc.

(a)(b)

.....................

465,825

31,983,544

Ermenegildo

Zegna

NV

(b)

.............

80,112

861,204

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Kontoor

Brands,

Inc.

.................

424,916

$

14,281,427

Oxford

Industries,

Inc.

...............

80,653

7,241,026

Rocky

Brands,

Inc.

..................

6,804

136,488

Steven

Madden

Ltd.

.................

599,771

15,995,893

Wolverine

World

Wide,

Inc.

............

596,177

9,175,164

80,256,672

Thrifts

&

Mortgage

Finance

—

0.2%

Axos

Financial,

Inc.

(a)

................

42,043

1,439,132

Bridgewater

Bancshares,

Inc.

(a)(b)

........

41,881

689,780

Columbia

Financial,

Inc.

(a)(b)

............

91,051

1,923,908

Greene

County

Bancorp,

Inc.

(b)

..........

27,131

1,553,792

Hingham

Institution

for

Savings

(The)

.....

1,316

330,461

NMI

Holdings,

Inc.,

Class

A

(a)

...........

51,317

1,045,327

Walker

&

Dunlop,

Inc.

................

163,211

13,665,657

20,648,057

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

1,249,563

1,158,720

Turning

Point

Brands,

Inc.

(b)

............

115,955

2,461,724

Vector

Group

Ltd.

..................

165,406

1,457,227

5,077,671

Trading

Companies

&

Distributors

—

1.6%

Alta

Equipment

Group,

Inc.,

Class

A

(b)

.....

28,503

313,818

Applied

Industrial

Technologies,

Inc.

......

295,857

30,408,183

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

277,092

15,162,474

Boise

Cascade

Co.

.................

63,767

3,791,586

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

133,035

775,594

Distribution

Solutions

Group,

Inc.

(a)(b)

......

32,922

927,413

GATX

Corp.

......................

15,081

1,284,147

Global

Industrial

Co.

.................

74,354

1,994,918

GMS,

Inc.

(a)

.......................

331,619

13,268,076

H&E

Equipment

Services,

Inc.

..........

243,668

6,905,551

Herc

Holdings,

Inc.

..................

196,597

20,422,496

Hudson

Technologies,

Inc.

(a)

...........

331,124

2,433,761

Karat

Packaging,

Inc.

(a)(b)

..............

42,521

679,911

McGrath

RentCorp

..................

188,857

15,837,548

MRC

Global,

Inc.

(a)(b)

.................

643,922

4,629,799

Textainer

Group

Holdings

Ltd.

..........

46,326

1,244,316

Transcat

,

Inc.

(a)(b)

...................

55,400

4,193,226

Veritiv

Corp.

(a)(b)

....................

104,154

10,183,137

134,455,954

Water

Utilities

—

0.4%

American

States

Water

Co.

............

138,300

10,780,485

Artesian

Resources

Corp.,

Class

A,

NVS

...

41,951

2,018,682

California

Water

Service

Group

.........

111,568

5,878,518

Global

Water

Resources,

Inc.

...........

114,740

1,345,900

Middlesex

Water

Co.

................

49,281

3,804,493

Pure

Cycle

Corp.

(a)(b)

.................

171,506

1,432,075

York

Water

Co.

(The)

................

115,320

4,431,748

29,691,901

Wireless

Telecommunication

Services

—

0.0%

Gogo

,

Inc.

(a)(b)

.....................

19,316

234,110

Total

Common

Stocks

—

99.8%

(Cost:

$10,154,646,604)

...........................

8,586,046,239

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(a)(d)

Contra

Aduro

Biotech

I,

CVR

...........

105,692

$

268,351

Oncternal

Therapeutics,

Inc.,

CVR

(b)

......

6,020

6,170

274,521

Total

Rights

—

0.0%

(Cost:

$12,341)

................................

274,521

Total

Long-Term

Investments

—

99.8%

(Cost:

$10,154,658,945)

...........................

8,586,320,760

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

16.1%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(g)

............

1,373,343,923

$

1,373,755,926

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

8,101,687

8,101,687

Total

Short-Term

Securities

—

16.1%

(Cost:

$1,381,043,209)

...........................

1,381,857,613

Total

Investments

—

115.9%

(Cost:

$11,535,702,154

)

...........................

9,968,178,373

Liabilities

in

Excess

of

Other

Assets

—

(15.9)%

...........

(1,368,354,791)

Net

Assets

—

100.0%

..............................

$

8,599,823,582

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,616,083,640

$

—

$

(243,175,908)

(a)

$

51,791

$

796,403

$

1,373,755,926

1,373,343,923

$

11,992,242

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

11,160,000

—

(3,058,313)

(a)

—

—

8,101,687

8,101,687

117,514

—

$

51,791

$

796,403

$

1,381,857,613

$

12,109,756

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

39

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

172

12/16/22

$

14,360

$

(727,163)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

727,163

$

—

$

—

$

—

$

727,163

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(2,887,579)

$

—

$

—

$

—

$

(2,887,579)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(1,163,481)

$

—

$

—

$

—

$

(1,163,481)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

17,086,540

2022

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

40

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

51,521,441

$

—

$

—

$

51,521,441

Air

Freight

&

Logistics

....................................

23,104,710

—

—

23,104,710

Airlines

..............................................

17,604,789

—

—

17,604,789

Auto

Components

......................................

137,611,848

—

—

137,611,848

Automobiles

..........................................

15,725,403

—

—

15,725,403

Banks

...............................................

166,340,890

—

—

166,340,890

Beverages

...........................................

78,862,567

—

—

78,862,567

Biotechnology

.........................................

862,111,397

—

—

862,111,397

Building

Products

.......................................

155,813,925

—

—

155,813,925

Capital

Markets

........................................

176,690,011

—

—

176,690,011

Chemicals

............................................

233,192,878

—

—

233,192,878

Commercial

Services

&

Supplies

.............................

98,317,855

—

—

98,317,855

Communications

Equipment

................................

115,430,142

—

—

115,430,142

Construction

&

Engineering

................................

174,502,687

—

—

174,502,687

Construction

Materials

....................................

1,351,288

—

—

1,351,288

Consumer

Finance

......................................

19,781,515

—

—

19,781,515

Containers

&

Packaging

..................................

19,374,436

—

—

19,374,436

Distributors

...........................................

4,941,606

—

—

4,941,606

Diversified

Consumer

Services

..............................

85,228,672

—

—

85,228,672

Diversified

Telecommunication

Services

........................

68,559,274

—

—

68,559,274

Electric

Utilities

........................................

17,665,746

—

—

17,665,746

Electrical

Equipment

.....................................

184,027,715

—

—

184,027,715

Electronic

Equipment,

Instruments

&

Components

.................

230,852,375

—

—

230,852,375

Energy

Equipment

&

Services

..............................

154,775,306

—

—

154,775,306

Entertainment

.........................................

23,282,732

—

—

23,282,732

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

124,922,672

—

—

124,922,672

Food

&

Staples

Retailing

..................................

38,189,277

—

3

38,189,280

Food

Products

.........................................

114,971,201

—

—

114,971,201

Gas

Utilities

...........................................

36,688,288

—

—

36,688,288

Health

Care

Equipment

&

Supplies

...........................

612,917,995

—

—

612,917,995

Health

Care

Providers

&

Services

............................

379,375,190

—

—

379,375,190

Health

Care

Technology

..................................

50,770,452

—

—

50,770,452

Hotels,

Restaurants

&

Leisure

..............................

267,342,754

—

—

267,342,754

Household

Durables

.....................................

118,735,620

—

—

118,735,620

Household

Products

.....................................

36,472,295

—

—

36,472,295

Independent

Power

and

Renewable

Electricity

Producers

............

55,513,637

—

—

55,513,637

Industrial

Conglomerates

..................................

3,947,657

—

—

3,947,657

Insurance

............................................

127,336,863

—

—

127,336,863

Interactive

Media

&

Services

...............................

67,497,570

—

—

67,497,570

Internet

&

Direct

Marketing

Retail

............................

31,369,662

—

—

31,369,662

IT

Services

...........................................

283,844,262

—

—

283,844,262

Leisure

Products

.......................................

24,078,839

—

—

24,078,839

Life

Sciences

Tools

&

Services

..............................

60,432,029

—

—

60,432,029

Machinery

............................................

345,080,340

—

—

345,080,340

Media

...............................................

47,880,042

—

—

47,880,042

Metals

&

Mining

........................................

103,738,568

—

—

103,738,568

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

2,891,310

—

—

2,891,310

Multiline

Retail

.........................................

13,331,915

—

—

13,331,915

Oil,

Gas

&

Consumable

Fuels

...............................

404,654,687

—

—

404,654,687

Paper

&

Forest

Products

..................................

8,746,336

—

—

8,746,336

Personal

Products

......................................

89,178,579

—

—

89,178,579

Pharmaceuticals

.......................................

209,297,914

—

—

209,297,914

Professional

Services

....................................

228,826,153

—

—

228,826,153

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Growth

ETF

Schedule

of

Investments

41

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Real

Estate

Management

&

Development

.......................

$

63,006,935

$

—

$

—

$

63,006,935

Road

&

Rail

...........................................

56,177,786

—

—

56,177,786

Semiconductors

&

Semiconductor

Equipment

....................

344,582,513

—

—

344,582,513

Software

.............................................

673,058,866

—

—

673,058,866

Specialty

Retail

........................................

146,416,908

—

—

146,416,908

Technology

Hardware,

Storage

&

Peripherals

....................

27,735,548

—

—

27,735,548

Textiles,

Apparel

&

Luxury

Goods

............................

80,256,672

—

—

80,256,672

Thrifts

&

Mortgage

Finance

................................

20,648,057

—

—

20,648,057

Tobacco

.............................................

5,077,671

—

—

5,077,671

Trading

Companies

&

Distributors

............................

134,455,954

—

—

134,455,954

Water

Utilities

.........................................

29,691,901

—

—

29,691,901

Wireless

Telecommunication

Services

.........................

234,110

—

—

234,110

Rights

................................................

—

—

274,521

274,521

Short-Term

Securities

Money

Market

Funds

......................................

1,381,857,613

—

—

1,381,857,613

$

9,967,903,849

$

—

$

274,524

$

9,968,178,373

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(727,163)

$

—

$

—

$

(727,163)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.1%

AAR

Corp.

(a)

......................

346,557

$

12,413,672

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

202,616

8,102,614

AerSale

Corp.

(a)(b)

...................

164,294

3,046,011

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

1,463,806

3,820,534

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

1,613,297

985,724

Astronics

Corp.

(a)

...................

252,968

1,988,328

Ducommun,

Inc.

(a)

..................

113,254

4,491,653

Kaman

Corp.

.....................

285,319

7,968,960

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

1,259,375

12,795,250

Maxar

Technologies,

Inc.

(b)

............

751,737

14,072,517

Momentus

,

Inc.,

Class

A

(a)(b)

............

354,302

485,394

Moog,

Inc.,

Class

A

.................

245,539

17,273,669

National

Presto

Industries,

Inc.

..........

52,572

3,419,808

Park

Aerospace

Corp.

................

198,899

2,195,845

Parsons

Corp.

(a)(b)

...................

346,064

13,565,709

Redwire

Corp.

(a)(b)

...................

189,757

451,622

Terran

Orbital

Corp.

(a)(b)

...............

249,602

441,795

Triumph

Group,

Inc.

(a)

................

656,119

5,636,062

V2X,

Inc.

(a)

.......................

122,103

4,322,446

Virgin

Galactic

Holdings,

Inc.

(a)(b)

.........

1,220,280

5,747,519

123,225,132

Air

Freight

&

Logistics

—

0.6%

(a)

Air

Transport

Services

Group,

Inc.

(b)

......

376,404

9,067,572

Atlas

Air

Worldwide

Holdings,

Inc.

........

285,830

27,316,773

Hub

Group,

Inc.,

Class

A

..............

343,777

23,713,738

Radiant

Logistics,

Inc.

...............

293,856

1,672,041

61,770,124

Airlines

—

0.4%

Allegiant

Travel

Co.

(a)

................

89,991

6,567,543

Blade

Air

Mobility,

Inc.,

Class

A

(a)

........

575,424

2,318,959

Hawaiian

Holdings,

Inc.

(a)(b)

............

511,668

6,728,434

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

232,329

1,005,985

SkyWest,

Inc.

(a)

....................

517,079

8,407,704

Spirit

Airlines,

Inc.

(b)

.................

1,112,051

20,928,800

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

1,608,060

1,849,269

47,806,694

Auto

Components

—

1.0%

Adient

plc

(a)(b)

......................

969,742

26,910,340

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

(b)

...........................

1,083,060

7,397,300

Dana,

Inc.

........................

1,325,886

15,154,877

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

2,864,838

28,906,215

Modine

Manufacturing

Co.

(a)

...........

503,933

6,520,893

Motorcar

Parts

of

America,

Inc.

(a)

........

187,353

2,851,513

Patrick

Industries,

Inc.

...............

201,139

8,817,934

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

804,414

4,231,218

Standard

Motor

Products,

Inc.

..........

204,912

6,659,640

Stoneridge,

Inc.

(a)(b)

..................

229,014

3,881,787

111,331,717

Automobiles

—

0.2%

(b)

Cenntro

Electric

Group

Ltd.

(a)

...........

1,871,348

1,927,488

Faraday

Future

Intelligent

Electric,

Inc.

(a)

...

489,016

311,112

Lordstown

Motors

Corp.,

Class

A

(a)

.......

1,718,955

3,145,688

Winnebago

Industries,

Inc.

............

317,329

16,885,076

Workhorse

Group,

Inc.

(a)

..............

119,635

343,353

22,612,717

Banks

—

18.5%

1st

Source

Corp.

...................

174,765

8,091,620

ACNB

Corp.

......................

84,428

2,536,217

Allegiance

Bancshares,

Inc.

............

194,632

8,102,530

Security

Shares

Shares

Value

Banks

(continued)

Amalgamated

Financial

Corp.

..........

147,009

$

3,315,053

Amerant

Bancorp,

Inc.,

Class

A

(b)

........

284,604

7,069,563

American

National

Bankshares

,

Inc.

......

106,687

3,408,650

Ameris

Bancorp

....................

661,561

29,578,392

Arrow

Financial

Corp.

................

147,583

4,253,342

Associated

Banc-Corp.

...............

1,575,247

31,630,960

Atlantic

Union

Bankshares

Corp.

........

784,456

23,831,773

Banc

of

California,

Inc.

...............

543,352

8,677,331

BancFirst

Corp.

....................

81,770

7,315,962

Bancorp,

Inc.

(The)

(a)

................

228,523

5,022,936

Bank

First

Corp.

(b)

..................

66,617

5,094,868

Bank

of

Marin

Bancorp

...............

164,186

4,917,371

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

....

487,934

15,838,338

BankUnited

,

Inc.

...................

769,702

26,300,717

Bankwell

Financial

Group,

Inc.

..........

61,222

1,782,172

Banner

Corp.

.....................

328,581

19,412,566

Bar

Harbor

Bankshares

..............

155,548

4,125,133

BayCom

Corp.

(b)

...................

118,794

2,088,399

BCB

Bancorp,

Inc.

..................

150,709

2,536,432

Berkshire

Hills

Bancorp,

Inc.

...........

447,718

12,222,701

Blue

Ridge

Bankshares

,

Inc.

(b)

..........

176,622

2,244,866

Brookline

Bancorp,

Inc.

...............

742,800

8,653,620

Business

First

Bancshares,

Inc.

.........

220,857

4,755,051

Byline

Bancorp,

Inc.

.................

259,709

5,259,107

Cadence

Bank

....................

1,529,105

38,854,558

Cambridge

Bancorp

.................

70,712

5,638,575

Camden

National

Corp.

..............

150,147

6,396,262

Capital

Bancorp,

Inc.

................

90,874

2,099,189

Capital

City

Bank

Group,

Inc.

...........

142,071

4,419,829

Capstar

Financial

Holdings,

Inc.

.........

214,121

3,967,662

Carter

Bankshares

,

Inc.

(a)(b)

............

256,271

4,125,963

Cathay

General

Bancorp

..............

760,840

29,261,906

CBTX,

Inc.

.......................

191,998

5,615,942

Central

Pacific

Financial

Corp.

..........

249,654

5,165,341

Citizens

&

Northern

Corp.

.............

158,078

3,822,326

City

Holding

Co.

...................

143,745

12,748,744

Civista

Bancshares,

Inc.

..............

156,639

3,251,826

CNB

Financial

Corp.

.................

170,705

4,023,517

Colony

Bankcorp

,

Inc.

...............

168,611

2,197,001

Columbia

Banking

System,

Inc.

.........

747,760

21,602,786

Community

Bank

System,

Inc.

..........

508,944

30,577,356

Community

Trust

Bancorp,

Inc.

.........

169,173

6,859,965

ConnectOne

Bancorp,

Inc.

............

392,632

9,054,094

CrossFirst

Bankshares

,

Inc.

(a)(b)

.........

473,700

6,181,785

Customers

Bancorp,

Inc.

(a)

.............

314,984

9,285,728

CVB

Financial

Corp.

.................

1,320,383

33,432,098

Dime

Community

Bancshares,

Inc.

.......

339,272

9,933,884

Eagle

Bancorp,

Inc.

.................

309,021

13,850,321

Eastern

Bankshares

,

Inc.

.............

1,293,284

25,400,098

Enterprise

Bancorp,

Inc.

(b)

.............

95,094

2,844,262

Enterprise

Financial

Services

Corp.

(b)

.....

371,827

16,375,261

Equity

Bancshares,

Inc.,

Class

A

........

161,362

4,781,156

Esquire

Financial

Holdings,

Inc.

.........

10,884

408,694

Farmers

&

Merchants

Bancorp,

Inc.

(b)

.....

88,085

2,366,844

Farmers

National

Banc

Corp.

...........

326,744

4,277,079

FB

Financial

Corp.

(b)

.................

378,964

14,480,214

Financial

Institutions,

Inc.

.............

167,041

4,020,677

First

Bancorp

.....................

349,223

12,774,577

First

BanCorp

.....................

1,725,783

23,608,711

First

Bancorp,

Inc.

(The)

..............

104,924

2,890,656

First

Bancshares,

Inc.

(The)

............

208,203

6,219,024

First

Bank

........................

159,608

2,181,841

First

Busey

Corp.

...................

557,389

12,251,410

First

Business

Financial

Services,

Inc.

.....

84,558

2,732,069

First

Commonwealth

Financial

Corp.

......

926,823

11,900,407

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Community

Bankshares

,

Inc.

.......

169,869

$

5,440,904

First

Financial

Bancorp

...............

903,174

19,038,908

First

Financial

Corp.

.................

122,519

5,536,634

First

Foundation,

Inc.

................

538,422

9,766,975

First

Guaranty

Bancshares,

Inc.

.........

54,825

1,199,571

First

Internet

Bancorp

................

92,877

3,144,815

First

Interstate

BancSystem

,

Inc.,

Class

A

..

941,255

37,979,639

First

Merchants

Corp.

................

598,615

23,154,428

First

Mid

Bancshares,

Inc.

.............

195,717

6,257,073

First

of

Long

Island

Corp.

(The)

.........

238,801

4,116,929

First

Western

Financial,

Inc.

(a)(b)

.........

78,966

1,946,512

Five

Star

Bancorp

..................

79,621

2,258,052

Flushing

Financial

Corp.

..............

304,165

5,891,676

Fulton

Financial

Corp.

................

1,719,690

27,171,102

FVCBankcorp

,

Inc.

(a)(b)

...............

113,049

2,167,149

German

American

Bancorp,

Inc.

.........

287,918

10,281,552

Glacier

Bancorp,

Inc.

................

997,375

49,001,034

Great

Southern

Bancorp,

Inc.

(b)

.........

101,426

5,788,382

Guaranty

Bancshares,

Inc.

............

82,667

2,859,452

Hancock

Whitney

Corp.

..............

900,461

41,250,118

Hanmi

Financial

Corp.

...............

298,593

7,070,682

HarborOne

Bancorp,

Inc.

.............

458,636

6,154,895

HBT

Financial,

Inc.

..................

103,277

1,874,478

Heartland

Financial

USA,

Inc.

..........

437,678

18,977,718

Heritage

Commerce

Corp.

.............

617,848

7,006,396

Heritage

Financial

Corp.

..............

353,863

9,366,754

Hilltop

Holdings,

Inc.

(b)

...............

519,503

12,909,650

Home

BancShares

,

Inc.

..............

1,974,658

44,449,552

HomeStreet

,

Inc.

...................

188,376

5,427,113

HomeTrust

Bancshares,

Inc.

...........

127,728

2,822,789

Hope

Bancorp,

Inc.

.................

1,118,299

14,135,299

Horizon

Bancorp,

Inc.

................

426,693

7,663,406

Independent

Bank

Corp.

..............

649,519

36,045,987

Independent

Bank

Group,

Inc.

..........

373,813

22,948,380

International

Bancshares

Corp.

.........

561,510

23,864,175

John

Marshall

Bancorp,

Inc.

...........

114,035

2,800,700

Lakeland

Bancorp,

Inc.

...............

664,722

10,642,199

Lakeland

Financial

Corp.

(b)

............

23,394

1,703,317

Live

Oak

Bancshares,

Inc.

(b)

............

72,769

2,226,731

Macatawa

Bank

Corp.

...............

270,217

2,502,209

Mercantile

Bank

Corp.

...............

162,452

4,826,449

Metrocity

Bankshares

,

Inc.

............

145,562

2,858,838

Metropolitan

Bank

Holding

Corp.

(a)(b)

......

99,433

6,399,508

Mid

Penn

Bancorp,

Inc.

...............

149,255

4,288,096

Midland

States

Bancorp,

Inc.

...........

228,553

5,386,994

MidWestOne

Financial

Group,

Inc.

(b)

......

151,394

4,131,542

MVB

Financial

Corp.

................

108,072

3,007,644

National

Bank

Holdings

Corp.,

Class

A

....

278,439

10,299,459

NBT

Bancorp,

Inc.

..................

417,441

15,841,886

Nicolet

Bankshares

,

Inc.

(a)(b)

............

113,179

7,972,329

Northeast

Bank

(b)

...................

67,336

2,469,211

Northwest

Bancshares,

Inc.

............

1,193,088

16,118,619

OceanFirst

Financial

Corp.

............

625,118

11,652,200

OFG

Bancorp

.....................

469,943

11,809,668

Old

National

Bancorp

................

3,031,993

49,936,925

Old

Second

Bancorp,

Inc.

.............

444,226

5,797,149

Origin

Bancorp,

Inc.

.................

238,057

9,158,053

Orrstown

Financial

Services,

Inc.

........

110,278

2,637,850

Pacific

Premier

Bancorp,

Inc.

...........

901,554

27,912,112

Park

National

Corp.

(b)

................

146,649

18,254,868

Parke

Bancorp,

Inc.

(b)

................

106,709

2,236,621

Pathward

Financial,

Inc.

..............

209,626

6,909,273

PCB

Bancorp

.....................

122,943

2,221,580

PCSB

Financial

Corp.

................

135,741

2,433,836

Peapack

-Gladstone

Financial

Corp.

(b)

.....

183,588

6,177,736

Security

Shares

Shares

Value

Banks

(continued)

Peoples

Bancorp,

Inc.

...............

296,413

$

8,575,228

Peoples

Financial

Services

Corp.

........

72,977

3,418,243

Preferred

Bank

....................

97,374

6,351,706

Premier

Financial

Corp.

..............

378,726

9,733,258

Primis

Financial

Corp.

................

239,256

2,902,175

Professional

Holding

Corp.,

Class

A

(a)

.....

121,306

3,146,678

QCR

Holdings,

Inc.

.................

170,076

8,663,671

RBB

Bancorp

(b)

....................

153,587

3,191,538

Red

River

Bancshares,

Inc.

............

44,495

2,199,388

Renasant

Corp.

....................

534,959

16,733,518

Republic

Bancorp,

Inc.,

Class

A

.........

94,181

3,607,132

Republic

First

Bancorp,

Inc.

(a)(b)

.........

471,457

1,334,223

S&T

Bancorp,

Inc.

..................

366,977

10,756,096

Sandy

Spring

Bancorp,

Inc.

............

463,371

16,338,461

Seacoast

Banking

Corp.

of

Florida

.......

556,853

16,833,666

Shore

Bancshares,

Inc.

...............

188,192

3,259,485

Sierra

Bancorp

....................

149,638

2,955,351

Silvergate

Capital

Corp.,

Class

A

(a)(b)

......

68,098

5,131,184

Simmons

First

National

Corp.,

Class

A

....

1,192,036

25,974,464

SmartFinancial

,

Inc.

.................

155,503

3,842,479

South

Plains

Financial,

Inc.

............

103,930

2,864,311

Southern

First

Bancshares,

Inc.

(a)(b)

.......

80,145

3,338,841

Southside

Bancshares,

Inc.

............

317,407

11,223,512

SouthState

Corp.

...................

773,140

61,170,837

Stock

Yards

Bancorp,

Inc.

(b)

............

49,132

3,341,467

Summit

Financial

Group,

Inc.

...........

117,058

3,153,543

Texas

Capital

Bancshares,

Inc.

(a)

........

517,381

30,541,000

Third

Coast

Bancshares,

Inc.

(a)(b)

.........

124,177

2,124,668

Tompkins

Financial

Corp.

.............

141,061

10,243,850

Towne

Bank

......................

720,217

19,323,422

TriCo

Bancshares

..................

324,877

14,505,758

Triumph

Bancorp,

Inc.

(a)(b)

.............

150,445

8,176,686

Trustmark

Corp.

...................

600,990

18,408,324

UMB

Financial

Corp.

................

460,551

38,819,844

United

Bankshares

,

Inc.

..............

1,353,965

48,404,249

United

Community

Banks,

Inc.

..........

1,004,113

33,236,140

Unity

Bancorp,

Inc.

..................

75,708

1,901,028

Univest

Financial

Corp.

...............

305,568

7,174,737

USCB

Financial

Holdings,

Inc.,

Class

A

(a)(b)

..

107,817

1,413,481

Valley

National

Bancorp

..............

4,474,359

48,323,077

Veritex

Holdings,

Inc.

................

384,180

10,215,346

Washington

Federal,

Inc.

..............

683,935

20,504,371

Washington

Trust

Bancorp,

Inc.

.........

182,880

8,500,262

WesBanco

,

Inc.

....................

607,578

20,274,878

West

BanCorp

,

Inc.

.................

137,632

2,864,122

Westamerica

BanCorp

...............

198,542

10,381,761

2,020,904,548

Beverages

—

0.2%

(b)

Primo

Water

Corp.

..................

1,604,783

20,140,027

Vintage

Wine

Estates,

Inc.

(a)

...........

282,263

781,868

20,921,895

Biotechnology

—

6.6%

(a)

2seventy

bio,

Inc.

...................

378,119

5,501,631

4D

Molecular

Therapeutics,

Inc.

(b)

........

312,121

2,509,453

Adicet

Bio,

Inc.

....................

287,420

4,087,112

ADMA

Biologics,

Inc.

................

1,033,461

2,511,310

Aerovate

Therapeutics,

Inc.

(b)

...........

93,370

1,548,075

Affimed

NV

(b)

......................

108,890

224,313

Agios

Pharmaceuticals,

Inc.

(b)

..........

555,022

15,696,022

Akero

Therapeutics,

Inc.

..............

265,519

9,040,922

Allogene

Therapeutics,

Inc.

(b)

...........

811,787

8,767,300

Allovir

,

Inc.

(b)

......................

317,382

2,504,144

Alpine

Immune

Sciences,

Inc.

(b)

.........

86,570

623,304

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

ALX

Oncology

Holdings,

Inc.

(b)

..........

218,672

$

2,092,691

AnaptysBio

,

Inc.

(b)

..................

204,982

5,229,091

Anika

Therapeutics,

Inc.

(b)

.............

146,106

3,477,323

Arbutus

Biopharma

Corp.

(b)

............

448,323

856,297

Arcellx

,

Inc.

(b)

.....................

300,603

5,642,318

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

22,103

327,566

Arcus

Biosciences,

Inc.

(b)

..............

523,916

13,705,643

Atara

Biotherapeutics

,

Inc.

(b)

...........

873,896

3,303,327

Avidity

Biosciences,

Inc.

(b)

.............

520,289

8,496,319

BioCryst

Pharmaceuticals,

Inc.

(b)

.........

589,315

7,425,369

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

(b)

.

243,909

36,871,723

Bioxcel

Therapeutics,

Inc.

(b)

............

196,550

2,323,221

Bluebird

Bio,

Inc.

(b)

..................

794,407

5,028,596

Bridgebio

Pharma,

Inc.

(b)

..............

407,869

4,054,218

C4

Therapeutics,

Inc.

(b)

...............

433,091

3,798,208

Caribou

Biosciences,

Inc.

(b)

............

574,931

6,065,522

Celldex

Therapeutics,

Inc.

(b)

............

369,371

10,383,019

Century

Therapeutics,

Inc.

(b)

...........

201,820

1,996,000

ChemoCentryx

,

Inc.

(b)

................

167,640

8,660,282

Chimerix

,

Inc.

(b)

....................

286,990

553,891

Chinook

Therapeutics,

Inc.

(b)

...........

510,259

10,031,692

Cogent

Biosciences,

Inc.

..............

646,839

9,650,838

Crinetics

Pharmaceuticals,

Inc.

(b)

........

465,240

9,137,314

CTI

BioPharma

Corp.

................

826,097

4,807,884

Cullinan

Oncology,

Inc.

(b)

..............

303,618

3,892,383

Cytokinetics,

Inc.

(b)

..................

80,458

3,898,190

Day

One

Biopharmaceuticals,

Inc.

.......

277,929

5,566,918

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

326,851

6,046,743

Design

Therapeutics,

Inc.

.............

345,475

5,776,342

Dyne

Therapeutics,

Inc.

..............

320,454

4,069,766

Editas

Medicine,

Inc.

(b)

...............

702,937

8,603,949

Eiger

BioPharmaceuticals

,

Inc.

..........

51,833

390,302

Emergent

BioSolutions

,

Inc.

............

512,770

10,763,042

Enanta

Pharmaceuticals,

Inc.

...........

177,163

9,189,445

Enochian

Biosciences,

Inc.

(b)

...........

209,214

378,677

EQRx

,

Inc.

(b)

......................

2,054,797

10,171,245

Erasca

,

Inc.

(b)

.....................

663,641

5,176,400

FibroGen

,

Inc.

(b)

....................

104,938

1,365,243

Forma

Therapeutics

Holdings,

Inc.

.......

372,099

7,423,375

Gelesis

Holdings,

Inc.

(b)

...............

172,945

186,781

Generation

Bio

Co.

.................

486,851

2,585,179

Geron

Corp.

......................

1,099,561

2,572,973

HilleVax

,

Inc.

(b)

.....................

107,363

1,834,834

Icosavax

,

Inc.

.....................

226,789

716,653

Ideaya

Biosciences,

Inc.

(b)

.............

356,038

5,312,087

IGM

Biosciences,

Inc.

(b)

...............

27,999

636,697

Imago

Biosciences,

Inc.

(b)

.............

113,510

1,708,325

ImmunityBio

,

Inc.

(b)

..................

203,444

1,011,117

ImmunoGen

,

Inc.

(b)

..................

1,106,716

5,290,102

Immunovant

,

Inc.

(b)

..................

410,456

2,290,344

Inovio

Pharmaceuticals,

Inc.

(b)

..........

2,485,653

4,287,751

Instil

Bio,

Inc.

(b)

....................

711,754

3,444,889

Intellia

Therapeutics,

Inc.

(b)

............

266,736

14,926,547

Invivyd

,

Inc.

(b)

.....................

529,621

1,657,714

Iovance

Biotherapeutics

,

Inc.

(b)

..........

1,545,022

14,801,311

iTeos

Therapeutics,

Inc.

..............

241,898

4,608,157

Janux

Therapeutics,

Inc.

(b)

.............

171,872

2,327,147

Jounce

Therapeutics,

Inc.

(b)

............

452,805

1,059,564

KalVista

Pharmaceuticals,

Inc.

..........

251,566

3,650,223

Keros

Therapeutics,

Inc.

(b)

.............

8,593

323,269

Kezar

Life

Sciences,

Inc.

(b)

.............

540,906

4,657,201

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(b)

....

20,906

268,433

Kinnate

Biopharma,

Inc.

(b)

.............

298,501

3,567,087

Kodiak

Sciences,

Inc.

(b)

...............

341,033

2,639,595

Kronos

Bio,

Inc.

....................

403,998

1,353,393

Security

Shares

Shares

Value

Biotechnology

(continued)

Krystal

Biotech,

Inc.

(b)

................

144,404

$

10,064,959

Kura

Oncology,

Inc.

(b)

................

648,756

8,862,007

Kymera

Therapeutics,

Inc.

.............

387,375

8,433,154

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

541,737

1,300,169

Ligand

Pharmaceuticals,

Inc.

...........

135,811

11,694,685

Lyell

Immunopharma

,

Inc.

(b)

............

1,767,054

12,952,506

MacroGenics

,

Inc.

..................

635,609

2,199,207

MannKind

Corp.

(b)

..................

2,281,613

7,050,184

MeiraGTx

Holdings

plc

...............

287,975

2,421,870

Mersana

Therapeutics,

Inc.

............

927,681

6,271,124

MiMedx

Group,

Inc.

(b)

................

1,125,510

3,230,214

Monte

Rosa

Therapeutics,

Inc.

(b)

.........

290,998

2,377,454

Morphic

Holding,

Inc.

................

37,479

1,060,656

Myriad

Genetics,

Inc.

................

808,683

15,429,672

Nkarta

,

Inc.

(b)

......................

331,519

4,362,790

Nurix

Therapeutics,

Inc.

(b)

.............

477,337

6,219,701

Nuvalent

,

Inc.,

Class

A

(b)

..............

169,818

3,301,262

Pardes

Biosciences,

Inc.

(b)

.............

336,567

622,649

PepGen

,

Inc.

......................

67,235

610,494

PMV

Pharmaceuticals,

Inc.

(b)

...........

376,607

4,481,623

Point

Biopharma

Global,

Inc.

(b)

..........

51,954

401,604

Praxis

Precision

Medicines,

Inc.

.........

350,749

796,200

Precigen

,

Inc.

(b)

....................

148,681

315,204

Protagonist

Therapeutics,

Inc.

..........

468,155

3,946,547

PTC

Therapeutics,

Inc.

(b)

..............

175,399

8,805,030

Rallybio

Corp.

(b)

....................

39,616

573,243

RAPT

Therapeutics,

Inc.

(b)

.............

82,794

1,992,024

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

1,264,175

13,450,822

REGENXBIO,

Inc.

..................

409,302

10,817,852

Relay

Therapeutics,

Inc.

(b)

.............

716,792

16,034,637

Replimune

Group,

Inc.

(b)

..............

413,740

7,145,290

REVOLUTION

Medicines,

Inc.

(b)

.........

649,279

12,803,782

Rocket

Pharmaceuticals,

Inc.

(b)

..........

447,612

7,143,887

Sage

Therapeutics,

Inc.

..............

530,761

20,784,601

Sana

Biotechnology,

Inc.

(b)

.............

916,208

5,497,248

Sangamo

Therapeutics,

Inc.

(b)

..........

1,218,215

5,969,253

Sorrento

Therapeutics,

Inc.

(b)

...........

3,318,651

5,210,282

SpringWorks

Therapeutics,

Inc.

.........

284,244

8,109,481

Stoke

Therapeutics,

Inc.

..............

226,450

2,907,618

Sutro

Biopharma,

Inc.

(b)

...............

502,505

2,788,903

Syndax

Pharmaceuticals,

Inc.

(b)

.........

413,101

9,926,817

Talaris

Therapeutics,

Inc.

.............

224,561

590,595

Tango

Therapeutics,

Inc.

(b)

.............

471,409

1,706,501

Tenaya

Therapeutics,

Inc.

.............

279,983

811,951

Tonix

Pharmaceuticals

Holding

Corp.

.....

135

72

Travere

Therapeutics,

Inc.

.............

56,754

1,398,419

Twist

Bioscience

Corp.

(b)

..............

177,051

6,239,277

Tyra

Biosciences,

Inc.

(b)

..............

131,536

1,156,201

Vanda

Pharmaceuticals,

Inc.

...........

570,174

5,633,319

Vaxart

,

Inc.

(b)

......................

1,005,747

2,192,528

VBI

Vaccines,

Inc.

(b)

.................

1,948,821

1,375,478

Vera

Therapeutics,

Inc.,

Class

A

(b)

........

13,969

297,679

Veracyte

,

Inc.

(b)

....................

736,708

12,229,353

Verve

Therapeutics,

Inc.

(b)

.............

396,065

13,604,833

Vir

Biotechnology,

Inc.

...............

736,877

14,206,989

Viridian

Therapeutics,

Inc.

.............

69,790

1,431,393

VistaGen

Therapeutics,

Inc.

............

2,928

445

Xencor

,

Inc.

(b)

.....................

583,411

15,157,018

Zentalis

Pharmaceuticals,

Inc.

(b)

.........

22,091

478,491

724,238,578

Building

Products

—

0.7%

American

Woodmark

Corp.

(a)

...........

160,406

7,035,407

Caesarstone

Ltd.

...................

225,184

2,096,463

Gibraltar

Industries,

Inc.

(a)

.............

324,083

13,264,717

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

Griffon

Corp.

......................

229,410

$

6,772,183

JELD-WEN

Holding,

Inc.

(a)

.............

546,552

4,782,330

Quanex

Building

Products

Corp.

.........

334,064

6,066,602

Resideo

Technologies,

Inc.

(a)

...........

1,478,939

28,188,578

UFP

Industries,

Inc.

.................

76,691

5,534,023

View,

Inc.,

Class

A

(a)(b)

................

1,155,265

1,548,055

75,288,358

Capital

Markets

—

1.0%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

221,150

5,955,570

AssetMark

Financial

Holdings,

Inc.

(a)

......

215,664

3,944,495

Associated

Capital

Group,

Inc.,

Class

A

(b)

...

17,749

652,453

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

663,839

1,513,553

BGC

Partners,

Inc.,

Class

A

............

3,260,572

10,238,196

Brightsphere

Investment

Group,

Inc.

......

28,526

425,323

Cowen,

Inc.,

Class

A

(b)

...............

269,382

10,408,921

Donnelley

Financial

Solutions,

Inc.

(a)(b)

.....

245,410

9,072,808

GAMCO

Investors,

Inc.,

Class

A

.........

11,409

194,523

GCM

Grosvenor,

Inc.,

Class

A

..........

66,192

522,255

Manning

&

Napier,

Inc.,

Class

A

.........

101,645

1,247,184

MarketWise

,

Inc.,

Class

A

(a)

............

139,378

317,782

Moelis

&

Co.,

Class

A

................

328,803

11,116,829

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

84,431

2,615,672

Perella

Weinberg

Partners,

Class

A

.......

21,718

137,475

Piper

Sandler

Cos.

..................

174,580

18,285,509

Sculptor

Capital

Management,

Inc.,

Class

A

.

155,735

1,376,697

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

(b)

......................

13,123

214,561

StoneX

Group,

Inc.

(a)

................

160,201

13,287,071

Value

Line,

Inc.

....................

2,027

88,985

Victory

Capital

Holdings,

Inc.,

Class

A

.....

121,131

2,823,564

Virtus

Investment

Partners,

Inc.

.........

63,496

10,128,882

104,568,308

Chemicals

—

1.4%

AdvanSix

,

Inc.

.....................

183,216

5,881,234

American

Vanguard

Corp.

.............

40,396

755,405

Amyris

,

Inc.

(a)(b)

....................

1,775,778

5,185,272

Avient

Corp.

......................

249,825

7,569,698

Chase

Corp.

......................

56,751

4,742,681

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

919,362

2,712,118

Ecovyst

,

Inc.

(a)

.....................

768,660

6,487,490

FutureFuel

Corp.

...................

303,908

1,835,604

Hawkins,

Inc.

.....................

75,138

2,929,631

HB

Fuller

Co.

.....................

77,117

4,634,732

Innospec

,

Inc.

(b)

....................

39,625

3,394,674

Intrepid

Potash,

Inc.

(a)(b)

...............

113,444

4,488,979

Koppers

Holdings,

Inc.

(b)

..............

205,375

4,267,692

Mativ

Holdings,

Inc.

.................

519,640

11,473,651

Minerals

Technologies,

Inc.

............

330,862

16,347,891

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

402,939

2,079,165

Perimeter

Solutions

SA

(a)

..............

1,242,894

9,955,581

PureCycle

Technologies,

Inc.

(a)(b)

.........

232,991

1,880,237

Quaker

Chemical

Corp.

(b)

.............

46,957

6,779,652

Rayonier

Advanced

Materials,

Inc.

(a)

......

638,726

2,011,987

Sensient

Technologies

Corp.

...........

24,541

1,701,673

Stepan

Co.

(b)

......................

196,427

18,399,317

Tredegar

Corp.

....................

272,248

2,570,021

Trinseo

plc

.......................

362,072

6,633,159

Tronox

Holdings

plc,

Class

A

...........

1,201,607

14,719,686

Valhi,

Inc.

(b)

.......................

24,582

618,483

150,055,713

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

.................

686,538

$

26,246,348

ACCO

Brands

Corp.

.................

944,094

4,626,061

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

609,128

4,379,630

Brady

Corp.,

Class

A,

NVS

............

106,215

4,432,352

BrightView

Holdings,

Inc.

(a)(b)

...........

448,664

3,562,392

CompX

International,

Inc.

.............

15,929

258,687

CoreCivic

,

Inc.

(a)

...................

1,187,201

10,494,857

Deluxe

Corp.

......................

447,766

7,455,304

Ennis,

Inc.

.......................

254,784

5,128,802

GEO

Group,

Inc.

(The)

(a)

..............

1,152,020

8,870,554

Harsco

Corp.

(a)(b)

...................

815,108

3,048,504

Healthcare

Services

Group,

Inc.

.........

395,798

4,785,198

Heritage-Crystal

Clean,

Inc.

(a)

...........

156,830

4,637,463

Interface,

Inc.

.....................

106,230

955,008

KAR

Auction

Services,

Inc.

(a)(b)

..........

1,172,700

13,099,059

Kimball

International,

Inc.,

Class

B

.......

364,810

2,294,655

Li-Cycle

Holdings

Corp.

(a)(b)

............

865,830

4,606,215

Matthews

International

Corp.,

Class

A

.....

310,080

6,948,893

MillerKnoll

,

Inc.

....................

776,826

12,118,486

NL

Industries,

Inc.

(b)

.................

82,787

639,943

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

337,044

862,833

Steelcase,

Inc.,

Class

A

..............

898,014

5,855,051

UniFirst

Corp.

.....................

153,746

25,864,689

Viad

Corp.

(a)

......................

209,756

6,624,094

VSE

Corp.

.......................

107,044

3,789,358

171,584,436

Communications

Equipment

—

0.5%

ADTRAN

Holdings,

Inc.

..............

67,196

1,315,698

Aviat

Networks,

Inc.

(a)

................

100,440

2,750,047

Calix,

Inc.

(a)(b)

......................

125,279

7,659,558

Comtech

Telecommunications

Corp.

......

265,782

2,660,478

Digi

International,

Inc.

(a)(b)

.............

231,145

7,990,682

Inseego

Corp.

(a)(b)

...................

688,082

1,424,330

NETGEAR,

Inc.

(a)(b)

..................

286,849

5,748,454

NetScout

Systems,

Inc.

(a)

.............

699,587

21,911,065

Ribbon

Communications,

Inc.

(a)(b)

........

722,098

1,603,057

53,063,369

Construction

&

Engineering

—

0.9%

API

Group

Corp.

(a)(b)

.................

2,114,924

28,065,042

Arcosa

,

Inc.

......................

494,404

28,270,021

Argan

,

Inc.

.......................

135,897

4,371,807

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

263,041

1,696,614

Fluor

Corp.

(a)

......................

127,325

3,169,119

Granite

Construction,

Inc.

.............

452,409

11,486,665

Great

Lakes

Dredge

&

Dock

Corp.

(a)(b)

.....

502,190

3,806,600

IES

Holdings,

Inc.

(a)

.................

28,676

792,031

Northwest

Pipe

Co.

(a)(b)

...............

78,261

2,199,134

Primoris

Services

Corp.

..............

512,372

8,326,045

Sterling

Infrastructure,

Inc.

(a)(b)

..........

50,237

1,078,588

Tutor

Perini

Corp.

(a)

.................

429,743

2,372,181

95,633,847

Construction

Materials

—

0.3%

Summit

Materials,

Inc.,

Class

A

(a)(b)

.......

1,212,876

29,060,509

United

States

Lime

&

Minerals,

Inc.

.......

5,558

568,028

29,628,537

Consumer

Finance

—

1.2%

Atlanticus

Holdings

Corp.

(a)(b)

...........

18,122

475,340

Bread

Financial

Holdings,

Inc.

..........

388,800

12,227,760

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

105,804

769,195

Curo

Group

Holdings

Corp.

............

67,452

270,482

Encore

Capital

Group,

Inc.

(a)(b)

..........

240,587

10,941,897

Enova

International,

Inc.

(a)

.............

319,536

9,352,819

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

504,958

$

3,893,226

FirstCash

Holdings,

Inc.

..............

198,192

14,537,383

Green

Dot

Corp.,

Class

A

(a)

............

439,592

8,343,456

LendingClub

Corp.

(a)

.................

991,208

10,952,848

Moneylion

,

Inc.,

Class

A

(a)(b)

............

1,267,319

1,131,209

Navient

Corp.

.....................

1,142,341

16,780,989

Nelnet,

Inc.,

Class

A

(b)

................

148,614

11,768,743

Oportun

Financial

Corp.

(a)

.............

288,716

1,261,689

OppFi

,

Inc.,

Class

A

(a)(b)

...............

131,990

303,577

PRA

Group,

Inc.

(a)(b)

.................

391,217

12,855,391

PROG

Holdings,

Inc.

(a)

...............

433,164

6,488,797

Regional

Management

Corp.

...........

79,439

2,227,470

Sunlight

Financial

Holdings,

Inc.

(a)(b)

......

243,471

301,904

World

Acceptance

Corp.

(a)(b)

............

12,166

1,177,912

126,062,087

Containers

&

Packaging

—

0.3%

Cryptyde

,

Inc.

(a)(b)

...................

193,179

133,815

Greif,

Inc.,

Class

A,

NVS

..............

225,662

13,442,686

Greif,

Inc.,

Class

B

..................

47,404

2,882,163

O-I

Glass,

Inc.

(a)(b)

...................

298,822

3,869,745

Pactiv

Evergreen,

Inc.

...............

447,857

3,909,792

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

438,394

1,499,307

TriMas

Corp.

(b)

.....................

424,120

10,632,688

36,370,196

Distributors

—

0.0%

Weyco

Group,

Inc.

..................

59,026

1,200,589

Diversified

Consumer

Services

—

1.0%

2U,

Inc.

(a)(b)

.......................

772,026

4,825,163

Adtalem

Global

Education,

Inc.

(a)(b)

.......

459,366

16,743,891

American

Public

Education,

Inc.

(a)(b)

.......

187,218

1,711,173

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

926,745

936,012

European

Wax

Center,

Inc.,

Class

A

......

16,392

302,432

Frontdoor

,

Inc.

(a)(b)

..................

842,386

17,176,251

Graham

Holdings

Co.,

Class

B

..........

37,993

20,439,474

Laureate

Education,

Inc.

..............

1,097,440

11,577,992

Perdoceo

Education

Corp.

(a)(b)

..........

674,710

6,949,513

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

303,525

5,065,832

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

43,968

146,853

StoneMor

,

Inc.

(a)(b)

..................

286,474

982,606

Strategic

Education,

Inc.

..............

231,173

14,196,334

Vivint

Smart

Home,

Inc.,

Class

A

(a)(b)

......

715,381

4,707,207

WW

International,

Inc.

(a)(b)

.............

539,924

2,121,901

107,882,634

Diversified

Financial

Services

—

0.6%

Alerus

Financial

Corp.

...............

156,239

3,452,882

A-Mark

Precious

Metals,

Inc.

...........

184,319

5,232,816

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

284,000

3,709,040

Cannae

Holdings,

Inc.

(a)(b)

.............

727,003

15,019,882

Compass

Diversified

Holdings

..........

637,092

11,505,882

Jackson

Financial,

Inc.,

Class

A

.........

780,996

21,672,639

SWK

Holdings

Corp.

(a)(b)

..............

35,607

605,319

61,198,460

Diversified

Telecommunication

Services

—

0.5%

Anterix

,

Inc.

(a)(b)

....................

135,748

4,848,919

ATN

International,

Inc.

...............

113,574

4,380,549

Bandwidth,

Inc.,

Class

A

(a)(b)

............

195,747

2,329,389

Cogent

Communications

Holdings,

Inc.

....

202,115

10,542,318

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

...........................

695,511

2,893,326

EchoStar

Corp.,

Class

A

(a)(b)

............

343,885

5,663,786

Globalstar

,

Inc.

(a)(b)

..................

1,156,248

1,838,434

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

IDT

Corp.,

Class

B

(a)(b)

................

47,079

$

1,168,972

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

387,601

2,399,250

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

1,570,864

9,660,814

Radius

Global

Infrastructure,

Inc.

(a)(b)

......

774,273

7,293,652

Starry

Group

Holdings,

Inc.,

Class

A

(a)(b)

....

97,041

144,591

53,164,000

Electric

Utilities

—

1.3%

ALLETE,

Inc.

.....................

587,714

29,415,086

MGE

Energy,

Inc.

(b)

.................

214,884

14,102,837

Otter

Tail

Corp.

....................

233,204

14,346,710

PNM

Resources,

Inc.

................

872,917

39,918,494

Portland

General

Electric

Co.

...........

915,828

39,801,885

Via

Renewables,

Inc.,

Class

A

..........

32,626

225,446

137,810,458

Electrical

Equipment

—

0.6%

Allied

Motion

Technologies,

Inc.

.........

13,051

373,520

AZZ,

Inc.

........................

243,758

8,899,605

Encore

Wire

Corp.

(b)

.................

188,623

21,793,501

EnerSys

(b)

........................

369,743

21,507,950

ESS

Tech,

Inc.

(a)(b)

..................

75,371

308,267

FuelCell

Energy,

Inc.

(a)(b)

..............

1,102,128

3,758,256

NuScale

Power

Corp.,

Class

A

(a)(b)

........

317,531

3,708,762

Powell

Industries,

Inc.

................

91,299

1,924,583

Preformed

Line

Products

Co.

...........

25,821

1,837,164

Stem,

Inc.

(a)(b)

.....................

83,376

1,112,236

Thermon

Group

Holdings,

Inc.

(a)

.........

331,521

5,108,739

70,332,583

Electronic

Equipment,

Instruments

&

Components

—

1.9%

908

Devices,

Inc.

(a)(b)

.................

170,704

2,808,081

Aeva

Technologies,

Inc.

(a)

.............

921,522

1,723,246

Akoustis

Technologies,

Inc.

(a)(b)

..........

59,229

175,910

Belden,

Inc.

(b)

.....................

207,790

12,471,556

Benchmark

Electronics,

Inc.

...........

355,628

8,812,462

Cepton

,

Inc.

(a)(b)

....................

84,089

164,814

ePlus

,

Inc.

(a)(b)

.....................

66,888

2,778,528

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

842,983

1,787,124

FARO

Technologies,

Inc.

(a)(b)

...........

169,965

4,663,840

Insight

Enterprises,

Inc.

(a)

.............

51,312

4,228,622

Itron

,

Inc.

(a)(b)

......................

425,622

17,922,942

Kimball

Electronics,

Inc.

(a)(b)

............

241,369

4,139,478

Knowles

Corp.

(a)(b)

..................

911,325

11,090,825

Methode

Electronics,

Inc.

.............

372,707

13,846,065

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

1,387,689

10,366,037

nLight

,

Inc.

(a)(b)

.....................

448,299

4,236,426

OSI

Systems,

Inc.

(a)

.................

145,046

10,452,015

Ouster,

Inc.,

Class

A

(a)(b)

..............

1,504,265

1,449,209

PAR

Technology

Corp.

(a)(b)

.............

169,942

5,018,387

PC

Connection,

Inc.

.................

114,246

5,151,352

Plexus

Corp.

(a)(b)

....................

40,143

3,514,921

Sanmina

Corp.

(a)(b)

..................

582,849

26,857,682

ScanSource

,

Inc.

(a)

..................

257,344

6,796,455

TTM

Technologies,

Inc.

(a)

..............

1,031,607

13,596,580

Velodyne

Lidar,

Inc.

(a)(b)

...............

1,890,850

1,790,824

Vishay

Intertechnology

,

Inc.

............

1,352,668

24,063,964

Vishay

Precision

Group,

Inc.

(a)

..........

124,515

3,684,399

203,591,744

Energy

Equipment

&

Services

—

1.4%

Archrock

,

Inc.

.....................

1,373,212

8,816,021

Borr

Drilling

Ltd.

(a)(b)

.................

1,074,700

3,568,004

Bristow

Group,

Inc.

(a)

................

236,740

5,561,023

Diamond

Offshore

Drilling,

Inc.

(a)

.........

1,021,120

6,770,025

DMC

Global,

Inc.

(a)

..................

144,841

2,314,559

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Dril

-Quip,

Inc.

(a)(b)

...................

347,029

$

6,774,006

Expro

Group

Holdings

NV

(a)(b)

...........

795,802

10,138,517

Helix

Energy

Solutions

Group,

Inc.

(a)

......

1,472,877

5,685,305

Helmerich

&

Payne,

Inc.

..............

1,050,779

38,847,300

Nabors

Industries

Ltd.

(a)(b)

.............

11,784

1,195,487

National

Energy

Services

Reunited

Corp.

(a)(b)

391,705

2,326,728

Newpark

Resources,

Inc.

(a)

............

876,211

2,208,052

Noble

Corp.

plc

(a)(b)

..................

619,586

18,327,354

Oceaneering

International,

Inc.

(a)

........

105,005

835,840

Oil

States

International,

Inc.

(a)(b)

.........

638,204

2,482,613

Patterson-UTI

Energy,

Inc.

............

706,702

8,254,279

ProFrac

Holding

Corp.,

Class

A

(a)

........

72,815

1,107,516

ProPetro

Holding

Corp.

(a)(b)

............

899,941

7,244,525

Select

Energy

Services,

Inc.,

Class

A

(a)

....

735,880

5,129,084

Tidewater,

Inc.

(a)(b)

..................

434,987

9,439,218

US

Silica

Holdings,

Inc.

(a)(b)

............

642,625

7,036,744

154,062,200

Entertainment

—

0.3%

(b)

Cinemark

Holdings,

Inc.

(a)

.............

238,210

2,884,723

IMAX

Corp.

(a)

.....................

197,701

2,791,538

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

594,729

4,418,837

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)

........................

1,168,984

8,124,439

Madison

Square

Garden

Entertainment

Corp.

(a)

264,367

11,655,941

Marcus

Corp.

(The)

.................

250,990

3,486,251

Playstudios

,

Inc.,

Class

A

(a)

............

406,610

1,419,069

Reservoir

Media,

Inc.

(a)

...............

36,649

178,847

Skillz

,

Inc.,

Class

A

(a)

................

3,251,899

3,316,937

38,276,582

Equity

Real

Estate

Investment

Trusts

(REITs)

—

10.1%

Acadia

Realty

Trust

.................

893,444

11,275,263

Agree

Realty

Corp.

(b)

................

806,516

54,504,351

Alexander

&

Baldwin,

Inc.

.............

740,040

12,269,863

American

Assets

Trust,

Inc.

............

504,563

12,977,360

Apartment

Investment

and

Management

Co.,

Class

A

.......................

1,530,522

11,172,811

Apple

Hospitality

REIT,

Inc.

............

2,206,433

31,022,448

Armada

Hoffler

Properties,

Inc.

.........

672,644

6,982,045

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

359,786

2,450,143

Bluerock

Residential

Growth

REIT,

Inc.

....

186,509

4,989,116

Braemar

Hotels

&

Resorts,

Inc.

.........

696,732

2,995,948

Brandywine

Realty

Trust

..............

1,723,046

11,630,560

Broadstone

Net

Lease,

Inc.

............

1,719,951

26,710,839

BRT

Apartments

Corp.

...............

118,543

2,407,608

CareTrust

REIT,

Inc.

.................

908,618

16,455,072

CBL

&

Associates

Properties,

Inc.

........

227,480

5,825,763

Centerspace

......................

154,739

10,417,029

Chatham

Lodging

Trust

(a)

.............

494,242

4,878,168

City

Office

REIT,

Inc.

................

411,699

4,104,639

Clipper

Realty,

Inc.

..................

27,764

193,515

Community

Healthcare

Trust,

Inc.

........

97,998

3,209,434

Corporate

Office

Properties

Trust

........

1,019,957

23,693,601

CTO

Realty

Growth,

Inc.

..............

183,313

3,435,286

DiamondRock

Hospitality

Co.

...........

2,141,312

16,081,253

Diversified

Healthcare

Trust

............

2,451,426

2,427,157

Easterly

Government

Properties,

Inc.

.....

918,760

14,488,845

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

1,368,260

8,975,786

Equity

Commonwealth

...............

1,084,271

26,412,842

Essential

Properties

Realty

Trust,

Inc.

.....

1,301,010

25,304,644

Farmland

Partners,

Inc.

(b)

.............

483,912

6,131,165

Four

Corners

Property

Trust,

Inc.

........

751,564

18,180,333

Franklin

Street

Properties

Corp.

.........

1,008,495

2,652,342

Getty

Realty

Corp.

..................

423,873

11,397,945

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Gladstone

Commercial

Corp.

...........

35,427

$

549,118

Gladstone

Land

Corp.

(b)

..............

150,836

2,730,132

Global

Medical

REIT,

Inc.

.............

616,214

5,250,143

Global

Net

Lease,

Inc.

...............

1,058,821

11,276,444

Hersha

Hospitality

Trust,

Class

A

........

299,729

2,391,837

Independence

Realty

Trust,

Inc.

.........

2,263,942

37,875,750

Indus

Realty

Trust,

Inc.

...............

53,389

2,795,982

Industrial

Logistics

Properties

Trust

.......

629,396

3,461,678

InvenTrust

Properties

Corp.

............

691,378

14,747,093

iStar

,

Inc.

........................

704,136

6,520,299

Kite

Realty

Group

Trust

...............

2,226,295

38,336,800

LTC

Properties,

Inc.

.................

404,444

15,146,428

LXP

Industrial

Trust

.................

2,821,285

25,842,971

Macerich

Co.

(The)

.................

2,208,747

17,537,451

National

Health

Investors,

Inc.

..........

440,003

24,873,370

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

1,378,045

8,102,905

NETSTREIT

Corp.

..................

618,032

11,007,150

NexPoint

Residential

Trust,

Inc.

.........

12,219

564,640

Office

Properties

Income

Trust

..........

495,081

6,955,888

One

Liberty

Properties,

Inc.

(b)

...........

163,551

3,437,842

Orion

Office

REIT,

Inc.

...............

589,033

5,154,039

Paramount

Group,

Inc.

...............

1,965,132

12,242,772

Pebblebrook

Hotel

Trust

(b)

.............

1,326,559

19,248,371

Physicians

Realty

Trust

...............

2,304,404

34,658,236

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

1,252,741

13,228,945

Plymouth

Industrial

REIT,

Inc.

..........

382,576

6,431,103

Postal

Realty

Trust,

Inc.,

Class

A

........

73,655

1,080,519

PotlatchDeltic

Corp.

.................

739,835

30,362,828

Retail

Opportunity

Investments

Corp.

.....

1,235,772

17,004,223

RLJ

Lodging

Trust

..................

1,638,572

16,582,349

RPT

Realty

.......................

859,219

6,495,696

Ryman

Hospitality

Properties,

Inc.

.......

549,597

40,444,843

Sabra

Health

Care

REIT,

Inc.

...........

2,359,713

30,959,435

Safehold

,

Inc.

.....................

86,666

2,293,182

Saul

Centers,

Inc.

..................

12,731

477,412

Service

Properties

Trust

..............

1,665,489

8,643,888

SITE

Centers

Corp.

.................

2,013,335

21,562,818

STAG

Industrial,

Inc.

................

1,844,038

52,426,000

Summit

Hotel

Properties,

Inc.

...........

1,064,827

7,155,637

Sunstone

Hotel

Investors,

Inc.

..........

2,169,098

20,432,903

Terreno

Realty

Corp.

................

759,888

40,266,465

UMH

Properties,

Inc.

................

85,177

1,375,609

Uniti

Group,

Inc.

...................

2,422,300

16,834,985

Urban

Edge

Properties

...............

1,176,959

15,700,633

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

297,985

4,621,747

Veris

Residential,

Inc.

(a)

...............

874,989

9,948,625

Washington

REIT

...................

890,437

15,636,074

Whitestone

REIT

...................

473,694

4,007,451

Xenia

Hotels

&

Resorts,

Inc.

...........

1,169,701

16,130,177

1,106,464,060

Food

&

Staples

Retailing

—

0.7%

Andersons,

Inc.

(The)

................

327,133

10,150,937

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

103,425

2,996,222

HF

Foods

Group,

Inc.

(a)(b)

..............

365,696

1,415,244

Ingles

Markets,

Inc.,

Class

A

...........

145,684

11,539,630

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

15,896

171,518

PriceSmart

,

Inc.

(b)

...................

92,060

5,301,735

Rite

Aid

Corp.

(a)(b)

...................

301,979

1,494,796

SpartanNash

Co.

...................

362,189

10,510,725

United

Natural

Foods,

Inc.

(a)

............

552,368

18,984,888

Village

Super

Market,

Inc.,

Class

A

.......

87,449

1,690,389

Weis

Markets,

Inc.

(b)

.................

168,196

11,982,283

76,238,367

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

—

1.1%

Alico

,

Inc.

........................

62,694

$

1,770,479

AppHarvest

,

Inc.

(a)(b)

.................

776,559

1,529,821

B&G

Foods,

Inc.

(b)

..................

719,816

11,869,766

Benson

Hill,

Inc.

(a)(b)

.................

892,328

2,444,979

Cal-Maine

Foods,

Inc.

(b)

..............

31,530

1,752,753

Fresh

Del

Monte

Produce,

Inc.

..........

309,696

7,197,335

Hain

Celestial

Group,

Inc.

(The)

(a)(b)

.......

766,872

12,944,799

Hostess

Brands,

Inc.,

Class

A

(a)(b)

........

1,387,173

32,237,900

John

B

Sanfilippo

&

Son,

Inc.

...........

35,002

2,650,701

Lancaster

Colony

Corp.

..............

30,707

4,614,648

Landec

Corp.

(a)(b)

...................

262,511

2,333,723

Mission

Produce,

Inc.

(a)

...............

354,432

5,125,087

Seneca

Foods

Corp.,

Class

A

(a)(b)

........

54,610

2,754,528

Sovos

Brands,

Inc.

(a)(b)

...............

114,969

1,637,159

SunOpta

,

Inc.

(a)(b)

...................

66,650

606,515

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

27,523

137,065

Tootsie

Roll

Industries,

Inc.

............

22,272

741,212

TreeHouse

Foods,

Inc.

(a)(b)

.............

519,148

22,022,258

Utz

Brands,

Inc.,

Class

A

(b)

............

87,582

1,322,488

Whole

Earth

Brands,

Inc.,

Class

A

(a)

......

417,222

1,602,132

117,295,348

Gas

Utilities

—

2.0%

Chesapeake

Utilities

Corp.

............

75,646

8,728,792

New

Jersey

Resources

Corp.

...........

910,130

35,222,031

Northwest

Natural

Holding

Co.

..........

354,079

15,359,947

ONE

Gas,

Inc.

.....................

551,980

38,853,872

South

Jersey

Industries,

Inc.

...........

1,253,645

41,896,816

Southwest

Gas

Holdings,

Inc.

..........

622,465

43,416,934

Spire,

Inc.

........................

526,045

32,788,385

216,266,777

Health

Care

Equipment

&

Supplies

—

1.1%

Alphatec

Holdings,

Inc.

(a)(b)

.............

75,168

656,968

AngioDynamics

,

Inc.

(a)(b)

..............

378,480

7,743,701

Artivion

,

Inc.

(a)(b)

....................

61,539

851,700

AtriCure

,

Inc.

(a)(b)

...................

162,831

6,366,692

Avanos

Medical,

Inc.

(a)

...............

474,946

10,344,324

BioLife

Solutions,

Inc.

(a)(b)

..............

320,019

7,280,432

Bioventus

,

Inc.,

Class

A

(a)(b)

............

319,493

2,236,451

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

1,359,747

6,390,811

Cardiovascular

Systems,

Inc.

(a)

..........

178,517

2,474,246

CryoPort

,

Inc.

(a)(b)

...................

82,082

1,999,517

Cue

Health,

Inc.

(a)(b)

.................

1,134,162

3,413,828

Embecta

Corp.

....................

79,738

2,295,657

Figs,

Inc.,

Class

A

(a)(b)

................

192,241

1,585,988

Inari

Medical,

Inc.

(a)(b)

................

43,824

3,183,375

Inogen

,

Inc.

(a)

.....................

223,754

5,432,747

Integer

Holdings

Corp.

(a)(b)

.............

335,327

20,867,399

LivaNova

plc

(a)(b)

....................

131,309

6,666,558

Merit

Medical

Systems,

Inc.

(a)

...........

80,918

4,572,676

Nano-X

Imaging

Ltd.

(a)(b)

..............

427,055

4,898,321

Neogen

Corp.

(a)(b)

...................

93,184

1,301,780

OraSure

Technologies,

Inc.

(a)

...........

738,733

2,799,798

Orthofix

Medical,

Inc.

(a)

...............

196,623

3,757,466

RxSight

,

Inc.

(a)(b)

....................

13,602

163,224

SeaSpine

Holdings

Corp.

(a)

............

355,285

2,018,019

Sight

Sciences,

Inc.

(a)(b)

...............

198,160

1,258,316

Tactile

Systems

Technology,

Inc.

(a)

.......

128,704

1,002,604

Utah

Medical

Products,

Inc.

............

4,341

370,331

Varex

Imaging

Corp.

(a)(b)

..............

389,404

8,232,001

ViewRay

,

Inc.

(a)(b)

...................

164,138

597,462

Zimvie

,

Inc.

(a)

......................

213,117

2,103,465

122,865,857

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

1.9%

1Life

Healthcare,

Inc.

(a)(b)

..............

1,838,520

$

31,530,618

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

1,519,622

4,346,119

Accolade,

Inc.

(a)(b)

...................

666,789

7,614,730

AdaptHealth

Corp.

(a)(b)

................

739,448

13,886,833

Addus

HomeCare

Corp.

(a)

.............

95,256

9,072,181

ATI

Physical

Therapy,

Inc.,

Class

A

(a)(b)

.....

755,522

755,522

Aveanna

Healthcare

Holdings,

Inc.

(a)

......

453,682

680,523

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

1,898,769

8,107,744

CareMax

,

Inc.,

Class

A

(a)(b)

.............

615,969

4,367,220

Castle

Biosciences,

Inc.

(a)(b)

............

252,288

6,579,671

Community

Health

Systems,

Inc.

(a)

.......

1,287,166

2,767,407

Covetrus

,

Inc.

(a)

....................

1,078,063

22,509,955

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

327,008

9,277,217

Fulgent

Genetics,

Inc.

(a)(b)

.............

219,484

8,366,730

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

182,956

1,020,895

Innovage

Holding

Corp.

(a)

.............

169,464

996,448

Invitae

Corp.

(a)(b)

....................

2,437,434

5,996,088

LifeStance

Health

Group,

Inc.

(a)(b)

........

686,224

4,542,803

ModivCare

,

Inc.

(a)(b)

..................

89,276

8,899,032

National

HealthCare

Corp.

.............

125,675

7,960,255

OPKO

Health,

Inc.

(a)(b)

................

4,147,640

7,839,040

Owens

&

Minor,

Inc.

.................

665,712

16,043,659

P3

Health

Partners,

Inc.,

Class

A

(a)(b)

......

110,331

509,729

Patterson

Cos.,

Inc.

.................

193,354

4,644,363

Pediatrix

Medical

Group,

Inc.

(a)(b)

.........

846,267

13,971,868

PetIQ

,

Inc.,

Class

A

(a)(b)

...............

57,268

395,149

Select

Medical

Holdings

Corp.

..........

159,492

3,524,773

Sema4

Holdings

Corp.,

Class

A

(a)(b)

.......

1,619,433

1,421,053

Surgery

Partners,

Inc.

(a)(b)

.............

43,639

1,021,153

208,648,778

Health

Care

Technology

—

0.6%

(a)

Allscripts

Healthcare

Solutions,

Inc.

(b)

.....

1,114,847

16,979,120

American

Well

Corp.,

Class

A

..........

2,348,861

8,432,411

Computer

Programs

&

Systems,

Inc.

......

142,943

3,985,251

Convey

Health

Solutions

Holdings,

Inc.

(b)

...

159,009

1,671,184

Health

Catalyst,

Inc.

(b)

................

565,007

5,480,568

HealthStream

,

Inc.

..................

235,848

5,014,128

Multiplan

Corp.,

Class

A

(b)

.............

3,853,956

11,022,314

NextGen

Healthcare,

Inc.

(b)

............

309,579

5,479,548

Pear

Therapeutics,

Inc.,

Class

A

(b)

........

358,245

730,820

Phreesia

,

Inc.

.....................

262,254

6,682,232

Sharecare

,

Inc.,

Class

A

(b)

.............

2,966,523

5,636,394

71,113,970

Hotels,

Restaurants

&

Leisure

—

1.4%

Bally's

Corp.

(a)(b)

....................

370,415

7,319,400

Biglari

Holdings,

Inc.,

Class

B,

NVS

(a)(b)

....

7,651

884,456

BJ's

Restaurants,

Inc.

(a)

...............

234,792

5,599,789

Bloomin

'

Brands,

Inc.

................

244,503

4,481,740

Bluegreen

Vacations

Holding

Corp.

.......

106,843

1,765,046

Bowlero

Corp.

(a)(b)

...................

408,849

5,032,931

Brinker

International,

Inc.

(a)(b)

...........

45,605

1,139,213

Century

Casinos,

Inc.

(a)

...............

47,604

312,282

Chuy's

Holdings,

Inc.

(a)

...............

189,596

4,394,835

Denny's

Corp.

(a)(b)

...................

160,326

1,508,668

Dine

Brands

Global,

Inc.

..............

19,715

1,253,085

El

Pollo

Loco

Holdings,

Inc.

(a)

...........

196,823

1,755,661

Everi

Holdings,

Inc.

(a)(b)

...............

407,559

6,610,607

First

Watch

Restaurant

Group,

Inc.

(a)(b)

.....

70,049

1,014,310

Full

House

Resorts,

Inc.

(a)(b)

............

246,417

1,384,864

Inspirato

,

Inc.,

Class

A

(a)(b)

.............

198,891

469,383

Inspired

Entertainment,

Inc.

(a)

...........

66,826

590,074

International

Game

Technology

plc

.......

777,091

12,278,038

Jack

in

the

Box,

Inc.

.................

186,056

13,781,168

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Krispy

Kreme,

Inc.

(b)

.................

542,435

$

6,254,276

Life

Time

Group

Holdings,

Inc.

(a)(b)

........

421,726

4,111,828

Light

&

Wonder,

Inc.,

Class

A

(a)(b)

........

965,059

41,381,730

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

315,512

2,132,861

Papa

John's

International,

Inc.

..........

94,322

6,603,483

RCI

Hospitality

Holdings,

Inc.

(b)

..........

6,366

415,954

Red

Rock

Resorts,

Inc.,

Class

A

.........

286,175

9,804,356

SeaWorld

Entertainment,

Inc.

(a)(b)

........

213,185

9,702,049

Vacasa

,

Inc.,

Class

A

(a)(b)

..............

1,141,785

3,505,280

Xponential

Fitness,

Inc.,

Class

A

(a)(b)

......

124,937

2,281,350

157,768,717

Household

Durables

—

1.6%

Aterian

,

Inc.

(a)(b)

....................

624,442

774,308

Beazer

Homes

USA,

Inc.

(a)

............

296,599

2,868,112

Century

Communities,

Inc.

............

274,059

11,724,244

Ethan

Allen

Interiors,

Inc.

.............

225,524

4,767,577

GoPro,

Inc.,

Class

A

(a)(b)

...............

1,312,175

6,469,023

Green

Brick

Partners,

Inc.

(a)

............

197,343

4,219,193

iRobot

Corp.

(a)(b)

....................

33,385

1,880,577

KB

Home

........................

660,097

17,109,714

Landsea

Homes

Corp.

(a)

..............

86,324

411,766

La-Z-Boy,

Inc.

.....................

436,917

9,861,217

Legacy

Housing

Corp.

(a)

..............

87,652

1,503,232

LGI

Homes,

Inc.

(a)(b)

.................

195,698

15,923,946

Lifetime

Brands,

Inc.

(b)

...............

128,220

868,049

M/I

Homes,

Inc.

(a)

...................

236,111

8,554,302

MDC

Holdings,

Inc.

.................

438,230

12,016,267

Meritage

Homes

Corp.

(a)

..............

347,225

24,399,501

Purple

Innovation,

Inc.

(a)(b)

.............

513,905

2,081,315

Snap

One

Holdings

Corp.

(a)

............

181,089

1,836,242

Taylor

Morrison

Home

Corp.

(a)(b)

.........

981,183

22,881,188

Traeger

,

Inc.

(a)(b)

....................

337,003

950,348

TRI

Pointe

Homes,

Inc.

(a)(b)

............

933,114

14,099,353

Tupperware

Brands

Corp.

(a)

............

439,692

2,879,983

Universal

Electronics,

Inc.

(a)

............

123,063

2,420,649

Vuzix

Corp.

(a)(b)

....................

88,560

512,762

Weber,

Inc.,

Class

A

(b)

................

277,066

1,820,324

172,833,192

Household

Products

—

0.1%

(a)

Central

Garden

&

Pet

Co.

.............

62,378

2,248,103

Central

Garden

&

Pet

Co.,

Class

A,

NVS

...

266,847

9,115,494

11,363,597

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

(b)

Altus

Power,

Inc.,

Class

A

(a)

............

287,315

3,163,338

Ormat

Technologies,

Inc.

..............

205,201

17,688,326

Sunnova

Energy

International,

Inc.

(a)

......

1,012,533

22,356,729

43,208,393

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.,

Class

A

.......

31,362

693,100

Insurance

—

2.6%

Ambac

Financial

Group,

Inc.

(a)

..........

456,769

5,823,805

American

Equity

Investment

Life

Holding

Co.

744,322

27,755,767

AMERISAFE,

Inc.

..................

199,719

9,332,869

Argo

Group

International

Holdings

Ltd.

....

325,688

6,272,751

Bright

Health

Group,

Inc.

(a)(b)

...........

1,987,666

2,087,049

CNO

Financial

Group,

Inc.

.............

1,169,677

21,019,096

Crawford

&

Co.,

Class

A,

NVS

..........

178,216

1,022,960

Donegal

Group,

Inc.,

Class

A

...........

165,500

2,232,595

eHealth,

Inc.

(a)

.....................

192,446

752,464

Employers

Holdings,

Inc.

..............

273,285

9,425,600

Enstar

Group

Ltd.

(a)(b)

................

115,856

19,648,019

Security

Shares

Shares

Value

Insurance

(continued)

Genworth

Financial,

Inc.,

Class

A

(a)

.......

4,867,798

$

17,037,293

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

26,824

956,007

Greenlight

Capital

Re

Ltd.,

Class

A

(a)

......

259,813

1,933,009

Hippo

Holdings,

Inc.

(a)(b)

...............

162,208

3,005,712

Horace

Mann

Educators

Corp.

..........

404,953

14,290,791

Investors

Title

Co.

..................

11,093

1,564,113

James

River

Group

Holdings

Ltd.

........

355,738

8,114,384

Lemonade,

Inc.

(a)(b)

..................

477,961

10,123,214

MBIA,

Inc.

(a)(b)

.....................

484,413

4,456,599

Mercury

General

Corp.

...............

278,732

7,921,563

National

Western

Life

Group,

Inc.,

Class

A

..

24,582

4,198,605

NI

Holdings,

Inc.

(a)

..................

88,714

1,185,219

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

1,220,836

6,091,972

ProAssurance

Corp.

.................

537,580

10,488,186

Root,

Inc.,

Class

A

(a)(b)

................

79,922

629,785

Safety

Insurance

Group,

Inc.

...........

140,680

11,473,861

Selective

Insurance

Group,

Inc.

(b)

........

612,527

49,859,698

Selectquote

,

Inc.

(a)

..................

1,359,167

992,192

SiriusPoint

Ltd.

(a)

...................

879,384

4,352,951

Stewart

Information

Services

Corp.

.......

257,830

11,251,701

Tiptree,

Inc.

......................

250,714

2,697,683

Trean

Insurance

Group,

Inc.

(a)

..........

224,955

764,847

United

Fire

Group,

Inc.

...............

215,013

6,177,323

Universal

Insurance

Holdings,

Inc.

.......

223,474

2,201,219

287,140,902

Interactive

Media

&

Services

—

0.6%

(a)

Arena

Group

Holdings,

Inc.

(The)

(b)

.......

30,902

404,816

Bumble,

Inc.,

Class

A

(b)

...............

879,552

18,901,572

Cars.com,

Inc.

.....................

591,207

6,798,881

DHI

Group,

Inc.

....................

66,418

357,329

Eventbrite,

Inc.,

Class

A

(b)

.............

94,788

576,311

fuboTV

,

Inc.

(b)

.....................

1,809,488

6,423,682

Leafly

Holdings,

Inc.

(b)

................

113,644

77,164

Outbrain

,

Inc.

(b)

....................

398,469

1,454,412

QuinStreet

,

Inc.

(b)

...................

491,717

5,163,029

TrueCar

,

Inc.

......................

939,382

1,418,467

Vinco

Ventures,

Inc.

(b)

................

963,210

896,941

Ziff

Davis,

Inc.

(b)

....................

377,432

25,846,543

68,319,147

Internet

&

Direct

Marketing

Retail

—

0.5%

1-800-Flowers.com,

Inc.,

Class

A

(a)(b)

......

269,612

1,749,782

1stdibs.com,

Inc.

(a)

..................

240,830

1,514,821

aka

Brands

Holding

Corp.

(a)(b)

...........

131,776

191,075

BARK,

Inc.

(a)(b)

.....................

1,202,084

2,187,793

Boxed,

Inc.

(a)(b)

.....................

564,455

520,427

ContextLogic

,

Inc.,

Class

A

(a)(b)

..........

5,972,965

4,383,559

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

69,169

486,950

Groupon,

Inc.

(a)(b)

...................

203,902

1,623,060

Lands'

End,

Inc.

(a)(b)

.................

155,630

1,201,464

Liquidity

Services,

Inc.

(a)

..............

121,385

1,973,720

Overstock.com,

Inc.

(a)(b)

...............

437,820

10,660,917

PetMed

Express,

Inc.

................

38,518

751,871

Porch

Group,

Inc.

(a)(b)

................

858,821

1,932,347

Poshmark

,

Inc.,

Class

A

(a)

.............

469,991

7,364,759

Qurate

Retail,

Inc.

..................

3,589,923

7,215,745

RealReal

,

Inc.

(The)

(a)(b)

...............

744,218

1,116,327

RumbleON

,

Inc.,

Class

B

(a)(b)

...........

103,441

1,750,222

Stitch

Fix,

Inc.,

Class

A

(a)(b)

.............

503,451

1,988,631

ThredUp

,

Inc.,

Class

A

(a)(b)

.............

506,118

931,257

Vivid

Seats,

Inc.,

Class

A

(b)

............

191,072

1,463,612

51,008,339

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

0.8%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

161,588

$

1,360,571

Brightcove

,

Inc.

(a)

...................

135,425

853,178

Cantaloupe,

Inc.

(a)(b)

.................

249,999

869,997

Cass

Information

Systems,

Inc.

.........

121,573

4,217,367

Conduent

,

Inc.

(a)(b)

..................

1,751,669

5,850,574

Core

Scientific,

Inc.

(a)(b)

...............

2,521,070

3,277,391

Edgio

,

Inc.

(a)

......................

81,373

226,217

Fastly

,

Inc.,

Class

A

(a)(b)

...............

1,140,711

10,448,913

Hackett

Group,

Inc.

(The)

.............

27,282

483,437

Information

Services

Group,

Inc.

.........

192,283

915,267

Maximus,

Inc.

.....................

36,863

2,133,262

MoneyGram

International,

Inc.

(a)(b)

........

956,120

9,943,648

Paysafe

Ltd.

(a)(b)

....................

3,532,009

4,874,172

PFSweb

,

Inc.

(a)

....................

166,321

1,550,112

Rackspace

Technology,

Inc.

(a)(b)

.........

598,720

2,442,778

Repay

Holdings

Corp.,

Class

A

(a)(b)

.......

906,468

6,399,664

Sabre

Corp.

(a)(b)

....................

2,646,176

13,627,806

SolarWinds

Corp.

(a)

.................

505,795

3,919,911

Squarespace,

Inc.,

Class

A

(a)(b)

..........

241,622

5,161,046

StoneCo

Ltd.,

Class

A

(a)(b)

.............

1,360,589

12,966,413

Unisys

Corp.

(a)(b)

....................

175,416

1,324,391

92,846,115

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

(b)

............

248,724

10,817,007

AMMO,

Inc.

(a)(b)

....................

884,625

2,591,951

Clarus

Corp.

(b)

.....................

45,055

606,891

Johnson

Outdoors,

Inc.,

Class

A

.........

53,380

2,738,928

Smith

&

Wesson

Brands,

Inc.

...........

432,967

4,489,868

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

236,762

899,695

Sturm

Ruger

&

Co.,

Inc.

..............

14,182

720,304

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

1,430,894

27,559,018

Vista

Outdoor,

Inc.

(a)(b)

................

572,212

13,916,196

64,339,858

Life

Sciences

Tools

&

Services

—

0.7%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

1,212,468

11,991,309

Absci

Corp.

(b)

.....................

537,199

1,681,433

Adaptive

Biotechnologies

Corp.

(b)

........

1,085,150

7,726,268

Alpha

Teknova

,

Inc.

(b)

................

68,949

230,290

Berkeley

Lights,

Inc.

.................

569,362

1,628,375

Bionano

Genomics,

Inc.

(b)

.............

3,011,507

5,511,058

Inotiv

,

Inc.

(b)

.......................

176,375

2,971,919

MaxCyte

,

Inc.

(b)

....................

891,827

5,796,875

NanoString

Technologies,

Inc.

(b)

.........

51,278

654,820

Nautilus

Biotechnology,

Inc.

(b)

...........

487,541

1,033,587

NeoGenomics

,

Inc.

(b)

................

1,282,553

11,042,781

Pacific

Biosciences

of

California,

Inc.

(b)

....

2,301,149

13,358,170

Quanterix

Corp.

....................

295,008

3,250,988

Quantum-Si,

Inc.,

Class

A

(b)

............

929,541

2,556,238

Science

37

Holdings,

Inc.

(b)

............

63,986

103,017

Seer,

Inc.,

Class

A

(b)

.................

522,652

4,045,326

Singular

Genomics

Systems,

Inc.

(b)

.......

567,571

1,418,928

SomaLogic

,

Inc.,

Class

A

..............

1,335,480

3,872,892

78,874,274

Machinery

—

3.2%

Alamo

Group,

Inc.

(b)

.................

15,124

1,849,211

Albany

International

Corp.,

Class

A

.......

255,177

20,115,603

Altra

Industrial

Motion

Corp.

(b)

..........

666,723

22,415,227

Astec

Industries,

Inc.

................

233,561

7,284,768

Barnes

Group,

Inc.

..................

500,866

14,465,010

CIRCOR

International,

Inc.

(a)

...........

131,943

2,175,740

Columbus

McKinnon

Corp.

............

284,886

7,452,618

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

2,675,024

6,928,312

EnPro

Industries,

Inc.

................

212,011

18,016,695

Security

Shares

Shares

Value

Machinery

(continued)

ESCO

Technologies,

Inc.

.............

239,209

$

17,567,509

Fathom

Digital

Manufacturing

C

(a)(b)

.......

108,783

220,829

Gorman-Rupp

Co.

(The)

..............

186,170

4,428,984

Greenbrier

Cos.,

Inc.

(The)

............

326,339

7,920,248

Hillenbrand,

Inc.

...................

353,276

12,972,295

Hillman

Solutions

Corp.

(a)(b)

............

1,373,004

10,352,450

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

445,492

864,254

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

1,363,981

3,914,625

Hyster

-Yale

Materials

Handling,

Inc.

......

110,041

2,366,982

Kennametal,

Inc.

...................

831,572

17,113,752

Luxfer

Holdings

plc

.................

160,936

2,333,572

Manitowoc

Co.,

Inc.

(The)

(a)(b)

...........

356,854

2,765,618

Markforged

Holding

Corp.

(a)(b)

...........

993,053

1,966,245

Microvast

Holdings,

Inc.

(a)(b)

............

690,737

1,250,234

Miller

Industries,

Inc.

................

102,193

2,175,689

Mueller

Industries,

Inc.

(b)

..............

367,371

21,836,532

Proterra

,

Inc.

(a)(b)

...................

1,212,998

6,040,730

Proto

Labs,

Inc.

(a)(b)

..................

236,026

8,598,427

RBC

Bearings,

Inc.

(a)(b)

...............

249,007

51,746,145

REV

Group,

Inc.

...................

346,778

3,824,961

SPX

Technologies,

Inc.

(a)

..............

447,066

24,686,985

Standex

International

Corp.

............

120,778

9,861,524

Tennant

Co.

......................

105,145

5,947,001

Terex

Corp.

.......................

345,839

10,285,252

Trinity

Industries,

Inc.

................

712,873

15,219,839

Wabash

National

Corp.

...............

67,121

1,044,403

348,008,269

Marine

—

0.5%

Costamare

,

Inc.

....................

542,917

4,859,107

Eagle

Bulk

Shipping,

Inc.

.............

136,182

5,880,339

Eneti

,

Inc.

........................

238,293

1,589,414

Genco

Shipping

&

Trading

Ltd.

..........

372,942

4,672,963

Golden

Ocean

Group

Ltd.

.............

1,258,585

9,401,630

Matson,

Inc.

......................

394,411

24,264,165

Safe

Bulkers,

Inc.

..................

729,141

1,800,978

52,468,596

Media

—

1.2%

Advantage

Solutions,

Inc.,

Class

A

(a)(b)

.....

872,954

1,859,392

AMC

Networks,

Inc.,

Class

A

(a)(b)

.........

312,113

6,335,894

Audacy

,

Inc.,

Class

A

(a)(b)

..............

1,242,696

479,805

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

211,622

4,875,771

Cardlytics,

Inc.

(a)(b)

..................

330,365

3,105,431

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

3,781,270

5,180,340

Cumulus

Media,

Inc.,

Class

A

(a)

.........

186,684

1,312,388

Daily

Journal

Corp.

(a)

................

12,248

3,140,265

Entravision

Communications

Corp.,

Class

A

.

207,411

823,422

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

602,813

6,793,702

Gannett

Co.,

Inc.

(a)

..................

1,470,963

2,250,573

Gray

Television,

Inc.

.................

475,287

6,806,110

iHeartMedia

,

Inc.,

Class

A

(a)(b)

...........

1,229,641

9,013,268

Innovid

Corp.

(a)(b)

...................

100,680

272,843

Integral

Ad

Science

Holding

Corp.

(a)

......

274,526

1,987,568

John

Wiley

&

Sons,

Inc.,

Class

A

........

32,235

1,210,747

Loyalty

Ventures,

Inc.

(a)

...............

152,942

185,060

Magnite

,

Inc.

(a)(b)

....................

1,346,059

8,843,608

PubMatic,

Inc.,

Class

A

(a)(b)

.............

40,981

681,514

Scholastic

Corp.,

NVS

...............

305,577

9,399,548

Stagwell

,

Inc.,

Class

A

(a)(b)

.............

718,637

4,994,527

TEGNA,

Inc.

......................

2,277,610

47,100,975

Thryv

Holdings,

Inc.

(a)

................

198,481

4,531,321

Urban

One,

Inc.,

Class

A

(a)(b)

...........

112,052

592,755

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

92,788

394,349

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

WideOpenWest

,

Inc.

(a)(b)

..............

237,910

$

2,919,156

135,090,332

Metals

&

Mining

—

1.6%

Arconic

Corp.

(a)(b)

...................

1,047,164

17,843,675

Carpenter

Technology

Corp.

...........

487,201

15,171,439

Coeur

Mining,

Inc.

(a)(b)

................

2,857,368

9,772,199

Commercial

Metals

Co.

...............

1,026,769

36,429,764

Constellium

SE,

Class

A

(a)

.............

594,345

6,026,658

Haynes

International,

Inc.

.............

121,855

4,279,548

Hecla

Mining

Co.

(b)

..................

5,667,704

22,330,754

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

246,895

149,248

Ivanhoe

Electric,

Inc.

(a)(b)

..............

65,281

538,568

Materion

Corp.

(b)

...................

13,304

1,064,320

Novagold

Resources,

Inc.

(a)(b)

...........

126,944

595,367

Olympic

Steel,

Inc.

..................

96,829

2,208,670

Piedmont

Lithium,

Inc.

(a)(b)

.............

128,914

6,895,610

PolyMet

Mining

Corp.

(a)

...............

292,892

843,529

Ryerson

Holding

Corp.

...............

187,404

4,823,779

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

241,307

6,867,597

SunCoke

Energy,

Inc.

................

842,724

4,896,226

TimkenSteel

Corp.

(a)(b)

................

476,357

7,140,591

Warrior

Met

Coal,

Inc.

................

470,605

13,384,006

Worthington

Industries,

Inc.

............

320,977

12,242,063

173,503,611

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.4%

AFC

Gamma,

Inc.

..................

158,221

2,420,781

Angel

Oak

Mortgage,

Inc.

(b)

............

119,391

1,430,304

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,430,398

11,872,303

Arbor

Realty

Trust,

Inc.

...............

1,689,078

19,424,397

Ares

Commercial

Real

Estate

Corp.

......

518,859

5,422,077

ARMOUR

Residential

REIT,

Inc.

.........

1,170,750

5,701,553

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

1,742,110

40,660,847

BrightSpire

Capital,

Inc.,

Class

A

........

954,471

6,022,712

Broadmark

Realty

Capital,

Inc.

..........

1,316,532

6,727,479

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

59,681

860,003

Chimera

Investment

Corp.

.............

2,382,736

12,437,882

Claros

Mortgage

Trust,

Inc.

............

941,396

11,051,989

Dynex

Capital,

Inc.

..................

433,300

5,047,945

Ellington

Financial,

Inc.

...............

568,369

6,462,356

Franklin

BSP

Realty

Trust,

Inc.

..........

849,356

9,147,564

Granite

Point

Mortgage

Trust,

Inc.

.......

535,931

3,451,396

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

...................

813,586

24,350,629

Invesco

Mortgage

Capital,

Inc.

..........

343,865

3,816,901

KKR

Real

Estate

Finance

Trust,

Inc.

......

568,335

9,235,444

Ladder

Capital

Corp.,

Class

A

..........

1,154,163

10,341,300

MFA

Financial,

Inc.

..................

1,047,567

8,150,071

New

York

Mortgage

Trust,

Inc.

..........

3,880,442

9,080,234

Nexpoint

Real

Estate

Finance,

Inc.

.......

78,572

1,177,009

Orchid

Island

Capital,

Inc.

(b)

............

366,937

3,008,883

PennyMac

Mortgage

Investment

Trust

.....

749,392

8,827,838

Ready

Capital

Corp.

(b)

................

759,433

7,700,651

Redwood

Trust,

Inc.

.................

1,201,326

6,895,611

TPG

RE

Finance

Trust,

Inc.

............

706,508

4,945,556

Two

Harbors

Investment

Corp.

..........

3,523,640

11,698,485

257,370,200

Multiline

Retail

—

0.0%

Big

Lots,

Inc.

......................

294,257

4,593,352

Franchise

Group,

Inc.

................

22,714

551,950

5,145,302

Security

Shares

Shares

Value

Multi-Utilities

—

1.0%

Avista

Corp.

......................

715,128

$

26,495,492

Black

Hills

Corp.

...................

671,146

45,456,719

NorthWestern

Corp.

.................

581,536

28,658,094

Unitil

Corp.

.......................

161,572

7,505,019

108,115,324

Oil,

Gas

&

Consumable

Fuels

—

4.3%

Aemetis

,

Inc.

(a)(b)

...................

330,766

2,024,288

Alto

Ingredients,

Inc.

(a)(b)

..............

794,650

2,892,526

Amplify

Energy

Corp.

(a)(b)

..............

81,147

533,136

Archaea

Energy,

Inc.,

Class

A

(a)(b)

........

409,587

7,376,662

Ardmore

Shipping

Corp.

(a)

.............

352,203

3,215,613

Berry

Corp.

(b)

......................

675,219

5,064,143

California

Resources

Corp.

............

776,556

29,843,047

Callon

Petroleum

Co.

(a)(b)

..............

87,121

3,050,106

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

107,341

4,398,834

Chord

Energy

Corp.

.................

173,038

23,666,407

Civitas

Resources,

Inc.

...............

753,367

43,235,732

Clean

Energy

Fuels

Corp.

(a)(b)

...........

1,728,515

9,230,270

CNX

Resources

Corp.

(a)(b)

.............

1,810,046

28,110,014

CONSOL

Energy,

Inc.

................

20,239

1,301,773

DHT

Holdings,

Inc.

..................

1,396,106

10,554,561

Dorian

LPG

Ltd.

....................

313,841

4,258,822

Energy

Fuels,

Inc.

(a)(b)

................

290,932

1,780,504

Equitrans

Midstream

Corp.

............

3,199,208

23,930,076

Excelerate

Energy,

Inc.,

Class

A

(b)

........

187,797

4,394,450

FLEX

LNG

Ltd.

(b)

...................

292,168

9,252,961

Frontline

Ltd.

(b)

....................

1,272,839

13,912,130

Gevo

,

Inc.

(a)(b)

.....................

2,092,645

4,771,231

Golar

LNG

Ltd.

(a)(b)

..................

964,448

24,034,044

Green

Plains,

Inc.

(a)(b)

................

401,727

11,678,204

International

Seaways,

Inc.

............

503,122

17,674,676

Kinetik

Holdings,

Inc.,

Class

A

..........

165,580

5,394,596

Murphy

Oil

Corp.

...................

850,567

29,914,441

NACCO

Industries,

Inc.,

Class

A

(b)

.......

41,405

1,947,277

NextDecade

Corp.

(a)(b)

................

41,373

249,065

Nordic

American

Tankers

Ltd.

(b)

.........

1,996,519

5,330,706

Northern

Oil

and

Gas,

Inc.

.............

104,048

2,851,956

PBF

Energy,

Inc.,

Class

A

(a)

............

765,018

26,898,033

Peabody

Energy

Corp.

(a)(b)

.............

1,202,118

29,836,569

Permian

Resources

Corp.,

Class

A

(a)

......

1,835,474

12,481,223

Petrocorp,

Inc.,

NVS

(a)(c)

..............

19,086

—

REX

American

Resources

Corp.

(a)(b)

......

180,022

5,026,214

Riley

Exploration

Permian,

Inc.

..........

40,658

771,689

Ring

Energy,

Inc.

(a)(b)

.................

540,407

1,253,744

Scorpio

Tankers,

Inc.

................

498,511

20,957,402

SFL

Corp.

Ltd.

.....................

1,170,987

10,667,692

Teekay

Corp.

(a)

....................

703,197

2,524,477

Teekay

Tankers

Ltd.,

Class

A

(a)

..........

231,865

6,385,562

Ur-Energy,

Inc.

(a)(b)

..................

238,306

259,754

Vertex

Energy,

Inc.

(a)(b)

...............

70,638

440,075

W&T

Offshore,

Inc.

(a)

................

162,467

952,057

World

Fuel

Services

Corp.

.............

639,689

14,994,310

469,321,052

Paper

&

Forest

Products

—

0.2%

Clearwater

Paper

Corp.

(a)(b)

............

169,932

6,389,443

Glatfelter

Corp.

....................

445,493

1,385,483

Resolute

Forest

Products,

Inc.

(a)

.........

468,329

9,366,580

Sylvamo

Corp.

....................

21,587

731,800

17,873,306

Personal

Products

—

0.4%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

117,278

1,382,708

Edgewell

Personal

Care

Co.

(b)

..........

526,800

19,702,320

Herbalife

Nutrition

Ltd.

(a)(b)

.............

339,066

6,744,023

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Products

(continued)

Honest

Co.,

Inc.

(The)

(a)(b)

.............

666,324

$

2,332,134

Nature's

Sunshine

Products,

Inc.

(a)

.......

142,881

1,177,339

Nu

Skin

Enterprises,

Inc.,

Class

A

........

302,632

10,098,830

41,437,354

Pharmaceuticals

—

1.0%

Aerie

Pharmaceuticals,

Inc.

(a)

...........

72,562

1,097,863

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

289,421

8,147,201

AN2

Therapeutics,

Inc.

(a)(b)

.............

43,480

755,682

ANI

Pharmaceuticals,

Inc.

(a)

............

129,046

4,147,539

Atea

Pharmaceuticals,

Inc.

(a)(b)

..........

782,247

4,450,985

Athira

Pharma,

Inc.

(a)(b)

...............

346,461

1,028,989

Cara

Therapeutics,

Inc.

(a)(b)

............

457,396

4,281,227

CinCor

Pharma,

Inc.

(a)(b)

..............

204,493

6,711,460

DICE

Therapeutics,

Inc.

(a)(b)

............

293,236

5,946,826

Edgewise

Therapeutics,

Inc.

(a)

..........

298,235

2,934,632

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

149,242

1,180,504

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

347,062

2,807,732

Liquidia

Corp.

(a)

....................

175,534

954,905

Nektar

Therapeutics

(a)

................

1,855,260

5,936,832

NGM

Biopharmaceuticals,

Inc.

(a)(b)

........

159,901

2,091,505

Nuvation

Bio,

Inc.,

Class

A

(a)

...........

1,172,016

2,625,316

Phibro

Animal

Health

Corp.,

Class

A

......

14,437

191,868

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

508,574

25,342,242

Provention

Bio,

Inc.

(a)(b)

...............

99,985

449,933

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

45,535

1,144,295

Relmada

Therapeutics,

Inc.

(a)(b)

..........

74,656

2,763,765

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

501,123

16,963,014

Tarsus

Pharmaceuticals,

Inc.

(a)

..........

183,367

3,139,243

Theravance

Biopharma,

Inc.

(a)(b)

.........

66,107

670,325

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

171,044

992,055

Tricida

,

Inc.

(a)(b)

....................

268,569

2,814,603

109,570,541

Professional

Services

—

0.7%

Alight,

Inc.,

Class

A

(a)(b)

...............

3,466,519

25,409,584

Atlas

Technical

Consultants,

Inc.

(a)(b)

......

62,968

418,737

Barrett

Business

Services,

Inc.

..........

7,589

591,942

First

Advantage

Corp.

(a)(b)

.............

553,739

7,104,471

Heidrick

&

Struggles

International,

Inc.

....

200,709

5,216,427

Huron

Consulting

Group,

Inc.

(a)(b)

........

84,055

5,568,644

ICF

International,

Inc.

(b)

...............

55,977

6,102,613

Kelly

Services,

Inc.,

Class

A,

NVS

.......

341,427

4,639,993

Planet

Labs

PBC

(a)(b)

.................

201,689

1,095,171

Resources

Connection,

Inc.

............

330,653

5,974,900

Skillsoft

Corp.,

Class

A

(a)

..............

827,146

1,513,677

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

1,272,389

1,374,180

Sterling

Check

Corp.

(a)(b)

..............

15,384

271,374

TrueBlue

,

Inc.

(a)

....................

326,614

6,231,795

Willdan

Group,

Inc.

(a)(b)

...............

105,137

1,557,079

73,070,587

Real

Estate

Management

&

Development

—

0.6%

American

Realty

Investors,

Inc.

(a)

........

16,439

261,709

Anywhere

Real

Estate,

Inc.

(a)(b)

..........

1,147,223

9,303,978

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

170,706

2,135,532

Doma

Holdings,

Inc.

(a)(b)

...............

1,294,496

568,802

Douglas

Elliman

,

Inc.

................

714,133

2,927,945

Forestar

Group,

Inc.

(a)(b)

...............

141,462

1,582,960

FRP

Holdings,

Inc.

(a)

.................

67,073

3,646,088

Kennedy-Wilson

Holdings,

Inc.

..........

1,211,644

18,732,016

Newmark

Group,

Inc.,

Class

A

..........

1,339,013

10,792,445

RE/MAX

Holdings,

Inc.,

Class

A

.........

187,523

3,546,060

RMR

Group,

Inc.

(The),

Class

A

.........

59,870

1,418,320

Seritage

Growth

Properties,

Class

A

(a)

.....

412,428

3,720,101

Stratus

Properties,

Inc.

...............

58,992

1,374,514

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Tejon

Ranch

Co.

(a)

..................

208,148

$

2,997,331

Transcontinental

Realty

Investors,

Inc.

(a)

...

12,564

506,957

63,514,758

Road

&

Rail

—

0.5%

ArcBest

Corp.

.....................

168,232

12,235,513

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

1,692,418

597,254

Covenant

Logistics

Group,

Inc.,

Class

A

....

101,269

2,906,420

Heartland

Express,

Inc.

...............

467,380

6,688,208

Marten

Transport

Ltd.

................

152,832

2,928,261

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

1,426,338

10,840,169

Universal

Logistics

Holdings,

Inc.

........

17,712

561,825

Werner

Enterprises,

Inc.

..............

572,970

21,543,672

58,301,322

Semiconductors

&

Semiconductor

Equipment

—

0.6%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

425,651

5,303,611

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

51,008

1,569,006

Amkor

Technology,

Inc.

...............

822,975

14,031,724

AXT,

Inc.

(a)(b)

......................

406,368

2,722,665

Cohu

,

Inc.

(a)

......................

490,096

12,634,675

Diodes,

Inc.

(a)(b)

....................

124,224

8,063,380

Ichor

Holdings

Ltd.

(a)

.................

285,038

6,900,770

Impinj

,

Inc.

(a)(b)

.....................

20,164

1,613,725

Photronics

,

Inc.

(a)(b)

..................

163,798

2,394,727

Rambus,

Inc.

(a)

....................

179,551

4,564,186

Rigetti

Computing,

Inc.

(a)(b)

.............

335,719

631,152

Ultra

Clean

Holdings,

Inc.

(a)(b)

...........

302,572

7,791,229

Veeco

Instruments,

Inc.

(a)

.............

110,512

2,024,580

70,245,430

Software

—

1.7%

A10

Networks,

Inc.

..................

138,090

1,832,454

American

Software,

Inc.,

Class

A

........

98,798

1,513,585

Applied

Blockchain

,

Inc.

(a)(b)

............

105,270

178,959

Avaya

Holdings

Corp.

(a)(b)

..............

886,028

1,408,785

Benefitfocus

,

Inc.

(a)(b)

.................

79,546

505,117

Blackbaud

,

Inc.

(a)

...................

26,408

1,163,536

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

1,919,499

4,242,093

C3.ai,

Inc.,

Class

A

(a)(b)

...............

575,688

7,196,100

Cerence

,

Inc.

(a)(b)

...................

402,402

6,337,832

ChannelAdvisor

Corp.

(a)

..............

290,545

6,583,750

Cipher

Mining,

Inc.

(a)(b)

................

382,229

481,609

Cleanspark

,

Inc.

(a)(b)

.................

441,703

1,404,616

Consensus

Cloud

Solutions,

Inc.

(a)

.......

85,753

4,056,117

Cvent

Holding

Corp.

(a)(b)

...............

466,542

2,449,346

Digimarc

Corp.

(a)(b)

..................

8,787

119,064

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

2,044,948

12,412,834

Ebix

,

Inc.

(b)

.......................

214,476

4,068,610

eGain

Corp.

(a)(b)

....................

124,389

914,259

EverCommerce

,

Inc.

(a)(b)

..............

208,911

2,283,397

ForgeRock,

Inc.,

Class

A

(a)(b)

...........

87,602

1,272,857

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

93,087

186,174

Instructure

Holdings,

Inc.

(a)(b)

...........

151,491

3,375,219

InterDigital

,

Inc.

....................

190,608

7,704,375

Kaleyra

,

Inc.

(a)(b)

....................

326,213

316,427

Latch,

Inc.

(a)(b)

.....................

1,071,746

1,022,017

LiveRamp

Holdings,

Inc.

(a)

.............

675,523

12,267,498

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

217,639

642,035

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

1,131,799

12,121,567

Matterport

,

Inc.,

Class

A

(a)(b)

............

615,203

2,331,619

MicroStrategy

,

Inc.,

Class

A

(a)(b)

..........

39,472

8,378,327

Mitek

Systems,

Inc.

(a)(b)

...............

38,054

348,575

N-able,

Inc.

(a)

......................

83,310

768,951

Olo

,

Inc.,

Class

A

(a)(b)

.................

919,078

7,260,716

ON24,

Inc.

(a)(b)

.....................

423,785

3,729,308

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

OneSpan

,

Inc.

(a)(b)

...................

259,340

$

2,232,917

Ping

Identity

Holding

Corp.

(a)(b)

..........

791,970

22,230,598

PROS

Holdings,

Inc.

(a)(b)

..............

148,223

3,661,108

Riot

Blockchain

,

Inc.

(a)(b)

..............

1,375,010

9,638,820

Sapiens

International

Corp.

NV

(b)

........

85,605

1,641,904

SecureWorks

Corp.,

Class

A

(a)(b)

.........

104,728

843,060

Sumo

Logic,

Inc.

(a)

..................

407,081

3,053,108

Terawulf

,

Inc.

(a)(b)

...................

166,298

209,535

Upland

Software,

Inc.

(a)(b)

..............

294,859

2,397,204

Verint

Systems,

Inc.

(a)(b)

...............

62,318

2,092,638

WM

Technology,

Inc.,

Class

A

(a)(b)

........

66,470

107,017

Xperi

Holding

Corp.

.................

1,067,422

15,093,347

184,078,984

Specialty

Retail

—

3.0%

Aaron's

Co.,

Inc.

(The)

...............

310,950

3,022,434

Abercrombie

&

Fitch

Co.,

Class

A

(a)(b)

......

499,987

7,774,798

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

845,027

35,643,239

American

Eagle

Outfitters,

Inc.

..........

1,577,059

15,344,784

America's

Car-Mart,

Inc.

(a)(b)

............

62,291

3,800,997

Asbury

Automotive

Group,

Inc.

(a)(b)

........

160,404

24,237,044

Bed

Bath

&

Beyond,

Inc.

(a)(b)

............

232,708

1,417,192

Big

5

Sporting

Goods

Corp.

(b)

...........

219,570

2,358,182

Buckle,

Inc.

(The)

..................

22,145

701,111

Build-A-Bear

Workshop,

Inc.

...........

42,410

565,325

Cato

Corp.

(The),

Class

A

.............

179,852

1,715,788

Chico's

FAS,

Inc.

(a)

..................

341,959

1,655,082

Children's

Place,

Inc.

(The)

(a)(b)

..........

47,141

1,456,185

Citi

Trends,

Inc.

(a)(b)

..................

81,453

1,263,336

Conn's,

Inc.

(a)

.....................

130,836

926,319

Container

Store

Group,

Inc.

(The)

(a)(b)

.....

333,092

1,632,151

Designer

Brands,

Inc.,

Class

A

(b)

.........

152,944

2,341,573

Destination

XL

Group,

Inc.

(a)(b)

..........

275,423

1,492,793

EVgo

,

Inc.,

Class

A

(a)(b)

...............

623,299

4,930,295

Express,

Inc.

(a)(b)

...................

641,762

699,521

Foot

Locker,

Inc.

...................

834,672

25,983,339

Genesco,

Inc.

(a)

....................

132,772

5,220,595

Group

1

Automotive,

Inc.

..............

156,362

22,339,439

GrowGeneration

Corp.

(a)(b)

.............

589,270

2,062,445

Haverty

Furniture

Cos.,

Inc.

............

147,820

3,680,718

Hibbett,

Inc.

......................

27,474

1,368,480

JOANN,

Inc.

(b)

.....................

106,445

704,666

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

299,287

2,074,059

MarineMax

,

Inc.

(a)(b)

.................

198,329

5,908,221

Monro

,

Inc.

.......................

325,513

14,146,795

National

Vision

Holdings,

Inc.

(a)(b)

........

752,492

24,568,864

ODP

Corp.

(The)

(a)(b)

.................

433,172

15,225,996

OneWater

Marine,

Inc.,

Class

A

(a)

........

105,338

3,171,727

Party

City

Holdco,

Inc.

(a)(b)

.............

707,488

1,117,831

Sally

Beauty

Holdings,

Inc.

(a)

...........

71,462

900,421

Shoe

Carnival,

Inc.

..................

173,576

3,721,469

Signet

Jewelers

Ltd.

.................

468,170

26,774,642

Sleep

Number

Corp.

(a)(b)

..............

119,819

4,051,080

Sonic

Automotive,

Inc.,

Class

A

.........

203,442

8,809,039

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

440,041

3,652,340

Tile

Shop

Holdings,

Inc.

..............

364,704

1,283,758

Tilly's,

Inc.,

Class

A

.................

237,145

1,641,043

Torrid

Holdings,

Inc.

(a)(b)

...............

52,464

218,775

TravelCenters

of

America,

Inc.

(a)(b)

........

130,393

7,032,094

Urban

Outfitters,

Inc.

(a)(b)

..............

652,032

12,812,429

Volta,

Inc.,

Class

A

(a)(b)

................

1,226,636

1,484,229

Winmark

Corp.

....................

28,144

6,088,673

Zumiez

,

Inc.

(a)(b)

....................

159,379

3,431,430

322,452,746

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

3D

Systems

Corp.

(a)(b)

................

1,290,455

$

10,297,831

Avid

Technology,

Inc.

(a)

...............

135,784

3,158,336

CompoSecure

,

Inc.,

Class

A

(a)(b)

.........

43,451

217,690

Corsair

Gaming,

Inc.

(a)(b)

..............

170,980

1,940,623

Diebold

Nixdorf,

Inc.

(a)(b)

...............

184,182

449,404

Eastman

Kodak

Co.

(a)(b)

...............

589,458

2,705,612

IonQ

,

Inc.

(a)(b)

......................

1,062,026

5,384,472

Turtle

Beach

Corp.

(a)(b)

................

39,993

272,752

Xerox

Holdings

Corp.

................

1,170,229

15,306,595

39,733,315

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Allbirds

,

Inc.,

Class

A

(a)(b)

..............

714,671

2,172,600

Ermenegildo

Zegna

NV

(b)

.............

365,853

3,932,920

Fossil

Group,

Inc.

(a)

.................

495,343

1,694,073

G-III

Apparel

Group

Ltd.

(a)

.............

450,191

6,730,355

Movado

Group,

Inc.

.................

158,370

4,462,867

Oxford

Industries,

Inc.

...............

47,150

4,233,127

PLBY

Group,

Inc.

(a)(b)

................

323,987

1,305,668

Rocky

Brands,

Inc.

..................

64,565

1,295,174

Superior

Group

of

Cos.,

Inc.

...........

117,488

1,043,293

Unifi,

Inc.

(a)

.......................

139,218

1,323,963

28,194,040

Thrifts

&

Mortgage

Finance

—

2.7%

Axos

Financial,

Inc.

(a)

................

528,514

18,091,034

Blue

Foundry

Bancorp

(a)(b)

.............

270,912

3,020,669

Bridgewater

Bancshares,

Inc.

(a)(b)

........

162,386

2,674,497

Capitol

Federal

Financial,

Inc.

..........

1,323,192

10,982,494

Columbia

Financial,

Inc.

(a)(b)

............

233,233

4,928,213

Enact

Holdings,

Inc.

(b)

................

313,522

6,950,783

Essent

Group

Ltd.

..................

1,091,473

38,059,664

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

92,921

9,212,188

Finance

of

America

Cos.,

Inc.,

Class

A

(a)(b)

..

412,326

610,242

Flagstar

Bancorp,

Inc.

...............

501,024

16,734,202

Hingham

Institution

for

Savings

(The)

.....

13,931

3,498,213

Home

Bancorp,

Inc.

.................

77,064

3,004,725

Home

Point

Capital,

Inc.

(b)

.............

95,687

147,358

Kearny

Financial

Corp.

...............

658,981

6,998,378

Luther

Burbank

Corp.

................

156,772

1,821,691

Merchants

Bancorp

.................

166,604

3,843,554

Mr

Cooper

Group,

Inc.

(a)(b)

.............

719,010

29,119,905

NMI

Holdings,

Inc.,

Class

A

(a)

...........

793,741

16,168,504

Northfield

Bancorp,

Inc.

..............

434,791

6,221,859

PennyMac

Financial

Services,

Inc.

.......

290,757

12,473,475

Pioneer

Bancorp,

Inc.

(a)(b)

..............

129,547

1,233,287

Provident

Bancorp,

Inc.

...............

151,276

2,164,760

Provident

Financial

Services,

Inc.

........

725,083

14,139,119

Radian

Group,

Inc.

..................

1,672,045

32,253,748

Southern

Missouri

Bancorp,

Inc.

.........

81,133

4,140,217

Sterling

Bancorp,

Inc.

(a)(b)

..............

180,338

1,087,438

TrustCo

Bank

Corp.

.................

189,659

5,959,086

Velocity

Financial,

Inc.

(a)(b)

.............

80,720

875,005

Walker

&

Dunlop,

Inc.

................

98,286

8,229,487

Waterstone

Financial,

Inc.

.............

213,305

3,447,009

WSFS

Financial

Corp.

...............

622,232

28,908,899

296,999,703

Tobacco

—

0.2%

Universal

Corp.

....................

247,454

11,392,782

Vector

Group

Ltd.

..................

1,253,569

11,043,943

22,436,725

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

—

1.4%

Alta

Equipment

Group,

Inc.,

Class

A

......

172,439

$

1,898,553

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

156,770

8,578,454

BlueLinx

Holdings,

Inc.

(a)

..............

92,646

5,753,317

Boise

Cascade

Co.

.................

319,407

18,991,940

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

414,679

2,417,579

Distribution

Solutions

Group,

Inc.

(a)

.......

6,627

186,683

DXP

Enterprises,

Inc.

(a)

...............

153,106

3,625,550

GATX

Corp.

(b)

.....................

341,730

29,098,310

Global

Industrial

Co.

.................

35,507

952,653

NOW,

Inc.

(a)

......................

1,124,433

11,300,552

Rush

Enterprises,

Inc.,

Class

A

.........

431,576

18,928,924

Rush

Enterprises,

Inc.,

Class

B

(b)

........

68,119

3,263,581

Textainer

Group

Holdings

Ltd.

..........

395,191

10,614,830

Titan

Machinery,

Inc.

(a)

...............

205,798

5,815,851

Triton

International

Ltd.

...............

627,891

34,364,474

155,791,251

Water

Utilities

—

0.5%

American

States

Water

Co.

............

198,208

15,450,314

Artesian

Resources

Corp.,

Class

A,

NVS

...

22,887

1,101,322

California

Water

Service

Group

.........

409,791

21,591,888

SJW

Group

.......................

276,100

15,903,360

54,046,884

Wireless

Telecommunication

Services

—

0.3%

Gogo

,

Inc.

(a)

......................

300,260

3,639,151

KORE

Group

Holdings,

Inc.

(a)(b)

..........

351,425

671,222

Shenandoah

Telecommunications

Co.

.....

499,490

8,501,320

Telephone

&

Data

Systems,

Inc.

.........

1,036,924

14,413,244

United

States

Cellular

Corp.

(a)(b)

.........

157,416

4,097,538

31,322,475

Total

Common

Stocks

—

99.6%

(Cost:

$13,181,645,709)

...........................

10,867,966,404

Rights

Biotechnology

—

0.0%

Contra

Aduro

Biotech

I,

CVR

(a)(c)

.........

19,180

48,698

Pharmaceuticals

—

0.0%

Zogenix

,

Inc.,

CVR

(a)(b)(c)

..............

583,774

396,966

Total

Rights

—

0.0%

(Cost:

$396,966)

................................

445,664

Security

Shares

Shares

Value

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/24,

Strike

Price

USD

116.37)

(b)

...

42,563

$

915,104

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20,

1

Share

for

1

Warrant,

Expires

09/01/25,

Strike

Price

USD

133.70)

....

21,281

444,560

Total

Warrants

—

0.0%

(Cost:

$5,241,813)

..............................

1,359,664

Total

Long-Term

Investments

—

99.6%

(Cost:

$13,187,284,488)

...........................

10,869,771,732

Short-Term

Securities

Money

Market

Funds

—

8.8%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(f)

............

938,789,724

939,071,361

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

25,404,754

25,404,754

Total

Short-Term

Securities

—

8.8%

(Cost:

$963,986,425)

.............................

964,476,115

Total

Investments

—

108.4%

(Cost:

$14,151,270,913

)

...........................

11,834,247,847

Liabilities

in

Excess

of

Other

Assets

—

(8.4)%

............

(919,371,830)

Net

Assets

—

100.0%

..............................

$

10,914,876,017

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

932,952,583

$

5,530,142

(a)

$

—

$

(4,726)

$

593,362

$

939,071,361

938,789,724

$

7,743,337

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

12,620,000

12,784,754

(a)

—

—

—

25,404,754

25,404,754

192,938

—

$

(4,726)

$

593,362

$

964,476,115

$

7,936,275

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

55

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

505

12/16/22

$

42,162

$

(2,339,778)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,339,778

$

—

$

—

$

—

$

2,339,778

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(2,015,508)

$

—

$

—

$

—

$

(2,015,508)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(2,887,917)

$

—

$

—

$

—

$

(2,887,917)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

40,723,225

2022

ishares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

56

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

123,225,132

$

—

$

—

$

123,225,132

Air

Freight

&

Logistics

....................................

61,770,124

—

—

61,770,124

Airlines

..............................................

47,806,694

—

—

47,806,694

Auto

Components

......................................

111,331,717

—

—

111,331,717

Automobiles

..........................................

22,612,717

—

—

22,612,717

Banks

...............................................

2,020,904,548

—

—

2,020,904,548

Beverages

...........................................

20,921,895

—

—

20,921,895

Biotechnology

.........................................

724,238,578

—

—

724,238,578

Building

Products

.......................................

75,288,358

—

—

75,288,358

Capital

Markets

........................................

104,568,308

—

—

104,568,308

Chemicals

............................................

150,055,713

—

—

150,055,713

Commercial

Services

&

Supplies

.............................

171,584,436

—

—

171,584,436

Communications

Equipment

................................

53,063,369

—

—

53,063,369

Construction

&

Engineering

................................

95,633,847

—

—

95,633,847

Construction

Materials

....................................

29,628,537

—

—

29,628,537

Consumer

Finance

......................................

126,062,087

—

—

126,062,087

Containers

&

Packaging

..................................

36,370,196

—

—

36,370,196

Distributors

...........................................

1,200,589

—

—

1,200,589

Diversified

Consumer

Services

..............................

107,882,634

—

—

107,882,634

Diversified

Financial

Services

...............................

61,198,460

—

—

61,198,460

Diversified

Telecommunication

Services

........................

53,164,000

—

—

53,164,000

Electric

Utilities

........................................

137,810,458

—

—

137,810,458

Electrical

Equipment

.....................................

70,332,583

—

—

70,332,583

Electronic

Equipment,

Instruments

&

Components

.................

203,591,744

—

—

203,591,744

Energy

Equipment

&

Services

..............................

154,062,200

—

—

154,062,200

Entertainment

.........................................

38,276,582

—

—

38,276,582

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,106,464,060

—

—

1,106,464,060

Food

&

Staples

Retailing

..................................

76,238,367

—

—

76,238,367

Food

Products

.........................................

117,295,348

—

—

117,295,348

Gas

Utilities

...........................................

216,266,777

—

—

216,266,777

Health

Care

Equipment

&

Supplies

...........................

122,865,857

—

—

122,865,857

Health

Care

Providers

&

Services

............................

208,648,778

—

—

208,648,778

Health

Care

Technology

..................................

71,113,970

—

—

71,113,970

Hotels,

Restaurants

&

Leisure

..............................

157,768,717

—

—

157,768,717

Household

Durables

.....................................

172,833,192

—

—

172,833,192

Household

Products

.....................................

11,363,597

—

—

11,363,597

Independent

Power

and

Renewable

Electricity

Producers

............

43,208,393

—

—

43,208,393

Industrial

Conglomerates

..................................

693,100

—

—

693,100

Insurance

............................................

287,140,902

—

—

287,140,902

Interactive

Media

&

Services

...............................

68,319,147

—

—

68,319,147

Internet

&

Direct

Marketing

Retail

............................

51,008,339

—

—

51,008,339

IT

Services

...........................................

92,846,115

—

—

92,846,115

Leisure

Products

.......................................

64,339,858

—

—

64,339,858

Life

Sciences

Tools

&

Services

..............................

78,874,274

—

—

78,874,274

Machinery

............................................

348,008,269

—

—

348,008,269

Marine

..............................................

52,468,596

—

—

52,468,596

Media

...............................................

135,090,332

—

—

135,090,332

Metals

&

Mining

........................................

173,503,611

—

—

173,503,611

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

257,370,200

—

—

257,370,200

Multiline

Retail

.........................................

5,145,302

—

—

5,145,302

Multi-Utilities

..........................................

108,115,324

—

—

108,115,324

Oil,

Gas

&

Consumable

Fuels

...............................

469,321,052

—

—

469,321,052

Paper

&

Forest

Products

..................................

17,873,306

—

—

17,873,306

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

57

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Personal

Products

......................................

$

41,437,354

$

—

$

—

$

41,437,354

Pharmaceuticals

.......................................

109,570,541

—

—

109,570,541

Professional

Services

....................................

73,070,587

—

—

73,070,587

Real

Estate

Management

&

Development

.......................

63,514,758

—

—

63,514,758

Road

&

Rail

...........................................

58,301,322

—

—

58,301,322

Semiconductors

&

Semiconductor

Equipment

....................

70,245,430

—

—

70,245,430

Software

.............................................

184,078,984

—

—

184,078,984

Specialty

Retail

........................................

322,452,746

—

—

322,452,746

Technology

Hardware,

Storage

&

Peripherals

....................

39,733,315

—

—

39,733,315

Textiles,

Apparel

&

Luxury

Goods

............................

28,194,040

—

—

28,194,040

Thrifts

&

Mortgage

Finance

................................

296,999,703

—

—

296,999,703

Tobacco

.............................................

22,436,725

—

—

22,436,725

Trading

Companies

&

Distributors

............................

155,791,251

—

—

155,791,251

Water

Utilities

.........................................

54,046,884

—

—

54,046,884

Wireless

Telecommunication

Services

.........................

31,322,475

—

—

31,322,475

Rights

................................................

—

—

445,664

445,664

Warrants

..............................................

1,359,664

—

—

1,359,664

Short-Term

Securities

Money

Market

Funds

......................................

964,476,115

—

—

964,476,115

$

11,833,802,183

$

—

$

445,664

$

11,834,247,847

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(2,339,778)

$

—

$

—

$

(2,339,778)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

47,484,684,832‌

$

8,586,320,760‌

$

10,869,771,732‌

Investments,

at

value

—

affiliated

(c)

............................................................

6,142,598,210‌

1,381,857,613‌

964,476,115‌

Cash  

...............................................................................

10,045,404‌

2,385,498‌

67,032‌

Cash

pledged:

Futures

contracts

......................................................................

8,830,000‌

563,000‌

3,086,000‌

Foreign

currency,

at

value

(d)

.................................................................

80,581‌

—‌

—‌

Receivables:

–‌

–‌

–‌

Investments

sold

......................................................................

266,520‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................................

7,354,821‌

1,527,396‌

1,188,482‌

Capital

shares

sold

.....................................................................

10,272,872‌

—‌

636,114‌

Dividends

—

unaffiliated

.................................................................

55,219,648‌

2,340,664‌

22,541,086‌

Dividends

—

affiliated

...................................................................

250,781‌

38,241‌

75,102‌

Total

assets

...........................................................................

53,719,603,669‌

9,975,033,172‌

11,861,841,663‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

6,076,377,180‌

1,373,264,129‌

938,782,615‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

84,242‌

76,149‌

3,010,969‌

Capital

shares

redeemed

.................................................................

35,373,600‌

—‌

2,544,458‌

Investment

advisory

fees

.................................................................

8,063,100‌

1,806,299‌

2,317,030‌

Variation

margin

on

futures

contracts

.........................................................

514,238‌

63,013‌

310,574‌

Total

liabilities

..........................................................................

6,120,412,360‌

1,375,209,590‌

946,965,646‌

NET

ASSETS

..........................................................................

$

47,599,191,309‌

$

8,599,823,582‌

$

10,914,876,017‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

86,603,673,027‌

$

12,637,512,272‌

$

14,656,993,320‌

Accumulated

loss

.......................................................................

(39,004,481,718‌)

(4,037,688,690‌)

(3,742,117,303‌)

NET

ASSETS

..........................................................................

$

47,599,191,309‌

$

8,599,823,582‌

$

10,914,876,017‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

288,450,000‌

41,650,000‌

84,650,000‌

Net

asset

value

.........................................................................

$

165.02‌

$

206.48‌

$

128.94‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................................

$

73,613,379,617‌

$

10,154,658,945‌

$

13,187,284,488‌

(b)

  Securities

loaned,

at

value

................................................................

$

5,820,882,811‌

$

1,321,409,812‌

$

890,937,461‌

(c)

  Investments,

at

cost

—

affiliated

............................................................

$

6,139,329,525‌

$

1,381,043,209‌

$

963,986,425‌

(d)

  Foreign

currency,

at

cost

.................................................................

$

82,328‌

$

—‌

$

—‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

59

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

364,473,110‌

$

36,187,341‌

$

120,323,397‌

Dividends

—

affiliated

...................................................................

717,367‌

117,514‌

192,938‌

Securities

lending

income

—

affiliated

—

net

...................................................

46,594,970‌

11,992,242‌

7,743,337‌

Foreign

taxes

withheld

..................................................................

(615,315‌)

(87,338‌)

(172,589‌)

Total

investment

income

...................................................................

411,170,132‌

48,209,759‌

128,087,083‌

EXPENSES

Investment

advisory

....................................................................

51,539,574‌

11,339,480‌

14,811,253‌

Total

expenses

.........................................................................

51,539,574‌

11,339,480‌

14,811,253‌

Net

investment

income

....................................................................

359,630,558‌

36,870,279‌

113,275,830‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(11,741,833,535‌)

$

(2,061,152,268‌)

$

(2,793,908,299‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

(4,491,415,057‌)

(1,883,840,800‌)

(80,738,842‌)

Investments

—

affiliated

...............................................................

197,598‌

51,791‌

(4,726‌)

Foreign

currency

transactions

...........................................................

(84,371‌)

—‌

—‌

Futures

contracts

....................................................................

(25,426,806‌)

(2,887,579‌)

(2,015,508‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

1,575,036,399‌

432,210,070‌

287,726,448‌

(2,941,692,237‌)

(1,454,466,518‌)

204,967,372‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

(8,800,154,062‌)

(606,318,672‌)

(2,996,581,116‌)

Investments

—

affiliated

...............................................................

3,339,236‌

796,403‌

593,362‌

Foreign

currency

translations

............................................................

(1,747‌)

—‌

—‌

Futures

contracts

....................................................................

(3,324,724‌)

(1,163,481‌)

(2,887,917‌)

(8,800,141,297‌)

(606,685,750‌)

(2,998,875,671‌)

Net

realized

and

unrealized

loss

..............................................................

(11,741,833,534‌)

(2,061,152,268‌)

(2,793,908,299‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................

$

(11,382,202,976‌)

$

(2,024,281,989‌)

$

(2,680,632,469‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2022

iShares

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

359,630,558‌

$

600,788,667‌

$

36,870,279‌

$

26,897,024‌

Net

realized

gain

(loss)

....................................................

(2,941,692,237‌)

10,401,978,974‌

(1,454,466,518‌)

1,971,046,885‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(8,800,141,297‌)

(14,941,857,623‌)

(606,685,750‌)

(3,784,056,671‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(11,382,202,976‌)

(3,939,089,982‌)

(2,024,281,989‌)

(1,786,112,762‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(391,551,193‌)

(646,681,067‌)

(37,072,441‌)

(38,453,082‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(2,580,329,188‌)

(2,764,541,638‌)

(169,640,945‌)

573,103,014‌

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(14,354,083,357‌)

(7,350,312,687‌)

(2,230,995,375‌)

(1,251,462,830‌)

Beginning

of

period

........................................................

61,953,274,666‌

69,303,587,353‌

10,830,818,957‌

12,082,281,787‌

End

of

period

............................................................

$

47,599,191,309‌

$

61,953,274,666‌

$

8,599,823,582‌

$

10,830,818,957‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

113,275,830‌

$

221,001,608‌

Net

realized

gain

......................................................................................

204,967,372‌

2,756,634,299‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(2,998,875,671‌)

(2,478,461,320‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................................................

(2,680,632,469‌)

499,174,587‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(125,120,607‌)

(248,644,243‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.......................................................

(937,371,375‌)

(1,911,845,387‌)

NET

ASSETS

Total

decrease

in

net

assets

................................................................................

(3,743,124,451‌)

(1,661,315,043‌)

Beginning

of

period

......................................................................................

14,658,000,468‌

16,319,315,511‌

End

of

period

..........................................................................................

$

10,914,876,017‌

$

14,658,000,468‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

$

151.96

‌

$

137.69

‌

Net

investment

income

(a)

........................

1.22

‌

1.97

‌

1.73

‌

1.83

‌

1.89

‌

1.79

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(40.26

)

(14.89

)

106.10

‌

(38.22

)

1.18

‌

14.38

‌

Net

increase

(decrease)

from

investment

operations

.......

(39.04

)

(12.92

)

107.83

‌

(36.39

)

3.07

‌

16.17

‌

Distributions

from

net

investment

income

(c)

..............

(1.36

)

(2.09

)

(2.02

)

(2.09

)

(1.93

)

(1.90

)

Net

asset

value,

end

of

period

.....................

$

165.02

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

$

151.96

‌

Total

Return

(d)

(19.03)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(19.03

)%

(e)

(5.92

)%

94.67

%

(24.04

)%

2.01

%

11.80

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.19

%

(g)

0.19

%

0.19

%

0.19

%

0.19

%

0.20

%

Net

investment

income

...........................

1.33

%

(g)

0.90

%

1.01

%

1.19

%

1.21

%

1.23

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

47,599,191

‌

$

61,953,275

‌

$

69,303,587

‌

$

32,602,673

‌

$

43,174,723

‌

$

41,918,598

‌

Portfolio

turnover

rate

(h)

...........................

14

%

23

%

20

%

18

%

22

%

16

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

63

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

$

190.63

‌

$

161.84

‌

Net

investment

income

(a)

........................

0.87

‌

0.67

‌

1.02

‌

1.32

‌

1.21

‌

1.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(49.56

)

(43.86

)

141.60

‌

(37.65

)

6.04

‌

28.91

‌

Net

increase

(decrease)

from

investment

operations

.......

(48.69

)

(43.19

)

142.62

‌

(36.33

)

7.25

‌

30.14

‌

Distributions

from

net

investment

income

(c)

..............

(0.88

)

(0.94

)

(1.18

)

(1.53

)

(1.28

)

(1.35

)

Net

asset

value,

end

of

period

.....................

$

206.48

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

$

190.63

‌

Total

Return

(d)

(19.01)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(19.01

)%

(e)

(14.42

)%

90.06

%

(18.61

)%

3.81

%

18.68

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.24

%

(g)

0.23

%

0.24

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

0.78

%

(g)

0.23

%

0.42

%

0.66

%

0.61

%

0.70

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

8,599,824

‌

$

10,830,819

‌

$

12,082,282

‌

$

6,936,895

‌

$

9,171,566

‌

$

9,207,286

‌

Portfolio

turnover

rate

(h)

...........................

31

%

40

%

35

%

33

%

35

%

26

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

................

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

$

122.00

‌

$

118.27

‌

Net

investment

income

(a)

........................

1.34

‌

2.26

‌

1.84

‌

2.07

‌

2.18

‌

2.03

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............

(32.34

)

2.61

‌

77.01

‌

(37.17

)

(2.10

)

3.93

‌

Net

increase

(decrease)

from

investment

operations

.......

(31.00

)

4.87

‌

78.85

‌

(35.10

)

0.08

‌

5.96

‌

Distributions

from

net

investment

income

(c)

..............

(1.49

)

(2.58

)

(2.05

)

(2.40

)

(2.24

)

(2.23

)

Net

asset

value,

end

of

period

.....................

$

128.94

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

$

122.00

‌

Total

Return

(d)

(19.26)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(19.26

)%

(e)

3.07

%

96.79

%

(29.79

)%

0.03

%

5.06

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................

0.24

%

(g)

0.23

%

0.24

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

1.82

%

(g)

1.39

%

1.57

%

1.74

%

1.73

%

1.67

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

10,914,876

‌

$

14,658,000

‌

$

16,319,316

‌

$

6,607,533

‌

$

9,107,939

‌

$

8,838,621

‌

Portfolio

turnover

rate

(h)

...........................

27

%

35

%

28

%

25

%

26

%

23

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

65

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

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.

iShares

ETF

Diversification

Classification

Russell

2000

........................................................................................................

Diversified

Russell

2000

Growth

..................................................................................................

Diversified

Russell

2000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

66

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.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

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. 

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

Russell

2000

Barclays

Bank

PLC

...................................

$

175,825,472‌

$

(175,825,472‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

Barclays

Capital,

Inc.

...................................

31,690,302‌

(31,690,302‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

4,020,741‌

(4,020,741‌)

–‌

–‌

BNP

Paribas

SA

.......................................

808,658,626‌

(808,658,626‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

314,025,451‌

(314,025,451‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,617,459‌

(2,617,459‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

171,021,258‌

(171,021,258‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

11,830,377‌

(11,830,377‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

2,926,104‌

(2,926,104‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

905,739,906‌

(905,739,906‌)

–‌

–‌

HSBC

Bank

PLC

......................................

20,214,730‌

(20,214,730‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

882,899‌

(882,899‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,323,423,477‌

(1,323,423,477‌)

–‌

–‌

Jefferies

LLC

.........................................

72,964,680‌

(72,964,680‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

689,453‌

(689,453‌)

–‌

–‌

Morgan

Stanley

.......................................

924,738,718‌

(924,738,718‌)

–‌

–‌

National

Financial

Services

LLC

............................

120,804,190‌

(120,804,190‌)

–‌

–‌

Natixis

SA

...........................................

22,234,576‌

(22,234,576‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

7,518,700‌

(7,518,700‌)

–‌

–‌

Pershing

LLC

.........................................

6,592,865‌

(6,592,865‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

92,680,182‌

(92,680,182‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

127,162,075‌

(127,162,075‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

6,764,471‌

(6,764,471‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

73,654,282‌

(73,654,282‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

163,660,209‌

(163,660,209‌)

–‌

–‌

UBS

AG

............................................

201,708,603‌

(201,708,603‌)

–‌

–‌

UBS

Securities

LLC

....................................

59,133,910‌

(59,133,910‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

7,862,281‌

(7,862,281‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

69,671,597‌

(69,671,597‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

90,165,217‌

(90,165,217‌)

–‌

–‌

$

5,820,882,811‌

$

(5,820,882,811‌)

$

–‌

$

–‌

Russell

2000

Growth

Barclays

Bank

PLC

...................................

$

30,622,712‌

$

(30,622,712‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

9,933,333‌

(9,933,333‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

441,474‌

(441,474‌)

–‌

–‌

BNP

Paribas

SA

.......................................

203,562,979‌

(203,562,979‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

61,207,224‌

(61,207,224‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

28,817,970‌

(28,817,970‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

2,332,889‌

(2,332,889‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

32,654‌

(32,654‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

211,048,553‌

(211,048,553‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

68

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).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

2000

Growth

(continued)

HSBC

Bank

PLC

......................................

$

12,916,537‌

$

(12,916,537‌)

$

–‌

$

–‌

ING

Financial

Markets

LLC

...............................

23,726‌

(23,726‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

246,897,142‌

(246,897,142‌)

–‌

–‌

Jefferies

LLC

.........................................

18,111,875‌

(18,111,875‌)

–‌

–‌

Morgan

Stanley

.......................................

231,450,170‌

(231,450,170‌)

–‌

–‌

National

Financial

Services

LLC

............................

14,692,450‌

(14,692,450‌)

–‌

–‌

Natixis

SA

...........................................

3,011,034‌

(3,011,034‌)

–‌

–‌

Pershing

LLC

.........................................

194,510‌

(194,510‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

43,075,213‌

(43,075,213‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

27,222,884‌

(27,222,884‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,524,218‌

(1,524,218‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

40,770,237‌

(40,770,237‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

48,279,720‌

(48,279,720‌)

–‌

–‌

UBS

AG

............................................

43,243,288‌

(43,243,288‌)

–‌

–‌

UBS

Securities

LLC

....................................

8,552,886‌

(8,552,886‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

567,786‌

(567,786‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

4,754,430‌

(4,754,430‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

28,121,918‌

(28,121,918‌)

–‌

–‌

$

1,321,409,812‌

$

(1,321,409,812‌)

$

–‌

$

–‌

Russell

2000

Value

Barclays

Bank

PLC

...................................

$

37,667,646‌

$

(37,667,646‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

7,402,894‌

(7,402,894‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

28,061‌

(28,061‌)

–‌

–‌

BNP

Paribas

SA

.......................................

73,270,872‌

(73,270,872‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

44,688,592‌

(44,688,592‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

28,327,199‌

(28,327,199‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

12,596‌

(12,596‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

49,173‌

(49,173‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

171,714,982‌

(171,714,982‌)

–‌

–‌

HSBC

Bank

PLC

......................................

29,307,603‌

(29,307,603‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

49,652‌

(49,652‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

205,343,175‌

(205,343,175‌)

–‌

–‌

Jefferies

LLC

.........................................

15,176,281‌

(15,176,281‌)

–‌

–‌

Morgan

Stanley

.......................................

160,268,088‌

(160,268,088‌)

–‌

–‌

National

Financial

Services

LLC

............................

17,962,304‌

(17,962,304‌)

–‌

–‌

Natixis

SA

...........................................

7,568,232‌

(7,568,232‌)

–‌

–‌

Pershing

LLC

.........................................

10,103‌

(10,103‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

7,982,449‌

(7,982,449‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

9,121,983‌

(9,121,983‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

2,047,319‌

(2,047,319‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

12,367,449‌

(12,367,449‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

5,468,468‌

(5,468,468‌)

–‌

–‌

UBS

AG

............................................

17,127,777‌

(17,127,777‌)

–‌

–‌

UBS

Securities

LLC

....................................

7,474,089‌

(7,474,089‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

2,590,466‌

(2,590,466‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

11,402,976‌

(11,402,976‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

16,507,032‌

(16,507,032‌)

–‌

–‌

$

890,937,461‌

$

(890,937,461‌)

$

–‌

$

–‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

Russell

2000

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

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

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2000%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.1900

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.1805

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.1715

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.1630

Over

$171

billion

..................................................................................................

0.1548

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2500%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.2375

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.2257

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.2144

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.2037

Over

$171

billion

..................................................................................................

0.1935

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

70

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2022,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

As

of

March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

iShares

ETF

Amounts

Russell

2000

............................................................................................................

$

12,289,995‌

Russell

2000

Growth

......................................................................................................

3,131,968‌

Russell

2000

Value

.......................................................................................................

2,018,528‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

2000

.........................................................................

$

706,126,561‌

$

1,746,955,548‌

$

(493,357,876‌)

Russell

2000

Growth

...................................................................

1,599,035,892‌

1,450,864,228‌

(1,218,774,752‌)

Russell

2000

Value

....................................................................

1,374,540,121‌

1,623,890,742‌

132,969,008‌

iShares

ETF

Purchases

Sales

Russell

2000

.........................................................................................

$

7,463,747,606‌

$

7,646,088,188‌

Russell

2000

Growth

...................................................................................

2,932,110,341‌

2,932,634,863‌

Russell

2000

Value

....................................................................................

3,319,795,063‌

3,414,415,324‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

2000

.........................................................................................

$

32,579,119,585‌

$

35,012,852,315‌

Russell

2000

Growth

...................................................................................

1,810,236,536‌

1,980,491,041‌

Russell

2000

Value

....................................................................................

861,222,552‌

1,719,919,009‌

iShares

ETF

Amounts

Russell

2000

...........................................................................................................

$

9,508,088,657‌

Russell

2000

Growth

.....................................................................................................

934,647,008‌

Russell

2000

Value

......................................................................................................

1,454,504,025‌

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

2000

....................................................

$

80,145,587,821‌

$

395,878,196‌

$

(26,914,389,314‌)

$

(26,518,511,118‌)

Russell

2000

Growth

...............................................

11,615,158,828‌

541,124,971‌

(2,188,832,589‌)

(1,647,707,618‌)

Russell

2000

Value

................................................

14,312,095,803‌

397,891,598‌

(2,878,079,332‌)

(2,480,187,734‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

To

Shareholders

72

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31, 2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Russell

2000

Shares

sold

189,350,000‌

$

34,430,729,950‌

426,400,000‌

$

93,255,342,373‌

Shares

redeemed

(202,500,000‌)

(37,011,059,138‌)

(439,200,000‌)

(96,019,884,011‌)

(13,150,000‌)

$

(2,580,329,188‌)

(12,800,000‌)

$

(2,764,541,638‌)

Russell

2000

Growth

Shares

sold

8,400,000‌

$

1,830,983,243‌

17,950,000‌

$

5,179,049,200‌

Shares

redeemed

(9,050,000‌)

(2,000,624,188‌)

(15,900,000‌)

(4,605,946,186‌)

(650,000‌)

$

(169,640,945‌)

2,050,000‌

$

573,103,014‌

Russell

2000

Value

Shares

sold

6,450,000‌

$

954,485,108‌

33,300,000‌

$

5,495,477,619‌

Shares

redeemed

(12,600,000‌)

(1,891,856,483‌)

(45,050,000‌)

(7,407,323,006‌)

(6,150,000‌)

$

(937,371,375‌)

(11,750,000‌)

$

(1,911,845,387‌)

Board

Review

and

Approval

of

Investment

Advisory

Contract

73

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Russell

2000

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

74

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

2000

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

75

Board

Review

and

Approval

of

Investment

Advisory

Contract

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

76

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

2000

Value

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

77

Board

Review

and

Approval

of

Investment

Advisory

Contract

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

78

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

79

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

2000

(a)

........................

$

1.271729‌

$

—‌

$

0.083766‌

$

1.355495‌

94‌%

—‌%

6‌%

100‌%

Russell

2000

Growth

(a)

..................

0.847311‌

—‌

0.030932‌

0.878243‌

96‌

—‌

4‌

100‌

Russell

2000

Value

(a)

...................

1.370754‌

—‌

0.115387‌

1.486141‌

92‌

—‌

8‌

100‌

(a)

Each

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

each

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

each

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

each

Fund’s

net

asset

value

per

share.

General

Information

2022

iShares

Semi-Annual

Report

to

Shareholders

80

Electronic

Delivery

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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

.

• 

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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

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names.

Please

contact

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if

you

are

interested

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enrolling

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householding

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receiving

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single

copy

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if

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enrolled

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householding

and

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change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

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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

81

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-316-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

SEPTEMBER

30,

2022

2022

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Micro-Cap

ETF

|

IWC

|

NYSE

Arca

iShares

Russell

2500

ETF

|

SMMD

|

Cboe

BZX

iShares

Russell

Mid-Cap

ETF

|

IWR

|

NYSE

Arca

iShares

Russell

Mid-Cap

Growth

ETF

|

IWP

|

NYSE

Arca

Dear

Shareholder,

The

12-month

reporting

period

as

of September

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell

as

interest

rates

rose,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

steeper.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

notably

during

the

reporting

period

as

investors

reacted

to

higher

inflation

and

attempted

to

anticipate

its

impact

on

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

proving

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-

currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

September

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(20.20

)%

(15.47

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(19.01

)

(23.50

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(22.51

)

(25.13

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(21.70

)

(28.11

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.58

0.63

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(10.81

)

(16.20

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(9.22

)

(14.60

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(6.30

)

(11.50

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(10.42

)

(14.15

)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi

Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

8

Disclosure

of Expenses

...................................................................................................

8

Schedules

of

Investments

.................................................................................................

9

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

55

Statements

of

Operations

................................................................................................

56

Statements

of

Changes

in

Net

Assets

........................................................................................

57

Financial

Highlights

.....................................................................................................

59

Notes

to

Financial

Statements

...............................................................................................

63

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

72

Supplemental

Information

.................................................................................................

80

General

Information

.....................................................................................................

81

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

82

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Micro-Cap

ETF

Investment

Objective

The 

iShares

Micro-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

micro-capitalization

U.S.

equities,

as

represented

by

the

Russell

MicroCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.37‌)%

(27.61‌)%

2.92‌%

8.24‌%

(27.61‌)%

15.49‌%

120.67‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.18‌)

(27.49‌)

2.95‌

8.24‌

(27.49‌)

15.63‌

120.80‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.35‌)

(27.46‌)

3.11‌

8.37‌

(27.46‌)

16.54‌

123.30‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

806.30‌

$

2.72‌

$

1,000.00‌

$

1,022.06‌

$

3.04‌

0.60‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

31.0‌

%

Financials

......................................

20.6‌

Information

Technology

.............................

11.3‌

Industrials

......................................

10.1‌

Consumer

Discretionary

............................

9.2‌

Energy

........................................

5.3‌

Real

Estate

.....................................

3.6‌

Materials

......................................

3.1‌

Communication

Services

............................

2.6‌

Consumer

Staples

................................

2.3‌

Utilities

........................................

0.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

ChemoCentryx,

Inc.

................................

0.8‌

%

Prothena

Corp.

plc

.................................

0.5‌

Prometheus

Biosciences,

Inc.

.........................

0.4‌

International

Seaways,

Inc.

...........................

0.4‌

Impinj,

Inc.

......................................

0.4‌

Verve

Therapeutics,

Inc.

.............................

0.4‌

Meridian

Bioscience,

Inc.

............................

0.3‌

CTS

Corp.

......................................

0.3‌

Celldex

Therapeutics,

Inc.

............................

0.3‌

TransMedics

Group,

Inc.

.............................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

5

Fund

Summary

iShares

®

Russell

2500

ETF

Investment

Objective

The 

iShares

Russell

2500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-

and

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2500

TM

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

July

6,

2017.

The

first

day

of

secondary

market

trading

was

July

7,

2017.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.26‌)%

(21.11‌)%

5.45‌%

6.33‌%

(21.11‌)%

30.37‌%

37.91‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.36‌)

(21.17‌)

5.50‌

6.35‌

(21.17‌)

30.68‌

38.08‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.32‌)

(21.11‌)

5.45‌

6.34‌

(21.11‌)

30.40‌

37.93‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

807.40‌

$

0.32‌

$

1,000.00‌

$

1,024.72‌

$

0.36‌

0.07‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Investment

Funds

................................

43.9‌

%

Industrials

......................................

10.9‌

Information

Technology

.............................

8.7‌

Financials

......................................

8.7‌

Consumer

Discretionary

............................

6.5‌

Health

Care

....................................

5.5‌

Real

Estate

.....................................

5.2‌

Materials

......................................

3.6‌

Energy

........................................

2.3‌

Consumer

Staples

................................

1.7‌

Utilities

........................................

1.6‌

Communication

Services

............................

1.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

Russell

2000

ETF

............................

43.9‌

%

Quanta

Services,

Inc.

...............................

0.4‌

LPL

Financial

Holdings,

Inc.

...........................

0.4‌

FactSet

Research

Systems,

Inc.

........................

0.3‌

EQT

Corp.

......................................

0.3‌

Carlisle

Cos.,

Inc.

.................................

0.3‌

Brown

&

Brown,

Inc.

................................

0.3‌

First

Solar,

Inc.

...................................

0.3‌

Avery

Dennison

Corp.

...............................

0.3‌

Jack

Henry

&

Associates,

Inc.

.........................

0.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

2022

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Russell

Mid-Cap

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Russell

MidCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.76‌)%

(19.51‌)%

6.33‌%

10.13‌%

(19.51‌)%

35.89‌%

162.41‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.72‌)

(19.43‌)

6.34‌

10.15‌

(19.43‌)

36.01‌

162.83‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(19.71‌)

(19.39‌)

6.48‌

10.30‌

(19.39‌)

36.89‌

166.56‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

802.40‌

$

0.86‌

$

1,000.00‌

$

1,024.12‌

$

0.96‌

0.19‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

16.8‌

%

Industrials

......................................

15.0‌

Financials

......................................

13.8‌

Consumer

Discretionary

............................

11.4‌

Health

Care

....................................

10.6‌

Real

Estate

.....................................

7.9‌

Materials

......................................

6.1‌

Utilities

........................................

5.9‌

Energy

........................................

5.0‌

Communication

Services

............................

3.8‌

Consumer

Staples

................................

3.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Synopsys,

Inc.

....................................

0.5‌

%

Cadence

Design

Systems,

Inc.

.........................

0.5‌

O'Reilly

Automotive,

Inc.

.............................

0.5‌

Chipotle

Mexican

Grill,

Inc.

...........................

0.5‌

AutoZone,

Inc.

....................................

0.5‌

Corteva,

Inc.

.....................................

0.5‌

Cheniere

Energy,

Inc.

...............................

0.5‌

Devon

Energy

Corp.

................................

0.5‌

Amphenol

Corp.,

Class

A

............................

0.4‌

Biogen,

Inc.

.....................................

0.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

September

30,

2022

7

Fund

Summary

iShares

®

Russell

Mid-Cap

Growth

ETF

Investment

Objective

The 

iShares

Russell

Mid-Cap

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Russell

MidCap

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(21.65‌)%

(29.62‌)%

7.40‌%

10.63‌%

(29.62‌)%

42.89‌%

174.61‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(21.68‌)

(29.62‌)

7.39‌

10.63‌

(29.62‌)

42.82‌

174.59‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(21.59‌)

(29.50‌)

7.62‌

10.85‌

(29.50‌)

44.39‌

180.20‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/22)

Ending

Account

Value

(09/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

783.50‌

$

1.03‌

$

1,000.00‌

$

1,023.92‌

$

1.17‌

0.23‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

30.2‌

%

Health

Care

....................................

16.3‌

Industrials

......................................

15.2‌

Consumer

Discretionary

............................

14.4‌

Financials

......................................

5.6‌

Communication

Services

............................

4.7‌

Energy

........................................

4.6‌

Materials

......................................

3.8‌

Consumer

Staples

................................

3.0‌

Real

Estate

.....................................

1.9‌

Utilities

........................................

0.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Synopsys,

Inc.

....................................

1.5‌

%

Cadence

Design

Systems,

Inc.

.........................

1.4‌

Chipotle

Mexican

Grill,

Inc.

...........................

1.3‌

AutoZone,

Inc.

....................................

1.2‌

Enphase

Energy,

Inc.

...............................

1.2‌

Paychex,

Inc.

....................................

1.2‌

Crowdstrike

Holdings,

Inc.,

Class

A

......................

1.1‌

IQVIA

Holdings,

Inc.

................................

1.1‌

Agilent

Technologies,

Inc.

............................

1.0‌

Fortinet,

Inc.

.....................................

1.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

2022

iShares

Semi-Annual

Report

To

Shareholders

8

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.8%

AerSale

Corp.

(a)(b)

...................

32,218

$

597,322

Archer

Aviation,

Inc.,

Class

A

(a)(b)

.........

288,454

752,865

Astra

Space,

Inc.,

Class

A

(a)(b)

...........

308,266

188,351

Astronics

Corp.

(b)

...................

50,920

400,231

Byrna

Technologies,

Inc.

(a)(b)

............

27,699

130,185

Cadre

Holdings,

Inc.

.................

38,591

928,499

Ducommun,

Inc.

(b)

..................

22,386

887,829

Innovative

Solutions

and

Support,

Inc.

(b)

....

27,032

233,286

Momentus,

Inc.,

Class

A

(a)(b)

............

113,371

155,318

National

Presto

Industries,

Inc.

..........

10,368

674,438

Park

Aerospace

Corp.

................

39,330

434,203

Redwire

Corp.

(a)(b)

...................

37,796

89,955

Terran

Orbital

Corp.

(a)(b)

...............

46,649

82,569

V2X,

Inc.

(b)

.......................

24,363

862,450

VirTra,

Inc.

(a)(b)

.....................

21,872

118,328

6,535,829

Air

Freight

&

Logistics

—

0.1%

(a)(b)

Air

T,

Inc.

........................

2,023

34,634

Radiant

Logistics,

Inc.

...............

76,777

436,861

471,495

Airlines

—

0.1%

(b)

Blade

Air

Mobility,

Inc.,

Class

A

..........

113,092

455,761

Mesa

Air

Group,

Inc.

(a)

...............

71,090

117,298

Wheels

Up

Experience,

Inc.,

Class

A

(a)

....

321,091

369,255

942,314

Auto

Components

—

0.4%

(b)

Cooper-Standard

Holdings,

Inc.

(a)

........

34,418

201,001

Horizon

Global

Corp.

(a)

...............

51,116

62,873

Modine

Manufacturing

Co.

.............

100,990

1,306,811

Motorcar

Parts

of

America,

Inc.

.........

37,884

576,594

Stoneridge,

Inc.

(a)

...................

53,220

902,079

Strattec

Security

Corp.

(a)

..............

7,686

159,869

Superior

Industries

International,

Inc.

.....

44,518

134,444

Sypris

Solutions,

Inc.

................

26,903

50,040

XL

Fleet

Corp.,

Class

A

...............

253,381

225,509

3,619,220

Automobiles

—

0.3%

(a)(b)

Arcimoto,

Inc.

.....................

61,016

84,202

AYRO,

Inc.

.......................

73,225

43,203

Cenntro

Electric

Group

Ltd.

............

376,306

387,595

Faraday

Future

Intelligent

Electric,

Inc.

....

204,078

129,835

Lordstown

Motors

Corp.,

Class

A

........

338,969

620,313

Mullen

Automotive,

Inc.

...............

669,469

219,452

Phoenix

Motor,

Inc.

.................

9,832

15,436

Volcon,

Inc.

.......................

27,206

53,596

Workhorse

Group,

Inc.

...............

309,451

888,124

2,441,756

Banks

—

13.6%

ACNB

Corp.

......................

16,836

505,753

Affinity

Bancshares,

Inc.

(b)

.............

9,995

146,027

Allegiance

Bancshares,

Inc.

............

39,168

1,630,564

Amalgamated

Financial

Corp.

..........

27,950

630,272

Amerant

Bancorp,

Inc.,

Class

A

.........

56,093

1,393,350

American

National

Bankshares,

Inc.

......

21,109

674,433

AmeriServ

Financial,

Inc.

.............

33,648

127,862

Ames

National

Corp.

................

17,474

387,573

Arrow

Financial

Corp.

................

29,070

837,797

Auburn

National

BanCorp,

Inc.

..........

4,713

108,493

Bancorp,

Inc.

(The)

(a)(b)

...............

112,345

2,469,343

Bank

First

Corp.

...................

13,021

995,846

Security

Shares

Shares

Value

Banks

(continued)

Bank

of

Marin

Bancorp

...............

31,821

$

953,039

Bank

of

Princeton

(The)

..............

10,611

300,822

Bank

of

South

Carolina

Corp.

...........

7,735

126,545

Bank

of

the

James

Financial

Group,

Inc.

...

8,667

109,551

Bank7

Corp.

......................

7,451

165,263

BankFinancial

Corp.

.................

23,304

220,456

Bankwell

Financial

Group,

Inc.

..........

11,606

337,851

Bar

Harbor

Bankshares

..............

30,135

799,180

BayCom

Corp.

....................

25,765

452,949

Bayfirst

Financial

Corp.

(a)

..............

6,612

109,429

BCB

Bancorp,

Inc.

..................

29,205

491,520

Blue

Ridge

Bankshares,

Inc.

...........

34,513

438,660

Business

First

Bancshares,

Inc.

.........

42,831

922,151

Byline

Bancorp,

Inc.

.................

49,905

1,010,576

C&F

Financial

Corp.

.................

6,820

364,870

California

Bancorp

(b)

.................

15,369

310,761

Cambridge

Bancorp

.................

13,824

1,102,326

Camden

National

Corp.

..............

29,260

1,246,476

Capital

Bancorp,

Inc.

................

18,186

420,097

Capital

City

Bank

Group,

Inc.

...........

27,484

855,027

Capstar

Financial

Holdings,

Inc.

.........

40,794

755,913

Carter

Bankshares,

Inc.

(b)

.............

49,487

796,741

CB

Financial

Services,

Inc.

............

9,352

203,500

CBTX,

Inc.

.......................

37,254

1,089,679

Central

Pacific

Financial

Corp.

..........

56,056

1,159,799

Central

Valley

Community

Bancorp

.......

19,906

352,535

Chemung

Financial

Corp.

.............

7,028

294,262

ChoiceOne

Financial

Services,

Inc.

.......

14,309

310,791

Citizens

&

Northern

Corp.

.............

30,697

742,253

Citizens

Community

Bancorp,

Inc.

.......

20,569

250,325

Citizens

Holding

Co.

.................

9,696

148,349

Civista

Bancshares,

Inc.

..............

30,579

634,820

CNB

Financial

Corp.

.................

32,475

765,436

Coastal

Financial

Corp.

(a)(b)

............

21,001

834,580

Codorus

Valley

Bancorp,

Inc.

...........

18,619

350,782

Colony

Bankcorp,

Inc.

...............

32,822

427,671

Community

Financial

Corp.

(The)

........

10,420

357,406

Community

Trust

Bancorp,

Inc.

.........

31,873

1,292,450

Community

West

Bancshares

..........

14,267

199,025

ConnectOne

Bancorp,

Inc.

............

75,110

1,732,037

CrossFirst

Bankshares,

Inc.

(a)(b)

.........

92,135

1,202,362

Dime

Community

Bancshares,

Inc.

.......

66,306

1,941,440

Eagle

Bancorp

Montana,

Inc.

...........

12,075

229,425

Emclaire

Financial

Corp.

..............

4,696

165,534

Enterprise

Bancorp,

Inc.

..............

19,064

570,204

Equity

Bancshares,

Inc.,

Class

A

(a)

.......

30,985

918,086

Esquire

Financial

Holdings,

Inc.

.........

13,977

524,836

Evans

Bancorp,

Inc.

.................

10,679

391,385

Farmers

&

Merchants

Bancorp,

Inc.

......

24,636

661,969

Farmers

National

Banc

Corp.

...........

63,760

834,618

Fidelity

D&D

Bancorp,

Inc.

.............

9,532

384,616

Financial

Institutions,

Inc.

.............

30,764

740,489

Finward

Bancorp

(a)

..................

7,428

252,626

Finwise

Bancorp

(a)(b)

.................

19,034

171,877

First

Bancorp,

Inc.

(The)

..............

19,844

546,702

First

Bancshares,

Inc.

(The)

(a)

..........

40,217

1,201,282

First

Bank

........................

31,485

430,400

First

Business

Financial

Services,

Inc.

.....

16,342

528,010

First

Capital,

Inc.

...................

6,816

175,239

First

Community

Bankshares,

Inc.

.......

32,486

1,040,527

First

Community

Corp.

...............

15,111

264,443

First

Financial

Corp.

.................

22,582

1,020,481

First

Financial

Northwest,

Inc.

..........

14,075

208,873

First

Foundation,

Inc.

................

104,083

1,888,066

First

Guaranty

Bancshares,

Inc.

.........

12,282

268,730

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Internet

Bancorp

................

17,969

$

608,430

First

Mid

Bancshares,

Inc.

.............

37,694

1,205,077

First

National

Corp.

.................

10,746

164,414

First

Northwest

Bancorp

..............

16,615

267,501

First

of

Long

Island

Corp.

(The)

.........

44,870

773,559

First

Savings

Financial

Group,

Inc.

.......

12,462

286,377

First

United

Corp.

..................

13,041

215,829

First

US

Bancshares,

Inc.

.............

11,057

88,014

First

Western

Financial,

Inc.

(b)

..........

16,046

395,534

Five

Star

Bancorp

..................

25,577

725,364

Flushing

Financial

Corp.

..............

57,738

1,118,385

FNCB

Bancorp,

Inc.

.................

33,800

253,838

Franklin

Financial

Services

Corp.

........

8,529

269,175

FVCBankcorp,

Inc.

(a)(b)

...............

24,123

462,438

German

American

Bancorp,

Inc.

.........

56,314

2,010,973

Glen

Burnie

Bancorp

................

5,469

51,682

Great

Southern

Bancorp,

Inc.

(a)

.........

19,102

1,090,151

Guaranty

Bancshares,

Inc.

............

16,657

576,166

Hanmi

Financial

Corp.

...............

62,121

1,471,025

Hanover

Bancorp,

Inc.

...............

2,376

45,429

HarborOne

Bancorp,

Inc.

.............

90,194

1,210,403

Hawthorn

Bancshares,

Inc.

............

12,298

268,834

HBT

Financial,

Inc.

..................

20,874

378,863

Heritage

Commerce

Corp.

.............

119,678

1,357,149

HomeStreet,

Inc.

...................

36,623

1,055,109

HomeTrust

Bancshares,

Inc.

...........

29,029

641,541

Horizon

Bancorp,

Inc.

................

81,796

1,469,056

Independent

Bank

Corp.

..............

40,985

782,814

Investar

Holding

Corp.

...............

18,906

376,229

John

Marshall

Bancorp,

Inc.

...........

23,443

575,760

Lakeland

Bancorp,

Inc.

...............

126,990

2,033,110

Landmark

Bancorp,

Inc.

..............

8,516

217,754

LCNB

Corp.

......................

22,401

355,280

Limestone

Bancorp,

Inc.

..............

10,763

211,170

Macatawa

Bank

Corp.

...............

52,537

486,493

MainStreet

Bancshares,

Inc.

(a)

..........

14,164

323,081

Malvern

Bancorp,

Inc.

(a)(b)

.............

14,758

212,072

Mercantile

Bank

Corp.

...............

31,263

928,824

Meridian

Corp.

....................

10,325

301,180

Metrocity

Bankshares,

Inc.

............

37,903

744,415

Metropolitan

Bank

Holding

Corp.

(b)

.......

20,861

1,342,614

Mid

Penn

Bancorp,

Inc.

...............

29,150

837,480

Middlefield

Banc

Corp.

...............

11,310

306,501

Midland

States

Bancorp,

Inc.

...........

43,030

1,014,217

MidWestOne

Financial

Group,

Inc.

.......

28,647

781,777

MVB

Financial

Corp.

................

20,686

575,691

National

Bankshares,

Inc.

.............

12,095

408,327

Nicolet

Bankshares,

Inc.

(a)(b)

............

24,849

1,750,364

Northeast

Bank

....................

13,357

489,801

Northrim

BanCorp,

Inc.

...............

11,666

484,839

Norwood

Financial

Corp.

..............

14,973

397,982

Oak

Valley

Bancorp

.................

13,822

246,999

Ohio

Valley

Banc

Corp.

...............

8,878

246,986

Old

Point

Financial

Corp.

.............

7,586

210,360

Old

Second

Bancorp,

Inc.

.............

86,041

1,122,835

Orange

County

Bancorp,

Inc.

(a)

..........

10,355

398,667

Origin

Bancorp,

Inc.

.................

45,699

1,758,041

Orrstown

Financial

Services,

Inc.

........

20,475

489,762

Parke

Bancorp,

Inc.

.................

20,083

420,940

Partners

Bancorp

...................

20,162

179,240

Pathfinder

Bancorp,

Inc.

..............

6,878

139,899

PCB

Bancorp

.....................

23,548

425,512

PCSB

Financial

Corp.

................

25,139

450,742

Peapack-Gladstone

Financial

Corp.

(a)

.....

35,359

1,189,830

Penns

Woods

Bancorp,

Inc.

............

13,988

320,465

Security

Shares

Shares

Value

Banks

(continued)

Peoples

Bancorp

of

North

Carolina,

Inc.

...

9,348

$

231,830

Peoples

Bancorp,

Inc.

...............

56,488

1,634,198

Peoples

Financial

Services

Corp.

........

14,284

669,063

Plumas

Bancorp

...................

11,058

313,715

Preferred

Bank

....................

22,900

1,493,767

Premier

Financial

Corp.

..............

72,187

1,855,206

Primis

Financial

Corp.

................

44,946

545,195

Professional

Holding

Corp.,

Class

A

(b)

.....

26,236

680,562

QCR

Holdings,

Inc.

(a)

................

32,406

1,650,762

RBB

Bancorp

.....................

29,702

617,208

Red

River

Bancshares,

Inc.

(a)

...........

8,716

430,832

Republic

Bancorp,

Inc.,

Class

A

.........

17,741

679,480

Republic

First

Bancorp,

Inc.

(a)(b)

.........

97,622

276,270

Richmond

Mutual

BanCorp,

Inc.

.........

21,797

292,734

Riverview

Bancorp,

Inc.

..............

41,916

266,167

Salisbury

Bancorp,

Inc.

...............

10,702

256,420

SB

Financial

Group,

Inc.

..............

13,353

224,998

Shore

Bancshares,

Inc.

...............

35,663

617,683

Sierra

Bancorp

....................

27,971

552,427

SmartFinancial,

Inc.

.................

31,376

775,301

Sound

Financial

Bancorp,

Inc.

..........

4,519

183,110

South

Plains

Financial,

Inc.

............

20,255

558,228

Southern

First

Bancshares,

Inc.

(b)

........

15,199

633,190

Southern

States

Bancshares,

Inc.

........

15,289

416,625

Summit

Financial

Group,

Inc.

...........

22,647

610,110

Summit

State

Bank

.................

10,132

147,015

Third

Coast

Bancshares,

Inc.

(b)

..........

25,991

444,706

Union

Bankshares,

Inc.

(a)

..............

8,292

187,565

United

Bancorp,

Inc.

.................

9,437

151,653

United

Security

Bancshares

............

27,854

181,608

Unity

Bancorp,

Inc.

..................

14,278

358,521

Univest

Financial

Corp.

...............

59,111

1,387,926

USCB

Financial

Holdings,

Inc.,

Class

A

(b)

...

21,819

286,047

Village

Bank

and

Trust

Financial

Corp.

(a)

...

1,178

53,116

Virginia

National

Bankshares

Corp.

.......

9,394

304,741

Washington

Trust

Bancorp,

Inc.

.........

34,554

1,606,070

West

BanCorp,

Inc.

.................

32,751

681,548

114,159,402

Beverages

—

0.1%

(b)

Fresh

Vine

Wine,

Inc.

(a)

...............

12,189

21,575

Splash

Beverage

Group,

Inc.

(a)

..........

54,195

74,247

Vintage

Wine

Estates,

Inc.

.............

63,604

176,183

Vita

Coco

Co.,

Inc.

(The)

(a)

.............

55,918

636,906

Willamette

Valley

Vineyards,

Inc.

........

9,009

55,586

Winc,

Inc.

(a)

.......................

16,109

14,369

Zevia

PBC,

Class

A

(a)

................

27,588

119,180

1,098,046

Biotechnology

—

18.1%

(b)

180

Life

Sciences

Corp.

(a)

.............

65,747

44,642

2seventy

bio,

Inc.

(a)

.................

75,901

1,104,360

4D

Molecular

Therapeutics,

Inc.

.........

60,672

487,803

89bio,

Inc.

(a)

......................

41,703

241,460

Aadi

Bioscience,

Inc.

(a)

...............

29,345

414,645

ABVC

BioPharma,

Inc.

(a)

..............

38,665

34,025

Actinium

Pharmaceuticals,

Inc.

..........

47,748

352,380

Acumen

Pharmaceuticals,

Inc.

..........

53,933

540,948

Acurx

Pharmaceuticals,

Inc.

...........

14,041

42,123

Adicet

Bio,

Inc.

....................

56,833

808,165

ADMA

Biologics,

Inc.

(a)

...............

377,346

916,951

Adverum

Biotechnologies,

Inc.

..........

197,853

187,960

Aeglea

BioTherapeutics,

Inc.

...........

98,218

51,663

Aerovate

Therapeutics,

Inc.

(a)

...........

18,612

308,587

Affimed

NV

.......................

288,784

594,895

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Agenus,

Inc.

......................

573,850

$

1,176,393

AIM

ImmunoTech,

Inc.

(a)

..............

95,760

55,732

Akero

Therapeutics,

Inc.

..............

56,883

1,936,866

Akouos,

Inc.

(a)

.....................

49,184

332,484

Albireo

Pharma,

Inc.

(a)

................

34,931

676,264

Aldeyra

Therapeutics,

Inc.

.............

97,005

518,007

Alector,

Inc.

(a)

.....................

125,274

1,185,092

Aligos

Therapeutics,

Inc.

..............

61,920

68,112

Allakos,

Inc.

......................

80,140

490,457

Allovir,

Inc.

(a)

......................

63,495

500,976

Alpine

Immune

Sciences,

Inc.

(a)

.........

32,079

230,969

Altimmune,

Inc.

(a)

...................

86,978

1,110,709

ALX

Oncology

Holdings,

Inc.

(a)

..........

43,313

414,505

AnaptysBio,

Inc.

(a)

..................

41,136

1,049,379

Anavex

Life

Sciences

Corp.

(a)

...........

139,831

1,443,056

Anika

Therapeutics,

Inc.

..............

29,573

703,837

Anixa

Biosciences,

Inc.

(a)

..............

59,124

290,890

Annexon,

Inc.

(a)

....................

74,120

458,062

Annovis

Bio,

Inc.

(a)

..................

11,434

156,646

Applied

Genetic

Technologies

Corp.

(a)

.....

115,229

31,296

Applied

Molecular

Transport,

Inc.

(a)

.......

56,069

54,566

Applied

Therapeutics,

Inc.

.............

63,819

59,358

Aptinyx,

Inc.

......................

98,761

36,354

AquaBounty

Technologies,

Inc.

(a)

........

132,877

103,750

Aravive,

Inc.

......................

41,484

33,901

Arbutus

Biopharma

Corp.

.............

219,253

418,773

ARCA

biopharma,

Inc.

(a)

..............

28,337

58,374

Arcellx,

Inc.

(a)

.....................

60,387

1,133,464

Arcturus

Therapeutics

Holdings,

Inc.

(a)

.....

46,967

696,051

Armata

Pharmaceuticals,

Inc.

(a)

.........

22,007

92,870

Assembly

Biosciences,

Inc.

(a)

...........

94,450

154,898

Astria

Therapeutics,

Inc.

(a)

.............

20,767

187,734

Atara

Biotherapeutics,

Inc.

.............

188,291

711,740

Atossa

Therapeutics,

Inc.

(a)

............

243,187

202,648

Atreca,

Inc.,

Class

A

(a)

................

56,981

89,460

aTyr

Pharma,

Inc.

..................

55,043

165,129

Aura

Biosciences,

Inc.

...............

37,245

674,879

AVEO

Pharmaceuticals,

Inc.

(a)

..........

62,008

510,326

Avid

Bioservices,

Inc.

(a)

...............

123,547

2,362,219

Avidity

Biosciences,

Inc.

(a)

.............

103,566

1,691,233

Avita

Medical,

Inc.

(a)

.................

49,737

262,114

Avrobio,

Inc.

......................

84,199

54,098

Axcella

Health,

Inc.

(a)

................

44,818

76,639

Aziyo

Biologics,

Inc.,

Class

A

(a)

..........

8,917

64,202

Beyondspring,

Inc.

(a)

.................

44,319

43,876

BioAtla,

Inc.

(a)

.....................

62,900

484,330

Biomea

Fusion,

Inc.

(a)

................

33,082

323,542

BioVie,

Inc.

(a)

......................

8,615

21,451

Bioxcel

Therapeutics,

Inc.

(a)

............

38,876

459,514

Black

Diamond

Therapeutics,

Inc.

........

46,563

78,691

Blue

Water

Vaccines,

Inc.

(a)

............

8,063

13,788

Bluebird

Bio,

Inc.

...................

156,306

989,417

Bolt

Biotherapeutics,

Inc.

..............

47,381

70,124

BrainStorm

Cell

Therapeutics,

Inc.

(a)

......

68,361

302,156

Brooklyn

ImmunoTherapeutics,

Inc.

(a)

.....

118,806

29,333

C4

Therapeutics,

Inc.

................

85,481

749,668

Cabaletta

Bio,

Inc.

(a)

.................

38,076

24,753

Candel

Therapeutics,

Inc.

.............

32,879

103,240

Capricor

Therapeutics,

Inc.

(a)

...........

44,558

267,348

Cardiff

Oncology,

Inc.

................

80,102

123,357

Caribou

Biosciences,

Inc.

.............

113,824

1,200,843

Catalyst

Pharmaceuticals,

Inc.

..........

194,489

2,495,294

Celcuity,

Inc.

(a)

.....................

21,681

217,677

Celldex

Therapeutics,

Inc.

(a)

............

92,999

2,614,202

CEL-SCI

Corp.

(a)

...................

72,433

223,818

Security

Shares

Shares

Value

Biotechnology

(continued)

Century

Therapeutics,

Inc.

(a)

...........

40,934

$

404,837

Checkpoint

Therapeutics,

Inc.

(a)

.........

146,628

152,493

ChemoCentryx,

Inc.

(a)

................

128,107

6,618,007

Chimerix,

Inc.

.....................

171,259

330,530

Chinook

Therapeutics,

Inc.

............

100,839

1,982,495

Clene,

Inc.

(a)

......................

50,331

140,927

Clovis

Oncology,

Inc.

(a)

...............

281,263

334,703

Codiak

Biosciences,

Inc.

..............

34,620

27,073

Cogent

Biosciences,

Inc.

..............

129,281

1,928,873

Coherus

Biosciences,

Inc.

(a)

............

149,546

1,437,137

Compass

Therapeutics,

Inc.

(a)

..........

143,478

327,130

Concert

Pharmaceuticals,

Inc.

(a)

.........

93,855

628,829

ContraFect

Corp.

(a)

..................

80,000

13,440

Corvus

Pharmaceuticals,

Inc.

(a)

.........

69,792

57,125

Crinetics

Pharmaceuticals,

Inc.

.........

106,812

2,097,788

CTI

BioPharma

Corp.

................

201,737

1,174,109

Cue

Biopharma,

Inc.

(a)

...............

68,458

152,661

Cullinan

Oncology,

Inc.

(a)

..............

61,346

786,456

Curis,

Inc.

........................

175,824

123,077

Cyteir

Therapeutics,

Inc.

(a)

.............

51,388

98,665

CytomX

Therapeutics,

Inc.

(a)

...........

132,729

192,457

Day

One

Biopharmaceuticals,

Inc.

.......

56,112

1,123,923

Decibel

Therapeutics,

Inc.

(a)

............

28,107

97,250

Deciphera

Pharmaceuticals,

Inc.

........

91,033

1,684,111

DermTech,

Inc.

(a)

...................

52,551

208,102

Design

Therapeutics,

Inc.

.............

68,745

1,149,416

DiaMedica

Therapeutics,

Inc.

...........

50,734

62,910

Dyadic

International,

Inc.

(a)

.............

40,526

77,405

Dynavax

Technologies

Corp.

(a)

..........

239,370

2,499,023

Dyne

Therapeutics,

Inc.

..............

64,370

817,499

Eagle

Pharmaceuticals,

Inc.

(a)

..........

20,704

547,000

eFFECTOR

Therapeutics,

Inc.

(a)

.........

31,445

17,990

Eiger

BioPharmaceuticals,

Inc.

..........

83,530

628,981

Eledon

Pharmaceuticals,

Inc.

...........

21,503

59,348

Elevation

Oncology,

Inc.

(a)

.............

27,307

30,857

Eliem

Therapeutics,

Inc.

..............

13,464

43,489

Enochian

Biosciences,

Inc.

............

39,794

72,027

Entrada

Therapeutics,

Inc.

(a)

...........

39,342

620,030

Equillium,

Inc.

(a)

....................

34,354

76,266

Evelo

Biosciences,

Inc.

(a)

..............

61,572

128,685

Fennec

Pharmaceuticals,

Inc.

(a)

.........

35,805

290,021

Finch

Therapeutics

Group,

Inc.

.........

55,317

92,379

Foghorn

Therapeutics,

Inc.

(a)

...........

40,799

350,055

Forma

Therapeutics

Holdings,

Inc.

.......

73,624

1,468,799

Fortress

Biotech,

Inc.

................

164,804

141,731

Frequency

Therapeutics,

Inc.

...........

65,196

116,701

G1

Therapeutics,

Inc.

(a)

...............

80,571

1,006,332

Gain

Therapeutics,

Inc.

(a)

..............

20,715

67,531

Galectin

Therapeutics,

Inc.

(a)

...........

70,470

114,866

Galera

Therapeutics,

Inc.

(a)

............

45,337

78,886

Gamida

Cell

Ltd.

(a)

..................

92,259

146,692

Gelesis

Holdings,

Inc.

(a)

...............

28,201

30,457

Gemini

Therapeutics,

Inc.

(a)

............

43,860

71,930

Generation

Bio

Co.

(a)

................

97,978

520,263

Genprex,

Inc.

(a)

....................

97,527

137,513

Geron

Corp.

......................

725,991

1,698,819

Gossamer

Bio,

Inc.

(a)

................

127,199

1,523,844

Graphite

Bio,

Inc.

(a)

..................

56,377

178,715

Greenwich

Lifesciences,

Inc.

(a)

..........

7,827

71,226

Gritstone

bio,

Inc.

..................

144,252

370,728

GT

Biopharma,

Inc.

(a)

................

61,199

107,710

Harpoon

Therapeutics,

Inc.

............

36,102

35,023

HCW

Biologics,

Inc.

(a)

................

38,314

87,739

Heron

Therapeutics,

Inc.

(a)

.............

209,000

881,980

HilleVax,

Inc.

(a)

.....................

26,348

450,287

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Homology

Medicines,

Inc.

(a)

............

85,460

$

137,591

Hookipa

Pharma,

Inc.

(a)

...............

100,751

135,006

Humacyte,

Inc.

(a)

...................

34,782

113,389

Humanigen,

Inc.

...................

119,912

21,584

Icosavax,

Inc.

.....................

44,517

140,674

Ideaya

Biosciences,

Inc.

..............

72,270

1,078,268

IGM

Biosciences,

Inc.

(a)

...............

21,459

487,978

Imago

Biosciences,

Inc.

(a)

.............

52,866

795,633

ImmuCell

Corp.

....................

13,149

98,355

Immuneering

Corp.,

Class

A

(a)

..........

40,768

583,798

Immunic,

Inc.

.....................

49,953

157,851

ImmunoGen,

Inc.

...................

435,893

2,083,569

Immunome,

Inc.

(a)

..................

20,829

92,481

Immunovant,

Inc.

(a)

..................

80,180

447,404

Impel

Pharmaceuticals,

Inc.

(a)

...........

12,509

60,919

IN8bio,

Inc.

(a)

......................

22,683

45,820

Inhibrx,

Inc.

(a)

.....................

59,306

1,064,543

Inmune

Bio,

Inc.

(a)

..................

23,181

143,722

Inovio

Pharmaceuticals,

Inc.

(a)

..........

499,604

861,817

Inozyme

Pharma,

Inc.

(a)

..............

35,815

95,984

Intercept

Pharmaceuticals,

Inc.

(a)

........

49,653

692,659

Invivyd,

Inc.

(a)

.....................

105,232

329,376

iTeos

Therapeutics,

Inc.

..............

47,763

909,885

Janux

Therapeutics,

Inc.

(a)

.............

34,860

472,004

Jasper

Therapeutics,

Inc.

(a)

............

44,335

34,985

Jounce

Therapeutics,

Inc.

(a)

............

84,321

197,311

KalVista

Pharmaceuticals,

Inc.

(a)

.........

49,496

718,187

Karyopharm

Therapeutics,

Inc.

(a)

........

153,770

839,584

Keros

Therapeutics,

Inc.

(a)

.............

36,262

1,364,176

Kezar

Life

Sciences,

Inc.

(a)

.............

106,711

918,782

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

(a)

....

62,937

808,111

Kinnate

Biopharma,

Inc.

..............

59,355

709,292

Kodiak

Sciences,

Inc.

(a)

...............

67,823

524,950

Kronos

Bio,

Inc.

....................

83,260

278,921

Lantern

Pharma,

Inc.

(a)

...............

15,098

72,168

Larimar

Therapeutics,

Inc.

.............

22,666

72,531

Leap

Therapeutics,

Inc.

(a)

.............

150,177

132,156

Lexicon

Pharmaceuticals,

Inc.

(a)

.........

168,454

404,290

Lineage

Cell

Therapeutics,

Inc.

(a)

........

258,393

291,984

Longeveron,

Inc.,

Class

A

(a)

............

8,746

32,360

Lumos

Pharma,

Inc.

(a)

................

12,409

109,820

MacroGenics,

Inc.

..................

123,685

427,950

Magenta

Therapeutics,

Inc.

............

82,673

116,569

MAIA

Biotechnology,

Inc.

(a)

............

3,572

11,788

MannKind

Corp.

(a)

..................

505,437

1,561,800

MediciNova,

Inc.

(a)

..................

95,459

207,146

MeiraGTx

Holdings

plc

...............

61,200

514,692

Merrimack

Pharmaceuticals,

Inc.

........

20,937

78,514

Mersana

Therapeutics,

Inc.

............

182,384

1,232,916

MiMedx

Group,

Inc.

(a)

................

229,001

657,233

MiNK

Therapeutics,

Inc.

(a)

.............

9,604

20,264

Mirum

Pharmaceuticals,

Inc.

(a)

..........

36,625

769,491

Molecular

Templates,

Inc.

(a)

............

80,799

60,575

Moleculin

Biotech,

Inc.

(a)

..............

60,570

64,204

Monte

Rosa

Therapeutics,

Inc.

(a)

.........

58,192

475,429

Neoleukin

Therapeutics,

Inc.

(a)

..........

69,354

44,387

NeuBase

Therapeutics,

Inc.

(a)

...........

58,059

22,933

NexImmune,

Inc.

(a)

..................

25,557

14,174

NextCure,

Inc.

(a)

....................

47,761

131,343

NightHawk

Biosciences,

Inc.

(a)

..........

49,651

85,896

Nkarta,

Inc.

(a)

......................

65,853

866,625

Nurix

Therapeutics,

Inc.

..............

93,503

1,218,344

Nuvalent,

Inc.,

Class

A

(a)

..............

34,242

665,665

Nuvectis

Pharma,

Inc.

(a)

..............

12,247

86,831

Nymox

Pharmaceutical

Corp.

(a)

.........

105,708

44,524

Security

Shares

Shares

Value

Biotechnology

(continued)

Ocugen,

Inc.

(a)

.....................

434,580

$

773,552

Olema

Pharmaceuticals,

Inc.

...........

53,644

148,057

Omega

Therapeutics,

Inc.

(a)

............

42,890

232,464

Oncocyte

Corp.

(a)

...................

188,473

137,585

Oncternal

Therapeutics,

Inc.

(a)

..........

88,451

78,863

Orgenesis,

Inc.

....................

43,559

61,854

ORIC

Pharmaceuticals,

Inc.

(a)

..........

78,311

250,595

Outlook

Therapeutics,

Inc.

(a)

............

238,459

290,920

Ovid

therapeutics,

Inc.

(a)

..............

120,329

221,405

Oyster

Point

Pharma,

Inc.

(a)

............

28,198

158,473

Pardes

Biosciences,

Inc.

(a)

.............

68,714

127,121

Passage

Bio,

Inc.

...................

89,211

111,514

PDS

Biotechnology

Corp.

(a)

............

52,774

156,739

PepGen,

Inc.

(a)

....................

19,066

173,119

PharmaCyte

Biotech,

Inc.

.............

8,616

20,678

PhaseBio

Pharmaceuticals,

Inc.

(a)

........

73,505

12,937

Pieris

Pharmaceuticals,

Inc.

(a)

..........

135,251

155,539

PMV

Pharmaceuticals,

Inc.

(a)

...........

74,822

890,382

Point

Biopharma

Global,

Inc.

(a)

..........

150,368

1,162,345

Portage

Biotech,

Inc.

(a)

...............

19,178

130,794

Poseida

Therapeutics,

Inc.

............

78,850

278,341

Praxis

Precision

Medicines,

Inc.

.........

78,443

178,066

Precigen,

Inc.

.....................

205,168

434,956

Precision

BioSciences,

Inc.

............

170,767

221,997

Prelude

Therapeutics,

Inc.

(a)

............

23,521

155,474

Prometheus

Biosciences,

Inc.

..........

61,946

3,655,433

Protagonist

Therapeutics,

Inc.

..........

93,509

788,281

Protalix

BioTherapeutics,

Inc.

(a)

.........

90,461

94,206

Protara

Therapeutics,

Inc.

.............

19,747

58,451

Prothena

Corp.

plc

(a)

.................

71,967

4,363,359

Puma

Biotechnology,

Inc.

.............

70,254

166,502

Pyxis

Oncology,

Inc.

.................

61,325

120,810

Quince

Therapeutics,

Inc.

(a)

............

51,669

68,720

Rallybio

Corp.

(a)

....................

32,455

469,624

RAPT

Therapeutics,

Inc.

..............

52,440

1,261,706

Reneo

Pharmaceuticals,

Inc.

...........

20,257

67,861

Renovacor,

Inc.

(a)

...................

27,750

69,930

Replimune

Group,

Inc.

...............

82,533

1,425,345

Rezolute,

Inc.

(a)

....................

59,615

163,345

Rhythm

Pharmaceuticals,

Inc.

(a)

.........

92,450

2,265,025

Rigel

Pharmaceuticals,

Inc.

............

347,916

410,541

Rocket

Pharmaceuticals,

Inc.

(a)

..........

88,205

1,407,752

Rubius

Therapeutics,

Inc.

(a)

............

93,773

40,679

SAB

Biotherapeutics,

Inc.

(a)

............

50,216

35,201

Sangamo

Therapeutics,

Inc.

(a)

..........

260,015

1,274,074

Savara,

Inc.

(a)

.....................

152,726

236,725

Scholar

Rock

Holding

Corp.

............

83,594

579,306

SELLAS

Life

Sciences

Group,

Inc.

.......

40,319

81,444

Sensei

Biotherapeutics,

Inc.

...........

33,367

51,719

Sera

Prognostics,

Inc.,

Class

A

..........

38,873

62,197

Seres

Therapeutics,

Inc.

(a)

.............

143,115

918,798

Shattuck

Labs,

Inc.

.................

68,445

184,802

Sigilon

Therapeutics,

Inc.

.............

48,944

24,717

Silverback

Therapeutics,

Inc.

(a)

..........

46,329

244,617

Sorrento

Therapeutics,

Inc.

(a)

...........

772,051

1,212,120

Spero

Therapeutics,

Inc.

(a)

.............

63,146

126,292

Spruce

Biosciences,

Inc.

(a)

.............

24,141

33,073

SQZ

Biotechnologies

Co.

(a)

............

50,583

115,329

Stoke

Therapeutics,

Inc.

..............

45,574

585,170

Summit

Therapeutics,

Inc.

(a)

............

105,748

125,840

Surface

Oncology,

Inc.

(a)

..............

102,267

106,358

Surrozen,

Inc.

(a)

....................

43,486

87,842

Sutro

Biopharma,

Inc.

................

98,779

548,223

Synaptogenix,

Inc.

(a)

.................

14,108

94,524

Syndax

Pharmaceuticals,

Inc.

..........

107,585

2,585,268

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Synlogic,

Inc.

.....................

122,300

$

116,185

Syros

Pharmaceuticals,

Inc.

(a)

..........

11,607

74,749

Talaris

Therapeutics,

Inc.

.............

45,387

119,368

Tango

Therapeutics,

Inc.

..............

95,173

344,526

Taysha

Gene

Therapies,

Inc.

(a)

..........

49,493

95,522

TCR2

Therapeutics,

Inc.

(a)

.............

62,990

113,382

Tenaya

Therapeutics,

Inc.

.............

56,682

164,378

Tracon

Pharmaceuticals,

Inc.

...........

33,484

55,918

TransCode

Therapeutics,

Inc.

(a)

.........

13,949

15,344

TScan

Therapeutics,

Inc.

(a)

............

29,845

91,027

Tyra

Biosciences,

Inc.

(a)

..............

27,073

237,972

UNITY

Biotechnology,

Inc.

(a)

............

108,210

42,754

UroGen

Pharma

Ltd.

(a)

...............

39,619

329,630

Vaccinex,

Inc.

(a)

....................

43,419

21,492

Vanda

Pharmaceuticals,

Inc.

...........

112,692

1,113,397

Vaxart,

Inc.

(a)

......................

251,408

548,069

VBI

Vaccines,

Inc.

..................

389,601

274,980

Vera

Therapeutics,

Inc.,

Class

A

.........

28,552

608,443

Verastem,

Inc.

(a)

....................

377,153

320,580

Verve

Therapeutics,

Inc.

(a)

.............

92,083

3,163,051

Vigil

Neuroscience,

Inc.

(a)

.............

14,591

132,778

Viking

Therapeutics,

Inc.

(a)

.............

135,465

368,465

Vincerx

Pharma,

Inc.

(a)

...............

36,993

51,050

Viracta

Therapeutics,

Inc.

.............

55,292

236,097

Viridian

Therapeutics,

Inc.

.............

53,401

1,095,255

Virios

Therapeutics,

Inc.

(a)

.............

36,260

13,797

VistaGen

Therapeutics,

Inc.

............

394,032

59,932

Vor

BioPharma,

Inc.

(a)

................

39,907

158,830

Voyager

Therapeutics,

Inc.

............

55,902

330,940

Werewolf

Therapeutics,

Inc.

(a)

..........

12,270

55,338

X4

Pharmaceuticals,

Inc.

(a)

............

65,783

112,489

XBiotech,

Inc.

.....................

30,850

111,677

Xilio

Therapeutics,

Inc.

...............

42,240

122,918

XOMA

Corp.

(a)

.....................

13,626

244,042

Y-mAbs

Therapeutics,

Inc.

.............

73,951

1,066,373

151,409,830

Building

Products

—

0.4%

Aeroclean

Technologies,

Inc.

(a)(b)

.........

5,705

16,488

Alpha

Pro

Tech

Ltd.

(a)(b)

...............

23,028

93,263

Caesarstone

Ltd.

...................

45,926

427,571

Insteel

Industries,

Inc.

................

37,983

1,007,689

Quanex

Building

Products

Corp.

.........

66,894

1,214,795

View,

Inc.,

Class

A

(a)(b)

................

227,523

304,881

3,064,687

Capital

Markets

—

1.3%

Ashford,

Inc.

(b)

.....................

1,782

24,021

Associated

Capital

Group,

Inc.,

Class

A

....

3,531

129,799

Bakkt

Holdings,

Inc.,

Class

A

(a)(b)

.........

128,888

293,865

Blucora,

Inc.

(b)

.....................

96,189

1,860,295

Cowen,

Inc.,

Class

A

(a)

...............

53,315

2,060,092

Diamond

Hill

Investment

Group,

Inc.

......

6,008

991,320

Donnelley

Financial

Solutions,

Inc.

(b)

......

52,312

1,933,975

GAMCO

Investors,

Inc.,

Class

A

.........

9,485

161,719

Greenhill

&

Co.,

Inc.

.................

27,039

160,612

Hennessy

Advisors,

Inc.

..............

9,159

79,408

Heritage

Global,

Inc.

(b)

...............

70,239

113,085

Manning

&

Napier,

Inc.,

Class

A

.........

31,955

392,088

MarketWise,

Inc.,

Class

A

(a)(b)

...........

36,627

83,509

Marygold

Companies,

Inc.

(The)

(a)(b)

......

29,123

36,404

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

16,544

512,533

Perella

Weinberg

Partners,

Class

A

.......

83,699

529,815

Pzena

Investment

Management,

Inc.,

Class

A

33,985

322,178

Safeguard

Scientifics,

Inc.

(a)(b)

...........

31,873

118,886

Security

Shares

Shares

Value

Capital

Markets

(continued)

Sculptor

Capital

Management,

Inc.,

Class

A

.

52,338

$

462,668

Siebert

Financial

Corp.

(a)(b)

.............

28,501

42,181

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

.......................

20,057

327,932

Value

Line,

Inc.

....................

1,844

80,952

Westwood

Holdings

Group,

Inc.

.........

15,492

149,188

10,866,525

Chemicals

—

1.3%

Advanced

Emissions

Solutions,

Inc.

(b)

.....

34,550

94,322

AdvanSix,

Inc.

.....................

55,530

1,782,513

AgroFresh

Solutions,

Inc.

(b)

............

67,199

100,799

American

Vanguard

Corp.

.............

59,202

1,107,077

Aspen

Aerogels,

Inc.

(b)

...............

62,385

575,190

Core

Molding

Technologies,

Inc.

(a)(b)

.......

15,430

153,220

Danimer

Scientific,

Inc.,

Class

A

(a)(b)

.......

183,959

542,679

Flexible

Solutions

International,

Inc.

(a)(b)

....

17,120

28,248

Flotek

Industries,

Inc.

(a)(b)

..............

134,116

134,116

FutureFuel

Corp.

...................

51,598

311,652

Hawkins,

Inc.

.....................

39,095

1,524,314

Intrepid

Potash,

Inc.

(a)(b)

...............

22,613

894,796

Koppers

Holdings,

Inc.

...............

40,725

846,266

Northern

Technologies

International

Corp.

..

16,049

213,612

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

213,214

1,100,184

Rayonier

Advanced

Materials,

Inc.

(a)(b)

.....

125,027

393,835

Tredegar

Corp.

....................

55,048

519,653

Valhi,

Inc.

........................

4,815

121,145

Zymergen,

Inc.

(a)(b)

..................

118,601

329,711

10,773,332

Commercial

Services

&

Supplies

—

1.8%

ACCO

Brands

Corp.

.................

186,459

913,649

Acme

United

Corp.

(a)

................

4,633

106,652

Aqua

Metals,

Inc.

(a)(b)

................

149,750

113,091

ARC

Document

Solutions,

Inc.

..........

70,296

158,869

Aris

Water

Solution,

Inc.,

Class

A

........

44,697

570,334

CECO

Environmental

Corp.

(b)

...........

59,969

530,726

Charah

Solutions,

Inc.

(a)(b)

.............

38,151

69,816

CompX

International,

Inc.

.............

3,160

51,318

Ennis,

Inc.

.......................

51,749

1,041,707

Fuel

Tech,

Inc.

(a)(b)

..................

48,539

56,791

GEO

Group,

Inc.

(The)

(b)

..............

241,293

1,857,956

Harsco

Corp.

(b)

....................

159,522

596,612

Heritage-Crystal

Clean,

Inc.

(a)(b)

.........

31,907

943,490

Interface,

Inc.

.....................

117,797

1,058,995

Kimball

International,

Inc.,

Class

B

.......

73,673

463,403

Montrose

Environmental

Group,

Inc.

(a)(b)

....

55,813

1,878,107

NL

Industries,

Inc.

(a)

.................

17,457

134,943

Odyssey

Marine

Exploration,

Inc.

(a)(b)

......

29,596

91,748

Performant

Financial

Corp.

(a)(b)

..........

136,735

252,960

Perma-Fix

Environmental

Services,

Inc.

(b)

..

25,528

114,365

Quad/Graphics,

Inc.,

Class

A

(a)(b)

.........

68,556

175,503

Quest

Resource

Holding

Corp.

(a)(b)

.......

33,432

282,166

Shapeways

Holdings,

Inc.

(a)(b)

...........

33,649

21,000

SP

Plus

Corp.

(a)(b)

...................

47,162

1,477,114

Team,

Inc.

(b)

......................

57,883

61,356

Viad

Corp.

(b)

......................

41,558

1,312,402

Virco

Mfg.

Corp.

(b)

..................

20,003

85,213

VSE

Corp.

.......................

21,454

759,472

15,179,758

Communications

Equipment

—

1.6%

Airspan

Networks

Holdings,

Inc.

(a)(b)

.......

42,572

85,995

Applied

Optoelectronics,

Inc.

(a)(b)

.........

54,291

147,672

Aviat

Networks,

Inc.

(b)

................

22,665

620,568

BK

Technologies

Corp.

...............

28,095

67,709

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

CalAmp

Corp.

(a)(b)

...................

72,201

$

277,252

Cambium

Networks

Corp.

(b)

............

23,349

395,065

Casa

Systems,

Inc.

(a)(b)

...............

70,465

220,555

Clearfield,

Inc.

(a)(b)

...................

23,381

2,446,588

Comtech

Telecommunications

Corp.

......

52,699

527,517

Digi

International,

Inc.

(a)(b)

.............

69,070

2,387,750

DZS,

Inc.

(b)

.......................

35,568

401,918

EMCORE

Corp.

(b)

...................

75,228

125,631

Franklin

Wireless

Corp.

(b)

.............

21,463

62,672

Genasys,

Inc.

(a)(b)

...................

73,928

204,781

Harmonic,

Inc.

(b)

....................

186,825

2,441,803

Inseego

Corp.

(a)(b)

...................

175,693

363,684

KVH

Industries,

Inc.

(a)(b)

...............

37,699

347,585

Lantronix,

Inc.

(a)(b)

...................

53,655

258,081

NETGEAR,

Inc.

(b)

...................

57,531

1,152,921

Network-1

Technologies,

Inc.

...........

35,045

78,851

Ondas

Holdings,

Inc.

(a)(b)

..............

71,130

263,181

Optical

Cable

Corp.

(b)

................

9,734

33,582

PCTEL,

Inc.

(b)

.....................

35,507

167,593

Ribbon

Communications,

Inc.

(a)(b)

........

146,599

325,450

TESSCO

Technologies,

Inc.

(b)

..........

13,974

57,852

13,462,256

Construction

&

Engineering

—

0.8%

Argan,

Inc.

.......................

27,237

876,214

Bowman

Consulting

Group

Ltd.

(a)(b)

.......

17,883

261,092

Concrete

Pumping

Holdings,

Inc.

(a)(b)

......

52,915

341,302

Great

Lakes

Dredge

&

Dock

Corp.

(b)

......

132,529

1,004,570

IES

Holdings,

Inc.

(b)

.................

17,632

486,996

Infrastructure

and

Energy

Alternatives,

Inc.

(b)

62,260

843,000

INNOVATE

Corp.

(a)(b)

.................

92,907

65,053

iSun,

Inc.

(a)(b)

......................

23,731

52,445

Limbach

Holdings,

Inc.

(b)

..............

19,186

145,814

Matrix

Service

Co.

(b)

.................

53,217

220,318

Northwest

Pipe

Co.

(b)

................

19,794

556,211

Orbital

Infrastructure

Group,

Inc.

(a)(b)

......

175,515

83,370

Orion

Group

Holdings,

Inc.

(b)

...........

60,752

160,385

QualTek

Services,

Inc.,

Class

A

(a)(b)

.......

24,659

49,565

Sterling

Infrastructure,

Inc.

(a)(b)

..........

59,449

1,276,370

Tutor

Perini

Corp.

(b)

.................

84,844

468,339

Williams

Industrial

Services

Group,

Inc.

(b)

...

34,487

51,041

6,942,085

Construction

Materials

—

0.1%

Smith-Midland

Corp.

(a)(b)

..............

8,969

239,921

United

States

Lime

&

Minerals,

Inc.

.......

4,109

419,940

659,861

Consumer

Finance

—

0.7%

Atlanticus

Holdings

Corp.

(a)(b)

...........

8,569

224,765

Consumer

Portfolio

Services,

Inc.

(a)(b)

......

18,656

135,629

Curo

Group

Holdings

Corp.

............

44,892

180,017

Elevate

Credit,

Inc.

(b)

................

55,446

60,991

Enova

International,

Inc.

(b)

.............

63,297

1,852,703

EZCORP,

Inc.,

Class

A,

NVS

(a)(b)

.........

101,096

779,450

Katapult

Holdings,

Inc.

(a)(b)

.............

105,876

101,652

Medallion

Financial

Corp.

(a)

............

41,515

291,435

Moneylion,

Inc.,

Class

A

(b)

.............

254,022

226,740

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

51,800

459,466

Nicholas

Financial,

Inc.

(b)

..............

9,821

55,882

Oportun

Financial

Corp.

(b)

.............

55,208

241,259

OppFi,

Inc.,

Class

A

(a)(b)

...............

26,401

60,722

Regional

Management

Corp.

...........

15,609

437,676

Sunlight

Financial

Holdings,

Inc.

(a)(b)

......

49,052

60,824

Security

Shares

Shares

Value

Consumer

Finance

(continued)

World

Acceptance

Corp.

(a)(b)

............

7,922

$

767,008

5,936,219

Containers

&

Packaging

—

0.2%

Cryptyde,

Inc.

(a)(b)

...................

37,040

25,658

Myers

Industries,

Inc.

................

73,592

1,212,060

Ranpak

Holdings

Corp.,

Class

A

(a)(b)

......

88,350

302,157

1,539,875

Distributors

—

0.2%

AMCON

Distributing

Co.

(a)

.............

323

67,830

Educational

Development

Corp.

.........

13,549

32,653

Funko,

Inc.,

Class

A

(a)(b)

...............

64,633

1,306,880

Weyco

Group,

Inc.

..................

11,883

241,700

1,649,063

Diversified

Consumer

Services

—

0.8%

American

Public

Education,

Inc.

(b)

........

38,447

351,406

Beachbody

Co.,

Inc.

(The),

Class

A

(a)(b)

....

213,763

215,901

Carriage

Services,

Inc.

...............

26,877

864,364

Lincoln

Educational

Services

Corp.

(a)(b)

.....

48,235

262,398

Nerdy,

Inc.,

Class

A

(a)(b)

...............

110,202

232,526

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

135,334

1,136,806

Perdoceo

Education

Corp.

(b)

...........

136,232

1,403,190

Regis

Corp.

(b)

.....................

88,939

89,828

Rover

Group,

Inc.,

Class

A

(a)(b)

..........

188,334

629,036

StoneMor,

Inc.

(b)

....................

55,328

189,775

Universal

Technical

Institute,

Inc.

(b)

.......

65,930

358,659

WW

International,

Inc.

(b)

..............

110,053

432,508

XpresSpa

Group,

Inc.

(a)(b)

..............

191,639

146,604

6,313,001

Diversified

Financial

Services

—

0.4%

Acacia

Research

Corp.

(a)(b)

.............

92,334

373,029

Alerus

Financial

Corp.

...............

30,892

682,713

A-Mark

Precious

Metals,

Inc.

...........

36,662

1,040,834

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

....................

55,626

726,476

SWK

Holdings

Corp.

(a)(b)

..............

7,025

119,425

2,942,477

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(b)

.....................

37,238

1,330,141

ATN

International,

Inc.

...............

22,206

856,485

Bandwidth,

Inc.,

Class

A

(b)

.............

47,128

560,823

Charge

Enterprises,

Inc.

(a)(b)

............

262,738

462,419

Consolidated

Communications

Holdings,

Inc.

(b)

150,807

627,357

IDT

Corp.,

Class

B

(b)

.................

29,773

739,264

Ooma,

Inc.

(a)(b)

.....................

46,739

574,890

5,151,379

Electric

Utilities

—

0.1%

Genie

Energy

Ltd.,

Class

B

(a)

...........

40,835

381,807

Via

Renewables,

Inc.,

Class

A

..........

24,764

171,119

552,926

Electrical

Equipment

—

1.1%

Advent

Technologies

Holdings,

Inc.

(a)(b)

....

79,126

242,126

Allied

Motion

Technologies,

Inc.

.........

26,972

771,939

American

Superconductor

Corp.

(a)(b)

......

56,261

246,423

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

122,872

783,923

Beam

Global

(a)(b)

...................

18,070

220,454

Blink

Charging

Co.

(a)(b)

................

72,752

1,289,165

Broadwind,

Inc.

(a)(b)

..................

36,268

109,529

Capstone

Green

Energy

Corp.

(a)(b)

........

30,896

54,686

Energous

Corp.

(a)(b)

..................

156,103

160,786

Eos

Energy

Enterprises,

Inc.,

Class

A

(b)

....

80,724

134,809

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Espey

Mfg.

&

Electronics

Corp.

(b)

........

2,529

$

34,875

ESS

Tech,

Inc.

(a)(b)

..................

163,469

668,588

Flux

Power

Holdings,

Inc.

(a)(b)

...........

23,640

60,518

FTC

Solar,

Inc.

(a)(b)

..................

85,823

254,036

Heliogen,

Inc.

(a)(b)

...................

183,191

340,735

Ideal

Power,

Inc.

(a)(b)

.................

12,004

124,241

KULR

Technology

Group,

Inc.

(a)(b)

........

138,485

177,261

LSI

Industries,

Inc.

..................

53,522

411,584

Nuvve

Holding

Corp.

(a)(b)

..............

11,705

16,387

Ocean

Power

Technologies,

Inc.

(a)(b)

......

107,803

88,399

Orion

Energy

Systems,

Inc.

(b)

...........

57,978

90,446

Pioneer

Power

Solutions,

Inc.

(b)

.........

7,737

21,896

Polar

Power,

Inc.

(a)(b)

.................

12,803

31,623

Powell

Industries,

Inc.

................

18,494

389,854

Preformed

Line

Products

Co.

...........

5,071

360,802

Romeo

Power,

Inc.,

Class

A

(a)(b)

.........

370,858

148,343

Sunworks,

Inc.

(a)(b)

..................

66,288

184,944

Thermon

Group

Holdings,

Inc.

(b)

.........

66,958

1,031,823

TPI

Composites,

Inc.

(b)

...............

73,668

830,975

Ultralife

Corp.

(a)(b)

...................

19,711

94,810

Westwater

Resources,

Inc.

(b)

...........

94,738

108,001

9,483,981

Electronic

Equipment,

Instruments

&

Components

—

2.3%

908

Devices,

Inc.

(a)(b)

.................

44,398

730,347

Aeva

Technologies,

Inc.

(b)

.............

196,759

367,939

AEye,

Inc.,

Class

A

(a)(b)

...............

52,421

58,187

Airgain,

Inc.

(a)(b)

....................

17,988

129,694

Akoustis

Technologies,

Inc.

(a)(b)

..........

105,755

314,092

Arlo

Technologies,

Inc.

(b)

..............

175,507

814,353

Autoscope

Technologies

Corp.

..........

6,915

31,463

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

20,570

519,393

Cepton,

Inc.

(a)(b)

....................

97,583

191,263

ClearSign

Technologies

Corp.

(a)(b)

........

52,918

48,579

Coda

Octopus

Group,

Inc.

(a)(b)

..........

12,767

68,942

CPS

Technologies

Corp.

(b)

.............

24,164

67,901

CTS

Corp.

.......................

64,275

2,677,054

Daktronics,

Inc.

(b)

...................

76,221

206,559

Digital

Ally,

Inc.

(a)(b)

..................

96,309

43,936

Evolv

Technologies

Holdings,

Inc.

(a)(b)

.....

170,492

361,443

FARO

Technologies,

Inc.

(b)

.............

37,109

1,018,271

Focus

Universal,

Inc.

(a)(b)

..............

35,584

333,778

Frequency

Electronics,

Inc.

(b)

...........

13,276

76,337

Identiv,

Inc.

(a)(b)

.....................

44,806

561,867

Interlink

Electronics,

Inc.

(a)(b)

............

2,683

22,457

Iteris,

Inc.

(b)

.......................

86,752

257,653

Key

Tronic

Corp.

(b)

..................

22,363

90,347

Kimball

Electronics,

Inc.

(b)

.............

48,601

833,507

LGL

Group,

Inc.

(The)

(a)(b)

.............

6,863

77,689

LightPath

Technologies,

Inc.,

Class

A

(a)(b)

...

55,609

59,502

Luna

Innovations,

Inc.

(a)(b)

.............

63,412

281,549

MicroVision,

Inc.

(a)(b)

.................

336,274

1,213,949

Napco

Security

Technologies,

Inc.

(a)(b)

.....

59,340

1,725,607

nLight,

Inc.

(b)

......................

90,486

855,093

Nortech

Systems,

Inc.

(a)(b)

.............

2,055

21,660

Ouster,

Inc.,

Class

A

(a)(b)

..............

288,461

277,903

Powerfleet,

Inc.

(b)

...................

71,006

218,698

Quanergy

Systems,

Inc.

(b)

.............

71,493

14,799

Red

Cat

Holdings,

Inc.

(a)(b)

.............

66,083

110,359

Research

Frontiers,

Inc.

(a)(b)

............

62,784

133,730

RF

Industries

Ltd.

(b)

.................

19,408

111,596

Richardson

Electronics

Ltd.

............

23,432

353,823

ScanSource,

Inc.

(b)

..................

51,314

1,355,203

SigmaTron

International,

Inc.

(b)

..........

8,455

40,161

SmartRent,

Inc.,

Class

A

(b)

.............

245,265

556,752

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Sono-Tek

Corp.

(a)(b)

..................

15,351

$

107,764

Velodyne

Lidar,

Inc.

(a)(b)

...............

390,585

369,923

Vishay

Precision

Group,

Inc.

(b)

..........

25,126

743,478

Wayside

Technology

Group,

Inc.

........

8,331

223,937

Wireless

Telecom

Group,

Inc.

(b)

.........

40,161

52,209

Wrap

Technologies,

Inc.

(a)(b)

............

53,237

91,035

18,821,781

Energy

Equipment

&

Services

—

1.6%

Borr

Drilling

Ltd.

(a)(b)

.................

394,643

1,310,215

Bristow

Group,

Inc.

(b)

................

47,470

1,115,070

Dawson

Geophysical

Co.

(b)

............

13,394

22,502

Diamond

Offshore

Drilling,

Inc.

(b)

.........

206,002

1,365,793

DMC

Global,

Inc.

(b)

..................

38,076

608,454

Energy

Services

of

America

Corp.

(b)

......

18,753

53,634

ENGlobal

Corp.

(a)(b)

..................

56,892

71,684

Enservco

Corp.

(a)(b)

..................

17,555

22,646

Exterran

Corp.

(b)

...................

48,764

202,858

Forum

Energy

Technologies,

Inc.

(a)(b)

......

9,074

192,732

Geospace

Technologies

Corp.

(a)(b)

........

25,677

113,236

Gulf

Island

Fabrication,

Inc.

(b)

...........

27,696

115,492

Helix

Energy

Solutions

Group,

Inc.

(b)

......

288,350

1,113,031

Independence

Contract

Drilling,

Inc.

(b)

.....

16,864

50,592

KLX

Energy

Services

Holdings,

Inc.

(a)(b)

....

18,940

155,876

Mammoth

Energy

Services,

Inc.

(b)

........

38,311

130,640

National

Energy

Services

Reunited

Corp.

(a)(b)

77,273

459,002

Natural

Gas

Services

Group,

Inc.

(b)

.......

24,017

241,131

NCS

Multistage

Holdings,

Inc.

(b)

.........

1,268

27,579

Newpark

Resources,

Inc.

(b)

............

175,715

442,802

Nine

Energy

Service,

Inc.

(b)

............

35,999

95,037

Oil

States

International,

Inc.

(b)

...........

127,750

496,947

Profire

Energy,

Inc.

(b)

................

75,033

63,793

Ranger

Energy

Services,

Inc.

(a)(b)

........

22,564

220,676

SEACOR

Marine

Holdings,

Inc.

(a)(b)

.......

47,167

265,079

Select

Energy

Services,

Inc.,

Class

A

(b)

....

144,068

1,004,154

Smart

Sand,

Inc.

(a)(b)

.................

49,686

77,510

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

63,997

599,012

Superior

Drilling

Products,

Inc.

(b)

.........

25,007

16,755

TETRA

Technologies,

Inc.

(b)

............

250,569

899,543

Tidewater,

Inc.

(a)(b)

..................

86,649

1,880,283

13,433,758

Entertainment

—

0.2%

Ballantyne

Strong,

Inc.

(b)

..............

31,878

65,988

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(b)

.........................

15,840

108,979

CuriosityStream,

Inc.,

Class

A

(a)(b)

........

50,005

73,007

Gaia,

Inc.,

Class

A

(b)

.................

29,801

72,416

Golden

Matrix

Group,

Inc.

(a)(b)

...........

15,409

44,994

Marcus

Corp.

(The)

(a)

................

49,644

689,555

Mobile

Global

Esports,

Inc.

(b)

...........

7,724

14,676

Playstudios,

Inc.,

Class

A

(b)

............

159,732

557,465

Reading

International,

Inc.,

Class

A,

NVS

(a)(b)

38,652

127,165

Reservoir

Media,

Inc.

(a)(b)

..............

42,975

209,718

1,963,963

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.0%

Alpine

Income

Property

Trust,

Inc.

.......

22,312

361,901

Ashford

Hospitality

Trust,

Inc.

(a)(b)

........

69,593

473,928

Bluerock

Residential

Growth

REIT,

Inc.

....

58,201

1,556,877

Braemar

Hotels

&

Resorts,

Inc.

(a)

........

139,077

598,031

BRT

Apartments

Corp.

...............

24,342

494,386

CBL

&

Associates

Properties,

Inc.

........

54,237

1,389,010

Chatham

Lodging

Trust

(b)

.............

97,579

963,105

City

Office

REIT,

Inc.

................

82,800

825,516

Clipper

Realty,

Inc.

..................

24,237

168,932

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

CorEnergy

Infrastructure

Trust,

Inc.

.......

32,469

$

51,626

Creative

Media

&

Community

Trust

Corp.

...

28,572

182,575

CTO

Realty

Growth,

Inc.

..............

36,049

675,558

Diversified

Healthcare

Trust

............

483,484

478,697

Farmland

Partners,

Inc.

..............

98,674

1,250,200

Franklin

Street

Properties

Corp.

.........

200,660

527,736

Gladstone

Commercial

Corp.

...........

79,113

1,226,251

Gladstone

Land

Corp.

(a)

..............

65,031

1,177,061

Global

Medical

REIT,

Inc.

.............

122,795

1,046,213

Global

Self

Storage,

Inc.

(a)

.............

20,079

117,663

Hersha

Hospitality

Trust,

Class

A

........

63,493

506,674

Indus

Realty

Trust,

Inc.

...............

10,768

563,920

Modiv,

Inc.,

Class

C

.................

15,470

225,862

NETSTREIT

Corp.

(a)

.................

123,191

2,194,032

New

York

City

REIT,

Inc.,

Class

A

(a)

.......

28,174

91,002

One

Liberty

Properties,

Inc.

............

33,106

695,888

Orion

Office

REIT,

Inc.

...............

115,869

1,013,854

Plymouth

Industrial

REIT,

Inc.

..........

76,555

1,286,890

Postal

Realty

Trust,

Inc.,

Class

A

........

35,969

527,665

Power

REIT

(b)

.....................

5,628

60,051

Presidio

Property

Trust,

Inc.,

Class

A

(a)

....

23,332

29,165

Sotherly

Hotels,

Inc.

(b)

................

31,679

59,556

UMH

Properties,

Inc.

................

100,177

1,617,859

Universal

Health

Realty

Income

Trust

.....

25,833

1,116,244

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

60,030

931,065

Whitestone

REIT

...................

94,503

799,495

25,284,488

Food

&

Staples

Retailing

—

0.7%

Blue

Apron

Holdings,

Inc.,

Class

A

(a)(b)

.....

52,501

303,456

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

69,275

2,006,897

HF

Foods

Group,

Inc.

(a)(b)

..............

71,258

275,768

MedAvail

Holdings,

Inc.

(b)

.............

76,177

59,113

Natural

Grocers

by

Vitamin

Cottage,

Inc.

...

18,723

202,021

Rite

Aid

Corp.

(a)(b)

...................

110,881

548,861

SpartanNash

Co.

...................

72,317

2,098,639

Village

Super

Market,

Inc.,

Class

A

.......

16,993

328,475

5,823,230

Food

Products

—

1.0%

Alico,

Inc.

........................

12,746

359,947

AppHarvest,

Inc.

(a)(b)

.................

149,025

293,579

Barfresh

Food

Group,

Inc.

(b)

............

10,422

30,224

Benson

Hill,

Inc.

(a)(b)

.................

347,716

952,742

Better

Choice

Co.,

Inc.

(a)(b)

.............

46,884

37,310

Blue

Star

Foods

Corp.

(a)(b)

.............

26,727

16,838

Bridgford

Foods

Corp.

(b)

..............

3,530

49,950

Calavo

Growers,

Inc.

................

34,792

1,104,646

Farmer

Bros

Co.

(a)(b)

.................

34,786

163,146

Landec

Corp.

(a)(b)

...................

52,515

466,858

Lifeway

Foods,

Inc.

(a)(b)

...............

8,991

51,429

Limoneira

Co.

(a)

....................

32,061

422,564

Local

Bounti

Corp.

(a)(b)

................

85,904

243,967

MamaMancini's

Holdings,

Inc.

(b)

.........

31,291

34,107

Real

Good

Food

Co.,

Inc.

(The),

Class

A

(b)

..

12,140

78,424

Rocky

Mountain

Chocolate

Factory,

Inc.

(b)

..

9,097

54,673

S&W

Seed

Co.

(a)(b)

..................

36,352

26,537

Seneca

Foods

Corp.,

Class

A

(b)

.........

10,851

547,325

SunOpta,

Inc.

(a)(b)

...................

197,468

1,796,959

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

99,163

493,832

Vital

Farms,

Inc.

(b)

..................

60,993

730,086

Whole

Earth

Brands,

Inc.,

Class

A

(a)(b)

.....

83,056

318,935

8,274,078

Security

Shares

Shares

Value

Gas

Utilities

—

0.0%

RGC

Resources,

Inc.

................

16,719

$

352,102

Health

Care

Equipment

&

Supplies

—

4.8%

Accelerate

Diagnostics,

Inc.

(a)(b)

.........

80,802

122,819

Accuray,

Inc.

(a)(b)

....................

181,085

376,657

Alphatec

Holdings,

Inc.

(b)

..............

146,995

1,284,736

AngioDynamics,

Inc.

(b)

...............

75,472

1,544,157

Apollo

Endosurgery,

Inc.

(a)(b)

............

72,611

400,087

Apyx

Medical

Corp.

(b)

................

62,428

280,302

Artivion,

Inc.

(b)

.....................

78,552

1,087,160

AxoGen,

Inc.

(b)

.....................

82,418

982,423

Beyond

Air,

Inc.

(b)

...................

53,862

400,733

BioLife

Solutions,

Inc.

(b)

...............

68,060

1,548,365

Biomerica,

Inc.

(a)(b)

..................

20,904

82,153

Bioventus,

Inc.,

Class

A

(a)(b)

............

64,140

448,980

Butterfly

Network,

Inc.,

Class

A

(b)

........

269,879

1,268,431

Cardiovascular

Systems,

Inc.

(b)

..........

80,886

1,121,080

ClearPoint

Neuro,

Inc.

(a)(b)

.............

46,403

480,735

Co-Diagnostics,

Inc.

(a)(b)

...............

68,200

218,922

Cutera,

Inc.

(a)(b)

....................

33,691

1,536,310

CVRx,

Inc.

(a)(b)

.....................

19,241

179,519

CytoSorbents

Corp.

(a)(b)

...............

82,988

112,864

DarioHealth

Corp.

(a)(b)

................

39,775

184,158

Delcath

Systems,

Inc.

(a)(b)

.............

11,811

37,795

Eargo,

Inc.

(b)

......................

62,969

66,117

Electromed,

Inc.

(a)(b)

.................

14,352

147,108

enVVeno

Medical

Corp.

(b)

.............

17,415

109,366

FONAR

Corp.

(b)

....................

12,750

180,412

Hyperfine,

Inc.,

Class

A

(a)(b)

............

89,936

72,848

Inogen,

Inc.

(b)

.....................

46,648

1,132,613

Invacare

Corp.

(a)(b)

..................

66,825

52,144

iRadimed

Corp.

....................

14,444

434,187

IRIDEX

Corp.

(a)(b)

...................

29,950

72,179

Kewaunee

Scientific

Corp.

(a)(b)

..........

5,267

92,699

KORU

Medical

Systems,

Inc.

(a)(b)

.........

60,506

134,928

LeMaitre

Vascular,

Inc.

...............

39,496

2,001,657

LENSAR,

Inc.

(a)(b)

...................

18,580

103,119

Lucid

Diagnostics,

Inc.

(a)(b)

.............

16,681

25,522

Lucira

Health,

Inc.

(b)

.................

37,278

39,515

Meridian

Bioscience,

Inc.

(a)(b)

...........

86,956

2,741,723

Microbot

Medical,

Inc.

(a)(b)

.............

12,830

61,327

Milestone

Scientific,

Inc.

(a)(b)

............

112,839

89,143

Minerva

Surgical,

Inc.

(a)(b)

..............

30,636

24,368

Modular

Medical,

Inc.

(b)

...............

13,153

54,190

Nano-X

Imaging

Ltd.

(a)(b)

..............

92,444

1,060,333

Nemaura

Medical,

Inc.

(b)

..............

24,307

50,559

Neuronetics,

Inc.

(b)

..................

51,633

164,193

NeuroPace,

Inc.

(a)(b)

.................

19,377

72,664

OraSure

Technologies,

Inc.

(b)

...........

145,712

552,248

Orthofix

Medical,

Inc.

(b)

...............

39,263

750,316

OrthoPediatrics

Corp.

(a)(b)

..............

30,300

1,398,042

Owlet,

Inc.,

Class

A

(b)

................

32,042

34,285

PAVmed,

Inc.

(a)(b)

...................

152,350

131,021

Pro-Dex,

Inc.

(a)(b)

...................

4,414

78,216

Pulmonx

Corp.

(b)

...................

69,439

1,156,854

Pulse

Biosciences,

Inc.

(a)(b)

.............

30,294

69,676

Retractable

Technologies,

Inc.

(a)(b)

........

33,665

66,657

ReWalk

Robotics

Ltd.

(a)(b)

..............

123,273

109,491

RxSight,

Inc.

(b)

.....................

41,082

492,984

Sanara

Medtech,

Inc.

(a)(b)

..............

6,593

195,746

SeaSpine

Holdings

Corp.

(b)

............

72,842

413,743

Semler

Scientific,

Inc.

(b)

...............

9,533

357,964

Senseonics

Holdings,

Inc.

(a)(b)

...........

930,055

1,227,673

Sensus

Healthcare,

Inc.

(a)(b)

............

28,810

360,989

SI-BONE,

Inc.

(b)

....................

68,994

1,204,635

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Sientra,

Inc.

(a)(b)

....................

127,691

$

81,722

Sight

Sciences,

Inc.

(a)(b)

...............

44,058

279,768

Sonendo,

Inc.

(a)(b)

...................

35,976

38,494

Stereotaxis,

Inc.

(b)

..................

113,912

205,042

Strata

Skin

Sciences,

Inc.

(b)

............

53,437

46,544

Surmodics,

Inc.

(b)

...................

27,545

837,368

Tactile

Systems

Technology,

Inc.

(b)

.......

40,123

312,558

Tela

Bio,

Inc.

(a)(b)

....................

9,944

84,723

Tenon

Medical,

Inc.

(a)(b)

...............

5,531

7,246

TransMedics

Group,

Inc.

(a)(b)

............

61,942

2,585,459

UFP

Technologies,

Inc.

(a)(b)

.............

13,760

1,181,158

Utah

Medical

Products,

Inc.

............

6,989

596,232

Vapotherm,

Inc.

(b)

...................

50,996

80,064

Venus

Concept,

Inc.

(a)(b)

...............

59,062

25,987

Vicarious

Surgical,

Inc.,

Class

A

(a)(b)

.......

109,651

367,331

ViewRay,

Inc.

(b)

....................

300,687

1,094,501

Vivani

Medical,

Inc.

(a)(b)

...............

15,437

35,196

VolitionRX

Ltd.

(a)(b)

..................

74,181

100,886

Zimvie,

Inc.

(b)

......................

41,998

414,520

Zynex,

Inc.

(a)

......................

44,793

406,272

40,062,911

Health

Care

Providers

&

Services

—

2.0%

Accolade,

Inc.

(a)(b)

...................

132,402

1,512,031

AirSculpt

Technologies,

Inc.

............

24,388

156,815

Akumin,

Inc.

(a)(b)

....................

108,248

185,104

ATI

Physical

Therapy,

Inc.,

Class

A

(b)

......

157,596

157,596

Aveanna

Healthcare

Holdings,

Inc.

(b)

......

91,561

137,342

Biodesix,

Inc.

(a)(b)

...................

33,617

42,694

CareMax,

Inc.,

Class

A

(b)

..............

121,158

859,010

Castle

Biosciences,

Inc.

(a)(b)

............

49,634

1,294,455

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

74,325

2,108,600

Cryo-Cell

International,

Inc.

(a)

...........

10,893

66,447

DocGo,

Inc.

(a)(b)

....................

163,546

1,622,376

Enzo

Biochem,

Inc.

(b)

................

85,405

190,453

Exagen,

Inc.

(a)(b)

....................

19,726

53,457

Five

Star

Senior

Living,

Inc.

(b)

...........

40,693

38,654

Great

Elm

Group,

Inc.

(b)

..............

32,161

64,322

Hanger,

Inc.

(b)

.....................

76,519

1,432,436

Hims

&

Hers

Health,

Inc.,

Class

A

(a)(b)

.....

246,491

1,375,420

InfuSystem

Holdings,

Inc.

(a)(b)

...........

36,508

255,191

Joint

Corp.

(The)

(b)

..................

28,419

446,463

Novo

Integrated

Sciences,

Inc.

(b)

.........

24,974

26,223

Oncology

Institute,

Inc.

(The)

(a)(b)

.........

69,742

322,906

Pennant

Group,

Inc.

(The)

(b)

............

52,481

546,327

PetIQ,

Inc.,

Class

A

(a)(b)

...............

55,573

383,454

Psychemedics

Corp.

................

9,269

59,785

Quipt

Home

Medical

Corp.

(b)

...........

64,390

268,506

RadNet,

Inc.

(b)

.....................

101,278

2,061,007

Sema4

Holdings

Corp.,

Class

A

(b)

........

324,773

284,988

Sonida

Senior

Living,

Inc.

(a)(b)

...........

7,050

114,492

Talkspace,

Inc.

(b)

...................

246,433

253,826

Viemed

Healthcare,

Inc.

(b)

.............

71,982

431,892

Vivos

Therapeutics,

Inc.

(a)(b)

............

41,633

27,057

16,779,329

Health

Care

Technology

—

0.8%

Augmedix,

Inc.

(a)(b)

..................

31,184

45,217

Babylon

Holdings

Ltd.,

Class

A

(a)(b)

.......

224,646

106,100

Better

Therapeutics,

Inc.

(b)

.............

21,545

37,919

Biotricity,

Inc.

(a)(b)

...................

54,513

43,610

CareCloud,

Inc.

(a)(b)

..................

20,584

86,041

Computer

Programs

&

Systems,

Inc.

(b)

.....

28,557

796,169

Convey

Health

Solutions

Holdings,

Inc.

(b)

...

32,492

341,491

Forian,

Inc.

(b)

......................

38,040

127,434

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

HealthStream,

Inc.

(b)

.................

48,547

$

1,032,109

iCAD,

Inc.

(a)(b)

.....................

44,510

93,471

OptimizeRx

Corp.

(a)(b)

................

35,941

532,646

Pear

Therapeutics,

Inc.,

Class

A

(b)

........

141,144

287,934

Sharecare,

Inc.,

Class

A

(a)(b)

............

595,859

1,132,132

Simulations

Plus,

Inc.

(a)

...............

31,512

1,529,593

Streamline

Health

Solutions,

Inc.

(a)(b)

......

73,884

87,922

Tabula

Rasa

HealthCare,

Inc.

(a)(b)

........

49,584

238,003

6,517,791

Hotels,

Restaurants

&

Leisure

—

2.1%

Allied

Esports

Entertainment,

Inc.

(b)

.......

43,551

50,955

Ark

Restaurants

Corp.

(a)

..............

4,594

85,402

Biglari

Holdings,

Inc.,

Class

B,

NVS

(b)

.....

1,498

173,169

BJ's

Restaurants,

Inc.

(b)

...............

46,117

1,099,890

Bluegreen

Vacations

Holding

Corp.

.......

24,072

397,669

BurgerFi

International,

Inc.

(a)(b)

..........

28,707

74,638

Canterbury

Park

Holding

Corp.

..........

6,228

138,698

Carrols

Restaurant

Group,

Inc.

(b)

.........

73,262

119,417

Century

Casinos,

Inc.

(b)

...............

55,874

366,533

Chuy's

Holdings,

Inc.

(a)(b)

..............

38,303

887,864

Denny's

Corp.

(b)

....................

114,463

1,077,097

Drive

Shack,

Inc.

(a)(b)

.................

172,082

106,691

EBET,

Inc.

(b)

......................

28,903

35,262

El

Pollo

Loco

Holdings,

Inc.

(b)

...........

39,218

349,825

F45

Training

Holdings,

Inc.

(a)(b)

..........

74,482

230,149

FAT

Brands,

Inc.,

Class

A

.............

8,842

65,519

FAT

Brands,

Inc.,

Class

B

.............

2,299

17,703

Fiesta

Restaurant

Group,

Inc.

(a)(b)

........

34,809

220,689

First

Watch

Restaurant

Group,

Inc.

(b)

......

20,154

291,830

Flanigan's

Enterprises,

Inc.

............

1,674

42,720

Full

House

Resorts,

Inc.

(b)

.............

66,628

374,449

GAN

Ltd.

(a)(b)

......................

80,093

177,806

Golden

Entertainment,

Inc.

(b)

...........

40,883

1,426,408

Good

Times

Restaurants,

Inc.

(a)(b)

........

21,305

46,232

Inspirato,

Inc.,

Class

A

(a)(b)

.............

40,977

96,706

Inspired

Entertainment,

Inc.

(b)

...........

42,974

379,460

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

9,395

691,284

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

68,443

462,675

Lottery.com,

Inc.

(b)

..................

71,575

16,104

Monarch

Casino

&

Resort,

Inc.

(a)(b)

.......

26,872

1,508,594

Nathan's

Famous,

Inc.

(a)

..............

5,762

366,867

NeoGames

SA

(a)(b)

..................

26,437

341,037

Noodles

&

Co.,

Class

A

(b)

.............

82,984

390,025

ONE

Group

Hospitality,

Inc.

(The)

(b)

.......

45,245

300,427

PlayAGS,

Inc.

(b)

....................

56,802

301,051

Potbelly

Corp.

(a)(b)

...................

51,025

231,143

RCI

Hospitality

Holdings,

Inc.

(a)

..........

17,491

1,142,862

Red

Robin

Gourmet

Burgers,

Inc.

(b)

.......

31,864

214,445

Ruth's

Hospitality

Group,

Inc.

...........

64,775

1,092,107

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

383,005

635,788

Target

Hospitality

Corp.

(a)(b)

............

58,747

741,387

Xponential

Fitness,

Inc.,

Class

A

(b)

.......

35,319

644,925

17,413,502

Household

Durables

—

1.0%

Aterian,

Inc.

(a)(b)

....................

133,619

165,688

Bassett

Furniture

Industries,

Inc.

........

17,558

275,309

Beazer

Homes

USA,

Inc.

(b)

............

60,072

580,896

Dixie

Group,

Inc.

(The),

Class

A

(b)

........

33,054

35,698

Ethan

Allen

Interiors,

Inc.

.............

45,750

967,155

Flexsteel

Industries,

Inc.

..............

10,796

169,497

Green

Brick

Partners,

Inc.

(a)(b)

...........

54,712

1,169,743

Hamilton

Beach

Brands

Holding

Co.,

Class

A

15,491

180,780

Harbor

Custom

Development,

Inc.

(b)

......

21,327

18,768

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

Hooker

Furnishings

Corp.

.............

23,982

$

323,517

Hovnanian

Enterprises,

Inc.,

Class

A

(b)

.....

10,370

370,209

Koss

Corp.

(a)(b)

.....................

8,059

51,175

Landsea

Homes

Corp.

(a)(b)

.............

19,066

90,945

Legacy

Housing

Corp.

(b)

..............

17,736

304,172

Lifetime

Brands,

Inc.

.................

26,163

177,124

Live

Ventures,

Inc.

(b)

.................

3,326

83,316

Lovesac

Co.

(The)

(a)(b)

................

28,286

576,469

Purple

Innovation,

Inc.

(a)(b)

.............

113,023

457,743

Traeger,

Inc.

(a)(b)

....................

65,509

184,735

Tupperware

Brands

Corp.

(b)

............

89,770

587,994

Universal

Electronics,

Inc.

(b)

............

24,555

482,997

VOXX

International

Corp.,

Class

A

(a)(b)

.....

30,151

229,449

Vuzix

Corp.

(a)(b)

....................

120,436

697,324

8,180,703

Household

Products

—

0.0%

Oil-Dri

Corp.

of

America

..............

10,196

246,743

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.,

Class

A

(a)(b)

...........

85,048

936,378

Insurance

—

1.2%

Ambac

Financial

Group,

Inc.

(b)

..........

89,609

1,142,515

Atlantic

American

Corp.

..............

11,150

31,889

Citizens,

Inc.,

Class

A

(a)(b)

.............

102,308

341,709

Crawford

&

Co.,

Class

A,

NVS

..........

30,235

173,549

Donegal

Group,

Inc.,

Class

A

...........

31,469

424,517

eHealth,

Inc.

(b)

.....................

50,048

195,688

Greenlight

Capital

Re

Ltd.,

Class

A

(b)

......

52,823

393,003

Hallmark

Financial

Services,

Inc.

(a)(b)

......

27,449

28,821

HCI

Group,

Inc.

....................

13,133

514,814

Heritage

Insurance

Holdings,

Inc.

........

48,727

110,123

Hippo

Holdings,

Inc.

(a)(b)

...............

32,097

594,761

ICC

Holdings,

Inc.

(b)

.................

3,732

56,913

Investors

Title

Co.

..................

2,639

372,099

Kingstone

Cos.,

Inc.

.................

20,196

53,721

Kingsway

Financial

Services,

Inc.

(a)(b)

......

20,511

142,346

Maiden

Holdings

Ltd.

(a)(b)

..............

141,279

303,750

MBIA,

Inc.

(b)

......................

97,562

897,570

Midwest

Holding,

Inc.

(b)

...............

5,848

77,369

National

Western

Life

Group,

Inc.,

Class

A

..

4,587

783,460

NI

Holdings,

Inc.

(b)

..................

16,938

226,292

Oxbridge

Re

Holdings

Ltd.

(b)

...........

9,680

20,618

Root,

Inc.,

Class

A

(a)(b)

................

15,952

125,702

Selectquote,

Inc.

(a)(b)

.................

268,539

196,034

Tiptree,

Inc.

......................

50,419

542,508

Trean

Insurance

Group,

Inc.

(b)

..........

44,344

150,770

United

Fire

Group,

Inc.

...............

43,521

1,250,358

United

Insurance

Holdings

Corp.

........

40,956

26,232

Universal

Insurance

Holdings,

Inc.

.......

52,806

520,139

Vericity,

Inc.

(b)

.....................

4,814

36,105

9,733,375

Interactive

Media

&

Services

—

0.8%

(b)

Arena

Group

Holdings,

Inc.

(The)

(a)

.......

23,343

305,793

Cars.com,

Inc.

.....................

136,836

1,573,614

DHI

Group,

Inc.

....................

85,922

462,260

EverQuote,

Inc.,

Class

A

(a)

.............

39,320

268,162

fuboTV,

Inc.

(a)

.....................

361,836

1,284,518

IZEA

Worldwide,

Inc.

(a)

...............

123,552

87,981

Leafly

Holdings,

Inc.

(a)

................

59,386

40,323

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A

..

146,651

159,850

Outbrain,

Inc.

(a)

....................

78,395

286,142

QuinStreet,

Inc.

....................

105,299

1,105,640

Society

Pass,

Inc.

(a)

.................

6,656

10,383

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

Super

League

Gaming,

Inc.

............

52,783

$

35,629

Travelzoo

(a)

.......................

12,920

57,236

TrueCar,

Inc.

......................

182,302

275,276

Vinco

Ventures,

Inc.

(a)

................

460,900

429,190

Wejo

Group

Ltd.

...................

44,425

48,423

Zedge,

Inc.,

Class

B

.................

23,461

55,368

6,485,788

Internet

&

Direct

Marketing

Retail

—

1.0%

1-800-Flowers.com,

Inc.,

Class

A

(b)

.......

54,996

356,924

1stdibs.com,

Inc.

(a)(b)

.................

48,583

305,587

aka

Brands

Holding

Corp.

(a)(b)

...........

25,194

36,531

BARK,

Inc.

(a)(b)

.....................

245,946

447,622

Boxed,

Inc.

(a)(b)

.....................

114,754

105,803

CarParts.com,

Inc.

(a)(b)

................

103,731

536,289

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

1,173,319

861,099

Duluth

Holdings,

Inc.,

Class

B

(a)(b)

........

25,711

181,005

Groupon,

Inc.

(a)(b)

...................

44,063

350,741

iMedia

Brands,

Inc.,

Class

A

(b)

..........

40,348

25,823

iPower,

Inc.

(a)(b)

....................

29,008

19,461

Lands'

End,

Inc.

(a)(b)

.................

30,961

239,019

Liquidity

Services,

Inc.

(a)(b)

.............

49,579

806,155

Lulu's

Fashion

Lounge

Holdings,

Inc.

(a)(b)

...

35,079

163,468

PARTS

iD,

Inc.,

Class

A

(a)(b)

............

13,473

20,209

PetMed

Express,

Inc.

................

41,192

804,068

Polished.com,

Inc.

(a)(b)

................

208,800

108,618

Porch

Group,

Inc.

(a)(b)

................

164,171

369,385

Poshmark,

Inc.,

Class

A

(b)

.............

93,536

1,465,709

RealReal,

Inc.

(The)

(a)(b)

...............

175,393

263,090

Rent

the

Runway,

Inc.,

Class

A

(a)(b)

.......

96,085

211,387

RumbleON,

Inc.,

Class

B

(a)(b)

...........

20,917

353,916

ThredUp,

Inc.,

Class

A

(b)

..............

118,944

218,857

8,250,766

IT

Services

—

1.9%

AgileThought,

Inc.,

Class

A

(a)(b)

..........

58,922

229,796

BM

Technologies,

Inc.,

Class

A

(b)

........

18,602

124,447

Brightcove,

Inc.

(a)(b)

..................

83,824

528,091

Cantaloupe,

Inc.

(b)

..................

117,718

409,659

Cass

Information

Systems,

Inc.

.........

27,251

945,337

Cerberus

Cyber

Sentinel

Corp.

(a)(b)

.......

93,246

275,076

Computer

Task

Group,

Inc.

(a)(b)

..........

28,765

192,726

Crexendo,

Inc.

(a)

...................

16,329

39,190

CSP,

Inc.

(a)

.......................

9,073

65,235

DecisionPoint

Systems,

Inc.

(a)(b)

.........

10,204

64,999

Edgio,

Inc.

(b)

......................

278,722

774,847

Glimpse

Group,

Inc.

(The)

(a)(b)

...........

16,780

88,766

GreenBox

POS

(a)(b)

..................

41,912

40,864

Grid

Dynamics

Holdings,

Inc.,

Class

A

(b)

....

98,219

1,839,642

Hackett

Group,

Inc.

(The)

.............

54,376

963,543

I3

Verticals,

Inc.,

Class

A

(a)(b)

...........

44,709

895,521

IBEX

Holdings

Ltd.

(b)

.................

11,409

211,865

Information

Services

Group,

Inc.

(a)

.......

71,052

338,208

Innodata,

Inc.

(a)(b)

...................

50,272

151,821

International

Money

Express,

Inc.

(b)

.......

64,647

1,473,305

MoneyGram

International,

Inc.

(a)(b)

........

190,351

1,979,650

OMNIQ

Corp.

(a)(b)

...................

10,246

61,169

Paya

Holdings,

Inc.,

Class

A

(a)(b)

.........

177,459

1,084,275

Paysign,

Inc.

(a)(b)

....................

62,161

147,322

PFSweb,

Inc.

(a)(b)

...................

33,973

316,628

Priority

Technology

Holdings,

Inc.

(a)(b)

......

37,672

169,901

Research

Solutions,

Inc.

(b)

.............

35,225

71,859

StarTek,

Inc.

(b)

.....................

34,199

102,597

Steel

Connect,

Inc.

(b)

................

80,703

110,563

Tucows,

Inc.,

Class

A

(a)(b)

..............

20,118

752,614

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Unisys

Corp.

(a)(b)

....................

134,463

$

1,015,196

Usio,

Inc.

(a)(b)

......................

43,638

56,729

WaveDancer,

Inc.

(a)(b)

................

32,890

31,436

WidePoint

Corp.

(b)

..................

18,026

38,395

15,591,272

Leisure

Products

—

0.5%

American

Outdoor

Brands,

Inc.

(b)

........

27,359

239,938

AMMO,

Inc.

(a)(b)

....................

177,022

518,674

Clarus

Corp.

(a)

.....................

59,257

798,192

Escalade,

Inc.

.....................

20,188

200,871

JAKKS

Pacific,

Inc.

(b)

................

11,323

218,874

Johnson

Outdoors,

Inc.,

Class

A

.........

10,772

552,711

Marine

Products

Corp.

...............

17,059

144,319

MasterCraft

Boat

Holdings,

Inc.

(b)

........

35,668

672,342

Nautilus,

Inc.

(a)(b)

...................

60,786

99,081

Smith

&

Wesson

Brands,

Inc.

...........

91,321

946,999

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

45,556

173,113

4,565,114

Life

Sciences

Tools

&

Services

—

0.9%

(b)

Absci

Corp.

(a)

.....................

107,528

336,563

Akoya

Biosciences,

Inc.

..............

32,186

378,185

Alpha

Teknova,

Inc.

.................

12,987

43,377

Berkeley

Lights,

Inc.

(a)

................

113,373

324,247

Bionano

Genomics,

Inc.

(a)

.............

592,685

1,084,613

Champions

Oncology,

Inc.

.............

14,013

105,097

ChromaDex

Corp.

(a)

.................

105,577

129,860

Codex

DNA,

Inc.

(a)

..................

20,359

33,796

Codexis,

Inc.

......................

124,326

753,416

Harvard

Bioscience,

Inc.

..............

79,973

204,731

Inotiv,

Inc.

(a)

.......................

35,363

595,866

IsoPlexis

Corp.

(a)

...................

35,864

61,686

MaxCyte,

Inc.

.....................

176,656

1,148,264

Miromatrix

Medical,

Inc.

(a)

.............

33,665

147,453

Nautilus

Biotechnology,

Inc.

............

97,841

207,423

Personalis,

Inc.

(a)

...................

75,396

223,926

Quantum-Si,

Inc.,

Class

A

(a)

............

184,188

506,517

Rapid

Micro

Biosystems,

Inc.,

Class

A

(a)

....

44,162

142,643

Science

37

Holdings,

Inc.

(a)

............

129,310

208,189

Seer,

Inc.,

Class

A

(a)

.................

104,657

810,045

Singular

Genomics

Systems,

Inc.

(a)

.......

115,096

287,740

Standard

BioTools,

Inc.

(a)

..............

155,069

170,576

7,904,213

Machinery

—

2.3%

Agrify

Corp.

(a)(b)

....................

48,238

20,983

Berkshire

Grey,

Inc.,

Class

A

(a)(b)

.........

101,102

171,873

Blue

Bird

Corp.

(a)(b)

..................

35,405

295,632

CIRCOR

International,

Inc.

(b)

...........

37,386

616,495

Columbus

McKinnon

Corp.

............

56,816

1,486,307

Commercial

Vehicle

Group,

Inc.

(a)(b)

.......

63,916

287,622

Douglas

Dynamics,

Inc.

..............

45,814

1,283,708

Eastern

Co.

(The)

..................

10,747

186,460

Energy

Recovery,

Inc.

(a)(b)

.............

111,305

2,419,771

Fathom

Digital

Manufacturing

C

(b)

........

18,724

38,010

FreightCar

America,

Inc.

(a)(b)

............

28,683

106,988

Gencor

Industries,

Inc.

(a)(b)

.............

21,314

192,039

Graham

Corp.

.....................

20,521

180,380

Hurco

Cos.,

Inc.

....................

12,811

287,991

Hydrofarm

Holdings

Group,

Inc.

(a)(b)

.......

90,927

176,398

Hyliion

Holdings

Corp.,

Class

A

(b)

........

268,972

771,950

Hyster-Yale

Materials

Handling,

Inc.

......

21,749

467,821

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

179,698

305,487

L

B

Foster

Co.,

Class

A

(b)

..............

20,335

198,470

Lightning

eMotors,

Inc.

(a)(b)

.............

79,626

123,420

Security

Shares

Shares

Value

Machinery

(continued)

LS

Starrett

Co.

(The),

Class

A

(a)(b)

........

11,998

$

105,942

Luxfer

Holdings

plc

.................

54,355

788,147

Manitex

International,

Inc.

(b)

............

29,799

170,748

Manitowoc

Co.,

Inc.

(The)

(b)

............

70,364

545,321

Markforged

Holding

Corp.

(a)(b)

...........

222,519

440,588

Mayville

Engineering

Co.,

Inc.

(b)

.........

19,845

129,191

Miller

Industries,

Inc.

................

22,669

482,623

NN,

Inc.

(a)(b)

.......................

87,022

148,808

Park-Ohio

Holdings

Corp.

(a)

............

17,638

199,486

Perma-Pipe

International

Holdings,

Inc.

(b)

...

15,766

148,989

REV

Group,

Inc.

(a)

..................

68,536

755,952

Sarcos

Technology

&

Robotics

Corp.

(a)(b)

...

220,895

490,387

Shyft

Group,

Inc.

(The)

(a)

..............

70,068

1,431,489

Titan

International,

Inc.

(b)

..............

103,861

1,260,873

Twin

Disc,

Inc.

(b)

....................

21,533

246,983

Urban-Gro,

Inc.

(a)(b)

..................

16,129

45,000

Velo3D,

Inc.

(a)(b)

....................

114,262

450,192

Wabash

National

Corp.

...............

98,868

1,538,386

Xos,

Inc.

(a)(b)

......................

108,425

130,110

19,127,020

Marine

—

0.4%

Eagle

Bulk

Shipping,

Inc.

.............

27,258

1,177,000

Eneti,

Inc.

........................

47,416

316,265

Genco

Shipping

&

Trading

Ltd.

..........

74,464

933,034

Navios

Maritime

Holdings,

Inc.

(b)

.........

38,153

72,491

Pangaea

Logistics

Solutions

Ltd.

........

72,898

336,789

Safe

Bulkers,

Inc.

..................

148,630

367,116

3,202,695

Media

—

0.9%

AdTheorent

Holding

Co.,

Inc.

(a)(b)

.........

71,771

154,308

Audacy,

Inc.,

Class

A

(a)(b)

..............

263,742

101,831

Beasley

Broadcast

Group,

Inc.,

Class

A

(a)(b)

.

19,613

21,182

Boston

Omaha

Corp.,

Class

A

(a)(b)

........

45,080

1,038,643

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

751,618

1,029,717

comScore,

Inc.

(b)

...................

161,071

265,767

Cumulus

Media,

Inc.,

Class

A

(b)

.........

36,543

256,897

Daily

Journal

Corp.

(b)

................

2,494

639,437

DallasNews

Corp.

..................

10,885

50,506

Digital

Media

Solutions,

Inc.,

Class

A

(a)(b)

...

17,327

33,268

Direct

Digital

Holdings,

Inc.,

Class

A

(b)

.....

5,821

13,039

Emerald

Holding,

Inc.

(a)(b)

..............

45,759

154,665

Entravision

Communications

Corp.,

Class

A

.

122,850

487,714

Fluent,

Inc.

(a)(b)

.....................

92,626

125,045

Gambling.com

Group

Ltd.

(a)(b)

...........

18,203

138,343

Gannett

Co.,

Inc.

(b)

..................

295,067

451,453

Harte

Hanks,

Inc.

(b)

..................

8,812

98,254

Innovid

Corp.

(a)(b)

...................

153,711

416,557

Lee

Enterprises,

Inc.

(a)(b)

..............

11,268

198,317

Loyalty

Ventures,

Inc.

(b)

...............

40,414

48,901

Marchex,

Inc.,

Class

B

(a)(b)

.............

42,414

71,256

National

CineMedia,

Inc.

..............

135,908

88,544

Saga

Communications,

Inc.,

Class

A

......

8,186

214,064

Salem

Media

Group,

Inc.,

Class

A

(b)

......

26,808

46,646

Stran

&

Co.,

Inc.

(a)(b)

.................

18,105

25,528

Thryv

Holdings,

Inc.

(b)

................

52,081

1,189,009

Townsquare

Media,

Inc.,

Class

A

(b)

.......

24,232

175,924

Treasure

Global,

Inc.

(b)

...............

6,919

13,976

Urban

One,

Inc.,

Class

A

(a)(b)

...........

16,797

88,856

Urban

One,

Inc.,

Class

D,

NVS

(a)(b)

.......

22,199

94,346

7,731,993

Metals

&

Mining

—

1.4%

5E

Advanced

Materials,

Inc.

(a)(b)

.........

66,957

680,284

Ampco-Pittsburgh

Corp.

(a)(b)

............

29,910

110,069

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Ascent

Industries

Co.

(b)

...............

14,417

$

201,982

Caledonia

Mining

Corp.

plc

............

25,286

248,309

Comstock,

Inc.

(b)

...................

125,053

52,522

Dakota

Gold

Corp.

(a)(b)

................

104,091

317,478

Friedman

Industries,

Inc.

..............

14,684

104,403

Gatos

Silver,

Inc.

(a)(b)

.................

93,789

251,354

Gold

Resource

Corp.

................

176,873

291,840

Haynes

International,

Inc.

.............

24,590

863,601

Hycroft

Mining

Holding

Corp.,

Class

A

(a)(b)

...

303,855

183,680

Idaho

Strategic

Resources,

Inc.

(a)(b)

.......

21,056

100,016

Ivanhoe

Electric,

Inc.

(a)(b)

..............

29,882

246,526

Olympic

Steel,

Inc.

..................

19,456

443,791

Perpetua

Resources

Corp.

(b)

...........

66,300

133,926

Piedmont

Lithium,

Inc.

(a)(b)

.............

35,291

1,887,716

PolyMet

Mining

Corp.

(a)(b)

..............

59,578

171,585

Ramaco

Resources,

Inc.

..............

45,509

418,683

Ryerson

Holding

Corp.

...............

39,353

1,012,946

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

52,627

1,497,764

SunCoke

Energy,

Inc.

................

168,842

980,972

TimkenSteel

Corp.

(b)

.................

93,634

1,403,574

Universal

Stainless

&

Alloy

Products,

Inc.

(b)

.

18,448

131,350

US

Gold

Corp.

(b)

...................

14,617

54,814

11,789,185

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.4%

ACRES

Commercial

Realty

Corp.

(a)(b)

.....

16,956

138,191

AFC

Gamma,

Inc.

..................

32,033

490,105

AG

Mortgage

Investment

Trust,

Inc.

......

43,775

179,915

Angel

Oak

Mortgage,

Inc.

.............

24,127

289,042

Ares

Commercial

Real

Estate

Corp.

......

103,685

1,083,508

Arlington

Asset

Investment

Corp.,

Class

A

(b)

.

58,711

159,694

ARMOUR

Residential

REIT,

Inc.

.........

230,424

1,122,165

Cherry

Hill

Mortgage

Investment

Corp.

....

40,922

200,927

Chicago

Atlantic

Real

Estate

Finance,

Inc.

..

10,497

151,262

Dynex

Capital,

Inc.

..................

87,876

1,023,755

Ellington

Financial,

Inc.

...............

114,270

1,299,250

Ellington

Residential

Mortgage

REIT

......

25,648

158,248

Franklin

BSP

Realty

Trust,

Inc.

..........

171,785

1,850,125

Granite

Point

Mortgage

Trust,

Inc.

.......

105,275

677,971

Great

Ajax

Corp.

...................

43,732

328,427

Invesco

Mortgage

Capital,

Inc.

..........

67,433

748,506

Lument

Finance

Trust,

Inc.

............

60,549

130,786

Manhattan

Bridge

Capital,

Inc.

..........

18,357

103,534

Nexpoint

Real

Estate

Finance,

Inc.

.......

15,940

238,781

Orchid

Island

Capital,

Inc.

(a)

............

72,746

596,517

Sachem

Capital

Corp.

................

68,893

229,414

Western

Asset

Mortgage

Capital

Corp.

....

12,141

135,858

11,335,981

Multi-Utilities

—

0.2%

Unitil

Corp.

.......................

32,106

1,491,324

Oil,

Gas

&

Consumable

Fuels

—

3.6%

Adams

Resources

&

Energy,

Inc.

........

4,931

146,944

Aemetis,

Inc.

(a)(b)

...................

59,548

364,434

Alto

Ingredients,

Inc.

(b)

...............

146,618

533,689

American

Resources

Corp.,

Class

A

(a)(b)

....

113,131

302,060

Amplify

Energy

Corp.

(a)(b)

..............

72,704

477,665

Ardmore

Shipping

Corp.

(b)

.............

70,568

644,286

Battalion

Oil

Corp.

(a)(b)

................

5,208

61,975

Berry

Corp.

.......................

158,865

1,191,487

Centrus

Energy

Corp.,

Class

A

(b)

.........

21,693

888,979

Dorian

LPG

Ltd.

....................

62,078

842,398

Ecoark

Holdings,

Inc.

(b)

...............

48,932

63,612

Empire

Petroleum

Corp.

(a)(b)

............

20,345

267,537

Energy

Fuels,

Inc.

(a)(b)

................

315,482

1,930,750

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Epsilon

Energy

Ltd.

.................

28,868

$

182,446

Evolution

Petroleum

Corp.

.............

63,437

441,522

Gevo,

Inc.

(a)(b)

.....................

395,960

902,789

Hallador

Energy

Co.

(b)

................

43,310

243,402

Houston

American

Energy

Corp.

(a)(b)

......

18,895

65,377

International

Seaways,

Inc.

............

99,704

3,502,602

Laredo

Petroleum,

Inc.

(a)(b)

.............

34,124

2,144,693

Lightbridge

Corp.

(a)(b)

.................

21,703

98,966

Mexco

Energy

Corp.

(a)(b)

..............

2,044

33,154

NACCO

Industries,

Inc.,

Class

A

.........

8,254

388,186

NextDecade

Corp.

(a)(b)

................

65,586

394,828

Nordic

American

Tankers

Ltd.

..........

402,047

1,073,465

Overseas

Shipholding

Group,

Inc.,

Class

A

(b)

137,106

407,205

Par

Pacific

Holdings,

Inc.

(b)

............

99,256

1,628,791

PEDEVCO

Corp.

(a)(b)

.................

55,633

56,189

PHX

Minerals,

Inc.,

Class

A

............

64,352

208,500

PrimeEnergy

Resources

Corp.

(a)(b)

........

1,679

130,979

REX

American

Resources

Corp.

(a)(b)

......

32,145

897,488

Riley

Exploration

Permian,

Inc.

..........

21,059

399,700

Ring

Energy,

Inc.

(a)(b)

.................

175,336

406,780

SandRidge

Energy,

Inc.

(b)

.............

64,685

1,055,012

SilverBow

Resources,

Inc.

(a)(b)

..........

23,701

637,083

Sitio

Royalties

Corp.,

Class

A

...........

23,666

523,255

Stabilis

Solutions,

Inc.

(a)(b)

.............

6,877

53,228

Teekay

Corp.

(b)

....................

140,030

502,708

Teekay

Tankers

Ltd.,

Class

A

(b)

..........

46,104

1,269,704

Uranium

Energy

Corp.

(a)(b)

.............

651,791

2,281,268

Ur-Energy,

Inc.

(a)(b)

..................

424,241

462,423

US

Energy

Corp.

...................

9,772

28,534

VAALCO

Energy,

Inc.

(a)

...............

118,683

517,458

Vertex

Energy,

Inc.

(a)(b)

...............

109,579

682,677

W&T

Offshore,

Inc.

(a)(b)

...............

192,006

1,125,155

30,461,383

Paper

&

Forest

Products

—

0.2%

Clearwater

Paper

Corp.

(b)

.............

33,730

1,268,248

Glatfelter

Corp.

....................

90,190

280,491

1,548,739

Personal

Products

—

0.3%

Honest

Co.,

Inc.

(The)

(b)

..............

133,440

467,040

LifeMD,

Inc.

(a)(b)

....................

42,501

83,727

Lifevantage

Corp.

..................

23,823

89,336

Mannatech,

Inc.

....................

2,189

45,531

Natural

Alternatives

International,

Inc.

(b)

....

10,125

93,859

Natural

Health

Trends

Corp.

...........

14,065

51,619

Nature's

Sunshine

Products,

Inc.

(b)

.......

26,977

222,290

Thorne

HealthTech,

Inc.

(a)(b)

............

27,023

127,819

United-Guardian,

Inc.

................

6,673

75,805

Upexi,

Inc.

(a)(b)

.....................

15,204

58,840

Veru,

Inc.

(a)(b)

......................

131,167

1,511,044

Zivo

Bioscience,

Inc.

(a)(b)

..............

13,798

38,634

2,865,544

Pharmaceuticals

—

4.3%

Acer

Therapeutics,

Inc.

(a)(b)

.............

22,858

31,773

Aclaris

Therapeutics,

Inc.

(b)

............

131,008

2,062,066

Adial

Pharmaceuticals,

Inc.

(b)

...........

30,649

10,727

Aerie

Pharmaceuticals,

Inc.

(b)

...........

96,478

1,459,712

Alimera

Sciences,

Inc.

(a)(b)

.............

11,755

59,715

Amylyx

Pharmaceuticals,

Inc.

(a)(b)

........

71,599

2,015,512

AN2

Therapeutics,

Inc.

(a)(b)

.............

9,927

172,531

Anebulo

Pharmaceuticals,

Inc.

(a)(b)

........

6,531

18,287

Angion

Biomedica

Corp.

(b)

.............

48,069

44,224

ANI

Pharmaceuticals,

Inc.

(a)(b)

...........

25,589

822,431

Aquestive

Therapeutics,

Inc.

(a)(b)

.........

56,424

66,016

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Assertio

Holdings,

Inc.

(a)(b)

.............

92,180

$

209,249

Atea

Pharmaceuticals,

Inc.

(b)

...........

154,918

881,483

Athira

Pharma,

Inc.

(b)

................

69,065

205,123

Biofrontera,

Inc.

(a)(b)

.................

25,491

26,766

Cara

Therapeutics,

Inc.

(a)(b)

............

90,957

851,358

CinCor

Pharma,

Inc.

(b)

................

40,598

1,332,426

Citius

Pharmaceuticals,

Inc.

(a)(b)

.........

250,359

302,934

Clearside

Biomedical,

Inc.

(b)

............

108,980

123,147

Clever

Leaves

Holdings,

Inc.

(b)

..........

62,339

37,528

Cognition

Therapeutics,

Inc.

(a)(b)

.........

29,112

55,313

Collegium

Pharmaceutical,

Inc.

(b)

........

68,938

1,104,387

CorMedix,

Inc.

(a)(b)

..................

77,796

220,163

Cumberland

Pharmaceuticals,

Inc.

(a)(b)

.....

18,549

44,703

Cymabay

Therapeutics,

Inc.

(b)

..........

171,997

601,990

Dare

Bioscience,

Inc.

(a)(b)

..............

167,174

167,174

DICE

Therapeutics,

Inc.

(a)(b)

............

57,657

1,169,284

Edgewise

Therapeutics,

Inc.

(a)(b)

.........

60,398

594,316

Esperion

Therapeutics,

Inc.

(a)(b)

..........

135,123

905,324

Eton

Pharmaceuticals,

Inc.

(a)(b)

..........

41,047

86,199

Evolus,

Inc.

(b)

.....................

71,902

578,811

Eyenovia,

Inc.

(a)(b)

...................

54,403

106,358

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

.......

52,942

418,771

Fulcrum

Therapeutics,

Inc.

(a)(b)

..........

69,270

560,394

Harrow

Health,

Inc.

(b)

................

46,431

560,422

Hepion

Pharmaceuticals,

Inc.

(a)(b)

........

152,682

77,135

Ikena

Oncology,

Inc.

(b)

................

49,031

174,060

IMARA,

Inc.

(b)

.....................

29,615

67,522

Journey

Medical

Corp.

(a)(b)

.............

7,576

18,637

KemPharm,

Inc.

(a)(b)

.................

70,248

438,348

Landos

Biopharma,

Inc.

(b)

.............

22,405

14,563

Lipocine,

Inc.

(a)(b)

...................

171,372

77,117

Liquidia

Corp.

(a)(b)

...................

96,932

527,310

Longboard

Pharmaceuticals,

Inc.

(a)(b)

......

17,690

65,807

Lyra

Therapeutics,

Inc.

(a)(b)

.............

32,360

162,124

Marinus

Pharmaceuticals,

Inc.

(a)(b)

........

75,391

501,350

MediWound

Ltd.

(a)(b)

.................

42,039

58,434

MyMD

Pharmaceuticals,

Inc.

(a)(b)

.........

75,338

196,632

Novan,

Inc.

(a)(b)

.....................

38,891

72,726

NRX

Pharmaceuticals,

Inc.

(a)(b)

..........

68,575

50,746

Nutriband,

Inc.

(a)(b)

..................

13,716

49,241

Ocular

Therapeutix,

Inc.

(b)

.............

156,403

649,073

Ocuphire

Pharma,

Inc.

(a)(b)

.............

36,140

72,641

Omeros

Corp.

(a)(b)

...................

123,232

388,181

Opiant

Pharmaceuticals,

Inc.

(b)

..........

10,287

110,585

Optinose,

Inc.

(a)(b)

...................

112,017

409,982

Oramed

Pharmaceuticals,

Inc.

(a)(b)

........

75,915

491,929

Otonomy,

Inc.

(b)

....................

115,838

34,172

Paratek

Pharmaceuticals,

Inc.

(b)

.........

104,223

267,853

Phathom

Pharmaceuticals,

Inc.

(b)

........

47,059

521,414

Phibro

Animal

Health

Corp.,

Class

A

......

41,132

546,644

Pliant

Therapeutics,

Inc.

(a)(b)

............

65,370

1,365,579

PLx

Pharma,

Inc.

(a)(b)

.................

52,163

33,906

Processa

Pharmaceuticals,

Inc.

(a)(b)

.......

25,436

57,485

ProPhase

Labs,

Inc.

(a)

................

25,954

292,761

Provention

Bio,

Inc.

(b)

................

119,547

537,962

Rain

Therapeutics,

Inc.

(a)(b)

.............

15,815

77,177

Relmada

Therapeutics,

Inc.

(a)(b)

..........

55,569

2,057,164

RVL

Pharmaceuticals

plc

(b)

............

84,367

177,171

Satsuma

Pharmaceuticals,

Inc.

(b)

........

42,276

253,656

scPharmaceuticals,

Inc.

(a)(b)

............

34,048

221,993

SCYNEXIS,

Inc.

(a)(b)

.................

66,043

158,503

SIGA

Technologies,

Inc.

..............

95,609

984,773

Societal

CDMO,

Inc.

(a)(b)

..............

109,282

178,130

Tarsus

Pharmaceuticals,

Inc.

(b)

..........

37,611

643,900

Terns

Pharmaceuticals,

Inc.

(a)(b)

.........

28,868

170,033

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

TFF

Pharmaceuticals,

Inc.

(a)(b)

..........

41,530

$

168,612

Theravance

Biopharma,

Inc.

(b)

..........

130,694

1,325,237

Theseus

Pharmaceuticals,

Inc.

(a)(b)

.......

35,068

203,394

Trevi

Therapeutics,

Inc.

(a)(b)

............

44,854

69,075

Tricida,

Inc.

(a)(b)

....................

67,578

708,217

Ventyx

Biosciences,

Inc.

(a)(b)

............

45,510

1,588,754

Verrica

Pharmaceuticals,

Inc.

(a)(b)

........

38,328

111,918

WaVe

Life

Sciences

Ltd.

(b)

.............

133,049

480,307

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

.......

266,814

416,230

Zynerba

Pharmaceuticals,

Inc.

(b)

.........

85,383

62,500

36,295,280

Professional

Services

—

1.3%

Atlas

Technical

Consultants,

Inc.

(a)(b)

......

38,247

254,343

Barrett

Business

Services,

Inc.

..........

14,178

1,105,884

BGSF,

Inc.

.......................

19,845

220,478

BlackSky

Technology,

Inc.,

Class

A

(a)(b)

.....

165,648

248,472

CRA

International,

Inc.

(a)

..............

14,129

1,253,808

DLH

Holdings

Corp.

(a)(b)

...............

10,856

133,203

Forrester

Research,

Inc.

(b)

.............

23,469

845,119

Franklin

Covey

Co.

(a)(b)

...............

24,507

1,112,373

Heidrick

&

Struggles

International,

Inc.

....

39,558

1,028,112

Hill

International,

Inc.

(a)(b)

..............

97,929

325,124

HireQuest,

Inc.

(a)

...................

10,826

139,655

Hudson

Global,

Inc.

(b)

................

5,326

179,060

Kelly

Services,

Inc.,

Class

A,

NVS

.......

68,538

931,432

Mastech

Digital,

Inc.

(a)(b)

...............

8,004

118,219

Mistras

Group,

Inc.

(b)

................

41,294

184,171

RCM

Technologies,

Inc.

(a)(b)

............

15,202

253,721

Red

Violet,

Inc.

(a)(b)

..................

19,324

334,692

Resources

Connection,

Inc.

............

64,717

1,169,436

Skillsoft

Corp.,

Class

A

(b)

..............

165,875

303,551

Spire

Global,

Inc.,

Class

A

(a)(b)

..........

258,188

278,843

Where

Food

Comes

From,

Inc.

(b)

........

5,382

51,721

Willdan

Group,

Inc.

(a)(b)

...............

23,384

346,317

10,817,734

Real

Estate

Management

&

Development

—

0.6%

Altisource

Asset

Management

Corp.

(b)

.....

3,171

49,975

Altisource

Portfolio

Solutions

SA

(b)

.......

10,753

140,972

American

Realty

Investors,

Inc.

(b)

........

2,930

46,646

AMREP

Corp.

(a)(b)

...................

5,410

61,025

Comstock

Holding

Cos.,

Inc.

(b)

..........

4,836

19,199

Doma

Holdings,

Inc.

(b)

................

284,358

124,947

Douglas

Elliman,

Inc.

................

153,597

629,748

Fathom

Holdings,

Inc.

(a)(b)

.............

17,794

94,308

Forestar

Group,

Inc.

(a)(b)

...............

36,713

410,818

FRP

Holdings,

Inc.

(b)

.................

13,633

741,090

InterGroup

Corp.

(The)

(b)

..............

843

43,195

JW

Mays,

Inc.

(a)(b)

...................

904

33,647

Maui

Land

&

Pineapple

Co.,

Inc.

(a)(b)

......

14,565

134,144

Rafael

Holdings,

Inc.,

Class

B

(a)(b)

........

27,272

49,090

RE/MAX

Holdings,

Inc.,

Class

A

.........

36,763

695,188

Seritage

Growth

Properties,

Class

A

(b)

.....

81,188

732,316

Stratus

Properties,

Inc.

...............

11,838

275,825

Tejon

Ranch

Co.

(a)(b)

.................

42,040

605,376

Transcontinental

Realty

Investors,

Inc.

(b)

...

2,472

99,745

Trinity

Place

Holdings,

Inc.

(a)(b)

..........

39,742

35,068

5,022,322

Road

&

Rail

—

0.3%

Bird

Global,

Inc.,

Class

A

(a)(b)

...........

341,375

120,471

Covenant

Logistics

Group,

Inc.,

Class

A

....

20,564

590,187

Daseke,

Inc.

(a)(b)

....................

82,149

444,426

Helbiz,

Inc.,

Class

A

(a)(b)

...............

33,872

11,960

PAM

Transportation

Services,

Inc.

(b)

......

13,295

411,613

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Road

&

Rail

(continued)

Universal

Logistics

Holdings,

Inc.

........

14,329

$

454,516

US

Xpress

Enterprises,

Inc.,

Class

A

(a)(b)

...

56,019

137,807

Yellow

Corp.

(a)(b)

....................

103,042

522,423

2,693,403

Semiconductors

&

Semiconductor

Equipment

—

2.4%

ACM

Research,

Inc.,

Class

A

(a)(b)

.........

96,953

1,208,034

Aehr

Test

Systems

(a)(b)

................

48,301

681,044

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

44,696

1,374,849

Amtech

Systems,

Inc.

(b)

...............

23,406

198,951

Atomera,

Inc.

(a)(b)

...................

42,096

426,432

AXT,

Inc.

(b)

.......................

82,257

551,122

CEVA,

Inc.

(b)

......................

46,250

1,213,138

CVD

Equipment

Corp.

(a)(b)

.............

12,907

67,116

CyberOptics

Corp.

(b)

.................

14,523

781,047

Everspin

Technologies,

Inc.

(b)

...........

39,159

226,731

GSI

Technology,

Inc.

(b)

...............

37,343

106,428

Ichor

Holdings

Ltd.

(a)(b)

................

56,641

1,371,279

Impinj,

Inc.

(b)

......................

42,521

3,402,956

indie

Semiconductor,

Inc.,

Class

A

(a)(b)

.....

207,457

1,518,585

inTEST

Corp.

(b)

....................

22,062

168,333

Kopin

Corp.

(a)(b)

....................

179,672

188,656

NVE

Corp.

.......................

9,549

445,461

PDF

Solutions,

Inc.

(b)

................

60,019

1,472,266

Peraso,

Inc.

(b)

.....................

25,965

44,140

Photronics,

Inc.

(b)

...................

121,050

1,769,751

Pixelworks,

Inc.

(a)(b)

..................

106,613

171,647

QuickLogic

Corp.

(a)(b)

.................

24,548

158,826

Rigetti

Computing,

Inc.

(b)

..............

66,831

125,642

Rockley

Photonics

Holdings

Ltd.

(a)(b)

......

209,634

148,861

SkyWater

Technology,

Inc.

(a)(b)

..........

22,172

169,616

SMART

Global

Holdings,

Inc.

(a)(b)

........

99,792

1,583,699

Transphorm,

Inc.

(a)(b)

.................

46,180

232,285

19,806,895

Software

—

2.7%

A10

Networks,

Inc.

(a)

.................

133,692

1,774,093

Agilysys,

Inc.

(b)

....................

40,052

2,216,878

American

Software,

Inc.,

Class

A

........

73,093

1,119,785

Applied

Blockchain,

Inc.

(a)(b)

............

17,754

30,182

Arteris,

Inc.

(a)(b)

.....................

35,017

233,213

Asure

Software,

Inc.

(b)

................

38,283

218,979

AudioEye,

Inc.

(a)(b)

..................

15,252

84,038

authID,

Inc.

(a)(b)

....................

45,356

131,079

Avaya

Holdings

Corp.

(a)(b)

..............

177,173

281,705

AvePoint,

Inc.,

Class

A

(a)(b)

.............

261,369

1,048,090

Aware,

Inc.

(a)(b)

.....................

29,027

51,668

Benefitfocus,

Inc.

(b)

..................

52,292

332,054

Bit

Digital,

Inc.

(a)(b)

...................

165,963

199,156

Blackboxstocks,

Inc.

(a)(b)

..............

12,472

9,423

Blend

Labs,

Inc.,

Class

A

(a)(b)

...........

375,957

830,865

BTCS,

Inc.

(b)

......................

12,227

18,340

ChannelAdvisor

Corp.

(b)

..............

57,498

1,302,905

Cipher

Mining,

Inc.

(a)(b)

................

76,281

96,114

Cleanspark,

Inc.

(a)(b)

.................

92,410

293,864

CoreCard

Corp.

(a)(b)

.................

14,431

314,163

Couchbase,

Inc.

(a)(b)

.................

53,801

767,740

CYNGN,

Inc.

(a)(b)

...................

14,821

14,754

DatChat,

Inc.

(a)(b)

...................

32,932

23,714

Digimarc

Corp.

(a)(b)

..................

27,681

375,077

eGain

Corp.

(a)(b)

....................

42,114

309,538

Greenidge

Generation

Holdings,

Inc.

(a)(b)

...

24,359

48,718

GSE

Systems,

Inc.

(b)

.................

40,970

36,873

Intellicheck,

Inc.

(b)

...................

36,061

90,874

Intrusion,

Inc.

(a)(b)

...................

35,777

172,445

Security

Shares

Shares

Value

Software

(continued)

IronNet,

Inc.

(a)(b)

....................

130,132

$

89,661

Issuer

Direct

Corp.

(b)

.................

5,795

117,638

Kaleyra,

Inc.

(a)(b)

....................

59,277

57,499

Kaltura,

Inc.

(a)(b)

....................

139,598

307,116

Latch,

Inc.

(a)(b)

.....................

218,739

208,589

LiveVox

Holdings,

Inc.,

Class

A

(a)(b)

.......

47,081

138,889

Marin

Software,

Inc.

(b)

................

28,998

37,117

Mind

CTI

Ltd.

.....................

34,785

72,701

Mitek

Systems,

Inc.

(b)

................

85,614

784,224

NetSol

Technologies,

Inc.

(a)(b)

...........

21,936

68,879

NextNav,

Inc.

(a)(b)

...................

134,910

362,908

ON24,

Inc.

(a)(b)

.....................

84,497

743,574

OneSpan,

Inc.

(b)

....................

80,551

693,544

Park

City

Group,

Inc.

(a)(b)

..............

23,282

124,559

Phunware,

Inc.

(a)(b)

..................

192,750

227,445

Quantum

Computing,

Inc.

(a)(b)

...........

51,382

128,969

Rekor

Systems,

Inc.

(a)(b)

...............

94,357

94,357

Rimini

Street,

Inc.

(b)

.................

98,683

459,863

SAITECH

Global

Corp.,

Class

A

(a)(b)

.......

4,453

14,428

SeaChange

International,

Inc.

(a)(b)

........

95,175

40,925

ShotSpotter,

Inc.

(a)(b)

.................

18,021

518,284

Smith

Micro

Software,

Inc.

(a)(b)

..........

99,530

224,938

Soluna

Holdings,

Inc.

(a)(b)

..............

18,552

31,724

SRAX,

Inc.,

Class

A

(a)(b)

...............

40,662

69,532

SRAX,

Inc.,

NVS

(b)

..................

49,878

2,993

Stronghold

Digital

Mining,

Inc.,

Class

A

(a)(b)

..

40,502

42,122

Synchronoss

Technologies,

Inc.

(a)(b)

.......

158,951

181,204

T

Stamp,

Inc.,

Class

A

(a)(b)

.............

26,775

26,456

Telos

Corp.

(a)(b)

.....................

108,585

965,321

Terawulf,

Inc.

(a)(b)

...................

41,436

52,209

Upland

Software,

Inc.

(b)

...............

59,053

480,101

UserTesting,

Inc.

(b)

..................

96,193

377,076

Veritone,

Inc.

(a)(b)

...................

63,170

355,647

Viant

Technology,

Inc.,

Class

A

(b)

.........

27,914

117,518

VirnetX

Holding

Corp.

(b)

...............

130,122

152,243

Weave

Communications,

Inc.

(a)(b)

........

62,840

317,342

WM

Technology,

Inc.,

Class

A

(b)

.........

151,219

243,463

Yext,

Inc.

(a)(b)

......................

232,212

1,035,665

22,393,050

Specialty

Retail

—

2.5%

Aaron's

Co.,

Inc.

(The)

...............

61,464

597,430

America's

Car-Mart,

Inc.

(b)

.............

12,322

751,888

Barnes

&

Noble

Education,

Inc.

(a)(b)

.......

92,217

221,321

Big

5

Sporting

Goods

Corp.

(a)

...........

43,366

465,751

Build-A-Bear

Workshop,

Inc.

...........

28,450

379,238

Caleres,

Inc.

......................

71,328

1,727,564

CarLotz,

Inc.,

Class

A

(b)

...............

180,204

54,061

Cato

Corp.

(The),

Class

A

.............

36,396

347,218

Chico's

FAS,

Inc.

(b)

..................

247,500

1,197,900

Children's

Place,

Inc.

(The)

(b)

...........

26,000

803,140

Citi

Trends,

Inc.

(b)

...................

16,456

255,233

Conn's,

Inc.

(b)

.....................

26,487

187,528

Container

Store

Group,

Inc.

(The)

(b)

.......

66,306

324,899

Destination

XL

Group,

Inc.

(a)(b)

..........

118,248

640,904

Envela

Corp.

(a)(b)

...................

15,380

77,823

Express,

Inc.

(a)(b)

...................

129,932

141,626

Genesco,

Inc.

(a)(b)

...................

26,587

1,045,401

GrowGeneration

Corp.

(a)(b)

.............

116,389

407,361

Haverty

Furniture

Cos.,

Inc.

............

29,923

745,083

Hibbett,

Inc.

......................

25,925

1,291,324

J

Jill,

Inc.

(b)

.......................

8,189

136,019

JOANN,

Inc.

(a)

.....................

22,254

147,321

Kirkland's,

Inc.

(a)(b)

..................

20,948

63,053

Lazydays

Holdings,

Inc.

(a)(b)

............

19,699

265,936

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

LL

Flooring

Holdings,

Inc.

(a)(b)

...........

58,454

$

405,086

MarineMax,

Inc.

(a)(b)

.................

42,923

1,278,676

OneWater

Marine,

Inc.,

Class

A

(b)

........

22,752

685,063

Party

City

Holdco,

Inc.

(a)(b)

.............

221,110

349,354

Shift

Technologies,

Inc.,

Class

A

(a)(b)

.......

132,032

92,436

Shoe

Carnival,

Inc.

..................

35,083

752,180

Sportsman's

Warehouse

Holdings,

Inc.

(b)

...

88,070

730,981

Tile

Shop

Holdings,

Inc.

..............

73,851

259,956

Tilly's,

Inc.,

Class

A

.................

45,903

317,649

Torrid

Holdings,

Inc.

(a)(b)

...............

29,683

123,778

TravelCenters

of

America,

Inc.

(a)(b)

........

25,618

1,381,579

Volta,

Inc.,

Class

A

(a)(b)

................

248,503

300,689

Vroom,

Inc.

(a)(b)

.....................

259,622

301,161

Winmark

Corp.

....................

5,693

1,231,624

Zumiez,

Inc.

(b)

.....................

31,622

680,822

21,166,056

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

(b)

AstroNova,

Inc.

....................

13,412

156,920

Avid

Technology,

Inc.

(a)

...............

72,414

1,684,350

Boxlight

Corp.,

Class

A

(a)

..............

126,296

78,304

CompoSecure,

Inc.,

Class

A

(a)

..........

16,467

82,500

CPI

Card

Group,

Inc.

................

8,422

132,731

Diebold

Nixdorf,

Inc.

(a)

................

148,508

362,359

Eastman

Kodak

Co.

(a)

................

115,300

529,227

Immersion

Corp.

(a)

..................

67,603

371,140

Intevac,

Inc.

......................

50,117

233,044

Movano,

Inc.

(a)

.....................

49,998

137,494

One

Stop

Systems,

Inc.

(a)

.............

30,243

96,778

Quantum

Corp.

(a)

...................

147,490

159,289

TransAct

Technologies,

Inc.

(a)

...........

18,281

66,726

Turtle

Beach

Corp.

(a)

.................

31,365

213,909

4,304,771

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Allbirds,

Inc.,

Class

A

(a)(b)

..............

195,404

594,028

Charles

&

Colvard

Ltd.

(b)

..............

56,225

54,460

Crown

Crafts,

Inc.

..................

16,450

95,081

Culp,

Inc.

........................

24,476

106,715

Delta

Apparel,

Inc.

(a)(b)

................

12,934

180,947

Fossil

Group,

Inc.

(b)

.................

95,704

327,308

Jerash

Holdings

US,

Inc.

..............

7,562

32,063

Lakeland

Industries,

Inc.

(a)(b)

............

14,801

170,656

Movado

Group,

Inc.

.................

31,362

883,781

PLBY

Group,

Inc.

(a)(b)

................

63,990

257,880

Rocky

Brands,

Inc.

..................

14,172

284,290

Superior

Group

of

Cos.,

Inc.

...........

23,579

209,381

Unifi,

Inc.

(b)

.......................

28,225

268,420

Vera

Bradley,

Inc.

(a)(b)

................

53,723

161,706

Vince

Holding

Corp.

(a)(b)

...............

6,334

39,587

3,666,303

Thrifts

&

Mortgage

Finance

—

2.1%

1895

Bancorp

of

Wisconsin,

Inc.

(a)(b)

......

11,558

120,203

Blue

Foundry

Bancorp

(b)

..............

53,128

592,377

Bogota

Financial

Corp.

(a)(b)

.............

11,221

123,655

Bridgewater

Bancshares,

Inc.

(a)(b)

........

41,321

680,557

Broadway

Financial

Corp.

(b)

............

77,716

87,819

Carver

Bancorp,

Inc.

(a)(b)

..............

8,414

33,656

Catalyst

Bancorp,

Inc.

(b)

..............

9,642

119,561

CF

Bankshares,

Inc.

.................

8,733

180,074

CFSB

Bancorp,

Inc.

(a)(b)

...............

5,608

49,126

Cincinnati

Bancorp,

Inc.

..............

4,550

66,749

Cullman

Bancorp,

Inc.

...............

11,472

122,292

ECB

Bancorp,

Inc.

(a)(b)

................

16,659

239,723

ESSA

Bancorp,

Inc.

.................

17,772

344,599

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

18,427

$

1,826,853

FFBW,

Inc.

(a)(b)

.....................

11,077

131,816

Finance

of

America

Cos.,

Inc.,

Class

A

(b)

...

78,220

115,766

First

Seacoast

Bancorp

(b)

.............

5,913

61,081

FS

Bancorp,

Inc.

...................

13,638

371,772

Greene

County

Bancorp,

Inc.

(a)

..........

6,835

391,440

Hingham

Institution

for

Savings

(The)

.....

2,949

740,523

HMN

Financial,

Inc.

.................

7,523

168,515

Home

Bancorp,

Inc.

.................

14,831

578,261

Home

Federal

Bancorp,

Inc.

of

Louisiana

...

5,548

103,859

Home

Point

Capital,

Inc.

..............

17,702

27,261

HV

Bancorp,

Inc.

(b)

..................

3,665

76,122

Income

Opportunity

Realty

Investors,

Inc.

(b)

.

1,645

20,563

Kentucky

First

Federal

Bancorp

.........

7,008

50,458

Lake

Shore

Bancorp,

Inc.

.............

3,926

51,745

Luther

Burbank

Corp.

................

30,368

352,876

Magyar

Bancorp,

Inc.

................

13,769

171,149

Merchants

Bancorp

.................

31,707

731,480

Mid-Southern

Bancorp,

Inc.

............

5,727

76,742

Northeast

Community

Bancorp,

Inc.,

NVS

(a)

.

30,601

379,452

Northfield

Bancorp,

Inc.

..............

88,389

1,264,847

NSTS

Bancorp,

Inc.

(a)(b)

...............

9,885

106,956

Oconee

Federal

Financial

Corp.

.........

1,883

45,418

Ocwen

Financial

Corp.

(a)(b)

.............

17,193

400,081

OP

Bancorp

......................

24,287

270,071

PB

Bankshares,

Inc.

(a)(b)

..............

4,477

55,560

Pioneer

Bancorp,

Inc.

(b)

...............

24,095

229,384

Ponce

Financial

Group,

Inc.

(a)(b)

.........

42,201

386,561

Provident

Bancorp,

Inc.

...............

29,148

417,108

Provident

Financial

Holdings,

Inc.

........

12,032

170,854

Randolph

Bancorp,

Inc.

..............

9,018

243,125

Rhinebeck

Bancorp,

Inc.

(a)(b)

............

7,708

75,153

Security

National

Financial

Corp.,

Class

A

(b)

.

21,667

137,585

Southern

Missouri

Bancorp,

Inc.

.........

15,988

815,868

Sterling

Bancorp,

Inc.

(a)(b)

..............

34,273

206,666

TC

Bancshares,

Inc.

.................

9,090

130,714

Territorial

Bancorp,

Inc.

...............

15,681

290,726

Texas

Community

Bancshares,

Inc.

(a)(b)

....

5,110

79,307

Timberland

Bancorp,

Inc.

.............

15,360

424,704

TrustCo

Bank

Corp.

.................

35,866

1,126,910

Velocity

Financial,

Inc.

(b)

..............

17,402

188,638

Waterstone

Financial,

Inc.

.............

39,340

635,734

Western

New

England

Bancorp,

Inc.

......

40,681

330,737

William

Penn

Bancorp

...............

27,439

311,981

17,532,813

Tobacco

—

0.1%

22nd

Century

Group,

Inc.

(a)(b)

...........

330,660

306,621

Turning

Point

Brands,

Inc.

.............

30,493

647,366

953,987

Trading

Companies

&

Distributors

—

0.7%

Alta

Equipment

Group,

Inc.,

Class

A

......

42,012

462,552

BlueLinx

Holdings,

Inc.

(b)

..............

18,275

1,134,878

Distribution

Solutions

Group,

Inc.

(a)(b)

......

9,849

277,446

DXP

Enterprises,

Inc.

(b)

...............

30,911

731,972

EVI

Industries,

Inc.

(a)(b)

...............

8,949

162,335

Hudson

Technologies,

Inc.

(a)(b)

..........

87,510

643,199

Karat

Packaging,

Inc.

(a)(b)

..............

11,421

182,622

Mega

Matrix

Corp.

(a)

.................

30,876

52,180

Titan

Machinery,

Inc.

(b)

...............

41,094

1,161,316

Transcat,

Inc.

(a)(b)

...................

14,466

1,094,932

Willis

Lease

Finance

Corp.

(a)(b)

..........

5,725

187,437

6,090,869

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Water

Utilities

—

0.4%

Artesian

Resources

Corp.,

Class

A,

NVS

...

16,937

$

815,008

Cadiz,

Inc.

(a)(b)

.....................

63,721

121,070

Consolidated

Water

Co.

Ltd.,

Class

D

.....

29,549

454,464

Global

Water

Resources,

Inc.

...........

27,542

323,068

Pure

Cycle

Corp.

(b)

..................

39,680

331,328

York

Water

Co.

(The)

................

28,670

1,101,788

3,146,726

Wireless

Telecommunication

Services

—

0.1%

FingerMotion,

Inc.

(a)(b)

................

51,365

173,100

KORE

Group

Holdings,

Inc.

(a)(b)

..........

73,274

139,953

Spok

Holdings,

Inc.

.................

37,287

284,873

SurgePays,

Inc.

(a)(b)

.................

13,549

61,648

659,574

Total

Common

Stocks

—

99.9%

(Cost:

$1,049,704,603)

...........................

835,920,249

Preferred

Securities

Preferred

Stocks

—

0.0%

Hotels,

Restaurants

&

Leisure

—

0.0%

FAT

Brands,

Inc.,

Series

B,

8.25%, 12/31/49

(a)

960

17,251

Total

Preferred

Securities

—

0.0%

(Cost:

$10,583)

................................

17,251

Rights

Biotechnology

—

0.0%

(b)(c)

Contra

Aduro

Biotech

I,

CVR

...........

33,109

84,064

OncoMed

Pharmaceuticals,

Inc.,

CVR

.....

60,904

14,331

Oncternal

Therapeutics,

Inc.,

CVR

(a)

......

1,634

1,675

100,070

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(b)(c)

........

4,194

$

—

Total

Rights

—

0.0%

(Cost:

$3,348)

.................................

100,070

Total

Long-Term

Investments

—

99.9%

(Cost:

$1,049,718,534)

...........................

836,037,570

Short-Term

Securities

Money

Market

Funds

—

19.6%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(f)

............

163,060,001

163,108,919

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

749,931

749,931

Total

Short-Term

Securities

—

19.6%

(Cost:

$163,772,331)

.............................

163,858,850

Total

Investments

—

119.5%

(Cost:

$1,213,490,865

)

...........................

999,896,420

Liabilities

in

Excess

of

Other

Assets

—

(19.5)%

...........

(163,453,531)

Net

Assets

—

100.0%

..............................

$

836,442,889

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

172,784,783

$

—

$

(9,774,615)

(a)

$

870

$

97,881

$

163,108,919

163,060,001

$

2,518,764

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,230,000

—

(480,069)

(a)

—

—

749,931

749,931

8,249

—

$

870

$

97,881

$

163,858,850

$

2,527,013

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

14

12/16/22

$

1,169

$

(55,471)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

55,471

$

—

$

—

$

—

$

55,471

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(158,427)

$

—

$

—

$

—

$

(158,427)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(69,244)

$

—

$

—

$

—

$

(69,244)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,822,730

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

6,535,829

$

—

$

—

$

6,535,829

Air

Freight

&

Logistics

....................................

471,495

—

—

471,495

Airlines

..............................................

942,314

—

—

942,314

Auto

Components

......................................

3,619,220

—

—

3,619,220

Automobiles

..........................................

2,441,756

—

—

2,441,756

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

26

Level

1

Level

2

Level

3

Total

Banks

...............................................

$

114,159,402

$

—

$

—

$

114,159,402

Beverages

...........................................

1,098,046

—

—

1,098,046

Biotechnology

.........................................

151,409,830

—

—

151,409,830

Building

Products

.......................................

3,064,687

—

—

3,064,687

Capital

Markets

........................................

10,866,525

—

—

10,866,525

Chemicals

............................................

10,773,332

—

—

10,773,332

Commercial

Services

&

Supplies

.............................

15,179,758

—

—

15,179,758

Communications

Equipment

................................

13,462,256

—

—

13,462,256

Construction

&

Engineering

................................

6,942,085

—

—

6,942,085

Construction

Materials

....................................

659,861

—

—

659,861

Consumer

Finance

......................................

5,936,219

—

—

5,936,219

Containers

&

Packaging

..................................

1,539,875

—

—

1,539,875

Distributors

...........................................

1,649,063

—

—

1,649,063

Diversified

Consumer

Services

..............................

6,313,001

—

—

6,313,001

Diversified

Financial

Services

...............................

2,942,477

—

—

2,942,477

Diversified

Telecommunication

Services

........................

5,151,379

—

—

5,151,379

Electric

Utilities

........................................

552,926

—

—

552,926

Electrical

Equipment

.....................................

9,483,981

—

—

9,483,981

Electronic

Equipment,

Instruments

&

Components

.................

18,821,781

—

—

18,821,781

Energy

Equipment

&

Services

..............................

13,433,758

—

—

13,433,758

Entertainment

.........................................

1,963,963

—

—

1,963,963

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

25,284,488

—

—

25,284,488

Food

&

Staples

Retailing

..................................

5,823,230

—

—

5,823,230

Food

Products

.........................................

8,274,078

—

—

8,274,078

Gas

Utilities

...........................................

352,102

—

—

352,102

Health

Care

Equipment

&

Supplies

...........................

40,062,911

—

—

40,062,911

Health

Care

Providers

&

Services

............................

16,779,329

—

—

16,779,329

Health

Care

Technology

..................................

6,517,791

—

—

6,517,791

Hotels,

Restaurants

&

Leisure

..............................

17,413,502

—

—

17,413,502

Household

Durables

.....................................

8,180,703

—

—

8,180,703

Household

Products

.....................................

246,743

—

—

246,743

Independent

Power

and

Renewable

Electricity

Producers

............

936,378

—

—

936,378

Insurance

............................................

9,733,375

—

—

9,733,375

Interactive

Media

&

Services

...............................

6,485,788

—

—

6,485,788

Internet

&

Direct

Marketing

Retail

............................

8,250,766

—

—

8,250,766

IT

Services

...........................................

15,591,272

—

—

15,591,272

Leisure

Products

.......................................

4,565,114

—

—

4,565,114

Life

Sciences

Tools

&

Services

..............................

7,904,213

—

—

7,904,213

Machinery

............................................

19,127,020

—

—

19,127,020

Marine

..............................................

3,202,695

—

—

3,202,695

Media

...............................................

7,731,993

—

—

7,731,993

Metals

&

Mining

........................................

11,789,185

—

—

11,789,185

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

11,335,981

—

—

11,335,981

Multi-Utilities

..........................................

1,491,324

—

—

1,491,324

Oil,

Gas

&

Consumable

Fuels

...............................

30,461,383

—

—

30,461,383

Paper

&

Forest

Products

..................................

1,548,739

—

—

1,548,739

Personal

Products

......................................

2,865,544

—

—

2,865,544

Pharmaceuticals

.......................................

36,295,280

—

—

36,295,280

Professional

Services

....................................

10,817,734

—

—

10,817,734

Real

Estate

Management

&

Development

.......................

5,022,322

—

—

5,022,322

Road

&

Rail

...........................................

2,693,403

—

—

2,693,403

Semiconductors

&

Semiconductor

Equipment

....................

19,806,895

—

—

19,806,895

Software

.............................................

22,390,057

2,993

—

22,393,050

Specialty

Retail

........................................

21,166,056

—

—

21,166,056

Technology

Hardware,

Storage

&

Peripherals

....................

4,304,771

—

—

4,304,771

Textiles,

Apparel

&

Luxury

Goods

............................

3,666,303

—

—

3,666,303

Thrifts

&

Mortgage

Finance

................................

17,532,813

—

—

17,532,813

Tobacco

.............................................

953,987

—

—

953,987

Trading

Companies

&

Distributors

............................

6,090,869

—

—

6,090,869

Water

Utilities

.........................................

3,146,726

—

—

3,146,726

Wireless

Telecommunication

Services

.........................

659,574

—

—

659,574

Preferred

Stocks

.........................................

17,251

—

—

17,251

Rights

................................................

—

—

100,070

100,070

Short-Term

Securities

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Micro-Cap

ETF

Schedule

of

Investments

27

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Money

Market

Funds

......................................

$

163,858,850

$

—

$

—

$

163,858,850

$

999,793,357

$

2,993

$

100,070

$

999,896,420

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(55,471)

$

—

$

—

$

(55,471)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

2500

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.3%

Axon

Enterprise,

Inc.

(a)

...............

6,012

$

695,889

BWX

Technologies,

Inc.

..............

8,180

412,027

Curtiss-Wright

Corp.

.................

3,398

472,866

Hexcel

Corp.

......................

7,508

388,314

Howmet

Aerospace,

Inc.

..............

33,414

1,033,495

Huntington

Ingalls

Industries,

Inc.

........

3,507

776,800

Mercury

Systems,

Inc.

(a)(b)

.............

5,096

206,898

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(b)

.

9,376

205,522

Textron,

Inc.

(b)

.....................

18,832

1,097,152

Woodward,

Inc.

....................

5,274

423,291

5,712,254

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.

(a)(b)

...............

9,374

328,652

Airlines

—

0.3%

(a)

Alaska

Air

Group,

Inc.

................

11,085

433,978

American

Airlines

Group,

Inc.

...........

57,515

692,480

Copa

Holdings

SA,

NVS

(b)

.............

2,571

172,283

JetBlue

Airways

Corp.

(b)

..............

28,737

190,526

1,489,267

Auto

Components

—

0.5%

BorgWarner,

Inc.

...................

21,043

660,750

Gentex

Corp.

.....................

21,052

501,880

Lear

Corp.

.......................

5,296

633,878

QuantumScape

Corp.,

Class

A

(a)(b)

.......

22,657

190,546

1,987,054

Automobiles

—

0.2%

Harley-Davidson,

Inc.

................

11,934

416,258

Thor

Industries,

Inc.

.................

4,742

331,845

748,103

Banks

—

2.8%

Bank

of

Hawaii

Corp.

................

3,524

268,247

Bank

OZK

.......................

10,019

396,352

BOK

Financial

Corp.

.................

2,594

230,503

Comerica,

Inc.

.....................

11,642

827,746

Commerce

Bancshares,

Inc.

...........

9,747

644,861

Cullen/Frost

Bankers,

Inc.

.............

5,193

686,618

East

West

Bancorp,

Inc.

..............

12,604

846,233

First

Citizens

BancShares

,

Inc.,

Class

A

(b)

..

1,085

865,212

First

Hawaiian,

Inc.

.................

11,383

280,363

First

Horizon

Corp.

..................

47,162

1,080,010

FNB

Corp.

.......................

31,039

360,052

PacWest

Bancorp

..................

10,416

235,402

Pinnacle

Financial

Partners,

Inc.

.........

6,660

540,126

Popular,

Inc.

(b)

.....................

6,524

470,119

Prosperity

Bancshares,

Inc.

............

7,801

520,171

Signature

Bank

....................

5,522

833,822

Synovus

Financial

Corp.

..............

12,780

479,378

Umpqua

Holdings

Corp.

..............

19,245

328,897

Webster

Financial

Corp.

..............

15,564

703,493

Western

Alliance

Bancorp

.............

9,407

618,416

Wintrust

Financial

Corp.

..............

5,313

433,275

Zions

Bancorp

NA

..................

13,262

674,505

12,323,801

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)

.

837

270,895

Biotechnology

—

1.1%

(a)

Exact

Sciences

Corp.

(b)

...............

15,665

508,956

Exelixis

,

Inc.

(b)

.....................

28,036

439,605

Ionis

Pharmaceuticals,

Inc.

............

12,553

555,219

Security

Shares

Shares

Value

Biotechnology

(continued)

Mirati

Therapeutics,

Inc.

(b)

.............

3,814

$

266,370

Natera

,

Inc.

.......................

7,670

336,099

Neurocrine

Biosciences,

Inc.

...........

8,447

897,156

Novavax

,

Inc.

(b)

....................

6,993

127,273

Sarepta

Therapeutics,

Inc.

(b)

...........

7,498

828,829

Ultragenyx

Pharmaceutical,

Inc.

.........

5,940

245,975

United

Therapeutics

Corp.

.............

3,974

832,076

5,037,558

Building

Products

—

1.6%

Advanced

Drainage

Systems,

Inc.

.......

5,703

709,282

Allegion

plc

.......................

7,801

699,594

AO

Smith

Corp.

....................

11,303

549,100

Armstrong

World

Industries,

Inc.

.........

4,102

325,001

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

9,846

163,641

Builders

FirstSource

,

Inc.

(a)

............

13,737

809,384

Carlisle

Cos.,

Inc.

..................

4,583

1,285,119

Fortune

Brands

Home

&

Security,

Inc.

.....

11,512

618,079

Hayward

Holdings,

Inc.

(a)

..............

6,097

54,080

Lennox

International,

Inc.

.............

2,852

635,055

Owens

Corning

....................

8,623

677,854

Trex

Co.,

Inc.

(a)

....................

9,871

433,732

6,959,921

Capital

Markets

—

2.1%

Affiliated

Managers

Group,

Inc.

.........

3,381

378,165

Carlyle

Group,

Inc.

(The)

..............

18,554

479,435

Cboe

Global

Markets,

Inc.

.............

9,436

1,107,503

Evercore

,

Inc.,

Class

A

...............

3,267

268,711

FactSet

Research

Systems,

Inc.

.........

3,383

1,353,572

Invesco

Ltd.

......................

33,458

458,375

Janus

Henderson

Group

plc

...........

12,120

246,157

Jefferies

Financial

Group,

Inc.

..........

18,072

533,124

Lazard

Ltd.,

Class

A

.................

8,007

254,863

LPL

Financial

Holdings,

Inc.

............

7,095

1,550,116

MarketAxess

Holdings,

Inc.

............

3,308

735,997

Morningstar,

Inc.

...................

2,206

468,378

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

49,884

503,828

SEI

Investments

Co.

.................

9,165

449,543

Stifel

Financial

Corp.

................

9,207

477,935

Virtu

Financial,

Inc.,

Class

A

............

8,744

181,613

9,447,315

Chemicals

—

1.0%

Ashland,

Inc.

......................

4,539

431,069

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

19,606

412,902

Chemours

Co.

(The)

.................

13,658

336,670

Element

Solutions,

Inc.

...............

20,305

330,362

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

72,383

225,835

Huntsman

Corp.

...................

17,126

420,272

NewMarket

Corp.

...................

531

159,741

Olin

Corp.

........................

11,981

513,745

RPM

International,

Inc.

...............

11,374

947,568

Scotts

Miracle-

Gro

Co.

(The)

...........

3,552

151,848

Valvoline,

Inc.

.....................

15,758

399,308

4,329,320

Commercial

Services

&

Supplies

—

0.5%

Clean

Harbors,

Inc.

(a)

................

4,567

502,279

Driven

Brands

Holdings,

Inc.

(a)

..........

4,973

139,145

IAA,

Inc.

(a)(b)

.......................

11,992

381,945

MSA

Safety,

Inc.

...................

3,283

358,766

Stericycle,

Inc.

(a)

...................

8,212

345,807

Tetra

Tech,

Inc.

....................

4,738

608,975

2,336,917

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

—

0.6%

Ciena

Corp.

(a)(b)

....................

13,270

$

536,506

F5,

Inc.

(a)

........................

5,326

770,832

Juniper

Networks,

Inc.

...............

28,462

743,427

Lumentum

Holdings,

Inc.

(a)

............

6,178

423,625

Viasat

,

Inc.

(a)

......................

6,437

194,591

2,668,981

Construction

&

Engineering

—

1.0%

AECOM

.........................

11,736

802,391

MasTec

,

Inc.

(a)(b)

....................

5,282

335,407

MDU

Resources

Group,

Inc.

...........

18,098

494,980

Quanta

Services,

Inc.

................

12,684

1,615,815

Valmont

Industries,

Inc.

...............

1,865

500,976

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

18,533

747,436

4,497,005

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

3,349

358,946

Consumer

Finance

—

0.3%

Credit

Acceptance

Corp.

(a)(b)

............

595

260,610

OneMain

Holdings,

Inc.

...............

10,319

304,617

SLM

Corp.

.......................

22,408

313,488

SoFi

Technologies,

Inc.

(a)

..............

70,385

343,479

Upstart

Holdings,

Inc.

(a)(b)

..............

6,259

130,124

1,352,318

Containers

&

Packaging

—

1.4%

AptarGroup,

Inc.

...................

5,820

553,075

Ardagh

Group

SA,

Class

A

............

885

7,593

Ardagh

Metal

Packaging

SA

...........

13,217

63,970

Avery

Dennison

Corp.

................

7,257

1,180,714

Berry

Global

Group,

Inc.

(a)

.............

11,219

522,020

Crown

Holdings,

Inc.

................

10,363

839,714

Graphic

Packaging

Holding

Co.

.........

27,184

536,612

Packaging

Corp.

of

America

...........

8,236

924,820

Sealed

Air

Corp.

...................

12,960

576,850

Silgan

Holdings,

Inc.

.................

7,483

314,585

Sonoco

Products

Co.

................

8,639

490,091

6,010,044

Distributors

—

0.2%

Pool

Corp.

.......................

3,437

1,093,688

Diversified

Consumer

Services

—

0.6%

ADT,

Inc.

(b)

.......................

18,367

137,569

Bright

Horizons

Family

Solutions,

Inc.

(a)

....

5,123

295,341

Grand

Canyon

Education,

Inc.

(a)(b)

........

2,805

230,711

H&R

Block,

Inc.

....................

14,183

603,345

Mister

Car

Wash,

Inc.

(a)(b)

..............

6,872

58,962

Service

Corp.

International

............

13,753

794,098

Terminix

Global

Holdings,

Inc.

(a)

.........

10,889

416,940

2,536,966

Diversified

Financial

Services

—

0.1%

Voya

Financial,

Inc.

.................

8,720

527,560

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

21,743

509,438

Electric

Utilities

—

0.7%

Hawaiian

Electric

Industries,

Inc.

........

9,747

337,831

IDACORP,

Inc.

....................

4,467

442,278

NRG

Energy,

Inc.

...................

21,031

804,856

OGE

Energy

Corp.

..................

17,780

648,259

Pinnacle

West

Capital

Corp.

...........

10,052

648,454

2,881,678

Security

Shares

Shares

Value

Electrical

Equipment

—

1.2%

Acuity

Brands,

Inc.

..................

2,922

$

460,127

ChargePoint

Holdings,

Inc.,

Class

A

(a)

.....

22,416

330,860

Hubbell,

Inc.

......................

4,772

1,064,156

nVent

Electric

plc

...................

14,802

467,891

Plug

Power,

Inc.

(a)(b)

.................

46,291

972,574

Regal

Rexnord

Corp.

................

5,973

838,370

Sensata

Technologies

Holding

plc

........

13,667

509,506

Sunrun

,

Inc.

(a)

.....................

18,259

503,766

Vertiv

Holdings

Co.,

Class

A

(b)

..........

27,200

264,384

5,411,634

Electronic

Equipment,

Instruments

&

Components

—

1.0%

Arrow

Electronics,

Inc.

(a)(b)

.............

5,678

523,455

Avnet,

Inc.

.......................

8,383

302,794

Cognex

Corp.

.....................

15,460

640,817

Coherent

Corp.

(a)(b)

..................

11,430

398,335

IPG

Photonics

Corp.

(a)(b)

..............

2,995

252,628

Jabil,

Inc.

........................

11,953

689,808

Littelfuse

,

Inc.

.....................

2,143

425,793

National

Instruments

Corp.

............

11,601

437,822

TD

SYNNEX

Corp.

..................

3,819

310,064

Vontier

Corp.

......................

13,930

232,770

4,214,286

Energy

Equipment

&

Services

—

0.1%

NOV,

Inc.

........................

34,795

562,983

Entertainment

—

0.5%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

46,309

322,774

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

1,844

96,847

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)(b)

.................

17,885

1,046,272

Madison

Square

Garden

Sports

Corp.

(a)

....

1,685

230,272

Playtika

Holding

Corp.

(a)(b)

.............

9,059

85,064

World

Wrestling

Entertainment,

Inc.,

Class

A

(b)

3,857

270,646

2,051,875

Equity

Real

Estate

Investment

Trusts

(REITs)

—

4.8%

American

Homes

4

Rent,

Class

A

........

27,032

886,920

Americold

Realty

Trust,

Inc.

............

23,915

588,309

Apartment

Income

REIT

Corp.

..........

13,707

529,364

Brixmor

Property

Group,

Inc.

...........

26,725

493,611

Camden

Property

Trust

...............

9,239

1,103,599

Cousins

Properties,

Inc.

..............

13,532

315,972

CubeSmart

.......................

19,918

797,915

Douglas

Emmett,

Inc.

................

15,144

271,532

EastGroup

Properties,

Inc.

............

3,656

527,707

EPR

Properties

....................

6,633

237,859

Equity

LifeStyle

Properties,

Inc.

.........

15,829

994,694

Federal

Realty

Investment

Trust

.........

7,140

643,457

First

Industrial

Realty

Trust,

Inc.

.........

11,709

524,680

Gaming

and

Leisure

Properties,

Inc.

......

21,761

962,707

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

33,768

704,063

Highwoods

Properties,

Inc.

............

9,260

249,650

Host

Hotels

&

Resorts,

Inc.

............

63,095

1,001,949

Hudson

Pacific

Properties,

Inc.

..........

12,379

135,550

Iron

Mountain,

Inc.

..................

25,729

1,131,304

JBG

SMITH

Properties

...............

9,572

177,848

Kilroy

Realty

Corp.

..................

10,310

434,154

Kimco

Realty

Corp.

(b)

................

53,833

991,066

Lamar

Advertising

Co.,

Class

A

.........

7,693

634,596

Life

Storage,

Inc.

...................

7,496

830,257

Medical

Properties

Trust,

Inc.

...........

52,861

626,931

National

Retail

Properties,

Inc.

..........

15,611

622,254

National

Storage

Affiliates

Trust

.........

7,606

316,257

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Omega

Healthcare

Investors,

Inc.

........

20,908

$

616,577

Park

Hotels

&

Resorts,

Inc.

............

19,971

224,873

Rayonier,

Inc.

.....................

13,055

391,258

Regency

Centers

Corp.

..............

15,270

822,290

Rexford

Industrial

Realty,

Inc.

..........

15,260

793,520

SL

Green

Realty

Corp.

...............

5,735

230,318

Spirit

Realty

Capital,

Inc.

..............

12,057

435,981

STORE

Capital

Corp.

................

22,621

708,716

Vornado

Realty

Trust

................

15,708

363,797

21,321,535

Food

&

Staples

Retailing

—

0.7%

Albertsons

Cos.,

Inc.,

Class

A

..........

15,079

374,864

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

11,941

869,424

Casey's

General

Stores,

Inc.

...........

3,299

668,113

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

7,904

263,124

Performance

Food

Group

Co.

(a)(b)

........

13,526

580,942

US

Foods

Holding

Corp.

(a)

.............

17,920

473,805

3,230,272

Food

Products

—

0.8%

Darling

Ingredients,

Inc.

(a)

.............

14,260

943,299

Flowers

Foods,

Inc.

.................

16,793

414,619

Freshpet

,

Inc.

(a)(b)

...................

4,010

200,861

Ingredion,

Inc.

.....................

5,841

470,317

Lamb

Weston

Holdings,

Inc.

...........

12,847

994,101

Pilgrim's

Pride

Corp.

(a)

...............

4,289

98,733

Post

Holdings,

Inc.

(a)(b)

................

4,905

401,769

Seaboard

Corp.

....................

22

74,858

3,598,557

Gas

Utilities

—

0.2%

National

Fuel

Gas

Co.

...............

7,853

483,352

UGI

Corp.

........................

18,629

602,276

1,085,628

Health

Care

Equipment

&

Supplies

—

1.1%

Dentsply

Sirona,

Inc.

................

19,045

539,926

Enovis

Corp.

(a)

.....................

4,546

209,434

Envista

Holdings

Corp.

(a)

..............

14,454

474,236

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

6,843

407,638

ICU

Medical,

Inc.

(a)

..................

1,807

272,134

Integra

LifeSciences

Holdings

Corp.

(a)

.....

6,489

274,874

Masimo

Corp.

(a)

....................

4,219

595,554

Novocure

Ltd.

(a)

....................

9,196

698,712

Penumbra,

Inc.

(a)

...................

3,169

600,842

QuidelOrtho

Corp.

(a)(b)

................

4,426

316,370

Tandem

Diabetes

Care,

Inc.

(a)

..........

5,654

270,544

4,660,264

Health

Care

Providers

&

Services

—

1.3%

Acadia

Healthcare

Co.,

Inc.

(a)

...........

7,921

619,264

agilon

health,

Inc.

(a)

.................

16,737

391,981

Amedisys

,

Inc.

(a)

...................

2,865

277,303

Chemed

Corp.

.....................

1,298

566,655

DaVita,

Inc.

(a)

......................

5,050

417,989

Encompass

Health

Corp.

.............

8,775

396,893

Enhabit

,

Inc.

(a)

.....................

4,285

60,161

Guardant

Health,

Inc.

(a)(b)

..............

8,652

465,737

Henry

Schein,

Inc.

(a)

.................

12,050

792,529

Oak

Street

Health,

Inc.

(a)

..............

10,441

256,013

Premier,

Inc.,

Class

A

(b)

...............

10,549

358,033

Signify

Health,

Inc.,

Class

A

(a)

...........

6,254

182,304

Tenet

Healthcare

Corp.

(a)(b)

.............

9,438

486,812

Universal

Health

Services,

Inc.,

Class

B

(b)

..

5,694

502,097

5,773,771

Security

Shares

Shares

Value

Health

Care

Technology

—

0.3%

(a)

Certara

,

Inc.

......................

10,327

$

137,142

Change

Healthcare,

Inc.

(b)

.............

23,532

646,895

Definitive

Healthcare

Corp.,

Class

A

(b)

.....

2,798

43,481

Doximity

,

Inc.,

Class

A

...............

9,745

294,494

Teladoc

Health,

Inc.

.................

14,388

364,736

1,486,748

Hotels,

Restaurants

&

Leisure

—

1.5%

Aramark

.........................

20,640

643,968

Boyd

Gaming

Corp.

.................

6,965

331,882

Choice

Hotels

International,

Inc.

.........

3,015

330,203

Churchill

Downs,

Inc.

................

3,224

593,700

Hyatt

Hotels

Corp.,

Class

A

(a)

...........

4,419

357,762

Marriott

Vacations

Worldwide

Corp.

.......

3,434

418,467

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

37,474

425,705

Penn

Entertainment,

Inc.

(a)(b)

...........

13,977

384,507

Planet

Fitness,

Inc.,

Class

A

(a)

..........

7,562

436,025

Six

Flags

Entertainment

Corp.

(a)

.........

6,523

115,457

Travel

+

Leisure

Co.

.................

7,377

251,703

Vail

Resorts,

Inc.

...................

3,582

772,423

Wendy's

Co.

(The)

..................

15,213

284,331

Wyndham

Hotels

&

Resorts,

Inc.

........

7,901

484,726

Wynn

Resorts

Ltd.

(a)(b)

................

9,287

585,360

6,416,219

Household

Durables

—

0.7%

Leggett

&

Platt,

Inc.

.................

11,921

396,016

Mohawk

Industries,

Inc.

(a)

.............

4,713

429,778

Newell

Brands,

Inc.

.................

33,517

465,551

PulteGroup,

Inc.

...................

20,522

769,575

Tempur

Sealy

International,

Inc.

(b)

........

14,911

359,952

Toll

Brothers,

Inc.

...................

9,563

401,646

TopBuild

Corp.

(a)

...................

2,878

474,237

3,296,755

Household

Products

—

0.1%

Reynolds

Consumer

Products,

Inc.

.......

4,762

123,860

Spectrum

Brands

Holdings,

Inc.

.........

3,597

140,391

264,251

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Brookfield

Renewable

Corp.

...........

11,349

370,885

Vistra

Corp.

......................

36,633

769,293

1,140,178

Insurance

—

2.7%

Alleghany

Corp.

(a)

...................

1,167

979,545

American

Financial

Group,

Inc.

.........

5,992

736,597

Assurant,

Inc.

.....................

4,742

688,870

Assured

Guaranty

Ltd.

...............

5,328

258,142

Axis

Capital

Holdings

Ltd.

.............

6,928

340,511

Brighthouse

Financial,

Inc.

(a)

...........

6,387

277,324

Brown

&

Brown,

Inc.

.................

21,071

1,274,374

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,226

494,862

Everest

Re

Group

Ltd.

...............

3,469

910,404

First

American

Financial

Corp.

..........

9,039

416,698

Globe

Life,

Inc.

....................

7,970

794,609

Hanover

Insurance

Group,

Inc.

(The)

.....

3,171

406,332

Kemper

Corp.

.....................

5,703

235,306

Lincoln

National

Corp.

...............

15,121

663,963

Old

Republic

International

Corp.

.........

25,336

530,282

Primerica,

Inc.

.....................

3,317

409,484

Reinsurance

Group

of

America,

Inc.

......

5,951

748,695

RenaissanceRe

Holdings

Ltd.

..........

3,837

538,676

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

7,369

299,329

Unum

Group

......................

17,832

691,882

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

White

Mountains

Insurance

Group

Ltd.

....

252

$

328,361

12,024,246

Interactive

Media

&

Services

—

0.1%

(a)(b)

IAC,

Inc.

.........................

6,970

385,999

TripAdvisor,

Inc.

....................

9,066

200,177

586,176

Internet

&

Direct

Marketing

Retail

—

0.0%

Wayfair,

Inc.,

Class

A

(a)(b)

..............

6,986

227,394

IT

Services

—

1.7%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

15,907

298,415

Amdocs

Ltd.

......................

10,751

854,167

Concentrix

Corp.

...................

3,829

427,431

DXC

Technology

Co.

(a)

...............

20,437

500,298

Euronet

Worldwide,

Inc.

(a)

.............

4,187

317,207

Genpact

Ltd.

......................

16,072

703,471

Globant

SA

(a)(b)

....................

3,623

677,791

Jack

Henry

&

Associates,

Inc.

..........

6,469

1,179,105

Kyndryl

Holdings,

Inc.

(a)(b)

.............

18,130

149,935

Shift4

Payments,

Inc.,

Class

A

(a)

.........

4,523

201,771

Switch,

Inc.,

Class

A

.................

13,043

439,419

Thoughtworks

Holding,

Inc.

(a)(b)

..........

7,497

78,644

Toast,

Inc.,

Class

A

(a)

................

22,252

372,053

Western

Union

Co.

(The)

.............

34,158

461,133

WEX,

Inc.

(a)(b)

......................

3,920

497,605

Wix.com

Ltd.

(a)(b)

...................

4,810

376,286

7,534,731

Leisure

Products

—

0.4%

Brunswick

Corp.

...................

6,572

430,137

Mattel,

Inc.

(a)(b)

.....................

31,271

592,273

Peloton

Interactive,

Inc.,

Class

A

(a)

.......

27,063

187,547

Polaris,

Inc.

.......................

5,022

480,354

YETI

Holdings,

Inc.

(a)(b)

...............

7,623

217,408

1,907,719

Life

Sciences

Tools

&

Services

—

1.2%

10X

Genomics,

Inc.,

Class

A

(a)

..........

8,246

234,846

Azenta

,

Inc.

......................

6,635

284,376

Bio-

Techne

Corp.

(b)

..................

3,467

984,628

Bruker

Corp.

......................

9,656

512,347

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

4,493

884,222

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(a)

9,839

251,190

QIAGEN

NV

(a)

.....................

20,216

834,517

Repligen

Corp.

(a)

...................

4,929

922,265

Sotera

Health

Co.

(a)

.................

8,907

60,746

Syneos

Health,

Inc.,

Class

A

(a)

..........

9,181

432,884

5,402,021

Machinery

—

2.1%

AGCO

Corp.

......................

5,516

530,474

Allison

Transmission

Holdings,

Inc.

.......

8,661

292,395

Crane

Holdings

Co.

.................

4,215

368,981

Donaldson

Co.,

Inc.

.................

10,963

537,297

Esab

Corp.

.......................

4,447

148,352

Flowserve

Corp.

...................

11,667

283,508

Gates

Industrial

Corp.

plc

(a)(b)

...........

9,728

94,945

Graco

,

Inc.

.......................

14,959

896,792

ITT,

Inc.

.........................

7,480

488,743

Lincoln

Electric

Holdings,

Inc.

..........

4,984

626,589

Middleby

Corp.

(The)

(a)

...............

4,755

609,448

Nordson

Corp.

.....................

5,162

1,095,738

Oshkosh

Corp.

....................

5,883

413,516

Pentair

plc

.......................

14,632

594,498

Security

Shares

Shares

Value

Machinery

(continued)

Snap-on,

Inc.

.....................

4,686

$

943,526

Timken

Co.

(The)

...................

5,584

329,679

Toro

Co.

(The)

.....................

9,299

804,178

9,058,659

Marine

—

0.1%

Kirby

Corp.

(a)

......................

5,348

324,998

Media

—

0.7%

Altice

USA,

Inc.,

Class

A

(a)

.............

18,351

106,986

Cable

One,

Inc.

(b)

...................

518

441,880

Interpublic

Group

of

Cos.,

Inc.

(The)

......

35,043

897,101

New

York

Times

Co.

(The),

Class

A

.......

14,733

423,574

News

Corp.,

Class

A,

NVS

............

34,581

522,519

News

Corp.,

Class

B

................

10,910

168,232

Nexstar

Media

Group,

Inc.

.............

3,315

553,108

3,113,400

Metals

&

Mining

—

1.0%

Alcoa

Corp.

.......................

15,986

538,089

Cleveland-Cliffs,

Inc.

(a)(b)

..............

45,683

615,350

MP

Materials

Corp.,

Class

A

(a)(b)

.........

8,146

222,386

Reliance

Steel

&

Aluminum

Co.

.........

5,347

932,570

Royal

Gold,

Inc.

....................

5,822

546,220

SSR

Mining,

Inc.

...................

18,719

275,357

Steel

Dynamics,

Inc.

.................

15,433

1,094,971

United

States

Steel

Corp.

.............

21,061

381,625

4,606,568

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

AGNC

Investment

Corp.

..............

46,374

390,469

Annaly

Capital

Management,

Inc.

........

38,370

658,429

Rithm

Capital

Corp.

.................

38,222

279,785

Starwood

Property

Trust,

Inc.

...........

25,964

473,064

1,801,747

Multiline

Retail

—

0.3%

Kohl's

Corp.

......................

11,466

288,370

Macy's,

Inc.

......................

23,857

373,839

Nordstrom,

Inc.

....................

9,984

167,033

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

.....

5,592

288,547

1,117,789

Multi-Utilities

—

0.2%

NiSource,

Inc.

.....................

36,191

911,651

Oil,

Gas

&

Consumable

Fuels

—

2.2%

Antero

Midstream

Corp.

..............

30,126

276,557

Antero

Resources

Corp.

(a)

.............

25,768

786,697

APA

Corp.

.......................

29,000

991,510

Chesapeake

Energy

Corp.

............

10,794

1,016,903

DT

Midstream,

Inc.

..................

8,683

450,561

Enviva

,

Inc.

.......................

2,697

161,982

EQT

Corp.

.......................

32,847

1,338,515

HF

Sinclair

Corp.

...................

12,970

698,305

New

Fortress

Energy,

Inc.,

Class

A

(b)

......

4,335

189,483

Ovintiv

,

Inc.

.......................

22,777

1,047,742

PDC

Energy,

Inc.

...................

8,400

485,436

Range

Resources

Corp.

..............

22,789

575,650

Southwestern

Energy

Co.

(a)(b)

...........

99,046

606,161

Texas

Pacific

Land

Corp.

..............

510

906,387

9,531,889

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

...............

6,561

335,858

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Products

—

0.1%

(a)

Coty,

Inc.,

Class

A

(b)

.................

31,117

$

196,660

Olaplex

Holdings,

Inc.

................

10,955

104,620

301,280

Pharmaceuticals

—

0.4%

Jazz

Pharmaceuticals

plc

(a)

............

5,425

723,098

Organon

&

Co.

....................

22,596

528,747

Perrigo

Co.

plc

....................

11,914

424,853

1,676,698

Professional

Services

—

1.3%

Booz

Allen

Hamilton

Holding

Corp.

.......

11,700

1,080,495

CACI

International,

Inc.,

Class

A

(a)

.......

2,059

537,523

Clarivate

plc

(a)

.....................

42,070

395,037

Dun

&

Bradstreet

Holdings,

Inc.

.........

22,527

279,110

FTI

Consulting,

Inc.

(a)

................

2,991

495,639

KBR,

Inc.

........................

12,321

532,514

ManpowerGroup

,

Inc.

................

4,550

294,339

Nielsen

Holdings

plc

.................

31,923

884,906

Robert

Half

International,

Inc.

...........

9,583

733,099

Science

Applications

International

Corp.

...

4,987

441,000

5,673,662

Real

Estate

Management

&

Development

—

0.3%

(a)

Howard

Hughes

Corp.

(The)

...........

3,282

181,790

Jones

Lang

LaSalle,

Inc.

(b)

.............

4,247

641,594

Opendoor

Technologies,

Inc.

(b)

..........

41,500

129,065

WeWork

,

Inc.,

Class

A

(b)

..............

11,458

30,364

Zillow

Group,

Inc.,

Class

A

(b)

...........

5,130

146,872

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

14,284

408,665

1,538,350

Road

&

Rail

—

0.8%

AMERCO

........................

807

410,941

Avis

Budget

Group,

Inc.

(a)

.............

2,664

395,497

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

18,252

297,143

Knight-Swift

Transportation

Holdings,

Inc.

..

13,882

679,246

Landstar

System,

Inc.

................

3,213

463,861

Lyft,

Inc.,

Class

A

(a)

..................

27,802

366,152

Ryder

System,

Inc.

..................

4,429

334,345

Schneider

National,

Inc.,

Class

B

........

4,835

98,151

XPO

Logistics,

Inc.

(a)

................

9,085

404,464

3,449,800

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Allegro

MicroSystems

,

Inc.

(a)

...........

5,939

129,767

Cirrus

Logic,

Inc.

(a)

..................

4,950

340,560

Entegris

,

Inc.

......................

13,228

1,098,189

First

Solar,

Inc.

(a)

...................

9,468

1,252,332

Lattice

Semiconductor

Corp.

(a)

..........

12,067

593,817

MKS

Instruments,

Inc.

...............

5,134

424,274

Universal

Display

Corp.

..............

3,892

367,210

Wolfspeed

,

Inc.

(a)

...................

10,298

1,064,401

5,270,550

Software

—

4.1%

Alteryx

,

Inc.,

Class

A

(a)

...............

5,272

294,389

AppLovin

Corp.,

Class

A

(a)

.............

19,609

382,179

Aspen

Technology,

Inc.

(a)(b)

.............

2,395

570,489

Avalara,

Inc.

(a)

.....................

7,715

708,237

Bentley

Systems,

Inc.,

Class

B

..........

14,963

457,718

Bill.com

Holdings,

Inc.

(a)(b)

.............

8,696

1,151,090

Black

Knight,

Inc.

(a)

..................

13,774

891,591

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

...

14,900

135,590

Ceridian

HCM

Holding,

Inc.

(a)

...........

12,180

680,618

Confluent,

Inc.,

Class

A

(a)(b)

............

11,129

264,536

Coupa

Software,

Inc.

(a)

...............

6,741

396,371

Security

Shares

Shares

Value

Software

(continued)

Dolby

Laboratories,

Inc.,

Class

A

........

5,402

$

351,940

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

5,565

152,203

Dropbox,

Inc.,

Class

A

(a)

..............

24,401

505,589

Dynatrace

,

Inc.

(a)

...................

17,688

615,719

Elastic

NV

(a)

......................

6,868

492,710

Fair

Isaac

Corp.

(a)(b)

.................

2,188

901,478

Five9,

Inc.

(a)

......................

6,130

459,627

Guidewire

Software,

Inc.

(a)(b)

............

7,493

461,419

Informatica

,

Inc.,

Class

A

(a)(b)

...........

3,206

64,344

Jamf

Holding

Corp.

(a)

................

5,726

126,888

Manhattan

Associates,

Inc.

(a)

...........

5,588

743,372

nCino

,

Inc.

(a)(b)

.....................

6,239

212,812

NCR

Corp.

(a)(b)

.....................

11,389

216,505

New

Relic,

Inc.

(a)(b)

..................

4,703

269,858

NortonLifeLock

,

Inc.

.................

50,918

1,025,489

Nutanix

,

Inc.,

Class

A

(a)

...............

19,184

399,603

Paycor

HCM,

Inc.

(a)

.................

4,256

125,807

Paylocity

Holding

Corp.

(a)(b)

............

3,538

854,710

Pegasystems

,

Inc.

..................

3,701

118,950

Procore

Technologies,

Inc.

(a)

...........

6,258

309,646

PTC,

Inc.

(a)

.......................

9,388

981,985

RingCentral,

Inc.,

Class

A

(a)

............

7,634

305,055

SentinelOne

,

Inc.,

Class

A

(a)(b)

..........

16,566

423,427

Smartsheet

,

Inc.,

Class

A

(a)(b)

...........

11,238

386,138

Teradata

Corp.

(a)(b)

..................

9,037

280,689

UiPath

,

Inc.,

Class

A

(a)(b)

..............

33,433

421,590

Zendesk

,

Inc.

(a)

....................

10,831

824,239

17,964,600

Specialty

Retail

—

1.3%

AutoNation,

Inc.

(a)

...................

3,411

347,478

Carvana

Co.,

Class

A

(a)(b)

..............

9,346

189,724

Dick's

Sporting

Goods,

Inc.

............

4,848

507,295

Five

Below,

Inc.

(a)

...................

4,855

668,388

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)

....

9,182

645,127

GameStop

Corp.,

Class

A

(a)(b)

...........

23,869

599,828

Gap,

Inc.

(The)

....................

17,391

142,780

Leslie's,

Inc.

(a)(b)

....................

14,235

209,397

Lithia

Motors,

Inc.,

Class

A

(b)

...........

2,409

516,851

Penske

Automotive

Group,

Inc.

.........

2,379

234,165

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

7,071

78,912

RH

(a)(b)

..........................

1,753

431,361

Victoria's

Secret

&

Co.

(a)(b)

.............

7,433

216,449

Williams-Sonoma,

Inc.

...............

6,086

717,235

5,504,990

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

25,036

685,235

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Capri

Holdings

Ltd.

(a)

................

11,951

459,397

Carter's,

Inc.

......................

3,397

222,605

Columbia

Sportswear

Co.

.............

3,211

216,100

Deckers

Outdoor

Corp.

(a)(b)

.............

2,344

732,758

Hanesbrands,

Inc.

..................

31,227

217,340

PVH

Corp.

.......................

6,018

269,606

Ralph

Lauren

Corp.,

Class

A

...........

3,792

322,055

Skechers

USA,

Inc.,

Class

A

(a)(b)

.........

11,988

380,259

Tapestry,

Inc.

......................

22,423

637,486

Under

Armour

,

Inc.,

Class

A

(a)

...........

17,011

113,123

Under

Armour

,

Inc.,

Class

C,

NVS

(a)

......

17,912

106,756

3,677,485

Thrifts

&

Mortgage

Finance

—

0.2%

MGIC

Investment

Corp.

..............

26,785

343,384

New

York

Community

Bancorp,

Inc.

......

40,874

348,655

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Thrifts

&

Mortgage

Finance

(continued)

TFS

Financial

Corp.

.................

4,453

$

57,889

UWM

Holdings

Corp.,

Class

A

..........

8,315

24,363

774,291

Trading

Companies

&

Distributors

—

0.6%

Air

Lease

Corp.,

Class

A

..............

9,309

288,672

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

5,300

120,522

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

4,117

299,759

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

3,951

411,457

Univar

Solutions,

Inc.

(a)

...............

14,548

330,821

Watsco

,

Inc.

......................

2,934

755,388

WESCO

International,

Inc.

(a)

...........

3,958

472,506

2,679,125

Water

Utilities

—

0.2%

Essential

Utilities,

Inc.

................

20,625

853,463

Total

Common

Stocks

—

56.0%

(Cost:

$285,624,192)

.............................

246,457,012

Investment

Companies

iShares

Russell

2000

ETF

(b)(c)

...........

1,167,242

192,501,551

Total

Investment

Companies

—

43.8%

(Cost:

$228,276,704)

.............................

192,501,551

Total

Long-Term

Investments

—

99.8%

(Cost:

$513,900,896)

.............................

438,958,563

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

27.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

121,743,749

$

121,780,271

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

420,960

420,960

Total

Short-Term

Securities

—

27.8%

(Cost:

$122,190,309)

.............................

122,201,231

Total

Investments

—

127.6%

(Cost:

$636,091,205

)

.............................

561,159,794

Liabilities

in

Excess

of

Other

Assets

—

(27.6)%

...........

(121,420,868)

Net

Assets

—

100.0%

..............................

$

439,738,926

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

110,837,007

$

10,864,832

(a)

$

—

$

67,760

$

10,672

$

121,780,271

121,743,749

$

443,141

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

440,000

—

(19,040)

(a)

—

—

420,960

420,960

4,416

—

iShares

Russell

2000

ETF

.....

181,091,247

77,282,522

(25,777,599)

1,361,090

(41,455,709)

192,501,551

1,167,242

1,487,775

—

$

1,428,850

$

(41,445,037)

$

314,702,782

$

1,935,332

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

5

12/16/22

$

417

$

(25,667)

Russell

2000

Micro

E-Mini

Index

...............................................

5

12/16/22

42

(4,569)

S&P

Midcap

400

E-Mini

Index

.................................................

1

12/16/22

221

(23,672)

$

(53,908)

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

34

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

53,908

$

—

$

—

$

—

$

53,908

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(44,200)

$

—

$

—

$

—

$

(44,200)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(67,653)

$

—

$

—

$

—

$

(67,653)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

972,458

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

5,712,254

$

—

$

—

$

5,712,254

Air

Freight

&

Logistics

....................................

328,652

—

—

328,652

Airlines

..............................................

1,489,267

—

—

1,489,267

Auto

Components

......................................

1,987,054

—

—

1,987,054

Automobiles

..........................................

748,103

—

—

748,103

Banks

...............................................

12,323,801

—

—

12,323,801

Beverages

...........................................

270,895

—

—

270,895

Biotechnology

.........................................

5,037,558

—

—

5,037,558

Building

Products

.......................................

6,959,921

—

—

6,959,921

Capital

Markets

........................................

9,447,315

—

—

9,447,315

Chemicals

............................................

4,329,320

—

—

4,329,320

Commercial

Services

&

Supplies

.............................

2,336,917

—

—

2,336,917

Communications

Equipment

................................

2,668,981

—

—

2,668,981

Construction

&

Engineering

................................

4,497,005

—

—

4,497,005

Construction

Materials

....................................

358,946

—

—

358,946

Consumer

Finance

......................................

1,352,318

—

—

1,352,318

Containers

&

Packaging

..................................

6,002,451

7,593

—

6,010,044

Distributors

...........................................

1,093,688

—

—

1,093,688

Diversified

Consumer

Services

..............................

2,536,966

—

—

2,536,966

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

2500

ETF

Schedule

of

Investments

35

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Diversified

Financial

Services

...............................

$

527,560

$

—

$

—

$

527,560

Diversified

Telecommunication

Services

........................

509,438

—

—

509,438

Electric

Utilities

........................................

2,881,678

—

—

2,881,678

Electrical

Equipment

.....................................

5,411,634

—

—

5,411,634

Electronic

Equipment,

Instruments

&

Components

.................

4,214,286

—

—

4,214,286

Energy

Equipment

&

Services

..............................

562,983

—

—

562,983

Entertainment

.........................................

2,051,875

—

—

2,051,875

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

21,321,535

—

—

21,321,535

Food

&

Staples

Retailing

..................................

3,230,272

—

—

3,230,272

Food

Products

.........................................

3,598,557

—

—

3,598,557

Gas

Utilities

...........................................

1,085,628

—

—

1,085,628

Health

Care

Equipment

&

Supplies

...........................

4,660,264

—

—

4,660,264

Health

Care

Providers

&

Services

............................

5,773,771

—

—

5,773,771

Health

Care

Technology

..................................

1,486,748

—

—

1,486,748

Hotels,

Restaurants

&

Leisure

..............................

6,416,219

—

—

6,416,219

Household

Durables

.....................................

3,296,755

—

—

3,296,755

Household

Products

.....................................

264,251

—

—

264,251

Independent

Power

and

Renewable

Electricity

Producers

............

1,140,178

—

—

1,140,178

Insurance

............................................

12,024,246

—

—

12,024,246

Interactive

Media

&

Services

...............................

586,176

—

—

586,176

Internet

&

Direct

Marketing

Retail

............................

227,394

—

—

227,394

IT

Services

...........................................

7,534,731

—

—

7,534,731

Leisure

Products

.......................................

1,907,719

—

—

1,907,719

Life

Sciences

Tools

&

Services

..............................

5,402,021

—

—

5,402,021

Machinery

............................................

9,058,659

—

—

9,058,659

Marine

..............................................

324,998

—

—

324,998

Media

...............................................

3,113,400

—

—

3,113,400

Metals

&

Mining

........................................

4,606,568

—

—

4,606,568

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

1,801,747

—

—

1,801,747

Multiline

Retail

.........................................

1,117,789

—

—

1,117,789

Multi-Utilities

..........................................

911,651

—

—

911,651

Oil,

Gas

&

Consumable

Fuels

...............................

9,531,889

—

—

9,531,889

Paper

&

Forest

Products

..................................

335,858

—

—

335,858

Personal

Products

......................................

301,280

—

—

301,280

Pharmaceuticals

.......................................

1,676,698

—

—

1,676,698

Professional

Services

....................................

5,673,662

—

—

5,673,662

Real

Estate

Management

&

Development

.......................

1,538,350

—

—

1,538,350

Road

&

Rail

...........................................

3,449,800

—

—

3,449,800

Semiconductors

&

Semiconductor

Equipment

....................

5,270,550

—

—

5,270,550

Software

.............................................

17,964,600

—

—

17,964,600

Specialty

Retail

........................................

5,504,990

—

—

5,504,990

Technology

Hardware,

Storage

&

Peripherals

....................

685,235

—

—

685,235

Textiles,

Apparel

&

Luxury

Goods

............................

3,677,485

—

—

3,677,485

Thrifts

&

Mortgage

Finance

................................

774,291

—

—

774,291

Trading

Companies

&

Distributors

............................

2,679,125

—

—

2,679,125

Water

Utilities

.........................................

853,463

—

—

853,463

Investment

Companies

....................................

192,501,551

—

—

192,501,551

Short-Term

Securities

Money

Market

Funds

......................................

122,201,231

—

—

122,201,231

$

561,152,201

$

7,593

$

—

$

561,159,794

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(53,908)

$

—

$

—

$

(53,908)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Axon

Enterprise,

Inc.

(a)(b)

..............

190,876

$

22,093,897

BWX

Technologies,

Inc.

..............

255,790

12,884,142

Curtiss-Wright

Corp.

.................

107,267

14,927,276

HEICO

Corp.

.....................

125,971

18,137,304

HEICO

Corp.,

Class

A

................

221,193

25,353,142

Hexcel

Corp.

(a)

.....................

239,342

12,378,768

Howmet

Aerospace,

Inc.

..............

1,066,444

32,985,113

Huntington

Ingalls

Industries,

Inc.

........

110,269

24,424,584

Mercury

Systems,

Inc.

(b)

..............

163,922

6,655,233

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

292,365

6,408,641

Textron,

Inc.

......................

593,383

34,570,494

TransDigm

Group,

Inc.

...............

144,971

76,083,680

Woodward,

Inc.

....................

164,908

13,235,516

300,137,790

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

..........

344,691

33,197,190

Expeditors

International

of

Washington,

Inc.

.

460,253

40,644,942

GXO

Logistics,

Inc.

(a)(b)

...............

296,777

10,405,002

84,247,134

Airlines

—

0.7%

(b)

Alaska

Air

Group,

Inc.

................

346,600

13,569,390

American

Airlines

Group,

Inc.

(a)

..........

1,809,661

21,788,318

Copa

Holdings

SA,

NVS

(a)

.............

80,946

5,424,191

Delta

Air

Lines,

Inc.

.................

1,811,129

50,820,280

JetBlue

Airways

Corp.

(a)

..............

905,677

6,004,639

Southwest

Airlines

Co.

...............

1,674,779

51,650,184

United

Airlines

Holdings,

Inc.

(a)

..........

913,984

29,731,900

178,988,902

Auto

Components

—

0.5%

Aptiv

plc

(b)

........................

763,214

59,690,967

BorgWarner,

Inc.

...................

669,020

21,007,228

Gentex

Corp.

.....................

658,269

15,693,133

Lear

Corp.

.......................

166,723

19,955,076

QuantumScape

Corp.,

Class

A

(a)(b)

.......

709,066

5,963,245

122,309,649

Automobiles

—

0.4%

Harley-Davidson,

Inc.

................

376,887

13,145,819

Lucid

Group,

Inc.

(a)(b)

.................

1,489,503

20,808,357

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.......

1,466,575

48,264,983

Thor

Industries,

Inc.

.................

148,273

10,376,144

92,595,303

Banks

—

3.5%

Bank

of

Hawaii

Corp.

................

113,727

8,656,899

Bank

OZK

.......................

315,073

12,464,288

BOK

Financial

Corp.

.................

80,996

7,197,304

Citizens

Financial

Group,

Inc.

..........

1,383,608

47,540,771

Comerica,

Inc.

.....................

365,994

26,022,173

Commerce

Bancshares,

Inc.

...........

306,868

20,302,387

Cullen/Frost

Bankers,

Inc.

.............

163,628

21,634,894

East

West

Bancorp,

Inc.

..............

396,226

26,602,614

Fifth

Third

Bancorp

.................

1,925,520

61,539,619

First

Citizens

BancShares

,

Inc.,

Class

A

(a)

..

34,144

27,227,450

First

Hawaiian,

Inc.

.................

370,468

9,124,627

First

Horizon

Corp.

..................

1,482,671

33,953,166

First

Republic

Bank

.................

513,204

66,998,782

FNB

Corp.

.......................

991,063

11,496,331

Huntington

Bancshares,

Inc.

...........

4,060,859

53,522,122

KeyCorp

.........................

2,635,094

42,214,206

M&T

Bank

Corp.

...................

493,718

87,052,358

PacWest

Bancorp

..................

336,705

7,609,533

Security

Shares

Shares

Value

Banks

(continued)

Pinnacle

Financial

Partners,

Inc.

.........

209,954

$

17,027,269

Popular,

Inc.

......................

209,962

15,129,862

Prosperity

Bancshares,

Inc.

............

247,908

16,530,505

Regions

Financial

Corp.

..............

2,645,151

53,088,180

Signature

Bank

....................

176,759

26,690,609

SVB

Financial

Group

(b)

...............

165,819

55,678,704

Synovus

Financial

Corp.

..............

403,366

15,130,259

Umpqua

Holdings

Corp.

..............

598,622

10,230,450

Webster

Financial

Corp.

..............

488,285

22,070,482

Western

Alliance

Bancorp

.............

296,217

19,473,306

Wintrust

Financial

Corp.

..............

167,846

13,687,841

Zions

Bancorp

NA

..................

417,251

21,221,386

857,118,377

Beverages

—

0.3%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

26,882

8,700,359

Brown-Forman

Corp.,

Class

A

..........

129,626

8,757,533

Brown-Forman

Corp.,

Class

B,

NVS

......

514,292

34,236,418

Molson

Coors

Beverage

Co.,

Class

B

.....

490,457

23,537,032

75,231,342

Biotechnology

—

2.1%

(b)

Alnylam

Pharmaceuticals,

Inc.

(a)

.........

340,682

68,190,909

Biogen,

Inc.

......................

411,181

109,785,327

BioMarin

Pharmaceutical,

Inc.

..........

523,264

44,357,089

Exact

Sciences

Corp.

(a)

...............

489,819

15,914,219

Exelixis

,

Inc.

......................

885,264

13,880,940

Horizon

Therapeutics

plc

..............

629,707

38,972,566

Incyte

Corp.

(a)

.....................

511,358

34,076,897

Ionis

Pharmaceuticals,

Inc.

(a)

...........

395,705

17,502,032

Mirati

Therapeutics,

Inc.

(a)

.............

121,226

8,466,424

Natera

,

Inc.

.......................

244,625

10,719,468

Neurocrine

Biosciences,

Inc.

...........

270,354

28,714,298

Novavax

,

Inc.

(a)

....................

218,509

3,976,864

Sarepta

Therapeutics,

Inc.

.............

240,303

26,563,094

Seagen

,

Inc.

......................

384,480

52,608,398

Ultragenyx

Pharmaceutical,

Inc.

.........

184,414

7,636,584

United

Therapeutics

Corp.

.............

124,982

26,168,731

507,533,840

Building

Products

—

1.7%

Advanced

Drainage

Systems,

Inc.

.......

180,786

22,484,355

Allegion

plc

.......................

245,686

22,033,120

AO

Smith

Corp.

....................

359,255

17,452,608

Armstrong

World

Industries,

Inc.

.........

129,539

10,263,375

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

323,846

5,382,321

Builders

FirstSource

,

Inc.

(b)

............

435,199

25,641,925

Carlisle

Cos.,

Inc.

..................

145,835

40,893,592

Carrier

Global

Corp.

(a)

................

2,389,554

84,972,540

Fortune

Brands

Home

&

Security,

Inc.

.....

365,865

19,643,292

Hayward

Holdings,

Inc.

(a)(b)

.............

210,270

1,865,095

Lennox

International,

Inc.

.............

90,706

20,197,505

Masco

Corp.

......................

635,795

29,685,269

Owens

Corning

....................

271,420

21,336,326

Trane

Technologies

plc

...............

658,457

95,351,158

Trex

Co.,

Inc.

(a)(b)

...................

308,173

13,541,122

430,743,603

Capital

Markets

—

4.2%

Affiliated

Managers

Group,

Inc.

(a)

........

107,543

12,028,685

Ameriprise

Financial,

Inc.

.............

304,994

76,843,238

Ares

Management

Corp.,

Class

A

........

427,691

26,495,457

Bank

of

New

York

Mellon

Corp.

(The)

.....

2,072,276

79,824,072

Blue

Owl

Capital,

Inc.,

Class

A

..........

1,178,773

10,880,075

Carlyle

Group,

Inc.

(The)

..............

580,059

14,988,725

Cboe

Global

Markets,

Inc.

.............

296,643

34,816,989

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

445,540

$

28,732,875

Evercore

,

Inc.,

Class

A

...............

102,877

8,461,633

FactSet

Research

Systems,

Inc.

.........

107,541

43,028,230

Franklin

Resources,

Inc.

(a)

.............

799,499

17,205,218

Interactive

Brokers

Group,

Inc.,

Class

A

....

260,164

16,627,081

Invesco

Ltd.

......................

1,046,208

14,333,050

Janus

Henderson

Group

plc

...........

385,952

7,838,685

Jefferies

Financial

Group,

Inc.

..........

570,347

16,825,236

KKR

&

Co.,

Inc.

....................

1,613,709

69,389,487

Lazard

Ltd.,

Class

A

.................

249,307

7,935,442

LPL

Financial

Holdings,

Inc.

(a)

..........

225,671

49,304,600

MarketAxess

Holdings,

Inc.

............

104,065

23,153,422

Morningstar,

Inc.

...................

69,668

14,791,910

MSCI,

Inc.

(a)

......................

222,065

93,664,796

Nasdaq,

Inc.

(a)

.....................

972,209

55,104,806

Northern

Trust

Corp.

.................

581,836

49,781,888

Raymond

James

Financial,

Inc.

(a)

........

550,871

54,437,072

Robinhood

Markets,

Inc.,

Class

A

(b)

.......

1,607,775

16,238,527

SEI

Investments

Co.

.................

291,895

14,317,450

State

Street

Corp.

..................

1,036,578

63,034,308

Stifel

Financial

Corp.

................

290,195

15,064,022

T.

Rowe

Price

Group,

Inc.

.............

631,745

66,339,542

Tradeweb

Markets,

Inc.,

Class

A

.........

301,709

17,022,422

Virtu

Financial,

Inc.,

Class

A

............

282,880

5,875,418

1,024,384,361

Chemicals

—

3.3%

Albemarle

Corp.

(a)

..................

330,237

87,327,872

Ashland,

Inc.

......................

141,913

13,477,478

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

620,682

13,071,563

Celanese

Corp.

....................

308,655

27,883,893

CF

Industries

Holdings,

Inc.

............

561,234

54,018,773

Chemours

Co.

(The)

.................

432,444

10,659,745

Corteva

,

Inc.

......................

2,044,958

116,869,350

DuPont

de

Nemours,

Inc.

.............

1,415,740

71,353,296

Eastman

Chemical

Co.

...............

345,411

24,541,452

Element

Solutions,

Inc.

...............

638,150

10,382,701

FMC

Corp.

.......................

353,109

37,323,621

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

2,299,192

7,173,479

Huntsman

Corp.

...................

536,962

13,177,047

International

Flavors

&

Fragrances,

Inc.

....

719,178

65,322,938

LyondellBasell

Industries

NV,

Class

A

.....

726,697

54,705,750

Mosaic

Co.

(The)

(a)

..................

973,265

47,037,897

NewMarket

Corp.

...................

16,959

5,101,776

Olin

Corp.

........................

377,305

16,178,838

PPG

Industries,

Inc.

.................

664,867

73,594,128

RPM

International,

Inc.

...............

357,753

29,804,402

Scotts

Miracle-

Gro

Co.

(The)

...........

113,064

4,833,486

Valvoline,

Inc.

.....................

501,910

12,718,399

Westlake

Corp.

(a)

...................

95,331

8,282,357

804,840,241

Commercial

Services

&

Supplies

—

1.4%

Cintas

Corp.

......................

244,339

94,849,956

Clean

Harbors,

Inc.

(b)

................

145,330

15,983,393

Copart

,

Inc.

(a)(b)

....................

601,681

64,018,858

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

163,718

4,580,830

IAA,

Inc.

(b)

........................

374,976

11,942,986

MSA

Safety,

Inc.

...................

103,421

11,301,847

Republic

Services,

Inc.

...............

581,874

79,158,139

Rollins,

Inc.

(a)

.....................

649,636

22,529,377

Stericycle,

Inc.

(b)

...................

262,181

11,040,442

Tetra

Tech,

Inc.

....................

149,282

19,187,215

334,593,043

Security

Shares

Shares

Value

Communications

Equipment

—

1.1%

Arista

Networks,

Inc.

(b)

...............

694,365

$

78,386,865

Ciena

Corp.

(a)(b)

....................

423,913

17,138,802

F5,

Inc.

(b)

........................

169,356

24,510,894

Juniper

Networks,

Inc.

...............

895,414

23,388,214

Lumentum

Holdings,

Inc.

(a)(b)

...........

193,149

13,244,227

Motorola

Solutions,

Inc.

..............

463,773

103,871,239

Ubiquiti,

Inc.

......................

16,150

4,740,994

Viasat

,

Inc.

(a)(b)

.....................

201,840

6,101,623

271,382,858

Construction

&

Engineering

—

0.6%

AECOM

.........................

373,424

25,530,999

MasTec

,

Inc.

(a)(b)

....................

169,685

10,774,997

MDU

Resources

Group,

Inc.

...........

565,918

15,477,857

Quanta

Services,

Inc.

................

402,712

51,301,482

Valmont

Industries,

Inc.

...............

58,852

15,808,824

WillScot

Mobile

Mini

Holdings

Corp.

(a)(b)

....

587,144

23,679,518

142,573,677

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

103,981

11,144,683

Martin

Marietta

Materials,

Inc.

..........

175,889

56,652,088

Vulcan

Materials

Co.

................

374,280

59,027,699

126,824,470

Consumer

Finance

—

0.7%

Ally

Financial,

Inc.

..................

869,898

24,209,261

Credit

Acceptance

Corp.

(a)(b)

............

19,460

8,523,480

Discover

Financial

Services

............

770,226

70,028,948

OneMain

Holdings,

Inc.

...............

324,675

9,584,406

SLM

Corp.

.......................

705,660

9,872,183

SoFi

Technologies,

Inc.

(a)(b)

............

2,227,434

10,869,878

Synchrony

Financial

.................

1,354,925

38,195,336

Upstart

Holdings,

Inc.

(a)(b)

..............

205,607

4,274,570

175,558,062

Containers

&

Packaging

—

1.4%

Amcor

plc

........................

4,250,010

45,602,607

AptarGroup,

Inc.

...................

183,446

17,432,873

Ardagh

Group

SA,

Class

A

............

58,704

503,680

Ardagh

Metal

Packaging

SA

...........

423,698

2,050,698

Avery

Dennison

Corp.

................

231,215

37,618,680

Ball

Corp.

........................

869,674

42,022,648

Berry

Global

Group,

Inc.

(b)

.............

353,330

16,440,445

Crown

Holdings,

Inc.

................

330,631

26,791,030

Graphic

Packaging

Holding

Co.

(a)

........

856,852

16,914,258

International

Paper

Co.

...............

1,020,225

32,341,133

Packaging

Corp.

of

America

...........

258,923

29,074,464

Sealed

Air

Corp.

...................

408,371

18,176,593

Silgan

Holdings,

Inc.

(a)

...............

242,189

10,181,626

Sonoco

Products

Co.

................

272,620

15,465,733

WestRock

Co.

.....................

710,100

21,934,989

332,551,457

Distributors

—

0.5%

Genuine

Parts

Co.

..................

392,552

58,615,865

LKQ

Corp.

(a)

......................

724,512

34,160,741

Pool

Corp.

.......................

109,272

34,771,443

127,548,049

Diversified

Consumer

Services

—

0.3%

ADT,

Inc.

(a)

.......................

585,551

4,385,777

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

165,440

9,537,616

Grand

Canyon

Education,

Inc.

(a)(b)

........

89,098

7,328,310

H&R

Block,

Inc.

....................

448,497

19,079,062

Mister

Car

Wash,

Inc.

(a)(b)

..............

222,289

1,907,240

Service

Corp.

International

............

432,489

24,971,915

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

Terminix

Global

Holdings,

Inc.

(b)

.........

338,303

$

12,953,622

80,163,542

Diversified

Financial

Services

—

0.4%

Apollo

Global

Management,

Inc.

.........

1,297,136

60,316,824

Equitable

Holdings,

Inc.

..............

1,055,837

27,821,305

Voya

Financial,

Inc.

.................

276,014

16,698,847

104,836,976

Diversified

Telecommunication

Services

—

0.2%

Frontier

Communications

Parent,

Inc.

(a)(b)

...

686,192

16,077,479

Lumen

Technologies,

Inc.

.............

2,878,475

20,955,298

37,032,777

Electric

Utilities

—

2.9%

Alliant

Energy

Corp.

.................

702,754

37,238,934

Avangrid

,

Inc.

.....................

198,577

8,280,661

Constellation

Energy

Corp.

............

921,643

76,671,481

Edison

International

.................

1,063,058

60,147,822

Entergy

Corp.

.....................

573,777

57,739,180

Evergy

,

Inc.

.......................

631,284

37,498,270

Eversource

Energy

.................

972,682

75,830,289

FirstEnergy

Corp.

..................

1,536,532

56,851,684

Hawaiian

Electric

Industries,

Inc.

........

302,122

10,471,549

IDACORP,

Inc.

....................

141,003

13,960,707

NRG

Energy,

Inc.

...................

661,161

25,302,631

OGE

Energy

Corp.

..................

559,465

20,398,094

PG&E

Corp.

(a)(b)

....................

4,358,060

54,475,750

Pinnacle

West

Capital

Corp.

...........

316,301

20,404,577

PPL

Corp.

.......................

2,084,741

52,848,184

Xcel

Energy,

Inc.

...................

1,536,718

98,349,952

706,469,765

Electrical

Equipment

—

1.4%

Acuity

Brands,

Inc.

(a)

.................

92,018

14,490,074

AMETEK,

Inc.

.....................

650,254

73,745,306

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

705,925

10,419,453

Generac

Holdings,

Inc.

(b)

..............

174,551

31,094,515

Hubbell,

Inc.

(a)

.....................

150,056

33,462,488

nVent

Electric

plc

...................

462,811

14,629,456

Plug

Power,

Inc.

(a)(b)

.................

1,474,989

30,989,519

Regal

Rexnord

Corp.

................

187,768

26,355,116

Rockwell

Automation,

Inc.

.............

328,097

70,576,946

Sensata

Technologies

Holding

plc

........

434,606

16,202,112

Sunrun

,

Inc.

(a)(b)

....................

581,466

16,042,647

Vertiv

Holdings

Co.,

Class

A

(a)

..........

850,497

8,266,831

346,274,463

Electronic

Equipment,

Instruments

&

Components

—

2.3%

Amphenol

Corp.,

Class

A

.............

1,649,573

110,455,408

Arrow

Electronics,

Inc.

(b)

..............

178,709

16,475,183

Avnet,

Inc.

.......................

271,950

9,822,834

CDW

Corp.

.......................

382,103

59,638,636

Cognex

Corp.

.....................

497,645

20,627,385

Coherent

Corp.

(a)(b)

..................

357,393

12,455,146

Corning,

Inc.

......................

2,133,170

61,904,593

IPG

Photonics

Corp.

(b)

...............

97,259

8,203,797

Jabil,

Inc.

........................

376,947

21,753,611

Keysight

Technologies,

Inc.

(b)

...........

505,840

79,598,982

Littelfuse

,

Inc.

.....................

67,738

13,458,863

National

Instruments

Corp.

............

366,367

13,826,691

TD

SYNNEX

Corp.

..................

119,463

9,699,201

Teledyne

Technologies,

Inc.

(b)

...........

131,243

44,290,575

Trimble,

Inc.

(b)

.....................

708,669

38,459,467

Vontier

Corp.

......................

450,865

7,533,954

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A

(b)

......

144,748

$

37,925,424

566,129,750

Energy

Equipment

&

Services

—

0.6%

Baker

Hughes

Co.,

Class

A

............

2,685,606

56,290,302

Halliburton

Co.

....................

2,538,656

62,501,710

NOV,

Inc.

........................

1,096,589

17,742,810

136,534,822

Entertainment

—

1.7%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

1,447,991

10,092,497

Electronic

Arts,

Inc.

.................

782,189

90,507,089

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

58,880

3,092,378

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)(b)

.................

562,260

32,892,210

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

437,585

33,273,963

Madison

Square

Garden

Sports

Corp.

(b)

....

54,258

7,414,898

Playtika

Holding

Corp.

(a)(b)

.............

302,735

2,842,682

ROBLOX

Corp.,

Class

A

(a)(b)

............

1,245,728

44,646,892

Roku,

Inc.,

Class

A

(a)(b)

...............

335,569

18,926,092

Spotify

Technology

SA

(a)(b)

.............

397,627

34,315,210

Take-Two

Interactive

Software,

Inc.

(b)

......

460,967

50,245,403

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

6,653,500

76,515,250

World

Wrestling

Entertainment,

Inc.,

Class

A

119,155

8,361,106

413,125,670

Equity

Real

Estate

Investment

Trusts

(REITs)

—

7.4%

Alexandria

Real

Estate

Equities,

Inc.

......

457,553

64,144,355

American

Homes

4

Rent,

Class

A

(a)

.......

865,177

28,386,457

Americold

Realty

Trust,

Inc.

(a)

...........

753,070

18,525,522

Apartment

Income

REIT

Corp.

..........

439,676

16,980,287

AvalonBay

Communities,

Inc.

..........

394,075

72,584,674

Boston

Properties,

Inc.

...............

439,121

32,920,901

Brixmor

Property

Group,

Inc.

...........

835,655

15,434,548

Camden

Property

Trust

...............

294,467

35,174,083

Cousins

Properties,

Inc.

..............

415,551

9,703,116

CubeSmart

.......................

633,082

25,361,265

Douglas

Emmett,

Inc.

................

473,546

8,490,680

EastGroup

Properties,

Inc.

............

115,226

16,631,721

EPR

Properties

....................

212,035

7,603,575

Equity

LifeStyle

Properties,

Inc.

.........

497,630

31,271,069

Equity

Residential

..................

1,045,181

70,257,067

Essex

Property

Trust,

Inc.

.............

184,180

44,613,921

Extra

Space

Storage,

Inc.

.............

374,053

64,602,694

Federal

Realty

Investment

Trust

.........

226,486

20,410,918

First

Industrial

Realty

Trust,

Inc.

.........

369,070

16,538,027

Gaming

and

Leisure

Properties,

Inc.

......

689,015

30,482,024

Healthcare

Realty

Trust,

Inc.,

Class

A

.....

1,062,592

22,155,043

Healthpeak

Properties,

Inc.

............

1,532,956

35,135,352

Highwoods

Properties,

Inc.

............

294,425

7,937,698

Host

Hotels

&

Resorts,

Inc.

............

1,983,570

31,499,092

Hudson

Pacific

Properties,

Inc.

..........

387,694

4,245,249

Invitation

Homes,

Inc.

................

1,724,576

58,238,932

Iron

Mountain,

Inc.

..................

819,603

36,037,944

JBG

SMITH

Properties

...............

297,911

5,535,186

Kilroy

Realty

Corp.

..................

325,611

13,711,479

Kimco

Realty

Corp.

.................

1,695,176

31,208,190

Lamar

Advertising

Co.,

Class

A

.........

247,914

20,450,426

Life

Storage,

Inc.

...................

235,704

26,106,575

Medical

Properties

Trust,

Inc.

...........

1,664,202

19,737,436

Mid-America

Apartment

Communities,

Inc.

..

325,002

50,398,060

National

Retail

Properties,

Inc.

..........

491,544

19,592,944

National

Storage

Affiliates

Trust

.........

237,847

9,889,678

Omega

Healthcare

Investors,

Inc.

........

658,432

19,417,160

Park

Hotels

&

Resorts,

Inc.

............

628,930

7,081,752

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Rayonier,

Inc.

.....................

404,420

$

12,120,467

Realty

Income

Corp.

.................

1,744,945

101,555,799

Regency

Centers

Corp.

..............

480,112

25,854,031

Rexford

Industrial

Realty,

Inc.

..........

483,183

25,125,516

SBA

Communications

Corp.,

Class

A

......

300,540

85,548,711

Simon

Property

Group,

Inc.

............

919,472

82,522,612

SL

Green

Realty

Corp.

...............

176,215

7,076,794

Spirit

Realty

Capital,

Inc.

..............

387,368

14,007,227

STORE

Capital

Corp.

................

721,353

22,599,989

Sun

Communities,

Inc.

...............

343,341

46,464,338

UDR,

Inc.

........................

913,714

38,111,011

Ventas,

Inc.

......................

1,130,959

45,430,623

VICI

Properties,

Inc.

.................

2,713,961

81,011,736

Vornado

Realty

Trust

................

494,323

11,448,521

Welltower

,

Inc.

.....................

1,309,726

84,241,576

Weyerhaeuser

Co.

..................

2,103,215

60,067,820

WP

Carey,

Inc.

....................

539,606

37,664,499

1,829,346,370

Food

&

Staples

Retailing

—

0.7%

Albertsons

Cos.,

Inc.,

Class

A

(a)

.........

474,903

11,806,088

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

......

382,080

27,819,245

Casey's

General

Stores,

Inc.

...........

103,844

21,030,487

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

250,724

8,346,602

Kroger

Co.

(The)

...................

1,849,767

80,927,306

Performance

Food

Group

Co.

(a)(b)

........

426,086

18,300,394

US

Foods

Holding

Corp.

(b)

.............

569,466

15,056,681

183,286,803

Food

Products

—

2.2%

Bunge

Ltd.

.......................

392,594

32,416,487

Campbell

Soup

Co.

.................

543,155

25,593,464

Conagra

Brands,

Inc.

................

1,320,834

43,098,813

Darling

Ingredients,

Inc.

(b)

.............

455,759

30,148,458

Flowers

Foods,

Inc.

.................

525,107

12,964,892

Freshpet

,

Inc.

(a)(b)

...................

132,370

6,630,413

Hershey

Co.

(The)

..................

411,496

90,722,523

Hormel

Foods

Corp.

.................

814,151

36,995,021

Ingredion,

Inc.

.....................

185,575

14,942,499

JM

Smucker

Co.

(The)

...............

290,923

39,975,729

Kellogg

Co.

.......................

715,192

49,820,275

Lamb

Weston

Holdings,

Inc.

...........

404,537

31,303,073

McCormick

&

Co.,

Inc.,

NVS

(a)

..........

709,501

50,566,136

Pilgrim's

Pride

Corp.

(b)

...............

136,489

3,141,977

Post

Holdings,

Inc.

(a)(b)

................

155,785

12,760,349

Seaboard

Corp.

....................

725

2,466,929

Tyson

Foods,

Inc.,

Class

A

............

806,493

53,172,084

536,719,122

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

.................

391,640

39,888,534

National

Fuel

Gas

Co.

...............

252,110

15,517,371

UGI

Corp.

........................

586,568

18,963,743

74,369,648

Health

Care

Equipment

&

Supplies

—

3.0%

ABIOMED,

Inc.

(a)(b)

..................

125,203

30,757,369

Align

Technology,

Inc.

(a)(b)

..............

222,245

46,029,162

Cooper

Cos.,

Inc.

(The)

..............

137,955

36,406,324

Dentsply

Sirona,

Inc.

................

600,359

17,020,178

Dexcom

,

Inc.

(b)

....................

1,103,915

88,909,314

Enovis

Corp.

(a)(b)

....................

144,096

6,638,503

Envista

Holdings

Corp.

(a)(b)

.............

455,971

14,960,408

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

218,479

13,014,794

Hologic

,

Inc.

(b)

.....................

696,895

44,963,665

ICU

Medical,

Inc.

(a)(b)

.................

56,285

8,476,521

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

IDEXX

Laboratories,

Inc.

(a)(b)

...........

235,041

$

76,576,358

Insulet

Corp.

(a)(b)

....................

194,329

44,579,073

Integra

LifeSciences

Holdings

Corp.

(b)

.....

206,997

8,768,393

Masimo

Corp.

(b)

....................

133,872

18,897,372

Novocure

Ltd.

(a)(b)

...................

289,456

21,992,867

Penumbra,

Inc.

(a)(b)

..................

99,976

18,955,450

QuidelOrtho

Corp.

(a)(b)

................

138,398

9,892,689

ResMed

,

Inc.

.....................

407,390

88,933,237

STERIS

plc

.......................

281,647

46,832,263

Tandem

Diabetes

Care,

Inc.

(b)

..........

179,833

8,605,009

Teleflex,

Inc.

......................

133,809

26,957,161

Zimmer

Biomet

Holdings,

Inc.

..........

592,662

61,962,812

740,128,922

Health

Care

Providers

&

Services

—

1.8%

Acadia

Healthcare

Co.,

Inc.

(b)

...........

254,479

19,895,168

agilon

health,

Inc.

(a)(b)

................

524,275

12,278,521

Amedisys

,

Inc.

(a)(b)

..................

92,260

8,929,845

AmerisourceBergen

Corp.

.............

416,662

56,386,868

Cardinal

Health,

Inc.

.................

771,517

51,444,754

Chemed

Corp.

.....................

40,920

17,864,035

DaVita,

Inc.

(a)(b)

....................

157,575

13,042,483

Encompass

Health

Corp.

.............

274,375

12,409,981

Enhabit

,

Inc.

(b)

.....................

137,169

1,925,853

Guardant

Health,

Inc.

(a)(b)

..............

273,017

14,696,505

Henry

Schein,

Inc.

(b)

.................

384,186

25,267,913

Laboratory

Corp.

of

America

Holdings

.....

255,008

52,228,189

Molina

Healthcare,

Inc.

(b)

..............

162,106

53,469,043

Oak

Street

Health,

Inc.

(a)(b)

.............

326,365

8,002,470

Premier,

Inc.,

Class

A

................

329,816

11,193,955

Quest

Diagnostics,

Inc.

...............

331,956

40,727,682

Signify

Health,

Inc.,

Class

A

(b)

...........

196,916

5,740,101

Tenet

Healthcare

Corp.

(b)

..............

297,788

15,359,905

Universal

Health

Services,

Inc.,

Class

B

...

181,993

16,048,143

436,911,414

Health

Care

Technology

—

0.5%

(b)

Certara

,

Inc.

(a)

.....................

334,792

4,446,038

Change

Healthcare,

Inc.

..............

746,375

20,517,849

Definitive

Healthcare

Corp.,

Class

A

(a)

.....

89,117

1,384,878

Doximity

,

Inc.,

Class

A

(a)

..............

306,915

9,274,971

Teladoc

Health,

Inc.

(a)

................

452,032

11,459,011

Veeva

Systems,

Inc.,

Class

A

(a)

.........

393,759

64,922,984

112,005,731

Hotels,

Restaurants

&

Leisure

—

3.0%

Aramark

.........................

649,514

20,264,837

Boyd

Gaming

Corp.

.................

224,557

10,700,141

Caesars

Entertainment,

Inc.

(a)(b)

.........

574,824

18,543,822

Carnival

Corp.

(a)(b)

...................

2,683,318

18,863,725

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

78,505

117,974,174

Choice

Hotels

International,

Inc.

.........

94,290

10,326,641

Churchill

Downs,

Inc.

................

101,620

18,713,323

Darden

Restaurants,

Inc.

.............

344,846

43,560,947

Domino's

Pizza,

Inc.

.................

100,656

31,223,491

DraftKings

,

Inc.,

Class

A

(a)(b)

............

914,087

13,839,277

Expedia

Group,

Inc.

(b)

................

428,477

40,144,010

Hilton

Worldwide

Holdings,

Inc.

.........

762,429

91,964,186

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

138,995

11,253,035

Las

Vegas

Sands

Corp.

(b)

.............

939,781

35,260,583

Marriott

Vacations

Worldwide

Corp.

.......

108,174

13,182,084

MGM

Resorts

International

(a)

...........

926,630

27,539,444

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

1,171,739

13,310,955

Penn

Entertainment,

Inc.

(a)(b)

...........

445,574

12,257,741

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

236,463

13,634,456

Royal

Caribbean

Cruises

Ltd.

(a)(b)

........

617,564

23,405,676

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Six

Flags

Entertainment

Corp.

(b)

.........

220,259

$

3,898,584

Travel

+

Leisure

Co.

.................

234,810

8,011,717

Vail

Resorts,

Inc.

...................

112,692

24,300,903

Wendy's

Co.

(The)

..................

483,084

9,028,840

Wyndham

Hotels

&

Resorts,

Inc.

........

253,591

15,557,808

Wynn

Resorts

Ltd.

(a)(b)

................

296,723

18,702,451

Yum!

Brands,

Inc.

..................

807,453

85,864,552

751,327,403

Household

Durables

—

1.3%

DR

Horton,

Inc.

....................

897,041

60,415,711

Garmin

Ltd.

.......................

432,044

34,697,454

Leggett

&

Platt,

Inc.

.................

372,777

12,383,652

Lennar

Corp.,

Class

A

................

705,300

52,580,115

Lennar

Corp.,

Class

B

...............

45,593

2,713,239

Mohawk

Industries,

Inc.

(a)(b)

............

147,368

13,438,488

Newell

Brands,

Inc.

.................

1,057,683

14,691,217

NVR,

Inc.

(b)

.......................

8,425

33,591,149

PulteGroup,

Inc.

(a)

..................

648,329

24,312,338

Tempur

Sealy

International,

Inc.

.........

479,944

11,585,848

Toll

Brothers,

Inc.

...................

307,893

12,931,506

TopBuild

Corp.

(b)

...................

91,621

15,097,308

Whirlpool

Corp.

....................

150,288

20,260,325

308,698,350

Household

Products

—

0.4%

Church

&

Dwight

Co.,

Inc.

.............

687,570

49,120,001

Clorox

Co.

(The)

...................

349,359

44,854,202

Reynolds

Consumer

Products,

Inc.

.......

147,211

3,828,958

Spectrum

Brands

Holdings,

Inc.

.........

111,633

4,357,036

102,160,197

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

1,891,291

42,743,176

Brookfield

Renewable

Corp.

...........

357,754

11,691,401

Vistra

Corp.

......................

1,159,903

24,357,963

78,792,540

Insurance

—

4.7%

Aflac,

Inc.

........................

1,768,971

99,416,170

Alleghany

Corp.

(b)

...................

36,677

30,785,574

Allstate

Corp.

(The)

.................

760,452

94,699,088

American

Financial

Group,

Inc.

.........

188,527

23,175,624

Arch

Capital

Group

Ltd.

(b)

.............

998,344

45,464,586

Arthur

J

Gallagher

&

Co.

(a)

.............

586,253

100,378,239

Assurant,

Inc.

.....................

148,445

21,564,605

Assured

Guaranty

Ltd.

...............

172,554

8,360,241

Axis

Capital

Holdings

Ltd.

.............

217,973

10,713,373

Brighthouse

Financial,

Inc.

(b)

...........

198,848

8,633,980

Brown

&

Brown,

Inc.

(a)

................

670,728

40,565,629

Cincinnati

Financial

Corp.

.............

440,040

39,414,383

CNA

Financial

Corp.

.................

82,067

3,028,272

Erie

Indemnity

Co.,

Class

A,

NVS

........

71,879

15,979,421

Everest

Re

Group

Ltd.

...............

110,881

29,099,610

Fidelity

National

Financial,

Inc.

..........

737,303

26,690,369

First

American

Financial

Corp.

..........

280,449

12,928,699

Globe

Life,

Inc.

....................

253,546

25,278,536

Hanover

Insurance

Group,

Inc.

(The)

.....

99,153

12,705,465

Hartford

Financial

Services

Group,

Inc.

(The)

910,342

56,386,583

Kemper

Corp.

.....................

174,525

7,200,902

Lincoln

National

Corp.

...............

480,173

21,084,396

Loews

Corp.

......................

562,624

28,041,180

Markel

Corp.

(a)(b)

....................

37,902

41,094,106

Old

Republic

International

Corp.

.........

792,225

16,581,269

Primerica,

Inc.

.....................

107,148

13,227,421

Principal

Financial

Group,

Inc.

..........

693,653

50,047,064

Security

Shares

Shares

Value

Insurance

(continued)

Prudential

Financial,

Inc.

..............

1,053,663

$

90,383,212

Reinsurance

Group

of

America,

Inc.

......

187,222

23,554,400

RenaissanceRe

Holdings

Ltd.

..........

121,943

17,119,578

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

230,417

9,359,539

Unum

Group

......................

561,173

21,773,512

White

Mountains

Insurance

Group

Ltd.

....

8,100

10,554,462

Willis

Towers

Watson

plc

..............

308,086

61,906,801

WR

Berkley

Corp.

..................

577,080

37,267,826

1,154,464,115

Interactive

Media

&

Services

—

0.9%

(b)

IAC,

Inc.

(a)

........................

217,933

12,069,130

Match

Group,

Inc.

..................

807,350

38,550,962

Pinterest,

Inc.,

Class

A

...............

1,652,664

38,507,071

TripAdvisor,

Inc.

(a)

..................

282,437

6,236,209

Twitter,

Inc.

.......................

2,103,325

92,209,768

ZoomInfo

Technologies,

Inc.

(a)

..........

770,107

32,082,658

219,655,798

Internet

&

Direct

Marketing

Retail

—

0.6%

DoorDash

,

Inc.,

Class

A

(a)(b)

............

708,955

35,057,825

eBay,

Inc.

........................

1,551,545

57,112,372

Etsy,

Inc.

(a)(b)

......................

358,933

35,939,961

Wayfair,

Inc.,

Class

A

(a)(b)

..............

219,899

7,157,712

135,267,870

IT

Services

—

3.7%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

491,886

9,227,781

Akamai

Technologies,

Inc.

(a)(b)

...........

444,076

35,668,184

Amdocs

Ltd.

(a)

.....................

343,428

27,285,355

Broadridge

Financial

Solutions,

Inc.

(a)

.....

330,390

47,681,885

Cloudflare

,

Inc.,

Class

A

(a)(b)

............

791,414

43,773,108

Concentrix

Corp.

...................

120,276

13,426,410

DXC

Technology

Co.

(b)

...............

649,115

15,890,335

EPAM

Systems,

Inc.

(b)

................

155,074

56,166,252

Euronet

Worldwide,

Inc.

(a)(b)

............

134,882

10,218,660

FleetCor

Technologies,

Inc.

(b)

...........

206,100

36,308,637

Gartner,

Inc.

(b)

.....................

216,622

59,937,141

Genpact

Ltd.

......................

506,305

22,160,970

Global

Payments,

Inc.

...............

776,601

83,911,738

Globant

SA

(a)(b)

....................

114,045

21,335,539

GoDaddy

,

Inc.,

Class

A

(a)(b)

.............

441,595

31,300,254

Jack

Henry

&

Associates,

Inc.

..........

203,475

37,087,388

Kyndryl

Holdings,

Inc.

(a)(b)

.............

570,977

4,721,980

MongoDB,

Inc.,

Class

A

(a)(b)

............

184,040

36,542,982

Okta

,

Inc.,

Class

A

(a)(b)

................

420,909

23,937,095

Paychex,

Inc.

.....................

908,669

101,961,748

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

137,153

6,118,395

SS&C

Technologies

Holdings,

Inc.

.......

625,270

29,856,643

Switch,

Inc.,

Class

A

(a)

................

404,160

13,616,150

Thoughtworks

Holding,

Inc.

(a)(b)

..........

238,520

2,502,075

Toast,

Inc.,

Class

A

(a)(b)

...............

700,760

11,716,707

Twilio

,

Inc.,

Class

A

(a)(b)

...............

487,390

33,698,145

VeriSign,

Inc.

(b)

....................

264,994

46,029,458

Western

Union

Co.

(The)

.............

1,078,059

14,553,797

WEX,

Inc.

(a)(b)

......................

125,845

15,974,764

Wix.com

Ltd.

(a)(b)

...................

153,874

12,037,563

904,647,139

Leisure

Products

—

0.3%

Brunswick

Corp.

...................

206,261

13,499,782

Hasbro,

Inc.

......................

373,853

25,205,169

Mattel,

Inc.

(b)

......................

984,870

18,653,438

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

819,814

5,681,311

Polaris,

Inc.

.......................

158,301

15,141,491

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Leisure

Products

(continued)

YETI

Holdings,

Inc.

(b)

................

243,724

$

6,951,009

85,132,200

Life

Sciences

Tools

&

Services

—

2.6%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

267,694

7,623,925

Agilent

Technologies,

Inc.

.............

844,811

102,686,777

Avantor

,

Inc.

(b)

.....................

1,732,464

33,956,294

Azenta

,

Inc.

......................

207,489

8,892,979

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

......

59,849

24,965,412

Bio-

Techne

Corp.

...................

108,995

30,954,580

Bruker

Corp.

......................

311,120

16,508,027

Charles

River

Laboratories

International,

Inc.

(b)

141,236

27,795,245

IQVIA

Holdings,

Inc.

(b)

................

523,741

94,870,445

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

317,133

8,096,406

Mettler

-Toledo

International,

Inc.

(a)(b)

......

63,137

68,448,084

PerkinElmer,

Inc.

(a)

..................

357,401

43,006,062

QIAGEN

NV

(b)

.....................

635,555

26,235,710

Repligen

Corp.

(a)(b)

..................

157,533

29,476,000

Sotera

Health

Co.

(b)

.................

289,058

1,971,376

Syneos

Health,

Inc.,

Class

A

(b)

..........

287,081

13,535,869

Waters

Corp.

(b)

....................

169,659

45,728,190

West

Pharmaceutical

Services,

Inc.

......

209,395

51,527,922

636,279,303

Machinery

—

3.8%

AGCO

Corp.

......................

173,907

16,724,636

Allison

Transmission

Holdings,

Inc.

.......

270,827

9,143,120

Crane

Holdings

Co.

.................

131,799

11,537,684

Cummins,

Inc.

.....................

397,520

80,899,295

Donaldson

Co.,

Inc.

.................

345,563

16,936,043

Dover

Corp.

......................

407,483

47,504,368

Esab

Corp.

.......................

147,564

4,922,735

Flowserve

Corp.

...................

373,390

9,073,377

Fortive

Corp.

......................

1,013,893

59,109,962

Gates

Industrial

Corp.

plc

(a)(b)

...........

323,735

3,159,654

Graco

,

Inc.

(a)

......................

470,430

28,202,279

IDEX

Corp.

.......................

215,471

43,061,879

Ingersoll

Rand,

Inc.

(a)

................

1,149,511

49,727,846

ITT,

Inc.

.........................

233,873

15,281,262

Lincoln

Electric

Holdings,

Inc.

..........

156,970

19,734,268

Middleby

Corp.

(The)

(a)(b)

..............

152,255

19,514,523

Nordson

Corp.

.....................

162,287

34,448,662

Oshkosh

Corp.

....................

183,959

12,930,478

Otis

Worldwide

Corp.

................

1,193,236

76,128,457

PACCAR,

Inc.

.....................

962,915

80,586,356

Parker-Hannifin

Corp.

................

360,649

87,388,859

Pentair

plc

.......................

460,993

18,730,146

Snap-on,

Inc.

.....................

147,453

29,689,662

Stanley

Black

&

Decker,

Inc.

...........

416,225

31,304,282

Timken

Co.

(The)

...................

174,483

10,301,476

Toro

Co.

(The)

.....................

292,379

25,284,936

Westinghouse

Air

Brake

Technologies

Corp.

.

513,452

41,769,320

Xylem,

Inc.

.......................

507,790

44,360,534

927,456,099

Marine

—

0.0%

Kirby

Corp.

(b)

......................

171,049

10,394,648

Media

—

1.1%

Altice

USA,

Inc.,

Class

A

(b)

.............

612,618

3,571,563

Cable

One,

Inc.

....................

16,668

14,218,637

DISH

Network

Corp.,

Class

A

(a)(b)

........

701,974

9,708,301

Fox

Corp.,

Class

A,

NVS

..............

849,706

26,068,980

Fox

Corp.,

Class

B

..................

406,374

11,581,659

Interpublic

Group

of

Cos.,

Inc.

(The)

......

1,102,119

28,214,246

Liberty

Broadband

Corp.,

Class

A

(a)(b)

......

51,701

3,856,894

Security

Shares

Shares

Value

Media

(continued)

Liberty

Broadband

Corp.,

Class

C,

NVS

(b)

..

348,441

$

25,714,946

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

...........................

210,254

8,004,370

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C,

NVS

(b)

........................

433,614

16,351,584

New

York

Times

Co.

(The),

Class

A

.......

460,693

13,244,924

News

Corp.,

Class

A,

NVS

(a)

...........

1,081,317

16,338,700

News

Corp.,

Class

B

(a)

...............

330,976

5,103,650

Nexstar

Media

Group,

Inc.

.............

105,215

17,555,123

Omnicom

Group,

Inc.

................

578,066

36,470,184

Paramount

Global,

Class

A

(a)

...........

31,370

675,710

Paramount

Global,

Class

B,

NVS

(a)

.......

1,615,981

30,768,278

Sirius

XM

Holdings,

Inc.

(a)

.............

1,987,352

11,347,780

278,795,529

Metals

&

Mining

—

0.9%

Alcoa

Corp.

.......................

504,079

16,967,299

Cleveland-Cliffs,

Inc.

(a)(b)

..............

1,452,338

19,562,993

MP

Materials

Corp.,

Class

A

(a)(b)

.........

254,201

6,939,687

Nucor

Corp.

......................

738,618

79,024,740

Reliance

Steel

&

Aluminum

Co.

.........

169,287

29,525,346

Royal

Gold,

Inc.

....................

183,598

17,225,164

SSR

Mining,

Inc.

(a)

..................

593,971

8,737,314

Steel

Dynamics,

Inc.

.................

488,659

34,670,356

United

States

Steel

Corp.

.............

663,269

12,018,434

224,671,333

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

AGNC

Investment

Corp.

..............

1,463,298

12,320,969

Annaly

Capital

Management,

Inc.

........

1,214,488

20,840,614

Rithm

Capital

Corp.

.................

1,195,143

8,748,447

Starwood

Property

Trust,

Inc.

...........

842,004

15,341,313

57,251,343

Multiline

Retail

—

0.5%

Dollar

Tree,

Inc.

(b)

...................

598,922

81,513,284

Kohl's

Corp.

......................

358,510

9,016,527

Macy's,

Inc.

......................

760,441

11,916,110

Nordstrom,

Inc.

....................

313,335

5,242,095

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

174,837

9,021,589

116,709,605

Multi-Utilities

—

2.0%

Ameren

Corp.

.....................

727,603

58,608,422

CenterPoint

Energy,

Inc.

..............

1,783,671

50,263,849

CMS

Energy

Corp.

..................

819,906

47,751,325

Consolidated

Edison,

Inc.

.............

1,000,436

85,797,391

DTE

Energy

Co.

...................

544,909

62,691,781

NiSource,

Inc.

.....................

1,145,721

28,860,712

Public

Service

Enterprise

Group,

Inc.

.....

1,404,041

78,949,225

WEC

Energy

Group,

Inc.

..............

889,844

79,578,749

492,501,454

Oil,

Gas

&

Consumable

Fuels

—

4.4%

Antero

Midstream

Corp.

..............

958,913

8,802,821

Antero

Resources

Corp.

(b)

.............

810,432

24,742,489

APA

Corp.

.......................

918,229

31,394,249

Cheniere

Energy,

Inc.

................

702,415

116,537,673

Chesapeake

Energy

Corp.

............

341,751

32,196,362

Continental

Resources,

Inc.

............

101,004

6,748,077

Coterra

Energy,

Inc.

.................

2,211,338

57,760,149

Devon

Energy

Corp.

.................

1,854,100

111,487,033

Diamondback

Energy,

Inc.

.............

488,410

58,833,869

DT

Midstream,

Inc.

..................

269,040

13,960,486

Enviva

,

Inc.

.......................

85,750

5,150,145

EQT

Corp.

.......................

1,044,439

42,560,889

Hess

Corp.

(a)

......................

794,345

86,575,662

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

HF

Sinclair

Corp.

...................

409,747

$

22,060,778

Marathon

Oil

Corp.

..................

1,906,315

43,044,593

New

Fortress

Energy,

Inc.,

Class

A

(a)

......

134,986

5,900,238

ONEOK,

Inc.

......................

1,255,552

64,334,484

Ovintiv

,

Inc.

.......................

723,924

33,300,504

PDC

Energy,

Inc.

...................

265,060

15,317,817

Phillips

66

........................

1,358,294

109,641,492

Range

Resources

Corp.

..............

720,024

18,187,806

Southwestern

Energy

Co.

(a)(b)

...........

3,118,061

19,082,533

Targa

Resources

Corp.

...............

641,088

38,683,250

Texas

Pacific

Land

Corp.

(a)

............

16,329

29,020,389

Williams

Cos.,

Inc.

(The)

..............

3,432,294

98,266,577

1,093,590,365

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

...............

206,637

10,577,748

Personal

Products

—

0.0%

(a)(b)

Coty,

Inc.,

Class

A

..................

971,367

6,139,040

Olaplex

Holdings,

Inc.

................

348,208

3,325,386

9,464,426

Pharmaceuticals

—

0.7%

Catalent

,

Inc.

(b)

....................

484,432

35,053,499

Elanco

Animal

Health,

Inc.

(a)(b)

..........

1,247,575

15,482,406

Jazz

Pharmaceuticals

plc

(b)

............

170,698

22,752,336

Organon

&

Co.

....................

711,984

16,660,426

Perrigo

Co.

plc

....................

376,245

13,416,897

Royalty

Pharma

plc,

Class

A

...........

1,041,335

41,840,840

Viatris

,

Inc.

.......................

3,452,159

29,412,395

174,618,799

Professional

Services

—

2.0%

Booz

Allen

Hamilton

Holding

Corp.

.......

367,815

33,967,715

CACI

International,

Inc.,

Class

A

(a)(b)

......

64,901

16,943,055

Clarivate

plc

(a)(b)

....................

1,322,309

12,416,482

CoStar

Group,

Inc.

(b)

.................

1,109,001

77,241,920

Dun

&

Bradstreet

Holdings,

Inc.

(a)

........

704,402

8,727,541

Equifax,

Inc.

(a)

.....................

343,503

58,886,719

FTI

Consulting,

Inc.

(a)(b)

...............

94,419

15,646,172

Jacobs

Solutions,

Inc.

................

362,904

39,371,455

KBR,

Inc.

(a)

.......................

388,383

16,785,913

Leidos

Holdings,

Inc.

(a)

...............

381,676

33,385,200

ManpowerGroup

,

Inc.

................

146,843

9,499,274

Nielsen

Holdings

plc

.................

1,021,481

28,315,453

Robert

Half

International,

Inc.

...........

301,617

23,073,701

Science

Applications

International

Corp.

...

155,950

13,790,658

TransUnion

.......................

546,851

32,532,166

Verisk

Analytics,

Inc.

.................

438,272

74,738,524

495,321,948

Real

Estate

Management

&

Development

—

0.4%

(b)

CBRE

Group,

Inc.,

Class

A

............

904,392

61,055,504

Howard

Hughes

Corp.

(The)

(a)

..........

99,619

5,517,897

Jones

Lang

LaSalle,

Inc.

(a)

.............

134,699

20,348,978

Opendoor

Technologies,

Inc.

(a)

..........

1,352,184

4,205,292

WeWork

,

Inc.,

Class

A

(a)

..............

364,125

964,931

Zillow

Group,

Inc.,

Class

A

(a)

...........

172,032

4,925,276

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

459,259

13,139,400

110,157,278

Road

&

Rail

—

0.9%

AMERCO

........................

25,202

12,833,363

Avis

Budget

Group,

Inc.

(b)

.............

83,303

12,367,163

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

574,801

9,357,760

JB

Hunt

Transport

Services,

Inc.

........

236,777

37,036,658

Knight-Swift

Transportation

Holdings,

Inc.

..

444,272

21,738,229

Security

Shares

Shares

Value

Road

&

Rail

(continued)

Landstar

System,

Inc.

................

103,159

$

14,893,065

Lyft,

Inc.,

Class

A

(a)(b)

.................

864,388

11,383,990

Old

Dominion

Freight

Line,

Inc.

(a)

........

283,640

70,561,123

Ryder

System,

Inc.

..................

138,488

10,454,459

Schneider

National,

Inc.,

Class

B

........

162,844

3,305,733

XPO

Logistics,

Inc.

(a)(b)

...............

287,269

12,789,216

216,720,759

Semiconductors

&

Semiconductor

Equipment

—

2.4%

Allegro

MicroSystems

,

Inc.

(a)(b)

..........

187,030

4,086,605

Cirrus

Logic,

Inc.

(b)

..................

156,932

10,796,922

Enphase

Energy,

Inc.

(b)

...............

368,780

102,325,387

Entegris

,

Inc.

......................

420,654

34,922,695

First

Solar,

Inc.

(b)

...................

301,607

39,893,558

GLOBALFOUNDRIES,

Inc.

(a)(b)

..........

175,053

8,463,812

Lattice

Semiconductor

Corp.

(a)(b)

.........

380,205

18,709,888

Microchip

Technology,

Inc.

.............

1,516,119

92,528,742

MKS

Instruments,

Inc.

...............

160,826

13,290,661

Monolithic

Power

Systems,

Inc.

.........

128,451

46,679,093

ON

Semiconductor

Corp.

(a)(b)

...........

1,223,796

76,279,205

Qorvo

,

Inc.

(b)

......................

290,466

23,065,905

Skyworks

Solutions,

Inc.

..............

456,371

38,914,755

Teradyne,

Inc.

(a)

....................

441,846

33,204,727

Universal

Display

Corp.

..............

121,694

11,481,829

Wolfspeed

,

Inc.

(a)(b)

..................

323,738

33,461,560

588,105,344

Software

—

6.4%

Alteryx

,

Inc.,

Class

A

(a)(b)

..............

169,714

9,476,830

ANSYS,

Inc.

(b)

.....................

245,926

54,521,794

AppLovin

Corp.,

Class

A

(a)(b)

............

608,613

11,861,867

Aspen

Technology,

Inc.

(a)(b)

.............

75,820

18,060,324

Avalara,

Inc.

(b)

.....................

242,121

22,226,708

Bentley

Systems,

Inc.,

Class

B

(a)

.........

472,356

14,449,370

Bill.com

Holdings,

Inc.

(a)(b)

.............

274,563

36,343,904

Black

Knight,

Inc.

(b)

..................

433,429

28,055,859

Cadence

Design

Systems,

Inc.

(a)(b)

.......

769,579

125,772,296

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

473,770

4,311,307

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

388,210

21,693,175

Citrix

Systems,

Inc.

.................

352,815

36,657,479

Confluent,

Inc.,

Class

A

(a)(b)

............

347,981

8,271,508

Coupa

Software,

Inc.

(b)

...............

215,958

12,698,330

Crowdstrike

Holdings,

Inc.,

Class

A

(b)

......

592,407

97,634,598

Datadog

,

Inc.,

Class

A

(b)

..............

749,346

66,526,938

DocuSign,

Inc.

(a)(b)

..................

553,557

29,598,693

Dolby

Laboratories,

Inc.,

Class

A

........

172,190

11,218,179

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

174,328

4,767,871

Dropbox,

Inc.,

Class

A

(b)

..............

784,552

16,255,917

Dynatrace

,

Inc.

(b)

...................

557,266

19,398,429

Elastic

NV

(b)

......................

219,630

15,756,256

Fair

Isaac

Corp.

(b)

...................

69,283

28,545,289

Five9,

Inc.

(a)(b)

.....................

197,516

14,809,750

Fortinet,

Inc.

(a)(b)

....................

1,821,145

89,472,854

Guidewire

Software,

Inc.

(a)(b)

............

234,293

14,427,763

HubSpot

,

Inc.

(a)(b)

...................

129,207

34,901,395

Informatica

,

Inc.,

Class

A

(a)(b)

...........

97,015

1,947,091

Jamf

Holding

Corp.

(a)(b)

...............

182,719

4,049,053

Manhattan

Associates,

Inc.

(b)

...........

175,825

23,390,000

nCino

,

Inc.

(a)(b)

.....................

196,493

6,702,376

NCR

Corp.

(b)

......................

356,135

6,770,126

New

Relic,

Inc.

(b)

...................

144,540

8,293,705

NortonLifeLock

,

Inc.

.................

1,608,337

32,391,907

Nutanix

,

Inc.,

Class

A

(b)

...............

613,625

12,781,809

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

5,132,940

41,730,802

Paycom

Software,

Inc.

(a)(b)

.............

145,130

47,891,449

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Paycor

HCM,

Inc.

(a)(b)

................

138,327

$

4,088,946

Paylocity

Holding

Corp.

(a)(b)

............

113,247

27,358,210

Pegasystems

,

Inc.

..................

112,077

3,602,155

Procore

Technologies,

Inc.

(a)(b)

..........

195,703

9,683,384

PTC,

Inc.

(b)

.......................

295,116

30,869,134

RingCentral,

Inc.,

Class

A

(b)

............

237,082

9,473,797

SentinelOne

,

Inc.,

Class

A

(a)(b)

..........

521,707

13,334,831

Smartsheet

,

Inc.,

Class

A

(a)(b)

...........

358,965

12,334,037

Splunk

,

Inc.

(a)(b)

....................

457,270

34,386,704

Synopsys,

Inc.

(b)

...................

430,023

131,376,327

Teradata

Corp.

(b)

...................

292,004

9,069,644

Trade

Desk,

Inc.

(The),

Class

A

(b)

........

1,238,127

73,978,088

Tyler

Technologies,

Inc.

(b)

.............

116,749

40,570,278

UiPath

,

Inc.,

Class

A

(a)(b)

..............

1,045,429

13,182,860

Unity

Software,

Inc.

(a)(b)

...............

583,600

18,593,496

Zendesk

,

Inc.

(b)

....................

340,576

25,917,834

Zoom

Video

Communications,

Inc.,

Class

A

(a)(b)

714,439

52,575,566

Zscaler

,

Inc.

(b)

.....................

233,682

38,410,310

1,582,468,602

Specialty

Retail

—

3.0%

Advance

Auto

Parts,

Inc.

..............

171,111

26,751,494

AutoNation,

Inc.

(a)(b)

.................

106,178

10,816,353

AutoZone,

Inc.

(a)(b)

..................

54,919

117,632,654

Bath

&

Body

Works,

Inc.

..............

645,645

21,048,027

Best

Buy

Co.,

Inc.

..................

570,875

36,159,222

Burlington

Stores,

Inc.

(b)

..............

184,474

20,640,796

CarMax,

Inc.

(a)(b)

....................

456,895

30,164,208

Carvana

Co.,

Class

A

(a)(b)

..............

292,234

5,932,350

Dick's

Sporting

Goods,

Inc.

(a)

...........

155,516

16,273,194

Five

Below,

Inc.

(a)(b)

..................

152,903

21,050,156

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

288,639

20,279,776

GameStop

Corp.,

Class

A

(a)(b)

...........

762,824

19,169,767

Gap,

Inc.

(The)

....................

584,033

4,794,911

Leslie's,

Inc.

(a)(b)

....................

461,209

6,784,384

Lithia

Motors,

Inc.,

Class

A

............

76,512

16,415,650

O'Reilly

Automotive,

Inc.

(b)

.............

177,003

124,495,060

Penske

Automotive

Group,

Inc.

(a)

........

76,919

7,571,137

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

225,434

2,515,843

RH

(a)(b)

..........................

55,798

13,730,214

Ross

Stores,

Inc.

...................

973,837

82,065,244

Tractor

Supply

Co.

..................

316,212

58,777,487

Ulta

Beauty,

Inc.

(b)

..................

145,334

58,306,547

Victoria's

Secret

&

Co.

(a)(b)

.............

231,689

6,746,784

Williams-Sonoma,

Inc.

(a)

..............

191,041

22,514,182

750,635,440

Technology

Hardware,

Storage

&

Peripherals

—

0.9%

Dell

Technologies,

Inc.,

Class

C

.........

731,050

24,979,979

Hewlett

Packard

Enterprise

Co.

.........

3,681,739

44,107,233

HP,

Inc.

.........................

2,920,407

72,776,543

NetApp,

Inc.

......................

623,339

38,553,517

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

801,068

21,925,231

Western

Digital

Corp.

(b)

...............

878,384

28,591,399

230,933,902

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Capri

Holdings

Ltd.

(b)

................

379,764

14,598,128

Carter's,

Inc.

......................

110,336

7,230,318

Columbia

Sportswear

Co.

.............

102,163

6,875,570

Deckers

Outdoor

Corp.

(a)(b)

.............

74,122

23,171,278

Hanesbrands,

Inc.

..................

976,434

6,795,981

Lululemon

Athletica

,

Inc.

(b)

.............

314,801

88,005,768

PVH

Corp.

.......................

188,174

8,430,195

Ralph

Lauren

Corp.,

Class

A

...........

119,425

10,142,765

Skechers

USA,

Inc.,

Class

A

(b)

..........

374,806

11,888,846

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Tapestry,

Inc.

......................

710,808

$

20,208,271

Under

Armour

,

Inc.,

Class

A

(b)

...........

540,145

3,591,964

Under

Armour

,

Inc.,

Class

C,

NVS

(b)

......

564,109

3,362,090

VF

Corp.

(a)

.......................

978,626

29,270,704

233,571,878

Thrifts

&

Mortgage

Finance

—

0.1%

MGIC

Investment

Corp.

..............

862,479

11,056,981

New

York

Community

Bancorp,

Inc.

......

1,288,884

10,994,181

Rocket

Cos.,

Inc.,

Class

A

(a)

............

319,435

2,018,829

TFS

Financial

Corp.

.................

156,123

2,029,599

UWM

Holdings

Corp.,

Class

A

(a)

.........

269,265

788,946

26,888,536

Trading

Companies

&

Distributors

—

1.1%

Air

Lease

Corp.,

Class

A

..............

290,186

8,998,668

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

201,543

4,583,088

Fastenal

Co.

......................

1,623,992

74,768,592

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

128,788

9,377,054

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

124,660

12,982,092

United

Rentals,

Inc.

(a)(b)

...............

197,100

53,240,652

Univar

Solutions,

Inc.

(b)

...............

459,654

10,452,532

Watsco

,

Inc.

......................

92,310

23,766,133

WESCO

International,

Inc.

(b)

...........

124,825

14,901,608

WW

Grainger,

Inc.

(a)

.................

128,701

62,959,242

276,029,661

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

513,652

66,856,944

Essential

Utilities,

Inc.

................

648,725

26,844,241

93,701,185

Total

Long-Term

Investments

—

100.0%

(Cost:

$21,026,129,271)

...........................

24,669,488,730

Short-Term

Securities

Money

Market

Funds

—

6.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

1,541,855,761

1,542,318,317

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

36,746,670

36,746,670

Total

Short-Term

Securities

—

6.4%

(Cost:

$1,578,264,795)

...........................

1,579,064,987

Total

Investments

—

106.4%

(Cost:

$22,604,394,066

)

...........................

26,248,553,717

Liabilities

in

Excess

of

Other

Assets

—

(6.4)%

............

(1,568,755,403)

Net

Assets

—

100.0%

..............................

$

24,679,798,314

(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.

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

44

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,271,208,989

$

270,330,210

(a)

$

—

$

(4,032)

$

783,150

$

1,542,318,317

1,541,855,761

$

5,592,100

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

42,720,000

—

(5,973,330)

(a)

—

—

36,746,670

36,746,670

264,403

—

$

(4,032)

$

783,150

$

1,579,064,987

$

5,856,503

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

......................................................

27

12/16/22

$

4,862

$

(569,436)

S&P

Midcap

400

E-Mini

Index

.................................................

170

12/16/22

37,539

(4,130,497)

$

(4,699,933)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

4,699,933

$

—

$

—

$

—

$

4,699,933

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(2,365,596)

$

—

$

—

$

—

$

(2,365,596)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(7,159,349)

$

—

$

—

$

—

$

(7,159,349)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

Schedule

of

Investments

45

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

57,392,413

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

300,137,790

$

—

$

—

$

300,137,790

Air

Freight

&

Logistics

....................................

84,247,134

—

—

84,247,134

Airlines

..............................................

178,988,902

—

—

178,988,902

Auto

Components

......................................

122,309,649

—

—

122,309,649

Automobiles

..........................................

92,595,303

—

—

92,595,303

Banks

...............................................

857,118,377

—

—

857,118,377

Beverages

...........................................

75,231,342

—

—

75,231,342

Biotechnology

.........................................

507,533,840

—

—

507,533,840

Building

Products

.......................................

430,743,603

—

—

430,743,603

Capital

Markets

........................................

1,024,384,361

—

—

1,024,384,361

Chemicals

............................................

804,840,241

—

—

804,840,241

Commercial

Services

&

Supplies

.............................

334,593,043

—

—

334,593,043

Communications

Equipment

................................

271,382,858

—

—

271,382,858

Construction

&

Engineering

................................

142,573,677

—

—

142,573,677

Construction

Materials

....................................

126,824,470

—

—

126,824,470

Consumer

Finance

......................................

175,558,062

—

—

175,558,062

Containers

&

Packaging

..................................

332,047,777

503,680

—

332,551,457

Distributors

...........................................

127,548,049

—

—

127,548,049

Diversified

Consumer

Services

..............................

80,163,542

—

—

80,163,542

Diversified

Financial

Services

...............................

104,836,976

—

—

104,836,976

Diversified

Telecommunication

Services

........................

37,032,777

—

—

37,032,777

Electric

Utilities

........................................

706,469,765

—

—

706,469,765

Electrical

Equipment

.....................................

346,274,463

—

—

346,274,463

Electronic

Equipment,

Instruments

&

Components

.................

566,129,750

—

—

566,129,750

Energy

Equipment

&

Services

..............................

136,534,822

—

—

136,534,822

Entertainment

.........................................

413,125,670

—

—

413,125,670

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,829,346,370

—

—

1,829,346,370

Food

&

Staples

Retailing

..................................

183,286,803

—

—

183,286,803

Food

Products

.........................................

536,719,122

—

—

536,719,122

Gas

Utilities

...........................................

74,369,648

—

—

74,369,648

Health

Care

Equipment

&

Supplies

...........................

740,128,922

—

—

740,128,922

Health

Care

Providers

&

Services

............................

436,911,414

—

—

436,911,414

Health

Care

Technology

..................................

112,005,731

—

—

112,005,731

Hotels,

Restaurants

&

Leisure

..............................

751,327,403

—

—

751,327,403

Household

Durables

.....................................

308,698,350

—

—

308,698,350

Household

Products

.....................................

102,160,197

—

—

102,160,197

Independent

Power

and

Renewable

Electricity

Producers

............

78,792,540

—

—

78,792,540

Insurance

............................................

1,154,464,115

—

—

1,154,464,115

Interactive

Media

&

Services

...............................

219,655,798

—

—

219,655,798

Internet

&

Direct

Marketing

Retail

............................

135,267,870

—

—

135,267,870

IT

Services

...........................................

904,647,139

—

—

904,647,139

Leisure

Products

.......................................

85,132,200

—

—

85,132,200

Life

Sciences

Tools

&

Services

..............................

636,279,303

—

—

636,279,303

Machinery

............................................

927,456,099

—

—

927,456,099

Marine

..............................................

10,394,648

—

—

10,394,648

Media

...............................................

278,795,529

—

—

278,795,529

Metals

&

Mining

........................................

224,671,333

—

—

224,671,333

2022

iShare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

ETF

46

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

$

57,251,343

$

—

$

—

$

57,251,343

Multiline

Retail

.........................................

116,709,605

—

—

116,709,605

Multi-Utilities

..........................................

492,501,454

—

—

492,501,454

Oil,

Gas

&

Consumable

Fuels

...............................

1,093,590,365

—

—

1,093,590,365

Paper

&

Forest

Products

..................................

10,577,748

—

—

10,577,748

Personal

Products

......................................

9,464,426

—

—

9,464,426

Pharmaceuticals

.......................................

174,618,799

—

—

174,618,799

Professional

Services

....................................

495,321,948

—

—

495,321,948

Real

Estate

Management

&

Development

.......................

110,157,278

—

—

110,157,278

Road

&

Rail

...........................................

216,720,759

—

—

216,720,759

Semiconductors

&

Semiconductor

Equipment

....................

588,105,344

—

—

588,105,344

Software

.............................................

1,545,811,123

36,657,479

—

1,582,468,602

Specialty

Retail

........................................

750,635,440

—

—

750,635,440

Technology

Hardware,

Storage

&

Peripherals

....................

230,933,902

—

—

230,933,902

Textiles,

Apparel

&

Luxury

Goods

............................

233,571,878

—

—

233,571,878

Thrifts

&

Mortgage

Finance

................................

26,888,536

—

—

26,888,536

Trading

Companies

&

Distributors

............................

276,029,661

—

—

276,029,661

Water

Utilities

.........................................

93,701,185

—

—

93,701,185

Short-Term

Securities

Money

Market

Funds

......................................

1,579,064,987

—

—

1,579,064,987

$

26,211,392,558

$

37,161,159

$

—

$

26,248,553,717

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(4,699,933)

$

—

$

—

$

(4,699,933)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Axon

Enterprise,

Inc.

(a)(b)

..............

182,577

$

21,133,288

BWX

Technologies,

Inc.

..............

123,311

6,211,175

HEICO

Corp.

(a)

....................

146,675

21,118,266

HEICO

Corp.,

Class

A

................

258,706

29,652,882

Howmet

Aerospace,

Inc.

..............

126,634

3,916,790

Huntington

Ingalls

Industries,

Inc.

........

29,747

6,588,961

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

348,121

7,630,812

TransDigm

Group,

Inc.

...............

69,314

36,377,373

132,629,547

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

..........

114,580

11,035,200

Expeditors

International

of

Washington,

Inc.

.

175,738

15,519,423

GXO

Logistics,

Inc.

(b)

................

40,758

1,428,975

27,983,598

Airlines

—

0.6%

Delta

Air

Lines,

Inc.

(b)

................

2,232,956

62,656,745

Auto

Components

—

0.2%

Aptiv

plc

(a)(b)

.......................

236,297

18,480,788

Automobiles

—

0.2%

Lucid

Group,

Inc.

(a)(b)

.................

1,742,154

24,337,891

Banks

—

0.6%

First

Citizens

BancShares

,

Inc.,

Class

A

....

10,346

8,250,211

Signature

Bank

....................

10,857

1,639,407

SVB

Financial

Group

(a)(b)

..............

130,803

43,921,031

Western

Alliance

Bancorp

.............

226,179

14,869,008

68,679,657

Beverages

—

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

31,592

10,224,751

Brown-Forman

Corp.,

Class

A

(a)

.........

92,209

6,229,640

Brown-Forman

Corp.,

Class

B,

NVS

......

375,321

24,985,119

41,439,510

Biotechnology

—

3.3%

(b)

Alnylam

Pharmaceuticals,

Inc.

..........

421,052

84,277,768

Exact

Sciences

Corp.

(a)

...............

110,959

3,605,058

Exelixis

,

Inc.

......................

954,080

14,959,974

Horizon

Therapeutics

plc

..............

729,324

45,137,862

Incyte

Corp.

......................

551,156

36,729,036

Ionis

Pharmaceuticals,

Inc.

(a)

...........

452,858

20,029,909

Natera

,

Inc.

(a)

.....................

281,549

12,337,477

Neurocrine

Biosciences,

Inc.

...........

331,582

35,217,324

Novavax

,

Inc.

(a)

....................

272,704

4,963,213

Sarepta

Therapeutics,

Inc.

(a)

...........

293,287

32,419,945

Seagen

,

Inc.

......................

474,209

64,886,018

Ultragenyx

Pharmaceutical,

Inc.

(a)

........

179,406

7,429,203

361,992,787

Building

Products

—

1.8%

Advanced

Drainage

Systems,

Inc.

.......

223,360

27,779,283

Allegion

plc

.......................

241,690

21,674,759

AO

Smith

Corp.

....................

106,171

5,157,787

Armstrong

World

Industries,

Inc.

.........

93,422

7,401,825

Carlisle

Cos.,

Inc.

..................

151,013

42,345,556

Fortune

Brands

Home

&

Security,

Inc.

.....

155,277

8,336,822

Masco

Corp.

......................

42,114

1,966,303

Trane

Technologies

plc

(a)

..............

472,942

68,486,731

Trex

Co.,

Inc.

(b)

....................

384,153

16,879,683

200,028,749

Security

Shares

Shares

Value

Capital

Markets

—

3.4%

Ameriprise

Financial,

Inc.

.............

240,479

$

60,588,684

Ares

Management

Corp.,

Class

A

........

530,108

32,840,191

Blue

Owl

Capital,

Inc.,

Class

A

..........

1,449,345

13,377,454

FactSet

Research

Systems,

Inc.

.........

132,013

52,819,721

LPL

Financial

Holdings,

Inc.

............

278,018

60,741,373

MarketAxess

Holdings,

Inc.

............

129,957

28,914,133

Morningstar,

Inc.

...................

78,627

16,694,085

MSCI,

Inc.

.......................

207,068

87,339,212

Raymond

James

Financial,

Inc.

.........

53,665

5,303,175

Tradeweb

Markets,

Inc.,

Class

A

.........

236,962

13,369,396

371,987,424

Chemicals

—

2.1%

Albemarle

Corp.

(a)

..................

210,311

55,614,641

Axalta

Coating

Systems

Ltd.

(a)(b)

.........

184,832

3,892,562

CF

Industries

Holdings,

Inc.

............

693,630

66,761,887

Chemours

Co.

(The)

.................

326,961

8,059,589

FMC

Corp.

.......................

150,648

15,923,494

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

569,529

1,776,930

Mosaic

Co.

(The)

(a)

..................

147,939

7,149,892

PPG

Industries,

Inc.

.................

437,260

48,400,309

RPM

International,

Inc.

...............

23,410

1,950,287

Scotts

Miracle-

Gro

Co.

(The)

...........

47,990

2,051,572

Valvoline,

Inc.

.....................

614,728

15,577,208

227,158,371

Commercial

Services

&

Supplies

—

2.3%

Cintas

Corp.

......................

281,782

109,384,955

Copart

,

Inc.

(a)(b)

....................

743,468

79,104,995

Driven

Brands

Holdings,

Inc.

(b)

..........

10,994

307,612

IAA,

Inc.

(a)(b)

.......................

389,807

12,415,353

MSA

Safety,

Inc.

...................

49,103

5,365,976

Republic

Services,

Inc.

...............

45,357

6,170,366

Rollins,

Inc.

(a)

.....................

746,597

25,891,984

Tetra

Tech,

Inc.

....................

76,898

9,883,700

248,524,941

Communications

Equipment

—

0.9%

Arista

Networks,

Inc.

(b)

...............

858,415

96,906,469

Ubiquiti,

Inc.

(a)

.....................

6,012

1,764,883

98,671,352

Construction

&

Engineering

—

0.5%

AECOM

.........................

27,931

1,909,643

Quanta

Services,

Inc.

(a)

...............

270,634

34,476,065

Valmont

Industries,

Inc.

...............

10,031

2,694,527

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

386,026

15,568,429

54,648,664

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

.................

108,189

11,595,697

Martin

Marietta

Materials,

Inc.

..........

18,804

6,056,580

Vulcan

Materials

Co.

................

225,074

35,496,421

53,148,698

Consumer

Finance

—

0.0%

(a)(b)

Credit

Acceptance

Corp.

..............

2,234

978,492

Upstart

Holdings,

Inc.

................

48,822

1,015,009

1,993,501

Containers

&

Packaging

—

1.2%

Ardagh

Metal

Packaging

SA

...........

167,532

810,855

Avery

Dennison

Corp.

................

174,418

28,377,809

Ball

Corp.

........................

428,059

20,683,811

Berry

Global

Group,

Inc.

(b)

.............

210,916

9,813,921

Crown

Holdings,

Inc.

................

357,189

28,943,025

Graphic

Packaging

Holding

Co.

.........

822,578

16,237,690

2022

ishare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

Sealed

Air

Corp.

...................

510,607

$

22,727,117

127,594,228

Distributors

—

0.4%

Genuine

Parts

Co.

..................

38,644

5,770,322

Pool

Corp.

(a)

......................

134,449

42,783,016

48,553,338

Diversified

Consumer

Services

—

0.2%

Bright

Horizons

Family

Solutions,

Inc.

(b)

....

57,918

3,338,973

H&R

Block,

Inc.

....................

459,305

19,538,835

Mister

Car

Wash,

Inc.

(a)(b)

..............

196,761

1,688,209

24,566,017

Diversified

Financial

Services

—

0.5%

Apollo

Global

Management,

Inc.

.........

1,220,461

56,751,437

Electrical

Equipment

—

1.2%

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

871,714

12,866,499

Generac

Holdings,

Inc.

(a)(b)

.............

217,216

38,694,858

Plug

Power,

Inc.

(a)(b)

.................

902,938

18,970,727

Rockwell

Automation,

Inc.

.............

274,032

58,947,024

Vertiv

Holdings

Co.,

Class

A

(a)

..........

169,281

1,645,411

131,124,519

Electronic

Equipment,

Instruments

&

Components

—

3.2%

Amphenol

Corp.,

Class

A

.............

1,540,562

103,156,032

Arrow

Electronics,

Inc.

(a)(b)

.............

11,297

1,041,470

CDW

Corp.

.......................

471,643

73,614,039

Cognex

Corp.

.....................

563,382

23,352,184

Coherent

Corp.

(a)(b)

..................

69,317

2,415,697

Corning,

Inc.

......................

156,719

4,547,985

Jabil,

Inc.

........................

382,097

22,050,818

Keysight

Technologies,

Inc.

(b)

...........

578,971

91,106,877

National

Instruments

Corp.

............

58,404

2,204,167

Vontier

Corp.

......................

345,736

5,777,249

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

73,657

19,298,871

348,565,389

Energy

Equipment

&

Services

—

0.3%

Halliburton

Co.

....................

1,416,824

34,882,207

Entertainment

—

2.5%

Electronic

Arts,

Inc.

.................

59,725

6,910,780

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)(b)

.....................

8,085

424,624

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

..................

77,222

4,517,487

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

268,069

20,383,967

Madison

Square

Garden

Sports

Corp.

(b)

....

32,797

4,482,038

Playtika

Holding

Corp.

(a)(b)

.............

326,047

3,061,581

ROBLOX

Corp.,

Class

A

(a)(b)

............

1,535,139

55,019,382

Roku,

Inc.,

Class

A

(a)(b)

...............

118,117

6,661,799

Spotify

Technology

SA

(a)(b)

.............

487,403

42,062,879

Take-Two

Interactive

Software,

Inc.

(b)

......

471,574

51,401,566

Warner

Bros

Discovery,

Inc.

(a)(b)

.........

6,040,582

69,466,693

World

Wrestling

Entertainment,

Inc.,

Class

A

(a)

151,174

10,607,879

275,000,675

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.5%

Apartment

Income

REIT

Corp.

..........

43,654

1,685,918

Camden

Property

Trust

...............

29,919

3,573,825

Equity

LifeStyle

Properties,

Inc.

.........

378,533

23,787,014

Extra

Space

Storage,

Inc.

.............

55,595

9,601,812

Iron

Mountain,

Inc.

(a)

.................

755,229

33,207,419

Lamar

Advertising

Co.,

Class

A

.........

265,057

21,864,552

SBA

Communications

Corp.,

Class

A

......

84,522

24,059,187

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Simon

Property

Group,

Inc.

............

552,475

$

49,584,631

167,364,358

Food

&

Staples

Retailing

—

0.3%

(a)(b)

BJ's

Wholesale

Club

Holdings,

Inc.

.......

294,044

21,409,344

Grocery

Outlet

Holding

Corp.

...........

22,425

746,528

Performance

Food

Group

Co.

..........

161,445

6,934,063

29,089,935

Food

Products

—

1.6%

Darling

Ingredients,

Inc.

(b)

.............

38,052

2,517,140

Freshpet

,

Inc.

(a)(b)

...................

87,925

4,404,163

Hershey

Co.

(The)

..................

441,484

97,333,977

Kellogg

Co.

.......................

483,666

33,692,174

Lamb

Weston

Holdings,

Inc.

...........

502,100

38,852,498

Pilgrim's

Pride

Corp.

(b)

...............

84,938

1,955,273

178,755,225

Gas

Utilities

—

0.0%

National

Fuel

Gas

Co.

...............

24,389

1,501,143

Health

Care

Equipment

&

Supplies

—

4.9%

ABIOMED,

Inc.

(b)

...................

155,957

38,312,397

Align

Technology,

Inc.

(b)

...............

205,600

42,581,816

Dexcom

,

Inc.

(a)(b)

...................

1,366,371

110,047,520

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

18,867

1,123,907

ICU

Medical,

Inc.

(a)(b)

.................

12,886

1,940,632

IDEXX

Laboratories,

Inc.

(a)(b)

...........

290,871

94,765,772

Insulet

Corp.

(a)(b)

....................

240,381

55,143,401

Masimo

Corp.

(b)

....................

126,575

17,867,327

Novocure

Ltd.

(a)(b)

...................

359,455

27,311,391

Penumbra,

Inc.

(a)(b)

..................

124,348

23,576,381

ResMed

,

Inc.

.....................

504,027

110,029,094

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

209,953

10,046,251

532,745,889

Health

Care

Providers

&

Services

—

1.6%

agilon

health,

Inc.

(a)(b)

................

614,511

14,391,848

AmerisourceBergen

Corp.

.............

514,964

69,690,078

Chemed

Corp.

.....................

17,922

7,824,028

DaVita,

Inc.

(a)(b)

....................

196,547

16,268,195

Guardant

Health,

Inc.

(a)(b)

..............

340,142

18,309,844

Molina

Healthcare,

Inc.

(b)

..............

155,041

51,138,724

Signify

Health,

Inc.,

Class

A

(b)

...........

15,175

442,351

178,065,068

Health

Care

Technology

—

0.9%

(b)

Certara

,

Inc.

(a)

.....................

264,065

3,506,783

Change

Healthcare,

Inc.

..............

77,060

2,118,379

Definitive

Healthcare

Corp.,

Class

A

(a)

.....

55,849

867,894

Doximity

,

Inc.,

Class

A

...............

176,652

5,338,424

Teladoc

Health,

Inc.

(a)

................

52,963

1,342,612

Veeva

Systems,

Inc.,

Class

A

(a)

.........

486,314

80,183,452

93,357,544

Hotels,

Restaurants

&

Leisure

—

4.8%

Caesars

Entertainment,

Inc.

(a)(b)

.........

490,586

15,826,304

Chipotle

Mexican

Grill,

Inc.

(b)

...........

97,072

145,875,919

Choice

Hotels

International,

Inc.

.........

118,194

12,944,607

Churchill

Downs,

Inc.

................

126,260

23,250,779

Darden

Restaurants,

Inc.

.............

311,713

39,375,586

Domino's

Pizza,

Inc.

.................

91,866

28,496,833

DraftKings

,

Inc.,

Class

A

(a)(b)

............

1,130,131

17,110,183

Expedia

Group,

Inc.

(b)

................

526,276

49,306,799

Hilton

Worldwide

Holdings,

Inc.

.........

681,452

82,196,740

Las

Vegas

Sands

Corp.

(b)

.............

430,902

16,167,443

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

106,329

1,207,897

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

217,692

$

12,552,121

Six

Flags

Entertainment

Corp.

(b)

.........

132,936

2,352,967

Travel

+

Leisure

Co.

.................

207,812

7,090,546

Vail

Resorts,

Inc.

...................

132,317

28,532,838

Wendy's

Co.

(The)

..................

595,514

11,130,157

Wyndham

Hotels

&

Resorts,

Inc.

........

214,825

13,179,514

Wynn

Resorts

Ltd.

(a)(b)

................

47,479

2,992,601

Yum!

Brands,

Inc.

..................

115,733

12,307,047

521,896,881

Household

Durables

—

1.0%

DR

Horton,

Inc.

(a)

...................

582,668

39,242,690

NVR,

Inc.

(b)

.......................

7,590

30,261,937

PulteGroup,

Inc.

...................

314,074

11,777,775

Toll

Brothers,

Inc.

...................

196,197

8,240,274

TopBuild

Corp.

(b)

...................

95,053

15,662,833

105,185,509

Household

Products

—

0.7%

Church

&

Dwight

Co.,

Inc.

.............

383,134

27,371,093

Clorox

Co.

(The)

...................

356,279

45,742,661

73,113,754

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

...................

422,161

9,540,839

Vistra

Corp.

......................

827,072

17,368,512

26,909,351

Insurance

—

1.0%

Alleghany

Corp.

(b)

...................

6,716

5,637,209

Arch

Capital

Group

Ltd.

(b)

.............

401,453

18,282,170

Arthur

J

Gallagher

&

Co.

..............

82,918

14,197,220

Assurant,

Inc.

.....................

11,348

1,648,524

Brown

&

Brown,

Inc.

.................

61,923

3,745,103

Erie

Indemnity

Co.,

Class

A,

NVS

........

65,129

14,478,828

Everest

Re

Group

Ltd.

(a)

..............

42,304

11,102,262

Lincoln

National

Corp.

...............

122,280

5,369,315

Markel

Corp.

(b)

.....................

10,746

11,651,028

RenaissanceRe

Holdings

Ltd.

..........

82,073

11,522,228

Ryan

Specialty

Holdings,

Inc.,

Class

A

(b)

...

288,223

11,707,618

109,341,505

Interactive

Media

&

Services

—

1.8%

(b)

Match

Group,

Inc.

(a)

.................

931,491

44,478,695

Pinterest,

Inc.,

Class

A

(a)

..............

424,312

9,886,470

TripAdvisor,

Inc.

....................

29,276

646,414

Twitter,

Inc.

.......................

2,409,855

105,648,043

ZoomInfo

Technologies,

Inc.

(a)

..........

956,466

39,846,374

200,505,996

Internet

&

Direct

Marketing

Retail

—

0.9%

DoorDash

,

Inc.,

Class

A

(b)

.............

772,421

38,196,218

eBay,

Inc.

........................

249,251

9,174,929

Etsy,

Inc.

(a)(b)

......................

441,128

44,170,147

Wayfair,

Inc.,

Class

A

(a)(b)

..............

174,178

5,669,494

97,210,788

IT

Services

—

6.0%

Broadridge

Financial

Solutions,

Inc.

......

370,078

53,409,657

Cloudflare

,

Inc.,

Class

A

(a)(b)

............

975,821

53,972,660

EPAM

Systems,

Inc.

(a)(b)

..............

191,446

69,339,827

Euronet

Worldwide,

Inc.

(a)(b)

............

124,900

9,462,424

FleetCor

Technologies,

Inc.

(a)(b)

..........

254,697

44,869,970

Gartner,

Inc.

(b)

.....................

267,730

74,078,214

Genpact

Ltd.

......................

332,989

14,574,929

Globant

SA

(a)(b)

....................

141,657

26,501,192

GoDaddy

,

Inc.,

Class

A

(a)(b)

.............

76,969

5,455,563

Security

Shares

Shares

Value

IT

Services

(continued)

Jack

Henry

&

Associates,

Inc.

..........

252,471

$

46,017,889

MongoDB,

Inc.,

Class

A

(a)(b)

............

227,388

45,150,161

Okta

,

Inc.,

Class

A

(b)

.................

70,696

4,020,482

Paychex,

Inc.

.....................

1,125,350

126,275,524

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

175,993

7,851,048

Switch,

Inc.,

Class

A

(a)

................

302,834

10,202,477

Thoughtworks

Holding,

Inc.

(a)(b)

..........

292,690

3,070,318

Toast,

Inc.,

Class

A

(a)(b)

...............

865,659

14,473,818

Twilio

,

Inc.,

Class

A

(a)(b)

...............

225,131

15,565,557

VeriSign,

Inc.

(a)(b)

...................

35,249

6,122,751

Western

Union

Co.

(The)

.............

445,546

6,014,871

WEX,

Inc.

(a)(b)

......................

110,559

14,034,359

Wix.com

Ltd.

(a)(b)

...................

147,165

11,512,718

661,976,409

Leisure

Products

—

0.3%

Brunswick

Corp.

(a)

..................

45,772

2,995,777

Mattel,

Inc.

(a)(b)

.....................

587,026

11,118,273

Polaris,

Inc.

.......................

146,454

14,008,325

YETI

Holdings,

Inc.

(a)(b)

...............

300,520

8,570,830

36,693,205

Life

Sciences

Tools

&

Services

—

5.6%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

288,318

8,211,297

Agilent

Technologies,

Inc.

.............

939,498

114,195,982

Avantor

,

Inc.

(b)

.....................

1,980,424

38,816,311

Bio-

Techne

Corp.

(a)

..................

135,620

38,516,080

Bruker

Corp.

......................

378,736

20,095,732

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

164,505

32,374,584

IQVIA

Holdings,

Inc.

(b)

................

647,217

117,236,887

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

(b)

378,804

9,670,866

Mettler

-Toledo

International,

Inc.

(b)

.......

78,067

84,633,996

Repligen

Corp.

(a)(b)

..................

137,381

25,705,359

Sotera

Health

Co.

(b)

.................

340,965

2,325,381

Syneos

Health,

Inc.,

Class

A

(b)

..........

61,786

2,913,210

Waters

Corp.

(b)

....................

208,847

56,290,532

West

Pharmaceutical

Services,

Inc.

(a)

.....

258,253

63,550,898

614,537,115

Machinery

—

1.5%

AGCO

Corp.

......................

28,228

2,714,687

Allison

Transmission

Holdings,

Inc.

.......

263,802

8,905,956

Donaldson

Co.,

Inc.

.................

71,403

3,499,461

Graco

,

Inc.

.......................

400,838

24,030,238

IDEX

Corp.

.......................

47,658

9,524,451

Lincoln

Electric

Holdings,

Inc.

..........

195,154

24,534,761

Middleby

Corp.

(The)

(a)(b)

..............

13,119

1,681,462

Nordson

Corp.

(a)

...................

47,782

10,142,685

Otis

Worldwide

Corp.

................

180,688

11,527,894

Parker-Hannifin

Corp.

................

101,072

24,490,756

Toro

Co.

(The)

.....................

362,806

31,375,463

Xylem,

Inc.

.......................

87,833

7,673,091

160,100,905

Media

—

0.3%

Cable

One,

Inc.

(a)

...................

12,508

10,669,949

Liberty

Broadband

Corp.,

Class

A

(b)

.......

29,709

2,216,291

Liberty

Broadband

Corp.,

Class

C,

NVS

(b)

..

200,221

14,776,310

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

...........................

71,682

2,728,934

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C,

NVS

(b)

........................

147,817

5,574,179

Nexstar

Media

Group,

Inc.

.............

12,187

2,033,401

37,999,064

2022

ishare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

—

0.1%

MP

Materials

Corp.,

Class

A

(a)(b)

.........

318,728

$

8,701,275

Royal

Gold,

Inc.

....................

14,633

1,372,868

10,074,143

Multiline

Retail

—

0.3%

Dollar

Tree,

Inc.

(a)(b)

.................

229,776

31,272,514

Nordstrom,

Inc.

(a)

...................

329,937

5,519,846

Ollie's

Bargain

Outlet

Holdings,

Inc.

(b)

.....

10,932

564,091

37,356,451

Oil,

Gas

&

Consumable

Fuels

—

4.3%

Antero

Resources

Corp.

(b)

.............

656,601

20,046,029

Cheniere

Energy,

Inc.

................

499,308

82,840,190

Continental

Resources,

Inc.

(a)

...........

93,344

6,236,313

Coterra

Energy,

Inc.

.................

446,152

11,653,490

Devon

Energy

Corp.

.................

1,122,417

67,490,934

Diamondback

Energy,

Inc.

.............

344,628

41,513,889

Enviva

,

Inc.

.......................

105,153

6,315,489

Hess

Corp.

.......................

769,187

83,833,691

New

Fortress

Energy,

Inc.,

Class

A

(a)

......

165,914

7,252,101

ONEOK,

Inc.

......................

176,464

9,042,015

Ovintiv

,

Inc.

.......................

632,678

29,103,188

PDC

Energy,

Inc.

...................

178,217

10,299,161

Range

Resources

Corp.

..............

589,642

14,894,357

Southwestern

Energy

Co.

(b)

............

271,475

1,661,427

Targa

Resources

Corp.

...............

789,483

47,637,404

Texas

Pacific

Land

Corp.

..............

20,035

35,606,803

475,426,481

Paper

&

Forest

Products

—

0.0%

Louisiana-Pacific

Corp.

(a)

..............

24,007

1,228,918

Personal

Products

—

0.0%

Olaplex

Holdings,

Inc.

(a)(b)

.............

427,208

4,079,836

Pharmaceuticals

—

0.1%

Catalent

,

Inc.

(a)(b)

...................

189,771

13,731,830

Professional

Services

—

2.4%

Booz

Allen

Hamilton

Holding

Corp.

.......

458,037

42,299,717

CoStar

Group,

Inc.

(a)(b)

................

194,193

13,525,542

Equifax,

Inc.

......................

212,030

36,348,303

FTI

Consulting,

Inc.

(a)(b)

...............

49,997

8,285,003

KBR,

Inc.

........................

313,444

13,547,050

Robert

Half

International,

Inc.

...........

330,505

25,283,632

TransUnion

.......................

492,989

29,327,916

Verisk

Analytics,

Inc.

.................

541,870

92,405,091

261,022,254

Real

Estate

Management

&

Development

—

0.4%

(b)

CBRE

Group,

Inc.,

Class

A

............

545,393

36,819,481

Opendoor

Technologies,

Inc.

(a)

..........

436,247

1,356,728

Zillow

Group,

Inc.,

Class

A

(a)

...........

13,038

373,278

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

36,685

1,049,558

39,599,045

Road

&

Rail

—

1.4%

(a)

JB

Hunt

Transport

Services,

Inc.

........

259,248

40,551,572

Landstar

System,

Inc.

................

112,366

16,222,280

Lyft,

Inc.,

Class

A

(b)

..................

865,472

11,398,266

Old

Dominion

Freight

Line,

Inc.

.........

350,548

87,205,826

XPO

Logistics,

Inc.

(b)

................

27,887

1,241,529

156,619,473

Semiconductors

&

Semiconductor

Equipment

—

4.3%

Allegro

MicroSystems

,

Inc.

(b)

...........

230,881

5,044,750

Enphase

Energy,

Inc.

(a)(b)

..............

456,573

126,685,310

Entegris

,

Inc.

(a)

....................

518,527

43,048,112

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

GLOBALFOUNDRIES,

Inc.

(a)(b)

..........

52,329

$

2,530,107

Lattice

Semiconductor

Corp.

(a)(b)

.........

475,169

23,383,066

Microchip

Technology,

Inc.

.............

1,603,126

97,838,780

Monolithic

Power

Systems,

Inc.

.........

158,304

57,527,674

ON

Semiconductor

Corp.

(b)

............

945,022

58,903,221

Teradyne,

Inc.

(a)

....................

495,382

37,227,957

Universal

Display

Corp.

..............

152,236

14,363,467

466,552,444

Software

—

14.7%

Alteryx

,

Inc.,

Class

A

(b)

...............

208,380

11,635,939

ANSYS,

Inc.

(b)

.....................

159,924

35,455,151

AppLovin

Corp.,

Class

A

(a)(b)

............

763,107

14,872,955

Aspen

Technology,

Inc.

(a)(b)

.............

94,006

22,392,229

Avalara,

Inc.

(b)

.....................

301,955

27,719,469

Bentley

Systems,

Inc.,

Class

B

(a)

.........

587,712

17,978,110

Black

Knight,

Inc.

(b)

..................

49,380

3,196,367

Cadence

Design

Systems,

Inc.

(b)

........

951,779

155,549,242

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

225,413

2,051,258

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

89,334

4,991,984

Citrix

Systems,

Inc.

.................

205,981

21,401,426

Confluent,

Inc.,

Class

A

(a)(b)

............

435,058

10,341,329

Coupa

Software,

Inc.

(a)(b)

..............

144,768

8,512,358

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

733,471

120,883,356

Datadog

,

Inc.,

Class

A

(a)(b)

.............

926,128

82,221,644

DocuSign,

Inc.

(a)(b)

..................

689,023

36,842,060

DoubleVerify

Holdings,

Inc.

(a)(b)

..........

190,035

5,197,457

Dropbox,

Inc.,

Class

A

(b)

..............

889,816

18,436,988

Dynatrace

,

Inc.

(b)

...................

691,413

24,068,087

Elastic

NV

(b)

......................

269,801

19,355,524

Fair

Isaac

Corp.

(b)

...................

85,604

35,269,704

Five9,

Inc.

(b)

......................

240,554

18,036,739

Fortinet,

Inc.

(b)

.....................

2,251,199

110,601,407

HubSpot

,

Inc.

(a)(b)

...................

158,485

42,809,968

Informatica

,

Inc.,

Class

A

(a)(b)

...........

21,796

437,446

Jamf

Holding

Corp.

(a)(b)

...............

192,885

4,274,332

Manhattan

Associates,

Inc.

(b)

...........

135,326

18,002,418

nCino

,

Inc.

(a)(b)

.....................

48,047

1,638,883

NCR

Corp.

(a)(b)

.....................

23,318

443,275

New

Relic,

Inc.

(a)(b)

..................

182,989

10,499,909

NortonLifeLock

,

Inc.

.................

712,178

14,343,265

Nutanix

,

Inc.,

Class

A

(a)(b)

..............

390,315

8,130,261

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

6,313,950

51,332,413

Paycom

Software,

Inc.

(a)(b)

.............

178,728

58,978,453

Paylocity

Holding

Corp.

(b)

.............

138,169

33,378,867

Pegasystems

,

Inc.

..................

142,549

4,581,525

Procore

Technologies,

Inc.

(a)(b)

..........

173,384

8,579,040

PTC,

Inc.

(b)

.......................

367,580

38,448,868

RingCentral,

Inc.,

Class

A

(b)

............

299,793

11,979,728

SentinelOne

,

Inc.,

Class

A

(a)(b)

..........

453,092

11,581,032

Smartsheet

,

Inc.,

Class

A

(a)(b)

...........

439,683

15,107,508

Splunk

,

Inc.

(a)(b)

....................

560,281

42,133,131

Synopsys,

Inc.

(b)

...................

531,922

162,507,489

Teradata

Corp.

(b)

...................

195,367

6,068,099

Trade

Desk,

Inc.

(The),

Class

A

(b)

........

1,530,807

91,465,718

Tyler

Technologies,

Inc.

(b)

.............

125,273

43,532,367

UiPath

,

Inc.,

Class

A

(a)(b)

..............

117,939

1,487,211

Unity

Software,

Inc.

(a)(b)

...............

489,151

15,584,351

Zendesk

,

Inc.

(b)

....................

425,333

32,367,841

Zoom

Video

Communications,

Inc.,

Class

A

(b)

445,473

32,782,358

Zscaler

,

Inc.

(a)(b)

....................

290,243

47,707,242

1,617,193,781

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

—

4.8%

Advance

Auto

Parts,

Inc.

..............

16,572

$

2,590,866

AutoZone,

Inc.

(b)

...................

61,647

132,043,559

Best

Buy

Co.,

Inc.

..................

219,384

13,895,783

Burlington

Stores,

Inc.

(a)(b)

.............

216,320

24,204,045

CarMax,

Inc.

(a)(b)

....................

64,130

4,233,863

Carvana

Co.,

Class

A

(a)(b)

..............

366,285

7,435,585

Five

Below,

Inc.

(a)(b)

..................

190,148

26,177,675

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

359,235

25,239,851

Leslie's,

Inc.

(a)(b)

....................

486,299

7,153,458

O'Reilly

Automotive,

Inc.

(b)

.............

89,311

62,816,892

RH

(a)(b)

..........................

25,778

6,343,192

Ross

Stores,

Inc.

(a)

..................

512,059

43,151,212

Tractor

Supply

Co.

..................

390,155

72,522,011

Ulta

Beauty,

Inc.

(a)(b)

.................

179,261

71,917,721

Victoria's

Secret

&

Co.

(a)(b)

.............

203,746

5,933,084

Williams-Sonoma,

Inc.

(a)

..............

188,386

22,201,290

527,860,087

Technology

Hardware,

Storage

&

Peripherals

—

1.1%

Dell

Technologies,

Inc.,

Class

C

.........

140,605

4,804,473

HP,

Inc.

.........................

1,656,497

41,279,905

NetApp,

Inc.

......................

766,103

47,383,471

Pure

Storage,

Inc.,

Class

A

(a)(b)

..........

979,052

26,796,653

120,264,502

Textiles,

Apparel

&

Luxury

Goods

—

1.3%

Deckers

Outdoor

Corp.

(b)

..............

81,090

25,349,545

Lululemon

Athletica

,

Inc.

(b)

.............

389,641

108,928,038

Skechers

USA,

Inc.,

Class

A

(a)(b)

.........

69,602

2,207,775

Tapestry,

Inc.

......................

115,709

3,289,607

139,774,965

Thrifts

&

Mortgage

Finance

—

0.0%

(a)

Rocket

Cos.,

Inc.,

Class

A

.............

228,785

1,445,921

UWM

Holdings

Corp.,

Class

A

..........

289,826

849,190

2,295,111

Trading

Companies

&

Distributors

—

2.2%

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

84,989

1,932,650

Fastenal

Co.

......................

2,008,132

92,454,397

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

93,255

9,711,576

United

Rentals,

Inc.

(b)

................

111,795

30,198,065

Watsco

,

Inc.

......................

60,838

15,663,351

WESCO

International,

Inc.

(b)

...........

82,800

9,884,664

WW

Grainger,

Inc.

(a)

.................

158,966

77,764,578

237,609,281

Total

Long-Term

Investments

—

100.1%

(Cost:

$11,354,522,970)

...........................

10,978,438,279

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.9%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.18%

(e)

............

965,077,531

$

965,367,054

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.81%

..................

16,204,846

16,204,846

Total

Short-Term

Securities

—

8.9%

(Cost:

$981,107,310)

.............................

981,571,900

Total

Investments

—

109.0%

(Cost:

$12,335,630,280

)

...........................

11,960,010,179

Liabilities

in

Excess

of

Other

Assets

—

(9.0)%

............

(989,746,529)

Net

Assets

—

100.0%

..............................

$

10,970,263,650

(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.

2022

ishare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

52

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/22

Shares

Held

at

09/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

784,962,169

$

179,985,075

(a)

$

—

$

9,272

$

410,538

$

965,367,054

965,077,531

$

3,213,869

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

17,950,000

—

(1,745,154)

(a)

—

—

16,204,846

16,204,846

106,090

—

$

9,272

$

410,538

$

981,571,900

$

3,319,959

$

—

—

—

(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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

24

12/16/22

$

5,297

$

(602,352)

Russell

2000

E-Mini

Index

....................................................

74

12/16/22

6,178

(659,191)

$

(1,261,543)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,261,543

$

—

$

—

$

—

$

1,261,543

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

September

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

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

.......................

$

—

$

—

$

(2,794,868)

$

—

$

—

$

—

$

(2,794,868)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(2,329,614)

$

—

$

—

$

—

$

(2,329,614)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedule

of

Investments

53

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

23,449,980

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Aerospace

&

Defense

....................................

$

132,629,547

$

—

$

—

$

132,629,547

Air

Freight

&

Logistics

....................................

27,983,598

—

—

27,983,598

Airlines

..............................................

62,656,745

—

—

62,656,745

Auto

Components

......................................

18,480,788

—

—

18,480,788

Automobiles

..........................................

24,337,891

—

—

24,337,891

Banks

...............................................

68,679,657

—

—

68,679,657

Beverages

...........................................

41,439,510

—

—

41,439,510

Biotechnology

.........................................

361,992,787

—

—

361,992,787

Building

Products

.......................................

200,028,749

—

—

200,028,749

Capital

Markets

........................................

371,987,424

—

—

371,987,424

Chemicals

............................................

227,158,371

—

—

227,158,371

Commercial

Services

&

Supplies

.............................

248,524,941

—

—

248,524,941

Communications

Equipment

................................

98,671,352

—

—

98,671,352

Construction

&

Engineering

................................

54,648,664

—

—

54,648,664

Construction

Materials

....................................

53,148,698

—

—

53,148,698

Consumer

Finance

......................................

1,993,501

—

—

1,993,501

Containers

&

Packaging

..................................

127,594,228

—

—

127,594,228

Distributors

...........................................

48,553,338

—

—

48,553,338

Diversified

Consumer

Services

..............................

24,566,017

—

—

24,566,017

Diversified

Financial

Services

...............................

56,751,437

—

—

56,751,437

Electrical

Equipment

.....................................

131,124,519

—

—

131,124,519

Electronic

Equipment,

Instruments

&

Components

.................

348,565,389

—

—

348,565,389

Energy

Equipment

&

Services

..............................

34,882,207

—

—

34,882,207

Entertainment

.........................................

275,000,675

—

—

275,000,675

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

167,364,358

—

—

167,364,358

Food

&

Staples

Retailing

..................................

29,089,935

—

—

29,089,935

Food

Products

.........................................

178,755,225

—

—

178,755,225

Gas

Utilities

...........................................

1,501,143

—

—

1,501,143

Health

Care

Equipment

&

Supplies

...........................

532,745,889

—

—

532,745,889

Health

Care

Providers

&

Services

............................

178,065,068

—

—

178,065,068

Health

Care

Technology

..................................

93,357,544

—

—

93,357,544

Hotels,

Restaurants

&

Leisure

..............................

521,896,881

—

—

521,896,881

Household

Durables

.....................................

105,185,509

—

—

105,185,509

Household

Products

.....................................

73,113,754

—

—

73,113,754

Independent

Power

and

Renewable

Electricity

Producers

............

26,909,351

—

—

26,909,351

Insurance

............................................

109,341,505

—

—

109,341,505

Interactive

Media

&

Services

...............................

200,505,996

—

—

200,505,996

Internet

&

Direct

Marketing

Retail

............................

97,210,788

—

—

97,210,788

IT

Services

...........................................

661,976,409

—

—

661,976,409

Leisure

Products

.......................................

36,693,205

—

—

36,693,205

Life

Sciences

Tools

&

Services

..............................

614,537,115

—

—

614,537,115

Machinery

............................................

160,100,905

—

—

160,100,905

Media

...............................................

37,999,064

—

—

37,999,064

Metals

&

Mining

........................................

10,074,143

—

—

10,074,143

Multiline

Retail

.........................................

37,356,451

—

—

37,356,451

Oil,

Gas

&

Consumable

Fuels

...............................

475,426,481

—

—

475,426,481

Paper

&

Forest

Products

..................................

1,228,918

—

—

1,228,918

2022

ishare

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2022

iShares

®

Russell

Mid-Cap

Growth

ETF

54

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Personal

Products

......................................

$

4,079,836

$

—

$

—

$

4,079,836

Pharmaceuticals

.......................................

13,731,830

—

—

13,731,830

Professional

Services

....................................

261,022,254

—

—

261,022,254

Real

Estate

Management

&

Development

.......................

39,599,045

—

—

39,599,045

Road

&

Rail

...........................................

156,619,473

—

—

156,619,473

Semiconductors

&

Semiconductor

Equipment

....................

466,552,444

—

—

466,552,444

Software

.............................................

1,595,792,355

21,401,426

—

1,617,193,781

Specialty

Retail

........................................

527,860,087

—

—

527,860,087

Technology

Hardware,

Storage

&

Peripherals

....................

120,264,502

—

—

120,264,502

Textiles,

Apparel

&

Luxury

Goods

............................

139,774,965

—

—

139,774,965

Thrifts

&

Mortgage

Finance

................................

2,295,111

—

—

2,295,111

Trading

Companies

&

Distributors

............................

237,609,281

—

—

237,609,281

Short-Term

Securities

Money

Market

Funds

......................................

981,571,900

—

—

981,571,900

$

11,938,608,753

$

21,401,426

$

—

$

11,960,010,179

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(1,261,543)

$

—

$

—

$

(1,261,543)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2022

55

Financial

Statements

See

notes

to

financial

statements.

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

836,037,570‌

$

246,457,012‌

$

24,669,488,730‌

$

10,978,438,279‌

Investments,

at

value

—

affiliated

(c)

............................................

163,858,850‌

314,702,782‌

1,579,064,987‌

981,571,900‌

Cash  

...............................................................

291,428‌

21,294‌

75,098‌

—‌

Cash

pledged:

Futures

contracts

......................................................

67,710‌

45,000‌

2,850,420‌

852,990‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

—‌

—‌

54,683,033‌

—‌

Securities

lending

income

—

affiliated

........................................

340,897‌

39,134‌

761,758‌

314,235‌

Capital

shares

sold

.....................................................

—‌

—‌

144,502‌

79,426‌

Dividends

—

unaffiliated

.................................................

571,011‌

303,195‌

29,106,848‌

2,871,210‌

Dividends

—

affiliated

...................................................

1,784‌

1,509‌

88,756‌

28,566‌

Total

assets

...........................................................

1,001,169,250‌

561,569,926‌

26,336,264,132‌

11,964,156,606‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

163,056,423‌

121,799,953‌

1,542,256,610‌

965,351,274‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

1,215,760‌

—‌

109,666,374‌

26,113,330‌

Capital

shares

redeemed

.................................................

—‌

—‌

41,286‌

8,193‌

Investment

advisory

fees

.................................................

447,172‌

25,963‌

4,141,336‌

2,282,129‌

Variation

margin

on

futures

contracts

.........................................

7,006‌

5,084‌

360,212‌

138,030‌

Total

liabilities

..........................................................

164,726,361‌

121,831,000‌

1,656,465,818‌

993,892,956‌

NET

ASSETS

..........................................................

$

836,442,889‌

$

439,738,926‌

$

24,679,798,314‌

$

10,970,263,650‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,245,283,717‌

$

512,358,461‌

$

21,853,948,175‌

$

13,039,464,697‌

Accumulated

earnings

(loss)

................................................

(408,840,828‌)

(72,619,535‌)

2,825,850,139‌

(2,069,201,047‌)

NET

ASSETS

..........................................................

$

836,442,889‌

$

439,738,926‌

$

24,679,798,314‌

$

10,970,263,650‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

8,100,000‌

8,850,000‌

397,400,000‌

139,800,000‌

Net

asset

value

.........................................................

$

103.26‌

$

49.69‌

$

62.10‌

$

78.47‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

1,049,718,534‌

$

285,624,192‌

$

21,026,129,271‌

$

11,354,522,970‌

(b)

  Securities

loaned,

at

value

................................................

$

152,361,136‌

$

118,148,304‌

$

1,486,558,953‌

$

937,295,574‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

163,772,331‌

$

350,467,013‌

$

1,578,264,795‌

$

981,107,310‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2022

2022

iShares

Semi-Annual

Report

to

Shareholders

56

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

5,746,407‌

$

2,266,728‌

$

241,784,246‌

$

51,903,795‌

Dividends

—

affiliated

...................................................

8,249‌

1,492,191‌

264,403‌

106,090‌

Securities

lending

income

—

affiliated

—

net

...................................

2,518,764‌

443,141‌

5,592,100‌

3,213,869‌

Foreign

taxes

withheld

..................................................

(2,792‌)

(1,543‌)

(52,501‌)

(6,134‌)

Total

investment

income

...................................................

8,270,628‌

4,200,517‌

247,588,248‌

55,217,620‌

EXPENSES

Investment

advisory

....................................................

2,877,957‌

333,207‌

26,070,431‌

14,126,358‌

Total

expenses

.........................................................

2,877,957‌

333,207‌

26,070,431‌

14,126,358‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

...........................................

—‌

(183,687‌)

—‌

—‌

Total

expenses

after

fees

waived

.............................................

2,877,957‌

149,520‌

26,070,431‌

14,126,358‌

Net

investment

income

....................................................

5,392,671‌

4,050,997‌

221,517,817‌

41,091,262‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(214,408,646‌)

$

(95,216,112‌)

$

(6,258,481,622‌)

$

(3,004,893,354‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(69,833,555‌)

$

(11,327,533‌)

$

(546,639,297‌)

$

(1,135,568,139‌)

Investments

—

affiliated

...............................................

870‌

1,428,850‌

(4,032‌)

9,272‌

Futures

contracts

....................................................

(158,427‌)

(44,200‌)

(2,365,596‌)

(2,794,868‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

11,251,999‌

12,775,797‌

647,257,723‌

284,783,419‌

In-kind

redemptions

—

affiliated

(a)

.........................................

—‌

3,308,545‌

—‌

—‌

(58,739,113‌)

6,141,459‌

98,248,798‌

(853,570,316‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

(155,698,170‌)

(59,844,882‌)

(6,350,354,223‌)

(2,149,403,960‌)

Investments

—

affiliated

...............................................

97,881‌

(41,445,037‌)

783,150‌

410,538‌

Foreign

currency

translations

............................................

—‌

—‌

—‌

—‌

Futures

contracts

....................................................

(69,244‌)

(67,653‌)

(7,159,349‌)

(2,329,614‌)

(155,669,533‌)

(101,357,572‌)

(6,356,730,420‌)

(2,151,323,036‌)

Net

realized

and

unrealized

loss

..............................................

(214,408,646‌)

(95,216,113‌)

(6,258,481,622‌)

(3,004,893,352‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(209,015,975‌)

$

(91,165,116‌)

$

(6,036,963,805‌)

$

(2,963,802,090‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

57

Financial

Statements

See

notes

to

financial

statements.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

5,392,671‌

$

6,779,950‌

$

4,050,997‌

$

4,274,061‌

Net

realized

gain

(loss)

....................................................

(58,739,113‌)

257,217,922‌

6,141,459‌

20,793,126‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(155,669,533‌)

(412,829,935‌)

(101,357,572‌)

(29,311,149‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(209,015,975‌)

(148,832,063‌)

(91,165,116‌)

(4,243,962‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(6,397,080‌)

(9,212,592‌)

(4,813,850‌)

(4,296,696‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

(44,787,770‌)

(131,900,161‌)

112,568,352‌

164,572,268‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(260,200,825‌)

(289,944,816‌)

16,589,386‌

156,031,610‌

Beginning

of

period

........................................................

1,096,643,714‌

1,386,588,530‌

423,149,540‌

267,117,930‌

End

of

period

............................................................

$

836,442,889‌

$

1,096,643,714‌

$

439,738,926‌

$

423,149,540‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

221,517,817‌

$

316,421,146‌

$

41,091,262‌

$

51,781,649‌

Net

realized

gain

(loss)

....................................................

98,248,798‌

1,713,410,418‌

(853,570,316‌)

2,906,532,378‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(6,356,730,420‌)

(183,235,163‌)

(2,151,323,036‌)

(3,078,657,283‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(6,036,963,805‌)

1,846,596,401‌

(2,963,802,090‌)

(120,343,256‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(207,420,404‌)

(335,661,159‌)

(40,981,094‌)

(57,154,726‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

620,640,134‌

1,669,289,907‌

197,908,118‌

(867,632,402‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(5,623,744,075‌)

3,180,225,149‌

(2,806,875,066‌)

(1,045,130,384‌)

Beginning

of

period

........................................................

30,303,542,389‌

27,123,317,240‌

13,777,138,716‌

14,822,269,100‌

End

of

period

............................................................

$

24,679,798,314‌

$

30,303,542,389‌

$

10,970,263,650‌

$

13,777,138,716‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

59

Financial

Highlights

iShares

Micro-Cap

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Year

Ended

03/31/18

Net

asset

value,

beginning

of

period

...............

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

$

96.11

‌

$

85.68

‌

Net

investment

income

(a)

.......................

0.65

‌

0.76

‌

0.96

‌

0.94

‌

0.89

‌

0.79

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............

(25.63

)

(17.42

)

79.50

‌

(25.28

)

(3.24

)

10.68

‌

Net

increase

(decrease)

from

investment

operations

......

(24.98

)

(16.66

)

80.46

‌

(24.34

)

(2.35

)

11.47

‌

Distributions

from

net

investment

income

(c)

.............

(0.78

)

(1.05

)

(1.06

)

(1.21

)

(0.88

)

(1.04

)

Net

asset

value,

end

of

period

....................

$

103.26

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

$

96.11

‌

Total

Return

(d)

(19.37)%

—

—

—

—

—

Based

on

net

asset

value

........................

(19.37

)%

(e)

(11.41

)%

120.24

%

(26.47

)%

(2.48

)%

13.43

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.60

%

(g)

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

..........................

1.13

%

(g)

0.54

%

0.92

%

1.03

%

0.91

%

0.86

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

836,443

‌

$

1,096,644

‌

$

1,386,589

‌

$

562,206

‌

$

882,335

‌

$

879,375

‌

Portfolio

turnover

rate

(h)

..........................

27

%

44

%

35

%

24

%

25

%

22

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

60

iShares

Russell

2500

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Period

from

07/06/17

(a)

to

03/31/18

Net

asset

value,

beginning

of

period

...............

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

$

43.24

‌

$

39.34

‌

Net

investment

income

(b)

.......................

0.51

‌

0.79

‌

0.75

‌

0.72

‌

0.65

‌

0.42

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............

(12.48

)

(0.66

)

29.21

‌

(10.50

)

1.22

‌

3.88

‌

Net

increase

(decrease)

from

investment

operations

......

(11.97

)

0.13

‌

29.96

‌

(9.78

)

1.87

‌

4.30

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

inco

me

....................

(0.57

)

(0.75

)

(0.73

)

(0.73

)

(0.62

)

(0.40

)

From

net

realized

gain

.........................

—

‌

—

‌

—

‌

—

‌

(0.36

)

—

‌

Return

of

capital

.............................

—

‌

—

‌

—

‌

—

‌

—

‌

(0.00

)

(e)

Total

distributions

.............................

(0.57

)

(0.75

)

(0.73

)

(0.73

)

(0.98

)

(0.40

)

Net

asset

value,

end

of

period

....................

$

49.69

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

$

43.24

‌

Total

Return

(f)

(19.26)%

—

—

—

—

—

Based

on

net

asset

value

........................

(19.26

)%

(g)

0.17

%

89.71

%

(22.47

)%

4.49

%

10.96

%

(g)

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............................

0.15

%

(i)

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

(i)

Total

expenses

after

fees

waived

...................

0.07

%

(i)

0.07

%

0.07

%

0.07

%

0.06

%

0.07

%

(i)

Net

investment

income

..........................

1.82

%

(i)

1.22

%

1.44

%

1.60

%

1.49

%

1.37

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

439,739

‌

$

423,150

‌

$

267,118

‌

$

42,021

‌

$

35,302

‌

$

6,486

‌

Portfolio

turnover

rate

(j)

..........................

10

%

12

%

16

%

14

%

12

%

5

%

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

iShares

Russell

Mid-Cap

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

.................

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

$

51.61

‌

$

46.82

‌

Net

investment

income

(b)

.........................

0.56

‌

0.84

‌

0.74

‌

0.91

‌

0.81

‌

0.76

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

(15.96

)

4.14

‌

30.79

‌

(10.71

)

2.44

‌

4.84

‌

Net

increase

(decrease)

from

investment

operations

........

(15.40

)

4.98

‌

31.53

‌

(9.80

)

3.25

‌

5.60

‌

Distributions

from

net

investment

income

(d)

...............

(0.52

)

(0.89

)

(0.80

)

(0.93

)

(0.93

)

(0.81

)

Net

asset

value,

end

of

period

......................

$

62.10

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

$

51.61

‌

Total

Return

(e)

(19.76)%

—

—

—

—

—

Based

on

net

asset

value

..........................

(19.76

)%

(f)

6.72

%

73.38

%

(18.44

)%

6.38

%

12.02

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.................................

0.19

%

(h)

0.18

%

0.19

%

0.19

%

0.19

%

0.20

%

Net

investment

income

............................

1.59

%

(h)

1.07

%

1.23

%

1.63

%

1.55

%

1.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

24,679,798

‌

$

30,303,542

‌

$

27,123,317

‌

$

15,753,591

‌

$

18,593,536

‌

$

16,988,034

‌

Portfolio

turnover

rate

(i)

............................

10

%

13

%

14

%

10

%

11

%

10

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

25,

2018.

(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.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

iShares

Semi-Annual

Report

to

Shareholders

62

iShares

Russell

Mid-Cap

Growth

ETF

Six

Months

Ended

09/30/22

(unaudited)

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Year

Ended

03/31/18

(a)

Net

asset

value,

beginning

of

period

................

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

$

61.46

‌

$

51.90

‌

Net

investment

income

(b)

........................

0.30

‌

0.37

‌

0.32

‌

0.47

‌

0.56

‌

0.48

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(22.07

)

(1.44

)

41.16

‌

(6.97

)

6.35

‌

9.58

‌

Net

increase

(decrease)

from

investment

operations

.......

(21.77

)

(1.07

)

41.48

‌

(6.50

)

6.91

‌

10.06

‌

Distributions

from

net

investment

income

(d)

..............

(0.29

)

(0.41

)

(0.33

)

(0.45

)

(0.56

)

(0.50

)

Net

asset

value,

end

of

period

.....................

$

78.47

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

$

61.46

‌

Total

Return

(e)

(21.65)%

—

—

—

—

—

Based

on

net

asset

value

.........................

(21.65

)%

(f)

(1.09

)%

68.27

%

(9.67

)%

11.28

%

19.46

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.23

%

(h)

0.23

%

0.23

%

0.24

%

0.24

%

0.24

%

Net

investment

income

...........................

0.68

%

(h)

0.34

%

0.36

%

0.65

%

0.88

%

0.84

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

10,970,264

‌

$

13,777,139

‌

$

14,822,269

‌

$

9,353,644

‌

$

10,217,865

‌

$

8,561,654

‌

Portfolio

turnover

rate

(i)

...........................

23

%

35

%

23

%

23

%

20

%

24

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

63

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”):

Currently

the

iShares

Russell

2500

ETF seeks

to

achieve

its

investment

objective

by

investing

a

substantial

portion

of

its

assets

in

an

iShares

fund

(an

“underlying

fund”).

The

financial

statements,

including

the

accounting

policies,

and

Schedule

of

Investments

for

the

underlying

fund

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Fund’s

financial

statements.

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

September

30,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

iShares

ETF

Diversification

Classification

Micro-Cap

.........................................................................................................

Diversified

Russell

2500

........................................................................................................

Diversified

Russell

Mid-Cap

.....................................................................................................

Diversified

Russell

Mid-Cap

Growth

................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

64

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.

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

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

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

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

Micro-Cap

Barclays

Bank

PLC

...................................

$

6,400,072‌

$

(6,400,072‌)

$

–‌

$

–‌

$

–

$

–

$

–

$

–

Barclays

Capital,

Inc.

...................................

980,211‌

(980,211‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

573,230‌

(573,230‌)

–‌

–‌

BNP

Paribas

SA

.......................................

15,939,673‌

(15,939,673‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

12,216,421‌

(12,216,421‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

7,555,429‌

(7,555,429‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

20,718‌

(20,718‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

24,882,944‌

(24,882,944‌)

–‌

–‌

HSBC

Bank

PLC

......................................

214,983‌

(214,983‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

16,320‌

(16,320‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

30,180,632‌

(30,180,632‌)

–‌

–‌

Jefferies

LLC

.........................................

5,091,953‌

(5,091,953‌)

–‌

–‌

Morgan

Stanley

.......................................

21,311,941‌

(21,311,941‌)

–‌

–‌

National

Financial

Services

LLC

............................

6,947,004‌

(6,947,004‌)

–‌

–‌

Natixis

SA

...........................................

674,063‌

(674,063‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

82,942‌

(82,942‌)

–‌

–‌

Pershing

LLC

.........................................

904,625‌

(904,625‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

171,691‌

(171,691‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,667,113‌

(1,667,113‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

72,529‌

(72,529‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

3,012,269‌

(3,012,269‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

3,779,023‌

(3,779,023‌)

–‌

–‌

UBS

AG

............................................

4,341,958‌

(4,341,958‌)

–‌

–‌

UBS

Securities

LLC

....................................

928,275‌

(928,275‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

241,376‌

(241,376‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,031,479‌

(1,031,479‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,122,262‌

(3,122,262‌)

–‌

–‌

$

152,361,136‌

$

(152,361,136‌)

$

–‌

$

–‌

Russell

2500

Barclays

Bank

PLC

...................................

$

1,287,328‌

$

(1,287,328‌)

$

–‌

$

–‌

–

–

–

–

BNP

Paribas

SA

.......................................

33,550,686‌

(33,550,686‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

4,801,080‌

(4,801,080‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

3,541,794‌

(3,541,794‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

235,703‌

(235,703‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,556,031‌

(2,556,031‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,730,596‌

(2,730,596‌)

–‌

–‌

Jefferies

LLC

.........................................

1,229,824‌

(1,229,824‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

27,938,262‌

(27,938,262‌)

–‌

–‌

Pershing

LLC

.........................................

9,816‌

(9,816‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

798,636‌

(798,636‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

24,547,484‌

(24,547,484‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

1,488,358‌

(1,488,358‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

781,086‌

(781,086‌)

–‌

–‌

UBS

AG

............................................

1,679,724‌

(1,679,724‌)

–‌

–‌

UBS

Securities

LLC

....................................

371,246‌

(371,246‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

406,852‌

(406,852‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

2,102,209‌

(2,102,209‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,091,589‌

(8,091,589‌)

–‌

–‌

$

118,148,304‌

$

(118,148,304‌)

$

–‌

$

–‌

Russell

Mid-Cap

Barclays

Bank

PLC

...................................

$

51,561,024‌

$

(51,561,024‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

1,399,932‌

(1,399,932‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

726,073‌

(726,073‌)

–‌

–‌

BNP

Paribas

SA

.......................................

238,587,660‌

(238,587,660‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

61,370,468‌

(61,370,468‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

70,616‌

(70,616‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

86,910,887‌

(86,910,887‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

66

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).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

Mid-Cap

(continued)

Credit

Suisse

Securities

(USA)

LLC

..........................

$

297,062‌

$

(297,062‌)

$

–‌

$

–‌

Deutsche

Bank

Securities,

Inc.

.............................

3,027,948‌

(3,027,948‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

276,166,087‌

(276,166,087‌)

–‌

–‌

HSBC

Bank

PLC

......................................

31,123,350‌

(31,123,350‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

84,007‌

(84,007‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

189,796,688‌

(189,796,688‌)

–‌

–‌

Jefferies

LLC

.........................................

7,982,969‌

(7,982,969‌)

–‌

–‌

Morgan

Stanley

.......................................

244,792,431‌

(244,792,431‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,638,002‌

(5,638,002‌)

–‌

–‌

Natixis

SA

...........................................

4,072,678‌

(4,072,678‌)

–‌

–‌

Pershing

LLC

.........................................

112,217‌

(112,217‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

38,984,383‌

(38,984,383‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

32,294,909‌

(32,294,909‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

12,265,966‌

(12,265,966‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

22,882,742‌

(22,882,742‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

47,327,525‌

(47,327,525‌)

–‌

–‌

UBS

AG

............................................

82,581,047‌

(82,581,047‌)

–‌

–‌

UBS

Securities

LLC

....................................

30,527,452‌

(30,527,452‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

532,453‌

(532,453‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

11,426,373‌

(11,426,373‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

4,016,004‌

(4,016,004‌)

–‌

–‌

$

1,486,558,953‌

$

(1,486,558,953‌)

$

–‌

$

–‌

Russell

Mid-Cap

Growth

Barclays

Bank

PLC

...................................

$

70,548,382‌

$

(70,548,382‌)

$

–‌

$

–‌

–

–

–

–

Barclays

Capital,

Inc.

...................................

501,621‌

(501,621‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

43,524‌

(43,524‌)

–‌

–‌

BNP

Paribas

SA

.......................................

175,376,525‌

(175,376,525‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

49,596,084‌

(49,596,084‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

66,747,187‌

(66,747,187‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

185,802‌

(185,802‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

3,736‌

(3,736‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

136,380,505‌

(136,380,505‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,151,336‌

(1,151,336‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

98,886‌

(98,886‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

98,699,777‌

(98,699,777‌)

–‌

–‌

Jefferies

LLC

.........................................

8,321,921‌

(8,321,921‌)

–‌

–‌

Morgan

Stanley

.......................................

48,950,687‌

(48,950,687‌)

–‌

–‌

National

Financial

Services

LLC

............................

4,008,288‌

(4,008,288‌)

–‌

–‌

Natixis

SA

...........................................

6,729‌

(6,729‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

100,907,979‌

(100,907,979‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

56,629,564‌

(56,629,564‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

5,272,407‌

(5,272,407‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

1,605,502‌

(1,605,502‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

73,897,423‌

(73,897,423‌)

–‌

–‌

UBS

AG

............................................

16,755,391‌

(16,755,391‌)

–‌

–‌

UBS

Securities

LLC

....................................

10,677,293‌

(10,677,293‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,165,325‌

(1,165,325‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

8,123,830‌

(8,123,830‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

1,639,870‌

(1,639,870‌)

–‌

–‌

$

937,295,574‌

$

(937,295,574‌)

$

–‌

$

–‌

(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

Fund’s

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to 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:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

Russell

2500

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

July

31,

2027

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds,

provided

that

the

waiver

be

no

greater

than

the

Fund’s

investment

advisory

fee

of

0.15%. 

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the

six

months ended September

30,

2022,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

Each Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

25,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

iShares

ETF

Investment

Advisory

Fees

Micro-Cap

......................................................................................................

0.60‌

%

Russell

2500

.....................................................................................................

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

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.2375

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.2257

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.2144

Over

$281

billion

..................................................................................................

0.2037

iShares

ETF

Amounts

Waived

Russell

2500

........................................................................................................

$

183,687

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

68

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

September

30,

2022,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended September

30,

2022,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

September

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2022,

in-kind

transactions

were

as

follows:

iShares

ETF

Amounts

Micro-Cap

.............................................................................................................

$

629,456‌

Russell

2500

............................................................................................................

136,252‌

Russell

Mid-Cap

.........................................................................................................

1,607,564‌

Russell

Mid-Cap

Growth

....................................................................................................

952,686‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Micro-Cap

..........................................................................

$

46,207,510‌

$

106,515,841‌

$

8,502,817‌

Russell

2500

.........................................................................

11,189,911‌

5,557,158‌

(2,055,737‌)

Russell

Mid-Cap

......................................................................

674,222,523‌

731,279,061‌

(397,221,637‌)

Russell

Mid-Cap

Growth

.................................................................

1,779,250,314‌

1,246,500,648‌

(881,797,959‌)

iShares

ETF

Purchases

Sales

Micro-Cap

..........................................................................................

$

253,399,198‌

$

251,555,191‌

Russell

2500

.........................................................................................

42,060,366‌

43,394,149‌

Russell

Mid-Cap

......................................................................................

2,684,069,275‌

2,625,360,402‌

Russell

Mid-Cap

Growth

.................................................................................

2,825,498,270‌

2,800,655,684‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Micro-Cap

..........................................................................................

$

11,571,166‌

$

55,031,820‌

Russell

2500

.........................................................................................

172,223,940‌

59,280,603‌

Russell

Mid-Cap

......................................................................................

1,798,883,706‌

1,171,993,283‌

Russell

Mid-Cap

Growth

.................................................................................

1,104,541,861‌

907,669,179‌

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

As

of

March

31,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

September

30,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

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

iShares

ETF

Amounts

Micro-Cap

............................................................................................................

$

112,175,451‌

Russell

2500

...........................................................................................................

2,273,837‌

Russell

Mid-Cap

........................................................................................................

662,719,275‌

Russell

Mid-Cap

Growth

...................................................................................................

788,026,969‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Micro-Cap

......................................................

$

1,236,684,448‌

$

100,241,893‌

$

(337,085,392‌)

$

(236,843,499‌)

Russell

2500

....................................................

636,816,445‌

8,095,379‌

(83,805,938‌)

(75,710,559‌)

Russell

Mid-Cap

..................................................

22,865,164,072‌

6,091,939,856‌

(2,713,250,144‌)

3,378,689,712‌

Russell

Mid-Cap

Growth

............................................

12,385,394,495‌

1,428,483,775‌

(1,855,129,634‌)

(426,645,859‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

70

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31, 2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

Six

Months

Ended

09/30/22

Year

Ended

03/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Micro-Cap

Shares

sold

100,000‌

$

11,937,457‌

1,550,000‌

$

233,160,533‌

Shares

redeemed

(500,000‌)

(56,725,227‌)

(2,500,000‌)

(365,060,694‌)

(400,000‌)

$

(44,787,770‌)

(950,000‌)

$

(131,900,161‌)

Russell

2500

Shares

sold

3,150,000‌

$

173,171,782‌

3,450,000‌

$

222,742,394‌

Shares

redeemed

(1,100,000‌)

(60,603,430‌)

(900,000‌)

(58,170,126‌)

2,050,000‌

$

112,568,352‌

2,550,000‌

$

164,572,268‌

Russell

Mid-Cap

Shares

sold

26,500,000‌

$

1,814,715,789‌

46,450,000‌

$

3,657,110,774‌

Shares

redeemed

(17,500,000‌)

(1,194,075,655‌)

(24,950,000‌)

(1,987,820,867‌)

9,000,000‌

$

620,640,134‌

21,500,000‌

$

1,669,289,907‌

Russell

Mid-Cap

Growth

Shares

sold

13,300,000‌

$

1,107,499,635‌

42,850,000‌

$

4,740,611,315‌

Shares

redeemed

(10,550,000‌)

(909,591,517‌)

(51,100,000‌)

(5,608,243,717‌)

2,750,000‌

$

197,908,118‌

(8,250,000‌)

$

(867,632,402‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2022

iShares

Semi-Annual

Report

to

Shareholders

72

iShares

Micro-Cap

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

73

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

2500

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

74

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

75

Board

Review

and

Approval

of

Investment

Advisory

Contract

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

Mid-Cap

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

76

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

higher

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

77

Board

Review

and

Approval

of

Investment

Advisory

Contract

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

Russell

Mid-Cap

Growth

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2022

iShares

Semi-Annual

Report

to

Shareholders

78

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

79

Board

Review

and

Approval

of

Investment

Advisory

Contract

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2022

iShares

Semi-Annual

Report

to

Shareholders

80

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

2022

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Micro-Cap

..........................

$

0.777221‌

$

—‌

$

—‌

$

0.777221‌

100‌%

—‌%

—‌%

100‌%

Russell

2500

(a)

........................

0.462315‌

—‌

0.109281‌

0.571596‌

81‌

—‌

19‌

100‌

Russell

Mid-Cap

......................

0.523201‌

—‌

—‌

0.523201‌

100‌

—‌

—‌

100‌

(a)

Each

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

each

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

each

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

each

Fund’s

net

asset

value

per

share.

General

Information

81

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

2022

iShare

Semi-Annual

Report

to

Shareholders

82

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-SAR-318-0922

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2022

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

Item 2.      Code of Ethics.

      Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:	November 21, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:		November 21, 2022
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		November 21, 2022