N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

October

31,

2022

iShares

Trust

iShares

Dow

Jones

U.S.

ETF

|

IYY

|

NYSE

Arca

iShares

MSCI

KLD

400

Social

ETF

|

DSI

|

NYSE

Arca

iShares

MSCI

USA

ESG

Select

ETF

|

SUSA

|

NYSE

Arca

iShares

U.S.

Basic

Materials

ETF

|

IYM

|

NYSE

Arca

iShares

U.S.

Consumer

Discretionary

ETF

|

IYC

|

NYSE

Arca

iShares

U.S.

Consumer

Staples

ETF

|

IYK

|

NYSE

Arca

iShares

U.S.

Energy

ETF

|

IYE

|

NYSE

Arca

iShares

U.S.

Financial

Services

ETF

|

IYG

|

NYSE

Arca

iShares

U.S.

Financials

ETF

|

IYF

|

NYSE

Arca

iShares

U.S.

Healthcare

ETF

|

IYH

|

NYSE

Arca

iShares

U.S.

Industrials

ETF

|

IYJ

|

Cboe

BZX

iShares

U.S.

Technology

ETF

|

IYW

|

NYSE

Arca

iShares

U.S.

Transportation

ETF

|

IYT

|

NYSE

Arca

iShares

U.S.

Utilities

ETF

|

IDU

|

NYSE

Arca

2022

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

Significant

economic

headwinds

emerged

during

the

12-month

reporting

period

ended

October

31,

2022,

disrupting

the

economic

recovery

and

strong

financial

markets

of

2021.

The

U.S.

economy

shrank

in

the

first

half

of

2022

before

returning

to

moderate

growth

in

the

third

quarter,

marking

a

shift

to

a

more

challenging

post-reopening

economic

environment.

Changes

in

consumer

spending

patterns

and

a

tight

labor

market

led

to

elevated

inflation,

which

reached

a

40-year

high.

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

as

inflation

decreased

the

value

of

future

cash

flows

and

investors

shifted

focus

to

balance

sheet

resilience.

Both

large-

and

small-capitalization

U.S.

stocks

fell,

although

declines

for

small-capitalization

U.S.

stocks

were

slightly

steeper.

Emerging

market

stocks

and

international

equities

from

developed

markets

also

declined

significantly,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

rose

notably

during

the

reporting

period,

driving

its

price

down,

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

has

been

more

persistent

than

expected,

raised

interest

rates

five

times

while

indicating

that

additional

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

is

accelerating

the

reduction

of

its

balance

sheet.

As

investors

attempted

to

assess

the

Fed’s

future

trajectory,

the

Fed’s

statements

late

in

the

reporting

period

led

markets

to

believe

that

additional

tightening

is

likely

in

the

near

term.

The

pandemic’s

restructuring

of

the

economy

brought

an

ongoing

mismatch

between

supply

and

demand,

contributing

to

the

current

inflationary

regime.

While

growth

has

slowed

in

2022,

we

believe

that

taming

inflation

requires

a

more

dramatic

economic

decline

to

bring

demand

back

to

a

lower

level

that

is

more

in

line

with

the

economy’s

capacity.

The

Fed

has

been

raising

interest

rates

at

the

fastest

pace

in

decades,

and

seems

set

to

overtighten

in

its

effort

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near-term

is

high,

and

the

outlook

for

Europe

and

the

U.K.

is

also

troubling.

Investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Rising

input

costs

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near

term.

However,

we

see

better

opportunities

in

credit,

where

higher

spreads

provide

income

opportunities

and

partially

compensate

for

inflation

risk.

We

believe

that

investment-grade

corporates,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

for

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Total

Returns

as

of

October

31,

2022

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(5.50

)%

(14.61

)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.20

)

(18.54

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(12.70

)

(23.00

)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(19.66

)

(31.03

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.72

0.79

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(8.24

)

(17.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.86

)

(15.68

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.43

)

(11.98

)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(4.71

)

(11.76

)

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

18

Disclosure

of

Expenses

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

18

Schedules

of

Investments

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

19

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

80

Statements

of

Operations

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

84

Statements

of

Changes

in

Net

Assets

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

88

Financial

Highlights

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

95

Notes

to

Financial

Statements

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

109

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

121

Supplemental

Information

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

132

General

Information

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

133

Glossary

of

Terms

Used

in

this

Report

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

134

iShares

®

Dow

Jones

U.S.

ETF

4

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

Dow

Jones

U.S.

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

Dow

Jones

U.S.

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

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

(5.91

)

%

(16.86

)

%

9.72

%

12.25

%

(16.86

)

%

59.01

%

217.57

%

Fund

Market

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

(5.87

)

(16.79

)

9.73

12.26

–

%

(16.79

)

59.09

217.77

Index

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

(5.

82

)

(16.72

)

9.93

12.46

(16.

7

2

)

60.52

223.62

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

940.90

‌

$

0.98

‌

$

1,000.00

‌

$

1,024.20

‌

$

1.02

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

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

25.8‌

%

Health

Care

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

14.9‌

Financials

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

11.9‌

Consumer

Discretionary

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

10.9‌

Industrials

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

9.0‌

Communication

Services

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

7.1‌

Consumer

Staples

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

6.5‌

Energy

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

5.2‌

Real

Estate

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

3.1‌

Utilities

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

2.9‌

Materials

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

2.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

6.4‌

%

Microsoft

Corp.

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

4.8‌

Amazon.com,

Inc.

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

2.5‌

Tesla,

Inc.

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

1.7‌

Alphabet,

Inc.,

Class

A

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

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1.5‌

UnitedHealth

Group,

Inc.

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

1.4‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.4‌

Exxon

Mobil

Corp.

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

1.3‌

Johnson

&

Johnson

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

1.3‌

aaa

aa

iShares

®

MSCI

KLD

400

Social

ETF

5

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

MSCI

KLD

400

Social

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

KLD

400

Social

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

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

(8.14

)

%

(20.10

)

%

10.09

%

12.48

%

(20.10

)

%

61.71

%

224.29

%

Fund

Market

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

(8.14

)

(20.14

)

10.08

12.48

–

%

(20.14

)

61.61

224.18

Index

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

(8.03

)

(19.92

)

10.40

12.93

‌

(19.92

)

63.97

237.34

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

918.60

‌

$

1.21

‌

$

1,000.00

‌

$

1,023.95

‌

$

1.28

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

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

30.7‌

%

Health

Care

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

12.3‌

Consumer

Discretionary

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

11.5‌

Financials

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

10.0‌

Communication

Services

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

8.9‌

Industrials

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

8.9‌

Consumer

Staples

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

8.4‌

Real

Estate

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

3.5‌

Materials

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

2.8‌

Energy

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

2.0‌

Utilities

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

1.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

9.4‌

%

Tesla,

Inc.

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

3.4‌

Alphabet,

Inc.,

Class

A

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

3.2‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.0‌

Visa,

Inc.,

Class

A

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

1.9‌

NVIDIA

Corp.

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

1.9‌

Procter

&

Gamble

Co.

(The)

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

1.8‌

Home

Depot,

Inc.

(The)

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

1.7‌

Mastercard

,

Inc.,

Class

A

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

1.6‌

AbbVie,

Inc.

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

1.5‌

aaa

aa

iShares

®

MSCI

USA

ESG

Select

ETF

6

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

MSCI

USA

ESG

Select

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Extended

ESG

Select

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

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

(6.11

)

%

(19.02

)

%

10.50

%

12.54

%

(19.02

)

%

64.73

%

226.01

%

Fund

Market

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

(6.04

)

(19.00

)

10.51

12.55

–

%

(19.00

)

64.80

226.07

Index

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

(5.99

)

(18.84

)

10.80

12.98

‌

(18.84

)

67.01

238.97

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

938.90

‌

$

1.22

‌

$

1,000.00

‌

$

1,023.95

‌

$

1.28

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

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

29.3‌

%

Health

Care

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

13.0‌

Financials

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

11.3‌

Industrials

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

10.0‌

Consumer

Staples

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

9.9‌

Consumer

Discretionary

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

8.3‌

Communication

Services

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

5.5‌

Energy

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

4.9‌

Real

Estate

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

3.3‌

Materials

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

3.2‌

Utilities

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

1.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

4.9‌

%

Microsoft

Corp.

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

4.5‌

Alphabet,

Inc.,

Class

A

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

1.9‌

Home

Depot,

Inc.

(The)

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

1.8‌

Tesla,

Inc.

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

1.8‌

PepsiCo,

Inc.

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

1.8‌

Kellogg

Co.

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

1.6‌

Automatic

Data

Processing,

Inc.

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

1.6‌

Texas

Instruments,

Inc.

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

1.5‌

Johnson

Controls

International

PLC

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

1.5‌

aaa

aa

iShares

®

U.S.

Basic

Materials

ETF

7

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Basic

Materials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

basic

materials

sector,

as

represented

by

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Basic

Materials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(14.75

)

%

(9.47

)

%

5.44

%

7.78

%

(9.47

)

%

30.34

%

111.62

%

Fund

Market

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

(14.76

)

(9.51

)

5.44

7.79

–

%

(9.51

)

30.32

111.66

Index

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

(14.59

)

(9.10

)

5.86

8.21

(9.10

)

32.93

120.08

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

852.50

‌

$

1.87

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Chemicals

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

64.3‌

%

Metals

&

Mining

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

25.4‌

Trading

Companies

&

Distributors

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

4.6‌

Containers

&

Packaging

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

4.2‌

Other

(each

representing

less

than

1%)

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

1.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Linde

PLC

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

18.1‌

%

Air

Products

and

Chemicals,

Inc.

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

7.2‌

Freeport-McMoRan,

Inc.

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

6.2‌

Ecolab,

Inc.

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

5.3‌

Nucor

Corp.

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

4.8‌

Dow,

Inc.

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

4.7‌

Newmont

Corp.

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

4.6‌

Albemarle

Corp.

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

4.5‌

Fastenal

Co.

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

3.9‌

International

Flavors

&

Fragrances,

Inc.

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

3.5‌

aaa

aa

iShares

®

U.S.

Consumer

Discretionary

ETF

8

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Consumer

Discretionary

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

discretionary

sector,

as

represented

by

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(7.83

)

%

(26.61

)

%

9.01

%

12.14

%

(26.61

)

%

53.94

%

214.48

%

Fund

Market

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

(7.74

)

(26.58

)

9.03

12.15

–

%

(26.58

)

54.06

214.66

Index

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

(7.67

)

(26.35

)

9.48

12

.

62

(26.35

)

57.26

228.

20

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

921.70

‌

$

1.94

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Retailing

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

34.1‌

%

Consumer

Services

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

17.3‌

Media

&

Entertainment

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

14.2‌

Automobiles

&

Components

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

12.8‌

Food

&

Staples

Retailing

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

8.3‌

Consumer

Durables

&

Apparel

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

7.8‌

Transportation

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

3.4‌

Household

&

Personal

Products

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

1.1‌

Other

(each

representing

less

than

1%)

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

1.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Amazon.com,

Inc.

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

12.0‌

%

Tesla,

Inc.

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

8.4‌

Home

Depot,

Inc.

(The)

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

4.4‌

McDonald's

Corp.

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

4.2‌

Walt

Disney

Co.

(The)

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

4.1‌

Costco

Wholesale

Corp.

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

4.1‌

Walmart,

Inc.

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

4.0‌

Netflix,

Inc.

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

2.9‌

Lowe's

Companies,

Inc.

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

2.8‌

Nike,

Inc.,

Class

B

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

2.6‌

aaa

aa

iShares

®

U.S.

Consumer

Staples

ETF

9

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Consumer

Staples

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

staples

sector,

as

represented

by

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

Dow

Jones

U.S.

Consumer

Goods

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(3.30

)

%

9.14

%

12.64

%

12.61

%

9.14

%

81.36

%

227.96

%

Fund

Market

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

(3.22

)

9.19

12.67

12.61

–

%

9.19

81.54

228.06

Index

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

(3.11

)

9.62

13.

12

13

.

09

9.62

85.

19

242.09

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

967.00

‌

$

1.98

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Food,

Beverage

&

Tobacco

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

60.6‌

%

Household

&

Personal

Products

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

22.1‌

Health

Care

Equipment

&

Services

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

8.3‌

Food

&

Staples

Retailing

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

6.6‌

Materials

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

2.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Procter

&

Gamble

Co.

(The)

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

15.1‌

%

PepsiCo,

Inc.

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

11.8‌

Coca-Cola

Co.

(The)

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

11.0‌

Philip

Morris

International,

Inc.

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

6.7‌

CVS

Health

Corp.

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

4.2‌

Altria

Group,

Inc.

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

3.5‌

Mondelez

International,

Inc.,

Class

A

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

3.5‌

McKesson

Corp.

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

2.9‌

Colgate-Palmolive

Co.

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

2.9‌

Archer-Daniels-Midland

Co.

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

2.8‌

aaa

aa

iShares

®

U.S.

Energy

ETF

10

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Energy

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

energy

sector,

as

represented

by

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Oil

&

Gas

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

23.55

%

59.45

%

9.93

%

4.97

%

59.45

%

60.57

%

62.40

%

Fund

Market

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

23.56

59.45

9.95

4.99

–

%

59.45

60.67

62.73

Index

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

23.81

60.09

10.37

‌

5.3

7

60.09

63.80

6

8.76

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,235.50

‌

$

2.25

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

89.0‌

%

Energy

Equipment

&

Services

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

7.5‌

Semiconductors

&

Semiconductor

Equipment

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

2.9‌

Electrical

Equipment

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

0.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exxon

Mobil

Corp.

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

21.7‌

%

Chevron

Corp.

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

16.8‌

ConocoPhillips

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

7.8‌

EOG

Resources,

Inc.

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

4.6‌

Schlumberger

Ltd.

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

4.0‌

Pioneer

Natural

Resources

Co.

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

3.4‌

Occidental

Petroleum

Corp.

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

3.2‌

Marathon

Petroleum

Corp.

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

3.0‌

Devon

Energy

Corp.

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

2.6‌

Phillips

66

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

2.6‌

aaa

aa

iShares

®

U.S.

Financial

Services

ETF

11

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Financial

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financial

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Financial

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(1.47

)

%

(18.95

)

%

6.99

%

12.55

%

(18.95

)

%

40.20

%

226.06

%

Fund

Market

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

(1.40

)

(18.93

)

7.00

12.55

–

%

(18.93

)

40.26

226.22

Index

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

(1.28

)

(18.65

)

7.42

13.01

‌

(18.65

)

43.05

239.85

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

985.30

‌

$

2.00

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Diversified

Financials

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

41.1‌

%

Banks

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

40.9‌

Software

&

Services

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

17.7‌

Insurance

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

0.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

JPMorgan

Chase

&

Co.

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

10.6‌

%

Visa,

Inc.,

Class

A

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

9.7‌

Mastercard

,

Inc.,

Class

A

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

8.0‌

Bank

of

America

Corp.

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

7.2‌

Wells

Fargo

&

Co.

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

5.0‌

Charles

Schwab

Corp.

(The)

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

3.5‌

Goldman

Sachs

Group,

Inc.

(The)

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

3.4‌

Morgan

Stanley

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

3.1‌

S&P

Global,

Inc.

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

3.1‌

BlackRock,

Inc.

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

2.8‌

aaa

aa

iShares

®

U.S.

Financials

ETF

12

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Financials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financials

sector,

as

represented

by

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.46

%

(14.04

)

%

7.51

%

11.70

%

(14.04

)

%

43.63

%

202.31

%

Fund

Market

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

0.53

(14.00

)

7.52

11.70

–

%

(14.00

)

43.68

202.45

Index

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

0.68

(13.69

)

7.93

12.16

(13.69

)

46.49

214.99

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,004.60

‌

$

2.02

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Diversified

Financials

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

43.5‌

%

Banks

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

32.7‌

Insurance

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

23.3‌

Software

&

Services

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

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

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

9.6‌

%

JPMorgan

Chase

&

Co.

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

7.2‌

Bank

of

America

Corp.

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

5.5‌

Wells

Fargo

&

Co.

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

4.4‌

Charles

Schwab

Corp.

(The)

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

3.2‌

Goldman

Sachs

Group,

Inc.

(The)

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

3.0‌

S&P

Global,

Inc.

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

2.8‌

Morgan

Stanley

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

2.7‌

BlackRock,

Inc.

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

2.5‌

Chubb

Ltd.

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

2.3‌

aaa

aa

iShares

®

U.S.

Healthcare

ETF

13

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Healthcare

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

sector,

as

represented

by

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Health

Care

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.71

%

(3.45

)

%

11.58

%

14.26

%

(3.45

)

%

72.96

%

279.20

%

Fund

Market

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

1.83

(3.37

)

11.60

14.26

–

%

(3.37

)

73.09

279.40

Index

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

1.91

(3.08

)

12.01

14.73

(3.08

)

76.31

295.09

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,017.10

‌

$

2.03

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Pharmaceuticals

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

31.0‌

%

Health

Care

Providers

&

Services

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

20.7‌

Health

Care

Equipment

&

Supplies

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

18.5‌

Biotechnology

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

17.5‌

Life

Sciences

Tools

&

Services

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

11.6‌

Other

(each

representing

less

than

1%)

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

0.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

10.2‌

%

Johnson

&

Johnson

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

9.0‌

Eli

Lilly

&

Co.

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

6.0‌

Pfizer,

Inc.

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

5.1‌

AbbVie,

Inc.

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

5.1‌

Merck

&

Co.,

Inc.

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

5.0‌

Thermo

Fisher

Scientific,

Inc.

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

3.9‌

Abbott

Laboratories

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

3.3‌

Bristol-Myers

Squibb

Co.

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

3.2‌

Danaher

Corp.

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

3.2‌

aaa

aa

iShares

®

U.S.

Industrials

ETF

14

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Industrials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

industrials

sector,

as

represented

by

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Industrials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(2.98

)

%

(14.53

)

%

7.14

%

11.81

%

(14.53

)

%

41.17

%

205.44

%

Fund

Market

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

(2.92

)

(14.53

)

7.14

11.81

–

%

(14.53

)

41.15

205.26

Index

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

(2.78

)

(14.20

)

7.57

‌

12.29

(14.20

)

44.06

218.73

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

970.20

‌

$

1.99

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Capital

Goods

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

45.8‌

%

Software

&

Services

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

27.7‌

Transportation

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

10.6‌

Materials

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

5.9‌

Commercial  &

Professional

Services

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

3.3‌

Diversified

Financials

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

3.1‌

Technology

Hardware

&

Equipment

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

2.1‌

Other

(each

representing

less

than

1%)

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

1.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Visa,

Inc.,

Class

A

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

7.3‌

%

Mastercard,

Inc.,

Class

A

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

6.0‌

Accenture

PLC,

Class

A

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

3.8‌

Raytheon

Technologies

Corp.

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

3.0‌

Honeywell

International,

Inc.

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

2.9‌

Union

Pacific

Corp.

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

2.6‌

United

Parcel

Service,

Inc.,

Class

B

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

2.6‌

Lockheed

Martin

Corp.

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

2.5‌

Caterpillar,

Inc.

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

2.4‌

Deere

&

Co.

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

2.4‌

      aaa

aa

iShares

®

U.S.

Technology

ETF

15

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Technology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

technology

sector,

as

represented

by

the

Russell

1000

Technology

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Technology

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Technology

Capped

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Technology

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(14.57

)

%

(30.56

)

%

14.33

%

16.88

%

(30.56

)

%

95.37

%

375.89

%

Fund

Market

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

(14.53

)

(30.53

)

14.34

16.89

–

%

(30.53

)

95.44

376.05

Index

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

(14.41

)

(30.30

)

14.80

17.37

(30.30

)

99.37

396.20

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

854.30

‌

$

1.87

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Software

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

34.8‌

%

Technology

Hardware,

Storage

&

Peripherals

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

21.7‌

Semiconductors

&

Semiconductor

Equipment

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

21.5‌

Interactive

Media

&

Services

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

13.4‌

IT

Services

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

5.8‌

Electronic

Equipment,

Instruments

&

Components

..........

1.9‌

Other

(each

representing

less

than

1%)

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

0.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

20.3‌

%

Microsoft

Corp.

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

15.3‌

Alphabet,

Inc.,

Class

A

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

5.2‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.7‌

NVIDIA

Corp.

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

4.4‌

Meta

Platforms,

Inc.,

Class

A

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

2.9‌

Broadcom,

Inc.

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

2.7‌

Salesforce,

Inc.

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

2.3‌

Adobe,

Inc.

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

2.2‌

Texas

Instruments,

Inc.

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

2.2‌

aaa

aa

iShares

®

U.S.

Transportation

ETF

16

2022

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Transportation

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

transportation

sector,

as

represented

by

the

S&P

Transportation

Select

Industry

FMC

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

July

18,

2021

reflects

the

performance

of

the

Dow

Jones

Transportation

Average

Index

TM

.

Index

performance

beginning

on

July

19,

2021

reflects

the

performance

of

the

S&P

Transportation

Select

Industry

FMC

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(11.99

)

%

(20.65

)

%

5.08

%

10.16

%

(20.65

)

%

28.09

%

163.20

%

Fund

Market

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

(11.92

)

(20.65

)

5.08

10.16

–

%

(20.65

)

28.12

163.18

Index

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

(11.83

)

(20.36

)

6.06

10.69

(20.36

)

34.21

176.22

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

880.10

‌

$

1.90

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Road

&

Rail

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

52.2‌

%

Air

Freight

&

Logistics

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

29.9‌

Airlines

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

16.3‌

Marine

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

1.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Union

Pacific

Corp.

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

17.8‌

%

United

Parcel

Service,

Inc.,

Class

B

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

17.8‌

CSX

Corp.

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

6.6‌

Old

Dominion

Freight

Line,

Inc.

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

5.0‌

Norfolk

Southern

Corp.

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

4.6‌

Uber

Technologies,

Inc.

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

4.3‌

Delta

Air

Lines,

Inc.

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

4.3‌

Southwest

Airlines

Co.

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

4.2‌

FedEx

Corp.

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

3.9‌

Expeditors

International

of

Washington,

Inc.

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

3.2‌

aaa

aa

iShares

®

U.S.

Utilities

ETF

17

Fund

Summary

Fund

Summary

as

of

October

31,

2022

Investment

Objective

The

iShares

U.S.

Utilities

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

utilities

sector,

as

represented

by

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Utilities

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(4.63

)

%

1.42

%

6.48

%

9.46

%

1.42

%

36.90

%

146.92

%

Fund

Market

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

(4.54

)

1.40

6.49

9.46

–

%

1.40

36.93

147.02

Index

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

(4.43

)

1.76

6.92

9.93

1.76

39.70

157.67

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

953.70

‌

$

1.97

‌

$

1,000.00

‌

$

1,023.19

‌

$

2.04

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(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

Total

Investments

(a)

Electric

Utilities

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

57.0‌

%

Multi-Utilities

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

25.0‌

Commercial

Services

&

Supplies

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

9.2‌

Water

Utilities

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

3.2‌

Independent

Power

and

Renewable

Electricity

Producers

.....

2.7‌

Gas

Utilities

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

2.5‌

Electrical

Equipment

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

0.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NextEra

Energy,

Inc.

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

13.5‌

%

Duke

Energy

Corp.

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

6.4‌

Southern

Co.

(The)

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

6.2‌

Waste

Management,

Inc.

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

5.8‌

Dominion

Energy,

Inc.

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

5.2‌

Sempra

Energy

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

4.2‌

American

Electric

Power

Co.,

Inc.

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

4.0‌

Exelon

Corp.

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

3.4‌

Xcel

Energy,

Inc.

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

3.2‌

Consolidated

Edison,

Inc.

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

2.8‌

aaa

aa

About

Fund

Performance

18

2022

iShares

Semi-Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.7

%

Axon

Enterprise,

Inc.

(a)

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

2,748

$

399,669

Boeing

Co.

(The)

(a)

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

22,718

3,237,542

BWX

Technologies,

Inc.

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

3,834

218,461

Curtiss-Wright

Corp.

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

1,577

264,668

General

Dynamics

Corp.

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

9,151

2,285,920

HEICO

Corp.

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

1,619

263,314

HEICO

Corp.

,

Class

A

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

2,817

358,604

Hexcel

Corp.

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

3,502

195,061

Howmet

Aerospace,

Inc.

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

14,846

527,775

Huntington

Ingalls

Industries,

Inc.

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

1,651

424,423

L3Harris

Technologies,

Inc.

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

7,808

1,924,438

Lockheed

Martin

Corp.

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

9,598

4,671,155

Mercury

Systems,

Inc.

(a)

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

2,325

112,530

Northrop

Grumman

Corp.

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

5,924

3,252,335

Raytheon

Technologies

Corp.

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

60,017

5,690,812

Textron,

Inc.

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

8,558

585,710

TransDigm

Group,

Inc.

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

2,102

1,210,248

Woodward,

Inc.

(b)

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

2,393

219,438

25,842,103

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

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

5,012

489,773

Expeditors

International

of

Washington,

Inc.

.......

6,644

650,115

FedEx

Corp.

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

9,723

1,558,403

GXO

Logistics,

Inc.

(a)

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

4,826

176,342

United

Parcel

Service,

Inc.

,

Class

B

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

29,751

4,991,325

7,865,958

a

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

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

5,156

229,236

American

Airlines

Group,

Inc.

(a)

(b)

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

26,196

371,459

Delta

Air

Lines,

Inc.

(a)

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

26,224

889,780

JetBlue

Airways

Corp.

(a)

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

12,644

101,658

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

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

10,617

51,174

Southwest

Airlines

Co.

(a)

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

24,240

881,124

United

Airlines

Holdings,

Inc.

(a)

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

13,413

577,832

3,102,263

a

Auto

Components

 — 

0

.2

%

Aptiv

PLC

(a)

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

11,052

1,006,506

Autoliv,

Inc.

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

3,224

259,048

BorgWarner,

Inc.

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

9,565

358,974

Fox

Factory

Holding

Corp.

(a)

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

1,694

148,818

Gentex

Corp.

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

9,456

250,489

Lear

Corp.

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

2,408

334,014

QuantumScape

Corp.

(a)

(b)

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

10,409

86,707

2,444,556

a

Automobiles

 — 

2

.1

%

Ford

Motor

Co.

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

160,922

2,151,527

General

Motors

Co.

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

59,441

2,333,059

Harley-Davidson,

Inc.

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

5,412

232,716

Lucid

Group,

Inc.

(a)

(b)

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

23,825

340,459

Rivian

Automotive,

Inc.

,

Class

A

(a)

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

22,179

775,600

Tesla,

Inc.

(a)

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

108,398

24,664,881

Thor

Industries,

Inc.

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

2,232

181,841

30,680,083

a

Banks

 — 

3

.9

%

Bank

of

America

Corp.

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

284,645

10,258,606

Bank

OZK

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

4,720

202,866

BOK

Financial

Corp.

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

1,290

142,145

Citigroup,

Inc.

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

78,829

3,615,098

Citizens

Financial

Group,

Inc.

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

20,315

830,883

Security

Shares

Value

a

Banks

(continued)

Comerica,

Inc.

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

5,373

$

378,796

Commerce

Bancshares,

Inc.

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

4,509

319,418

Cullen/Frost

Bankers,

Inc.

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

2,609

404,525

East

West

Bancorp,

Inc.

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

5,838

417,826

Fifth

Third

Bancorp

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

27,895

995,573

First

Citizens

BancShares,

Inc.

,

Class

A

..........

533

438,190

First

Financial

Bankshares,

Inc.

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

5,160

198,608

First

Horizon

Corp.

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

21,668

531,083

First

Republic

Bank

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

7,436

893,064

FNB

Corp.

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

14,552

210,276

Glacier

Bancorp,

Inc.

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

4,618

264,519

Home

BancShares,

Inc.

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

7,656

195,151

Huntington

Bancshares,

Inc.

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

59,122

897,472

JPMorgan

Chase

&

Co.

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

119,351

15,023,904

KeyCorp

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

38,248

683,492

M&T

Bank

Corp.

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

7,147

1,203,340

Pinnacle

Financial

Partners,

Inc.

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

3,164

262,580

PNC

Financial

Services

Group,

Inc.

(The)

........

16,689

2,700,781

Popular,

Inc.

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

3,101

219,303

Prosperity

Bancshares,

Inc.

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

3,625

259,441

Regions

Financial

Corp.

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

37,715

827,844

Signature

Bank

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

2,532

401,398

SouthState

Corp.

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

3,080

278,524

SVB

Financial

Group

(a)

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

2,379

549,454

Synovus

Financial

Corp.

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

6,002

239,180

Truist

Financial

Corp.

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

54,026

2,419,824

U.S.

Bancorp

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

55,066

2,337,552

UMB

Financial

Corp.

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

1,768

147,133

Umpqua

Holdings

Corp.

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

9,059

180,093

United

Bankshares,

Inc.

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

5,482

232,163

Valley

National

Bancorp

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

17,336

205,778

Webster

Financial

Corp.

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

7,225

392,028

Wells

Fargo

&

Co.

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

154,410

7,101,316

Western

Alliance

Bancorp

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

4,439

298,168

Wintrust

Financial

Corp.

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

2,442

228,620

Zions

Bancorp

NA

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

6,037

313,562

57,699,577

a

Beverages

 — 

1

.7

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

374

139,610

Brown-Forman

Corp.

,

Class

B

,

NVS

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

7,480

508,640

Celsius

Holdings,

Inc.

(a)

(b)

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

1,631

148,552

Coca-Cola

Co.

(The)

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

158,279

9,472,998

Constellation

Brands,

Inc.

,

Class

A

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

6,487

1,602,808

Keurig

Dr

Pepper,

Inc.

(b)

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

34,574

1,342,854

Molson

Coors

Beverage

Co.

,

Class

B

...........

7,711

388,866

Monster

Beverage

Corp.

(a)

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

15,652

1,466,905

National

Beverage

Corp.

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

987

46,804

PepsiCo,

Inc.

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

56,193

10,203,525

25,321,562

a

Biotechnology

 — 

2

.6

%

AbbVie,

Inc.

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

71,974

10,536,994

Alkermes

PLC

(a)

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

6,795

154,246

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

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

4,879

1,011,222

Amgen,

Inc.

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

21,795

5,892,278

Apellis

Pharmaceuticals,

Inc.

(a)

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

3,800

229,862

Arrowhead

Pharmaceuticals,

Inc.

(a)

(b)

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

4,198

146,132

Beam

Therapeutics,

Inc.

(a)

(b)

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

2,406

106,008

Biogen,

Inc.

(a)

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

5,883

1,667,478

Biohaven

Ltd.

(a)

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

2,324

38,509

BioMarin

Pharmaceutical,

Inc.

(a)

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

7,579

656,569

Blueprint

Medicines

Corp.

(a)

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

2,401

124,468

CRISPR

Therapeutics

AG

(a)

(b)

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

3,174

166,127

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Biotechnology

(continued)

Denali

Therapeutics,

Inc.

(a)

(b)

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

4,402

$

126,249

Exact

Sciences

Corp.

(a)

(b)

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

7,280

253,198

Exelixis,

Inc.

(a)

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

12,734

211,130

Fate

Therapeutics,

Inc.

(a)

(b)

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

3,258

68,157

Gilead

Sciences,

Inc.

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

51,010

4,002,245

Halozyme

Therapeutics,

Inc.

(a)

(b)

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

5,733

274,095

Horizon

Therapeutics

PLC

(a)

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

9,380

584,562

Incyte

Corp.

(a)

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

7,440

553,090

Intellia

Therapeutics,

Inc.

(a)

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

3,094

163,301

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

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

5,750

254,150

Mirati

Therapeutics,

Inc.

(a)

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

1,992

134,101

Moderna,

Inc.

(a)

(b)

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

13,692

2,058,318

Natera,

Inc.

(a)

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

3,947

185,351

Neurocrine

Biosciences,

Inc.

(a)

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

3,944

454,033

Novavax,

Inc.

(a)

(b)

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

3,251

72,400

Regeneron

Pharmaceuticals,

Inc.

(a)

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

4,361

3,265,299

Sarepta

Therapeutics,

Inc.

(a)

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

3,601

410,586

Seagen,

Inc.

(a)

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

5,563

707,391

Ultragenyx

Pharmaceutical,

Inc.

(a)

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

2,734

110,618

United

Therapeutics

Corp.

(a)

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

1,873

431,783

Vertex

Pharmaceuticals,

Inc.

(a)

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

10,454

3,261,648

Vir

Biotechnology,

Inc.

(a)

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

3,026

66,511

38,378,109

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

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

5,366

293,949

Advanced

Drainage

Systems,

Inc.

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

2,610

302,447

Allegion

PLC

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

3,605

377,696

Armstrong

World

Industries,

Inc.

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

1,866

141,014

Builders

FirstSource,

Inc.

(a)

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

6,350

391,541

Carlisle

Companies,

Inc.

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

2,102

501,958

Carrier

Global

Corp.

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

34,159

1,358,162

Fortune

Brands

Home

&

Security,

Inc.

...........

5,297

319,515

Johnson

Controls

International

PLC

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

28,023

1,620,850

Lennox

International,

Inc.

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

1,303

304,342

Masco

Corp.

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

9,176

424,573

Owens

Corning

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

3,976

340,385

Trane

Technologies

PLC

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

9,427

1,504,832

Trex

Co.,

Inc.

(a)

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

4,585

220,493

UFP

Industries,

Inc.

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

2,508

178,645

Zurn

Elkay

Water

Solutions

Corp.

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

5,931

139,319

8,419,721

a

Capital

Markets

 — 

3

.3

%

Affiliated

Managers

Group,

Inc.

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

1,598

198,408

Ameriprise

Financial,

Inc.

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

4,385

1,355,491

Ares

Management

Corp.

,

Class

A

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

6,298

477,577

Bank

of

New

York

Mellon

Corp.

(The)

...........

29,809

1,255,257

BlackRock,

Inc.

(c)

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

6,136

3,963,304

Blackstone,

Inc.

,

NVS

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

28,599

2,606,513

Blue

Owl

Capital,

Inc.

,

Class

A

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

13,586

136,132

Carlyle

Group,

Inc.

(The)

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

8,822

249,486

Cboe

Global

Markets,

Inc.

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

4,352

541,824

Charles

Schwab

Corp.

(The)

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

62,104

4,947,826

CME

Group,

Inc.

,

Class

A

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

14,630

2,535,379

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

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

6,403

424,199

FactSet

Research

Systems,

Inc.

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

1,546

657,808

Federated

Hermes,

Inc.

,

Class

B

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

3,446

119,748

Franklin

Resources,

Inc.

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

11,668

273,615

Goldman

Sachs

Group,

Inc.

(The)

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

13,883

4,782,832

Houlihan

Lokey,

Inc.

,

Class

A

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

2,047

182,838

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

.........

4,184

335,348

Intercontinental

Exchange,

Inc.

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

22,677

2,167,241

Invesco

Ltd.

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

18,511

283,589

Janus

Henderson

Group

PLC

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

5,392

122,776

Security

Shares

Value

a

Capital

Markets

(continued)

Jefferies

Financial

Group,

Inc.

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

7,812

$

268,811

KKR

&

Co.,

Inc.

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

23,444

1,140,082

Lazard

Ltd.

,

Class

A

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

4,625

174,409

LPL

Financial

Holdings,

Inc.

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

3,251

831,118

MarketAxess

Holdings,

Inc.

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

1,507

367,768

Moody's

Corp.

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

6,421

1,700,730

Morgan

Stanley

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

54,461

4,475,060

Morningstar,

Inc.

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

1,019

236,591

MSCI,

Inc.

,

Class

A

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

3,275

1,535,516

Nasdaq,

Inc.

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

13,793

858,476

Northern

Trust

Corp.

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

8,396

708,203

Raymond

James

Financial,

Inc.

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

7,844

926,690

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

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

20,512

239,580

S&P

Global,

Inc.

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

13,858

4,451,882

SEI

Investments

Co.

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

4,321

234,630

State

Street

Corp.

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

14,958

1,106,892

Stifel

Financial

Corp.

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

4,378

270,867

T

Rowe

Price

Group,

Inc.

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

9,116

967,755

TPG,

Inc.

,

Class

A

(b)

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

2,081

63,991

Tradeweb

Markets,

Inc.

,

Class

A

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

4,373

240,865

Virtu

Financial,

Inc.

,

Class

A

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

3,888

87,013

48,504,120

a

Chemicals

 — 

1

.8

%

Air

Products

and

Chemicals,

Inc.

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

9,041

2,263,866

Albemarle

Corp.

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

4,769

1,334,700

Ashland,

Inc.

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

2,100

220,332

Axalta

Coating

Systems

Ltd.

(a)

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

9,127

212,842

Celanese

Corp.

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

4,057

389,959

CF

Industries

Holdings,

Inc.

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

8,109

861,662

Chemours

Co.

(The)

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

6,623

189,617

Corteva,

Inc.

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

29,230

1,909,888

Dow,

Inc.

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

29,224

1,365,930

DuPont

de

Nemours,

Inc.

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

20,329

1,162,819

Eastman

Chemical

Co.

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

4,998

383,896

Ecolab,

Inc.

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

10,037

1,576,512

Element

Solutions,

Inc.

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

9,395

161,594

FMC

Corp.

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

5,076

603,536

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

31,274

85,378

Huntsman

Corp.

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

7,705

206,186

International

Flavors

&

Fragrances,

Inc.

..........

10,345

1,009,775

Linde

PLC

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

20,305

6,037,692

LyondellBasell

Industries

NV

,

Class

A

...........

10,354

791,563

Mosaic

Co.

(The)

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

14,051

755,241

NewMarket

Corp.

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

256

77,911

Olin

Corp.

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

5,491

290,748

PPG

Industries,

Inc.

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

9,560

1,091,561

RPM

International,

Inc.

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

5,309

502,072

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

1,646

75,568

Sherwin-Williams

Co.

(The)

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

9,599

2,160,063

Valvoline,

Inc.

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

7,052

207,047

Westlake

Corp.

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

1,329

128,448

26,056,406

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

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

3,518

1,504,121

Clean

Harbors,

Inc.

(a)

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

2,087

255,574

Copart,

Inc.

(a)

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

8,699

1,000,559

IAA,

Inc.

(a)

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

5,440

206,339

MSA

Safety,

Inc.

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

1,517

203,642

Republic

Services,

Inc.

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

8,331

1,104,857

Rollins,

Inc.

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

9,500

399,760

Stericycle,

Inc.

(a)

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

3,804

169,582

Tetra

Tech,

Inc.

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

2,123

299,938

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Commercial

Services

&

Supplies

(continued)

Waste

Management,

Inc.

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

15,311

$

2,424,803

7,569,175

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(a)

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

10,030

1,212,226

Ciena

Corp.

(a)

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

6,117

293,004

Cisco

Systems,

Inc.

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

168,531

7,656,363

F5,

Inc.

(a)

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

2,431

347,414

Juniper

Networks,

Inc.

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

13,157

402,604

Lumentum

Holdings,

Inc.

(a)

(b)

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

2,849

212,108

Motorola

Solutions,

Inc.

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

6,821

1,703,272

Ubiquiti,

Inc.

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

173

59,988

Viavi

Solutions,

Inc.

(a)

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

9,039

136,489

12,023,468

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

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

5,599

421,493

EMCOR

Group,

Inc.

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

1,966

277,402

MasTec,

Inc.

(a)

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

2,440

188,075

MDU

Resources

Group,

Inc.

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

8,378

238,605

Quanta

Services,

Inc.

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

5,866

833,207

Valmont

Industries,

Inc.

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

860

274,529

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

8,658

368,225

2,601,536

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

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

1,558

190,559

Martin

Marietta

Materials,

Inc.

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

2,558

859,437

Vulcan

Materials

Co.

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

5,435

889,709

1,939,705

a

Consumer

Finance

 — 

0

.6

%

Ally

Financial,

Inc.

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

12,555

346,016

American

Express

Co.

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

24,404

3,622,774

Capital

One

Financial

Corp.

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

15,619

1,655,926

Credit

Acceptance

Corp.

(a)

(b)

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

248

115,474

Discover

Financial

Services

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

11,115

1,161,073

FirstCash

Holdings,

Inc.

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

1,597

157,224

OneMain

Holdings,

Inc.

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

5,032

194,034

SLM

Corp.

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

10,231

169,732

SoFi

Technologies,

Inc.

(a)

(b)

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

33,029

179,678

Synchrony

Financial

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

19,603

697,083

8,299,014

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

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

60,841

704,539

AptarGroup,

Inc.

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

2,646

262,351

Ardagh

Metal

Packaging

SA

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

6,137

27,248

Avery

Dennison

Corp.

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

3,328

564,263

Ball

Corp.

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

12,791

631,748

Berry

Global

Group,

Inc.

(a)

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

5,090

240,859

Crown

Holdings,

Inc.

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

4,931

338,217

Graphic

Packaging

Holding

Co.

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

12,527

287,620

International

Paper

Co.

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

14,580

490,034

Packaging

Corp.

of

America

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

3,859

463,890

Sealed

Air

Corp.

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

5,965

284,053

Silgan

Holdings,

Inc.

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

3,368

159,509

Sonoco

Products

Co.

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

4,005

248,630

Westrock

Co.

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

10,489

357,255

5,060,216

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

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

5,744

1,021,628

LKQ

Corp.

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

10,538

586,334

Security

Shares

Value

a

Distributors

(continued)

Pool

Corp.

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

1,607

$

488,898

2,096,860

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

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

8,742

73,957

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

2,387

155,919

Chegg,

Inc.

(a)

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

5,020

108,281

Grand

Canyon

Education,

Inc.

(a)

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

1,307

131,524

H&R

Block,

Inc.

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

6,641

273,277

Service

Corp.

International

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

6,364

385,722

1,128,680

a

Diversified

Financial

Services

 — 

1

.6

%

Apollo

Global

Management,

Inc.

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

17,658

977,547

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

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

73,454

21,675,541

Equitable

Holdings,

Inc.

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

14,348

439,335

Voya

Financial,

Inc.

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

3,986

272,483

23,364,906

a

Diversified

Telecommunication

Services

 — 

0

.8

%

AT&T,

Inc.

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

289,769

5,282,489

Frontier

Communications

Parent,

Inc.

(a)

..........

9,072

212,466

Liberty

Global

PLC

,

Class

A

(a)

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

7,115

119,959

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

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

11,250

198,675

Lumen

Technologies,

Inc.

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

38,759

285,266

Verizon

Communications,

Inc.

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

171,012

6,390,719

12,489,574

a

Electric

Utilities

 — 

1

.8

%

ALLETE,

Inc.

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

2,382

134,035

Alliant

Energy

Corp.

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

10,261

535,316

American

Electric

Power

Co.,

Inc.

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

20,956

1,842,452

Avangrid,

Inc.

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

2,849

115,897

Constellation

Energy

Corp.

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

13,320

1,259,273

Duke

Energy

Corp.

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

31,337

2,919,982

Edison

International

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

15,530

932,421

Entergy

Corp.

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

8,292

888,405

Evergy,

Inc.

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

9,349

571,504

Eversource

Energy

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

14,028

1,070,056

Exelon

Corp.

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

40,392

1,558,727

FirstEnergy

Corp.

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

22,088

832,939

Hawaiian

Electric

Industries,

Inc.

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

4,529

172,283

IDACORP,

Inc.

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

2,049

214,530

NextEra

Energy,

Inc.

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

80,014

6,201,085

NRG

Energy,

Inc.

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

9,610

426,684

OGE

Energy

Corp.

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

8,178

299,560

PG&E

Corp.

(a)

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

65,517

978,169

Pinnacle

West

Capital

Corp.

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

4,592

308,628

PNM

Resources,

Inc.

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

3,590

166,827

Portland

General

Electric

Co.

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

3,618

162,593

PPL

Corp.

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

29,665

785,826

Southern

Co.

(The)

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

43,258

2,832,534

Xcel

Energy,

Inc.

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

22,259

1,449,284

26,659,010

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

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

1,299

238,457

AMETEK,

Inc.

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

9,317

1,208,042

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

10,559

147,615

Eaton

Corp.

PLC

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

16,180

2,428,133

Emerson

Electric

Co.

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

24,079

2,085,241

EnerSys

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

1,671

110,771

Generac

Holdings,

Inc.

(a)

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

2,599

301,250

Hubbell,

Inc.

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

2,176

516,756

nVent

Electric

PLC

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

6,955

253,858

Plug

Power,

Inc.

(a)

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

20,824

332,768

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electrical

Equipment

(continued)

Regal

Rexnord

Corp.

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

2,673

$

338,241

Rockwell

Automation,

Inc.

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

4,677

1,194,038

Sensata

Technologies

Holding

PLC

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

6,255

251,514

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

.......

4,563

105,451

Sunrun,

Inc.

(a)

(b)

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

8,294

186,698

Vertiv

Holdings

Co.

,

Class

A

(b)

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

12,188

174,410

9,873,243

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.7

%

Amphenol

Corp.

,

Class

A

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

24,288

1,841,759

Arrow

Electronics,

Inc.

(a)

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

2,596

262,871

Avnet,

Inc.

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

3,849

154,691

CDW

Corp.

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

5,522

954,257

Cognex

Corp.

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

7,090

327,771

Coherent

Corp.

(a)

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

5,130

172,419

Corning,

Inc.

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

30,774

990,000

IPG

Photonics

Corp.

(a)

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

1,296

111,015

Jabil,

Inc.

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

5,670

364,297

Keysight

Technologies,

Inc.

(a)

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

7,322

1,275,126

Littelfuse,

Inc.

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

1,002

220,690

National

Instruments

Corp.

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

5,412

206,630

TD

SYNNEX

Corp.

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

1,651

151,083

TE

Connectivity

Ltd.

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

12,964

1,584,590

Teledyne

Technologies,

Inc.

(a)

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

1,922

764,918

Trimble,

Inc.

(a)

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

10,122

608,940

Vontier

Corp.

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

6,149

117,446

Zebra

Technologies

Corp.

,

Class

A

(a)

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

2,099

594,479

10,702,982

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

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

41,171

1,138,790

Halliburton

Co.

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

36,975

1,346,629

NOV,

Inc.

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

15,842

354,861

Schlumberger

Ltd.

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

57,587

2,996,252

TechnipFMC

PLC

(a)

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

18,711

198,149

6,034,681

a

Entertainment

 — 

1

.4

%

Activision

Blizzard,

Inc.

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

28,968

2,108,870

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

20,149

134,192

Electronic

Arts,

Inc.

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

10,748

1,353,818

Endeavor

Group

Holdings,

Inc.

,

Class

A

(a)

........

6,978

152,400

Liberty

Media

Corp.-Liberty

Braves

,

Class

A

(a)

......

486

15,498

Liberty

Media

Corp.-Liberty

Braves

,

Class

C

,

NVS

(a)

(b)

1,506

46,927

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

.

949

49,367

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

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

8,330

480,891

Live

Nation

Entertainment,

Inc.

(a)

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

5,805

462,136

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

711

111,350

Netflix,

Inc.

(a)

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

18,112

5,286,531

Playtika

Holding

Corp.

(a)

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

4,125

38,981

ROBLOX

Corp.

,

Class

A

(a)

(b)

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

14,650

655,441

Roku,

Inc.

,

Class

A

(a)

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

4,811

267,203

Take-Two

Interactive

Software,

Inc.

(a)

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

6,324

749,268

Walt

Disney

Co.

(The)

(a)

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

74,232

7,908,677

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

90,468

1,176,084

Warner

Music

Group

Corp.

,

Class

A

(b)

...........

4,542

118,183

World

Wrestling

Entertainment,

Inc.

,

Class

A

......

1,673

131,983

21,247,800

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.9

%

Agree

Realty

Corp.

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

3,247

223,069

Alexandria

Real

Estate

Equities,

Inc.

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

6,012

873,544

American

Homes

4

Rent

,

Class

A

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

12,358

394,715

American

Tower

Corp.

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

18,945

3,925,215

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Americold

Realty

Trust,

Inc.

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

10,902

$

264,373

Apartment

Income

REIT

Corp.

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

6,409

246,298

AvalonBay

Communities,

Inc.

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

5,697

997,659

Boston

Properties,

Inc.

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

5,724

416,135

Brixmor

Property

Group,

Inc.

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

12,233

260,685

Camden

Property

Trust

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

4,315

498,598

Corporate

Office

Properties

Trust

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

4,430

118,059

Cousins

Properties,

Inc.

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

6,091

144,722

Crown

Castle,

Inc.

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

17,635

2,350,040

CubeSmart

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

8,995

376,621

Digital

Realty

Trust,

Inc.

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

11,622

1,165,105

Douglas

Emmett,

Inc.

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

6,847

120,439

EastGroup

Properties,

Inc.

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

1,797

281,572

Equinix,

Inc.

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

3,713

2,103,192

Equity

Commonwealth

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

4,459

116,647

Equity

LifeStyle

Properties,

Inc.

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

7,204

460,768

Equity

Residential

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

13,722

864,760

Essex

Property

Trust,

Inc.

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

2,663

591,825

Extra

Space

Storage,

Inc.

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

5,458

968,468

Federal

Realty

Investment

Trust

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

2,888

285,854

First

Industrial

Realty

Trust,

Inc.

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

5,467

260,393

Gaming

and

Leisure

Properties,

Inc.

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

10,396

521,048

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

15,297

310,988

Healthpeak

Properties,

Inc.

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

21,713

515,249

Highwoods

Properties,

Inc.

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

4,176

117,888

Host

Hotels

&

Resorts,

Inc.

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

29,365

554,411

Invitation

Homes,

Inc.

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

23,595

747,726

Iron

Mountain,

Inc.

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

11,926

597,135

JBG

SMITH

Properties

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

4,437

87,320

Kilroy

Realty

Corp.

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

4,349

185,876

Kimco

Realty

Corp.

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

25,345

541,876

Lamar

Advertising

Co.

,

Class

A

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

3,593

331,382

Life

Storage,

Inc.

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

3,434

379,835

LXP

Industrial

Trust

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

11,413

110,478

Medical

Properties

Trust,

Inc.

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

23,950

274,227

Mid-America

Apartment

Communities,

Inc.

........

4,714

742,219

National

Health

Investors,

Inc.

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

1,798

101,947

National

Retail

Properties,

Inc.

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

7,059

296,690

National

Storage

Affiliates

Trust

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

3,633

154,984

Omega

Healthcare

Investors,

Inc.

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

9,586

304,643

Physicians

Realty

Trust

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

9,361

140,977

PotlatchDeltic

Corp.

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

3,278

145,838

Prologis,

Inc.

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

37,528

4,156,226

Public

Storage

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

6,428

1,991,073

Rayonier,

Inc.

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

5,790

195,123

Realty

Income

Corp.

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

25,131

1,564,907

Regency

Centers

Corp.

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

6,404

387,506

Rexford

Industrial

Realty,

Inc.

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

6,961

384,804

Sabra

Health

Care

REIT,

Inc.

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

9,797

133,827

SBA

Communications

Corp.

,

Class

A

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

4,413

1,191,069

Simon

Property

Group,

Inc.

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

13,377

1,457,825

SL

Green

Realty

Corp.

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

2,570

101,978

Spirit

Realty

Capital,

Inc.

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

5,446

211,468

STAG

Industrial,

Inc.

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

7,504

237,051

STORE

Capital

Corp.

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

10,812

343,822

Sun

Communities,

Inc.

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

5,035

678,970

UDR,

Inc.

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

12,430

494,217

Ventas,

Inc.

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

16,194

633,671

VICI

Properties,

Inc.

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

38,986

1,248,332

Vornado

Realty

Trust

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

6,518

153,760

Welltower,

Inc.

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

18,856

1,150,970

Weyerhaeuser

Co.

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

30,206

934,272

WP

Carey,

Inc.

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

8,446

644,430

43,766,794

a

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Food

&

Staples

Retailing

 — 

1

.6

%

Albertsons

Companies,

Inc.

,

Class

A

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

6,494

$

133,192

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

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

5,575

431,505

Casey's

General

Stores,

Inc.

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

1,527

355,348

Costco

Wholesale

Corp.

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

18,028

9,041,042

Kroger

Co.

(The)

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

26,579

1,256,921

Performance

Food

Group

Co.

(a)

(b)

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

6,303

328,008

Sprouts

Farmers

Market,

Inc.

(a)

(b)

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

4,185

123,457

Sysco

Corp.

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

20,803

1,800,708

U.S.

Foods

Holding

Corp.

(a)

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

8,313

247,395

Walgreens

Boots

Alliance,

Inc.

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

29,314

1,069,961

Walmart,

Inc.

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

58,034

8,259,979

23,047,516

a

Food

Products

 — 

1

.2

%

Archer-Daniels-Midland

Co.

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

22,879

2,218,805

Bunge

Ltd.

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

6,146

606,610

Campbell

Soup

Co.

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

8,269

437,513

Conagra

Brands,

Inc.

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

19,582

718,659

Darling

Ingredients,

Inc.

(a)

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

6,490

509,335

Flowers

Foods,

Inc.

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

7,742

222,273

General

Mills,

Inc.

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

24,148

1,969,994

Hershey

Co.

(The)

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

5,988

1,429,755

Hormel

Foods

Corp.

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

11,778

547,088

Ingredion,

Inc.

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

2,741

244,278

JM

Smucker

Co.

(The)

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

4,337

653,412

Kellogg

Co.

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

10,401

799,005

Kraft

Heinz

Co.

(The)

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

32,413

1,246,928

Lamb

Weston

Holdings,

Inc.

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

5,945

512,578

Lancaster

Colony

Corp.

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

762

137,373

McCormick

&

Co.,

Inc.

,

NVS

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

10,176

800,241

Mondelez

International,

Inc.

,

Class

A

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

55,777

3,429,170

Pilgrim's

Pride

Corp.

(a)

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

2,122

48,912

Post

Holdings,

Inc.

(a)

(b)

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

2,214

200,190

Seaboard

Corp.

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

10

37,464

Tyson

Foods,

Inc.

,

Class

A

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

11,674

797,918

17,567,501

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

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

5,656

602,647

National

Fuel

Gas

Co.

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

3,625

244,651

New

Jersey

Resources

Corp.

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

4,052

180,881

ONE

Gas,

Inc.

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

2,141

165,885

Southwest

Gas

Holdings,

Inc.

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

2,482

181,360

Spire,

Inc.

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

2,109

147,229

UGI

Corp.

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

8,311

293,628

1,816,281

a

Health

Care

Equipment

&

Supplies

 — 

2

.7

%

Abbott

Laboratories

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

71,322

7,056,599

ABIOMED,

Inc.

(a)

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

1,840

463,827

Align

Technology,

Inc.

(a)

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

2,955

574,156

Baxter

International,

Inc.

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

20,386

1,107,979

Becton

Dickinson

and

Co.

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

11,620

2,741,971

Boston

Scientific

Corp.

(a)

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

58,251

2,511,201

Cooper

Companies,

Inc.

(The)

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

2,032

555,528

Dentsply

Sirona,

Inc.

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

9,001

277,411

Dexcom,

Inc.

(a)

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

16,018

1,934,654

Edwards

Lifesciences

Corp.

(a)

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

25,258

1,829,437

Enovis

Corp.

(a)

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

1,973

97,565

Envista

Holdings

Corp.

(a)

(b)

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

6,498

214,499

Globus

Medical,

Inc.

,

Class

A

(a)

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

3,201

214,467

Haemonetics

Corp.

(a)

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

2,053

174,402

Hologic,

Inc.

(a)

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

10,172

689,662

ICU

Medical,

Inc.

(a)

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

796

118,134

IDEXX

Laboratories,

Inc.

(a)

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

3,375

1,213,920

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Insulet

Corp.

(a)

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

2,839

$

734,762

Integra

LifeSciences

Holdings

Corp.

(a)

...........

2,902

145,826

Intuitive

Surgical,

Inc.

(a)

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

14,537

3,582,934

Masimo

Corp.

(a)

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

1,966

258,726

Medtronic

PLC

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

54,029

4,718,893

Novocure

Ltd.

(a)

(b)

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

3,731

263,632

NuVasive,

Inc.

(a)

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

2,072

91,437

Omnicell,

Inc.

(a)

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

1,754

135,619

Penumbra,

Inc.

(a)

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

1,554

266,464

QuidelOrtho

Corp.

(a)

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

2,207

198,233

ResMed,

Inc.

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

5,931

1,326,705

Shockwave

Medical,

Inc.

(a)

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

1,490

436,794

STAAR

Surgical

Co.

(a)

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

1,909

135,291

STERIS

PLC

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

4,070

702,401

Stryker

Corp.

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

13,700

3,140,588

Tandem

Diabetes

Care,

Inc.

(a)

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

2,509

140,880

Teleflex,

Inc.

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

1,894

406,377

Zimmer

Biomet

Holdings,

Inc.

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

8,548

968,916

39,429,890

a

Health

Care

Providers

&

Services

 — 

3

.5

%

1Life

Healthcare,

Inc.

(a)

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

6,813

116,502

Acadia

Healthcare

Co.,

Inc.

(a)

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

3,675

298,778

agilon

health,

Inc.

(a)

(b)

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

8,028

159,356

Amedisys,

Inc.

(a)

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

1,326

129,404

AmerisourceBergen

Corp.

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

6,325

994,416

Cardinal

Health,

Inc.

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

11,167

847,575

Centene

Corp.

(a)

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

23,259

1,980,039

Chemed

Corp.

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

595

277,788

Cigna

Corp.

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

12,415

4,010,790

CVS

Health

Corp.

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

53,370

5,054,139

DaVita,

Inc.

(a)

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

2,266

165,441

Elevance

Health,

Inc.

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

9,759

5,335,928

Encompass

Health

Corp.

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

4,140

225,382

Guardant

Health,

Inc.

(a)

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

4,081

202,010

HCA

Healthcare,

Inc.

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

8,755

1,903,950

HealthEquity,

Inc.

(a)

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

3,351

261,076

Henry

Schein,

Inc.

(a)

(b)

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

5,589

382,623

Humana,

Inc.

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

5,151

2,874,670

Laboratory

Corp.

of

America

Holdings

...........

3,679

816,223

LHC

Group,

Inc.

(a)

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

1,300

217,230

McKesson

Corp.

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

5,850

2,277,815

Molina

Healthcare,

Inc.

(a)

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

2,357

845,833

Oak

Street

Health,

Inc.

(a)

(b)

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

4,715

95,384

Option

Care

Health,

Inc.

(a)

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

6,290

190,335

Premier,

Inc.

,

Class

A

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

4,927

171,854

Quest

Diagnostics,

Inc.

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

4,789

687,940

R1

RCM,

Inc.

(a)

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

5,392

95,223

Signify

Health,

Inc.

,

Class

A

(a)

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

2,806

82,019

Tenet

Healthcare

Corp.

(a)

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

4,258

188,885

UnitedHealth

Group,

Inc.

....................

38,069

21,134,005

Universal

Health

Services,

Inc.

,

Class

B

.........

2,720

315,166

52,337,779

a

Health

Care

Technology

 — 

0

.1

%

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

4,494

118,956

Teladoc

Health,

Inc.

(a)

......................

6,414

190,111

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

5,660

950,541

1,259,608

a

Hotels,

Restaurants

&

Leisure

 — 

2

.1

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

16,244

1,736,646

Aramark

...............................

10,397

379,490

Booking

Holdings,

Inc.

(a)

....................

1,615

3,019,210

Boyd

Gaming

Corp.

.......................

3,256

188,066

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Caesars

Entertainment,

Inc.

(a)

................

8,597

$

375,947

Carnival

Corp.

(a)

(b)

.........................

39,602

358,794

Chipotle

Mexican

Grill,

Inc.

(a)

.................

1,131

1,694,611

Choice

Hotels

International,

Inc.

...............

1,181

153,341

Churchill

Downs,

Inc.

......................

1,355

281,718

Darden

Restaurants,

Inc.

...................

4,988

713,982

Domino's

Pizza,

Inc.

.......................

1,441

478,758

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

18,252

288,382

Dutch

Bros,

Inc.

,

Class

A

(a)

(b)

.................

959

35,397

Expedia

Group,

Inc.

(a)

......................

6,213

580,729

Hilton

Worldwide

Holdings,

Inc.

...............

11,163

1,509,907

Hyatt

Hotels

Corp.

,

Class

A

(a)

(b)

................

1,966

185,217

Las

Vegas

Sands

Corp.

(a)

...................

13,372

508,270

Light

&

Wonder,

Inc.

(a)

......................

3,869

217,206

Marriott

International,

Inc.

,

Class

A

.............

11,270

1,804,440

Marriott

Vacations

Worldwide

Corp.

.............

1,585

234,200

McDonald's

Corp.

........................

29,942

8,163,986

MGM

Resorts

International

..................

13,276

472,227

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

16,833

284,309

Penn

Entertainment,

Inc.

(a)

...................

6,670

220,777

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

...............

3,360

220,013

Royal

Caribbean

Cruises

Ltd.

(a)

...............

8,957

478,125

Starbucks

Corp.

..........................

46,791

4,051,633

Texas

Roadhouse,

Inc.

.....................

2,689

266,076

Vail

Resorts,

Inc.

.........................

1,670

365,947

Wendy's

Co.

(The)

........................

6,770

140,680

Wyndham

Hotels

&

Resorts,

Inc.

..............

3,756

285,193

Wynn

Resorts

Ltd.

(a)

(b)

......................

4,233

270,489

Yum!

Brands,

Inc.

........................

11,535

1,364,014

31,327,780

a

Household

Durables

 — 

0

.3

%

DR

Horton,

Inc.

..........................

12,916

992,982

Garmin

Ltd.

.............................

6,320

556,413

Helen

of

Troy

Ltd.

(a)

.......................

987

93,390

Leggett

&

Platt,

Inc.

.......................

5,547

187,211

Lennar

Corp.

,

Class

A

......................

10,347

835,003

Lennar

Corp.

,

Class

B

.....................

668

43,567

Mohawk

Industries,

Inc.

(a)

...................

2,087

197,743

Newell

Brands,

Inc.

.......................

15,192

209,802

NVR,

Inc.

(a)

.............................

126

533,956

PulteGroup,

Inc.

.........................

9,623

384,824

Tempur

Sealy

International,

Inc.

...............

7,110

191,188

Toll

Brothers,

Inc.

.........................

4,528

195,066

TopBuild

Corp.

(a)

.........................

1,326

225,606

Whirlpool

Corp.

..........................

2,218

306,616

4,953,367

a

Household

Products

 — 

1

.3

%

Church

&

Dwight

Co.,

Inc.

...................

9,791

725,807

Clorox

Co.

(The)

.........................

5,050

737,502

Colgate-Palmolive

Co.

.....................

33,982

2,509,231

Kimberly-Clark

Corp.

......................

13,681

1,702,737

Procter

&

Gamble

Co.

(The)

.................

97,251

13,096,792

Reynolds

Consumer

Products,

Inc.

.............

2,436

74,396

18,846,465

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

27,384

716,365

Clearway

Energy,

Inc.

,

Class

A

................

1,392

45,003

Clearway

Energy,

Inc.

,

Class

C

...............

3,287

114,191

Vistra

Corp.

............................

15,927

365,843

1,241,402

a

Security

Shares

Value

a

Industrial

Conglomerates

 — 

0

.8

%

3M

Co.

................................

22,506

$

2,831,030

General

Electric

Co.

.......................

44,609

3,471,026

Honeywell

International,

Inc.

.................

27,387

5,587,496

11,889,552

a

Insurance

 — 

2

.5

%

Aflac,

Inc.

..............................

23,402

1,523,704

Allstate

Corp.

(The)

.......................

10,999

1,388,624

American

Financial

Group,

Inc.

...............

2,842

412,403

American

International

Group,

Inc.

.............

30,945

1,763,865

Aon

PLC

,

Class

A

........................

8,580

2,415,184

Arch

Capital

Group

Ltd.

(a)

...................

15,022

863,765

Arthur

J

Gallagher

&

Co.

(b)

...................

8,584

1,605,895

Assurant,

Inc.

...........................

2,166

294,273

Axis

Capital

Holdings

Ltd.

...................

3,003

164,174

Brighthouse

Financial,

Inc.

(a)

.................

2,850

162,650

Brown

&

Brown,

Inc.

.......................

9,411

553,273

Chubb

Ltd.

.............................

16,991

3,651,196

Cincinnati

Financial

Corp.

...................

6,479

669,410

CNA

Financial

Corp.

.......................

1,091

45,495

Enstar

Group

Ltd.

(a)

.......................

525

105,273

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

1,024

263,178

Everest

Re

Group

Ltd.

.....................

1,622

523,355

Fidelity

National

Financial,

Inc.

................

11,110

437,512

First

American

Financial

Corp.

................

4,308

217,123

Globe

Life,

Inc.

..........................

3,718

429,503

Hanover

Insurance

Group,

Inc.

(The)

...........

1,477

216,366

Hartford

Financial

Services

Group,

Inc.

(The)

......

13,150

952,191

Kemper

Corp.

...........................

2,435

116,076

Lincoln

National

Corp.

.....................

6,303

339,543

Loews

Corp.

............................

8,187

466,823

Markel

Corp.

(a)

...........................

544

656,118

Marsh

&

McLennan

Companies,

Inc.

............

20,319

3,281,315

MetLife,

Inc.

............................

27,264

1,995,997

Old

Republic

International

Corp.

...............

11,878

275,688

Primerica,

Inc.

...........................

1,516

219,365

Principal

Financial

Group,

Inc.

................

9,493

836,618

Progressive

Corp.

(The)

....................

23,822

3,058,745

Prudential

Financial,

Inc.

....................

15,037

1,581,742

Reinsurance

Group

of

America,

Inc.

............

2,766

407,072

RenaissanceRe

Holdings

Ltd.

................

1,778

275,021

RLI

Corp.

..............................

1,670

217,217

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

.........

3,365

150,920

Selective

Insurance

Group,

Inc.

(b)

..............

2,441

239,413

Travelers

Companies,

Inc.

(The)

...............

9,621

1,774,690

Unum

Group

............................

7,649

348,718

W

R

Berkley

Corp.

........................

8,279

615,792

White

Mountains

Insurance

Group

Ltd.

..........

102

144,447

Willis

Towers

Watson

PLC

...................

4,441

969,071

36,628,803

a

Interactive

Media

&

Services

 — 

3

.7

%

Alphabet,

Inc.

,

Class

A

(a)

....................

244,027

23,062,992

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

218,217

20,656,421

Bumble,

Inc.

,

Class

A

(a)

(b)

....................

3,424

86,970

Cargurus,

Inc.

,

Class

A

(a)

....................

3,523

51,295

IAC,

Inc.

(a)

(b)

............................

3,140

152,855

Match

Group,

Inc.

(a)

.......................

11,566

499,651

Meta

Platforms,

Inc.

,

Class

A

(a)

................

92,839

8,648,881

Pinterest,

Inc.

,

Class

A

(a)

....................

23,720

583,512

Snap,

Inc.

,

Class

A

,

NVS

(a)

(b)

.................

41,999

416,210

Ziff

Davis,

Inc.

(a)

(b)

.........................

1,941

150,214

ZoomInfo

Technologies,

Inc.

(a)

................

10,999

489,786

54,798,787

a

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Internet

&

Direct

Marketing

Retail

 — 

2

.6

%

Amazon.com,

Inc.

(a)

.......................

360,717

$

36,951,850

Chewy,

Inc.

,

Class

A

(a)

(b)

....................

3,802

147,251

DoorDash,

Inc.

,

Class

A

(a)

...................

10,634

462,898

eBay,

Inc.

..............................

22,307

888,711

Etsy,

Inc.

(a)

(b)

............................

5,098

478,753

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

3,116

118,159

39,047,622

a

IT

Services

 — 

4

.6

%

Accenture

PLC

,

Class

A

....................

25,748

7,309,857

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

8,380

168,187

Akamai

Technologies,

Inc.

(a)

..................

6,490

573,262

Amdocs

Ltd.

............................

4,958

427,925

Automatic

Data

Processing,

Inc.

...............

16,905

4,085,938

Block,

Inc.

,

Class

A

(a)

......................

21,549

1,294,448

Broadridge

Financial

Solutions,

Inc.

............

4,784

717,887

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

11,532

649,482

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

21,172

1,317,957

Concentrix

Corp.

.........................

1,759

215,003

DXC

Technology

Co.

(a)

.....................

9,155

263,206

EPAM

Systems,

Inc.

(a)

......................

2,324

813,400

Euronet

Worldwide,

Inc.

(a)

...................

1,916

160,963

Fidelity

National

Information

Services,

Inc.

........

24,781

2,056,575

Fiserv,

Inc.

(a)

............................

26,027

2,674,014

FleetCor

Technologies,

Inc.

(a)

.................

3,053

568,224

Gartner,

Inc.

(a)

...........................

3,218

971,579

Genpact

Ltd.

............................

6,955

337,318

Global

Payments,

Inc.

.....................

11,279

1,288,739

GoDaddy,

Inc.

,

Class

A

(a)

....................

6,338

509,575

International

Business

Machines

Corp.

..........

36,728

5,079,115

Jack

Henry

&

Associates,

Inc.

................

3,000

597,180

Marqeta,

Inc.

,

Class

A

(a)

(b)

...................

16,660

131,281

Mastercard,

Inc.

,

Class

A

....................

34,726

11,396,379

Maximus,

Inc.

...........................

2,597

160,157

MongoDB,

Inc.

,

Class

A

(a)

...................

2,761

505,346

Okta,

Inc.

,

Class

A

(a)

.......................

6,032

338,516

Paychex,

Inc.

...........................

13,022

1,540,633

PayPal

Holdings,

Inc.

(a)

.....................

47,045

3,932,021

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

2,213

101,732

Snowflake,

Inc.

,

Class

A

(a)

...................

11,517

1,846,175

Squarespace,

Inc.

,

Class

A

(a)

.................

1,778

39,489

SS&C

Technologies

Holdings,

Inc.

.............

8,883

456,764

Switch,

Inc.

,

Class

A

.......................

5,577

189,897

Thoughtworks

Holding,

Inc.

(a)

.................

2,651

25,476

Toast,

Inc.

,

Class

A

(a)

......................

12,254

270,691

Twilio,

Inc.

,

Class

A

(a)

......................

6,957

517,392

VeriSign,

Inc.

(a)

..........................

3,798

761,347

Visa,

Inc.

,

Class

A

........................

66,542

13,784,841

Western

Union

Co.

(The)

...................

16,095

217,443

WEX,

Inc.

(a)

.............................

1,803

295,944

68,591,358

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

2,951

208,547

Hasbro,

Inc.

............................

5,364

350,001

Mattel,

Inc.

(a)

............................

14,265

270,465

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

11,985

100,674

Polaris,

Inc.

.............................

2,232

226,771

Topgolf

Callaway

Brands

Corp.

(a)

..............

5,639

105,562

YETI

Holdings,

Inc.

(a)

......................

3,522

112,986

1,375,006

a

Life

Sciences

Tools

&

Services

 — 

1

.8

%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

...............

3,652

99,261

Agilent

Technologies,

Inc.

...................

12,104

1,674,588

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Avantor,

Inc.

(a)

...........................

27,427

$

553,203

Azenta,

Inc.

............................

2,996

133,022

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

888

312,318

Bio-Techne

Corp.

.........................

1,592

471,646

Bruker

Corp.

............................

4,088

252,802

Charles

River

Laboratories

International,

Inc.

(a)

.....

2,095

444,664

Danaher

Corp.

..........................

26,668

6,711,535

Illumina,

Inc.

(a)

(b)

..........................

6,358

1,454,837

IQVIA

Holdings,

Inc.

(a)

......................

7,589

1,591,186

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

4,394

72,940

Medpace

Holdings,

Inc.

(a)

...................

1,021

226,642

Mettler-Toledo

International,

Inc.

(a)

.............

918

1,161,206

PerkinElmer,

Inc.

.........................

5,176

691,410

Repligen

Corp.

(a)

.........................

2,130

388,704

Sotera

Health

Co.

(a)

.......................

3,990

27,451

Syneos

Health,

Inc.

,

Class

A

(a)

................

4,111

207,112

Thermo

Fisher

Scientific,

Inc.

.................

15,945

8,195,252

Waters

Corp.

(a)

..........................

2,421

724,291

West

Pharmaceutical

Services,

Inc.

............

3,027

696,513

26,090,583

a

Machinery

 — 

1

.9

%

AGCO

Corp.

............................

2,477

307,569

Allison

Transmission

Holdings,

Inc.

.............

4,046

170,944

Caterpillar,

Inc.

..........................

21,475

4,648,479

Chart

Industries,

Inc.

(a)

(b)

....................

1,447

322,507

Crane

Holdings

Co.

.......................

1,905

191,148

Cummins,

Inc.

...........................

5,766

1,409,845

Deere

&

Co.

............................

11,313

4,477,912

Donaldson

Co.,

Inc.

.......................

4,931

283,286

Dover

Corp.

............................

5,894

770,287

Flowserve

Corp.

.........................

5,452

156,363

Fortive

Corp.

............................

14,439

922,652

Gates

Industrial

Corp.

PLC

(a)

.................

3,822

42,615

Graco,

Inc.

.............................

6,933

482,398

IDEX

Corp.

.............................

3,037

675,155

Illinois

Tool

Works,

Inc.

.....................

11,465

2,448,121

Ingersoll

Rand,

Inc.

.......................

16,323

824,312

ITT,

Inc.

...............................

3,329

254,302

Lincoln

Electric

Holdings,

Inc.

................

2,389

339,238

Middleby

Corp.

(The)

(a)

.....................

2,187

305,874

Nikola

Corp.

(a)

(b)

..........................

12,172

46,132

Nordson

Corp.

...........................

2,215

498,375

Oshkosh

Corp.

..........................

2,750

242,000

Otis

Worldwide

Corp.

......................

17,183

1,213,807

PACCAR,

Inc.

...........................

14,139

1,369,079

Parker-Hannifin

Corp.

......................

5,202

1,511,805

Pentair

PLC

............................

6,681

286,949

RBC

Bearings,

Inc.

(a)

......................

1,147

290,799

Snap-on,

Inc.

...........................

2,189

486,067

Stanley

Black

&

Decker,

Inc.

.................

5,931

465,524

Timken

Co.

(The)

.........................

2,714

193,481

Toro

Co.

(The)

...........................

4,320

455,458

Westinghouse

Air

Brake

Technologies

Corp.

.......

7,449

694,843

Xylem,

Inc.

.............................

7,395

757,470

27,544,796

a

Marine

 — 

0

.0

%

Kirby

Corp.

(a)

............................

2,464

171,864

a

Media

 — 

0

.9

%

Altice

USA,

Inc.

,

Class

A

(a)

...................

9,410

62,200

Cable

One,

Inc.

..........................

201

172,745

Charter

Communications,

Inc.

,

Class

A

(a)

.........

4,510

1,657,966

Comcast

Corp.

,

Class

A

....................

179,442

5,695,489

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Media

(continued)

DISH

Network

Corp.

,

Class

A

(a)

...............

10,157

$

151,441

Fox

Corp.

,

Class

A

,

NVS

....................

12,607

363,964

Fox

Corp.

,

Class

B

........................

5,754

156,509

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,830

471,576

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

694

59,212

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

5,042

425,696

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

...

3,035

128,805

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

6,072

256,178

New

York

Times

Co.

(The)

,

Class

A

.............

6,730

194,901

News

Corp.

,

Class

A

,

NVS

..................

15,914

268,469

News

Corp.

,

Class

B

......................

4,795

82,139

Nexstar

Media

Group,

Inc.

...................

1,552

265,858

Omnicom

Group,

Inc.

......................

8,358

608,044

Paramount

Global

,

Class

A

(b)

.................

452

9,528

Paramount

Global

,

Class

B

,

NVS

..............

20,547

376,421

Sirius

XM

Holdings,

Inc.

(b)

...................

28,524

172,285

TEGNA,

Inc.

............................

9,441

197,128

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

17,996

958,107

12,734,661

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

.............................

7,529

293,857

Cleveland-Cliffs,

Inc.

(a)

.....................

21,050

273,439

Commercial

Metals

Co.

.....................

4,741

215,715

Freeport-McMoRan,

Inc.

....................

58,166

1,843,281

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

3,757

112,860

Newmont

Corp.

..........................

32,197

1,362,577

Nucor

Corp.

............................

10,644

1,398,409

Reliance

Steel

&

Aluminum

Co.

...............

2,418

487,179

Royal

Gold,

Inc.

..........................

2,688

255,252

Steel

Dynamics,

Inc.

.......................

7,031

661,266

United

States

Steel

Corp.

...................

9,617

195,802

7,099,637

a

Mortgage

Real

Estate

Investment

 — 

0

.1

%

AGNC

Investment

Corp.

....................

21,146

173,820

Annaly

Capital

Management,

Inc.

..............

17,542

325,404

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.........

6,714

167,581

Rithm

Capital

Corp.

.......................

19,063

160,701

Starwood

Property

Trust,

Inc.

.................

12,372

255,606

1,083,112

a

Multiline

Retail

 — 

0

.5

%

Dollar

General

Corp.

......................

9,258

2,361,253

Dollar

Tree,

Inc.

(a)

.........................

8,588

1,361,198

Kohl's

Corp.

............................

5,209

156,010

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

2,274

127,344

Target

Corp.

............................

18,909

3,105,803

7,111,608

a

Multi-Utilities

 — 

0

.8

%

Ameren

Corp.

...........................

10,525

857,998

Avista

Corp.

............................

2,714

111,355

Black

Hills

Corp.

.........................

2,711

177,218

CenterPoint

Energy,

Inc.

....................

25,748

736,650

CMS

Energy

Corp.

........................

11,669

665,717

Consolidated

Edison,

Inc.

...................

14,404

1,266,976

Dominion

Energy,

Inc.

......................

33,907

2,372,473

DTE

Energy

Co.

.........................

7,864

881,633

NiSource,

Inc.

...........................

16,426

421,984

NorthWestern

Corp.

.......................

2,153

113,743

Public

Service

Enterprise

Group,

Inc.

...........

20,404

1,144,052

Sempra

Energy

..........................

12,827

1,936,107

WEC

Energy

Group,

Inc.

....................

12,884

1,176,696

11,862,602

a

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.8

%

Antero

Resources

Corp.

(a)

...................

11,459

$

420,087

APA

Corp.

.............................

13,286

603,982

Cheniere

Energy,

Inc.

......................

10,157

1,791,796

Chesapeake

Energy

Corp.

..................

3,936

402,535

Chevron

Corp.

...........................

73,291

13,258,342

ConocoPhillips

..........................

51,855

6,538,397

Continental

Resources,

Inc.

..................

2,216

163,918

Coterra

Energy,

Inc.

.......................

32,251

1,003,974

Devon

Energy

Corp.

.......................

26,612

2,058,438

Diamondback

Energy,

Inc.

...................

7,233

1,136,377

DT

Midstream,

Inc.

........................

3,955

236,113

EOG

Resources,

Inc.

......................

23,864

3,257,913

EQT

Corp.

.............................

15,055

629,901

Equitrans

Midstream

Corp.

..................

16,793

141,397

Exxon

Mobil

Corp.

........................

169,616

18,795,149

Hess

Corp.

.............................

11,339

1,599,706

HF

Sinclair

Corp.

.........................

5,946

363,717

Kinder

Morgan,

Inc.

,

Class

P

.................

80,679

1,461,903

Marathon

Oil

Corp.

........................

27,573

839,598

Marathon

Petroleum

Corp.

..................

20,292

2,305,577

Matador

Resources

Co.

....................

4,568

303,544

New

Fortress

Energy,

Inc.

,

Class

A

.............

1,942

106,946

Occidental

Petroleum

Corp.

..................

30,325

2,201,595

ONEOK,

Inc.

............................

18,130

1,075,472

Ovintiv,

Inc.

.............................

10,422

527,874

PDC

Energy,

Inc.

.........................

3,918

282,645

Phillips

66

..............................

19,621

2,046,274

Pioneer

Natural

Resources

Co.

...............

9,703

2,487,946

Range

Resources

Corp.

....................

10,083

287,164

Southwestern

Energy

Co.

(a)

..................

45,343

314,227

Targa

Resources

Corp.

.....................

9,306

636,251

Texas

Pacific

Land

Corp.

....................

251

578,271

Valero

Energy

Corp.

.......................

16,033

2,012,943

Williams

Companies,

Inc.

(The)

...............

49,769

1,628,939

71,498,911

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

3,007

170,347

a

Personal

Products

 — 

0

.1

%

Coty,

Inc.

,

Class

A

(a)

.......................

14,426

96,799

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

9,407

1,886,009

Olaplex

Holdings,

Inc.

(a)

....................

2,877

12,659

1,995,467

a

Pharmaceuticals

 — 

4

.3

%

Bristol-Myers

Squibb

Co.

....................

86,973

6,737,798

Catalent,

Inc.

(a)

..........................

7,230

475,228

Elanco

Animal

Health,

Inc.

(a)

..................

17,803

234,822

Eli

Lilly

&

Co.

...........................

32,097

11,622,003

Jazz

Pharmaceuticals

PLC

(a)

.................

2,557

367,671

Johnson

&

Johnson

.......................

107,003

18,615,312

Merck

&

Co.,

Inc.

.........................

103,148

10,438,578

Organon

&

Co.

..........................

10,357

271,146

Perrigo

Co.

PLC

.........................

5,586

225,004

Pfizer,

Inc.

.............................

228,469

10,635,232

Royalty

Pharma

PLC

,

Class

A

................

15,001

634,842

Viatris,

Inc.

.............................

49,473

501,161

Zoetis,

Inc.

,

Class

A

.......................

19,073

2,875,827

63,634,624

a

Professional

Services

 — 

0

.5

%

Alight,

Inc.

,

Class

A

(a)

(b)

.....................

11,616

96,297

ASGN,

Inc.

(a)

............................

2,122

179,903

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

5,435

591,600

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Professional

Services

(continued)

CACI

International,

Inc.

,

Class

A

(a)

.............

949

$

288,525

Clarivate

PLC

(a)

(b)

.........................

17,540

181,188

CoStar

Group,

Inc.

(a)

.......................

16,127

1,334,025

Dun

&

Bradstreet

Holdings,

Inc.

...............

8,826

113,414

Equifax,

Inc.

............................

4,986

845,327

FTI

Consulting,

Inc.

(a)

(b)

.....................

1,398

217,571

Insperity,

Inc.

............................

1,463

172,663

Jacobs

Solutions,

Inc.

......................

5,253

605,251

KBR,

Inc.

..............................

5,633

280,354

Leidos

Holdings,

Inc.

......................

5,536

562,402

ManpowerGroup,

Inc.

......................

2,185

171,173

Robert

Half

International,

Inc.

.................

4,470

341,776

Science

Applications

International

Corp.

.........

2,227

241,273

TransUnion

.............................

7,793

461,891

TriNet

Group,

Inc.

(a)

.......................

1,542

100,199

Verisk

Analytics,

Inc.

.......................

6,390

1,168,284

7,953,116

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

13,017

923,426

Howard

Hughes

Corp.

(The)

(a)

................

1,463

89,755

Jones

Lang

LaSalle,

Inc.

(a)

...................

1,949

310,066

Opendoor

Technologies,

Inc.

(a)

................

20,472

53,023

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

................

2,401

74,263

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

6,820

210,465

1,660,998

a

Road

&

Rail

 — 

1

.0

%

AMERCO

..............................

406

233,527

Avis

Budget

Group,

Inc.

(a)

...................

1,174

277,604

CSX

Corp.

.............................

87,132

2,532,056

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

7,330

134,872

JB

Hunt

Transport

Services,

Inc.

..............

3,378

577,874

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

6,685

321,080

Landstar

System,

Inc.

(b)

.....................

1,446

225,894

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

12,154

177,935

Norfolk

Southern

Corp.

.....................

9,556

2,179,437

Old

Dominion

Freight

Line,

Inc.

...............

3,718

1,020,963

Saia,

Inc.

(a)

(b)

............................

1,059

210,593

Uber

Technologies,

Inc.

(a)

...................

80,564

2,140,585

Union

Pacific

Corp.

.......................

25,386

5,004,596

XPO

Logistics,

Inc.

(a)

......................

4,682

242,247

15,279,263

a

Semiconductors

&

Semiconductor

Equipment

 — 

4

.5

%

Advanced

Micro

Devices,

Inc.

(a)

...............

65,683

3,944,921

Allegro

MicroSystems,

Inc.

(a)

.................

2,886

73,333

Amkor

Technology,

Inc.

.....................

4,037

83,929

Analog

Devices,

Inc.

.......................

21,149

3,016,270

Applied

Materials,

Inc.

.....................

35,401

3,125,554

Broadcom,

Inc.

..........................

16,435

7,726,422

Cirrus

Logic,

Inc.

(a)

........................

2,335

156,725

Enphase

Energy,

Inc.

(a)

.....................

5,506

1,690,342

Entegris,

Inc.

............................

6,034

478,738

First

Solar,

Inc.

(a)

.........................

3,985

580,096

GlobalFoundries,

Inc.

(a)

(b)

....................

2,855

161,879

Intel

Corp.

.............................

166,990

4,747,526

KLA

Corp.

..............................

5,769

1,825,600

Lam

Research

Corp.

......................

5,575

2,256,649

Lattice

Semiconductor

Corp.

(a)

................

5,489

266,271

Marvell

Technology,

Inc.

....................

34,440

1,366,579

Microchip

Technology,

Inc.

...................

22,564

1,393,101

Micron

Technology,

Inc.

.....................

44,865

2,427,197

MKS

Instruments,

Inc.

.....................

2,274

186,809

Monolithic

Power

Systems,

Inc.

...............

1,817

616,781

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

NVIDIA

Corp.

...........................

101,909

$

13,754,658

NXP

Semiconductors

NV

...................

10,731

1,567,584

ON

Semiconductor

Corp.

(a)

..................

17,717

1,088,355

Power

Integrations,

Inc.

....................

2,463

164,307

Qorvo,

Inc.

(a)

............................

4,168

358,781

QUALCOMM,

Inc.

........................

45,775

5,385,887

Semtech

Corp.

(a)

.........................

2,621

72,576

Silicon

Laboratories,

Inc.

(a)

...................

1,391

159,854

Skyworks

Solutions,

Inc.

....................

6,503

559,323

SolarEdge

Technologies,

Inc.

(a)

................

2,241

515,497

Teradyne,

Inc.

...........................

6,379

518,932

Texas

Instruments,

Inc.

.....................

37,218

5,978,327

Universal

Display

Corp.

....................

1,761

167,682

Wolfspeed,

Inc.

(a)

.........................

4,990

392,963

66,809,448

a

Software

 — 

8

.5

%

ACI

Worldwide,

Inc.

(a)

......................

4,748

115,519

Adobe,

Inc.

(a)

............................

19,066

6,072,521

Alteryx,

Inc.

,

Class

A

(a)

.....................

2,414

117,634

ANSYS,

Inc.

(a)

...........................

3,514

777,156

Appian

Corp.

,

Class

A

(a)

(b)

...................

1,594

77,819

AppLovin

Corp.

,

Class

A

(a)

...................

4,990

84,630

Asana,

Inc.

,

Class

A

(a)

......................

3,145

64,787

Aspen

Technology,

Inc.

(a)

....................

1,179

284,669

Autodesk,

Inc.

(a)

..........................

8,853

1,897,198

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

7,806

275,396

Bill.com

Holdings,

Inc.

(a)

(b)

...................

3,848

513,169

Black

Knight,

Inc.

(a)

........................

6,234

376,970

Blackbaud,

Inc.

(a)

.........................

1,891

103,438

Blackline,

Inc.

(a)

..........................

2,142

119,952

Cadence

Design

Systems,

Inc.

(a)

..............

11,143

1,686,939

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

4,266

39,802

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

6,229

412,297

Clear

Secure,

Inc.

,

Class

A

(a)

(b)

................

2,909

78,601

Confluent,

Inc.

,

Class

A

(a)

...................

5,744

154,399

Coupa

Software,

Inc.

(a)

.....................

2,947

156,869

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

8,642

1,393,090

Datadog,

Inc.

,

Class

A

(a)

....................

10,059

809,850

DocuSign,

Inc.

(a)

.........................

8,150

393,645

Dolby

Laboratories,

Inc.

,

Class

A

..............

2,625

175,455

Dropbox,

Inc.

,

Class

A

(a)

....................

11,513

250,408

Dynatrace,

Inc.

(a)

.........................

8,311

292,880

Elastic

NV

(a)

............................

3,127

199,972

Fair

Isaac

Corp.

(a)

.........................

1,023

489,853

Five9,

Inc.

(a)

............................

2,847

171,560

Fortinet,

Inc.

(a)

...........................

26,633

1,522,342

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

2,182

105,740

Guidewire

Software,

Inc.

(a)

...................

3,308

196,528

HashiCorp,

Inc.

,

Class

A

(a)

...................

1,719

52,825

HubSpot,

Inc.

(a)

(b)

.........................

1,953

579,182

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

1,230

23,813

Intuit,

Inc.

..............................

11,469

4,902,997

Manhattan

Associates,

Inc.

(a)

.................

2,588

314,882

Microsoft

Corp.

..........................

303,524

70,457,026

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

................

384

102,724

nCino,

Inc.

(a)

............................

3,095

97,431

NCR

Corp.

(a)

............................

5,790

123,095

New

Relic,

Inc.

(a)

.........................

2,345

138,918

NortonLifeLock,

Inc.

.......................

24,403

549,800

Nutanix,

Inc.

,

Class

A

(a)

.....................

9,379

256,985

Oracle

Corp.

............................

61,786

4,823,633

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

71,124

625,180

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

12,164

2,087,221

Paycom

Software,

Inc.

(a)

(b)

...................

1,977

684,042

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

Paylocity

Holding

Corp.

(a)

...................

1,673

$

387,785

Pegasystems,

Inc.

........................

1,621

60,317

Procore

Technologies,

Inc.

(a)

.................

2,784

152,173

PTC,

Inc.

(a)

.............................

4,322

509,261

Qualtrics

International,

Inc.

,

Class

A

(a)

...........

4,976

59,563

Rapid7,

Inc.

(a)

...........................

2,247

101,722

RingCentral,

Inc.

,

Class

A

(a)

..................

3,303

117,322

Roper

Technologies,

Inc.

....................

4,328

1,794,129

Salesforce,

Inc.

(a)

.........................

40,518

6,587,822

Samsara,

Inc.

,

Class

A

(a)

(b)

...................

2,768

34,074

SentinelOne,

Inc.

,

Class

A

(a)

..................

8,127

185,621

ServiceNow,

Inc.

(a)

........................

8,217

3,457,221

Smartsheet,

Inc.

,

Class

A

(a)

..................

5,103

178,197

Splunk,

Inc.

(a)

(b)

..........................

6,023

500,571

Synopsys,

Inc.

(a)

.........................

6,213

1,817,613

Tyler

Technologies,

Inc.

(a)

...................

1,687

545,458

UiPath,

Inc.

,

Class

A

(a)

.....................

14,109

178,479

Unity

Software,

Inc.

(a)

(b)

.....................

7,279

214,730

Varonis

Systems,

Inc.

(a)

.....................

4,309

115,352

Verint

Systems,

Inc.

(a)

......................

2,569

91,020

VMware,

Inc.

,

Class

A

......................

8,404

945,702

Workday,

Inc.

,

Class

A

(a)

....................

8,140

1,268,375

Workiva,

Inc.

,

Class

A

(a)

(b)

...................

1,892

147,216

Zendesk,

Inc.

(a)

..........................

5,102

391,272

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

8,980

749,291

Zscaler,

Inc.

(a)

...........................

3,406

524,865

126,345,993

a

Specialty

Retail

 — 

2

.2

%

Advance

Auto

Parts,

Inc.

....................

2,430

461,506

AutoNation,

Inc.

(a)

.........................

1,582

168,182

AutoZone,

Inc.

(a)

.........................

794

2,011,107

Bath

&

Body

Works,

Inc.

....................

9,258

309,032

Best

Buy

Co.,

Inc.

........................

8,196

560,688

Burlington

Stores,

Inc.

(a)

(b)

...................

2,681

383,276

CarMax,

Inc.

(a)

(b)

..........................

6,523

411,014

Carvana

Co.

,

Class

A

(a)

(b)

....................

4,007

54,215

Dick's

Sporting

Goods,

Inc.

..................

2,346

266,881

Five

Below,

Inc.

(a)

(b)

........................

2,291

335,288

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

4,277

313,803

Foot

Locker,

Inc.

.........................

3,224

102,201

GameStop

Corp.

,

Class

A

(a)

(b)

.................

10,024

283,779

Gap,

Inc.

(The)

..........................

8,697

98,015

Home

Depot,

Inc.

(The)

....................

41,828

12,386,526

Lithia

Motors,

Inc.

........................

1,121

222,126

Lowe's

Companies,

Inc.

....................

25,983

5,065,386

Murphy

USA,

Inc.

........................

859

270,164

O'Reilly

Automotive,

Inc.

(a)

...................

2,593

2,170,782

Penske

Automotive

Group,

Inc.

(b)

..............

1,056

117,871

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

2,961

31,179

RH

(a)

.................................

815

206,953

Ross

Stores,

Inc.

.........................

14,195

1,358,320

TJX

Companies,

Inc.

(The)

..................

47,698

3,439,026

Tractor

Supply

Co.

........................

4,526

994,679

Ulta

Beauty,

Inc.

(a)

........................

2,117

887,806

Victoria's

Secret

&

Co.

(a)

(b)

...................

3,438

129,269

Williams-Sonoma,

Inc.

.....................

2,798

346,476

33,385,550

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.6

%

Apple,

Inc.

.............................

614,810

94,274,965

Dell

Technologies,

Inc.

,

Class

C

...............

10,707

411,149

Hewlett

Packard

Enterprise

Co.

...............

53,022

756,624

HP,

Inc.

...............................

37,032

1,022,824

NetApp,

Inc.

............................

8,892

615,949

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Pure

Storage,

Inc.

,

Class

A

(a)

.................

11,411

$

352,143

Seagate

Technology

Holdings

PLC

.............

7,807

387,696

Western

Digital

Corp.

(a)

.....................

12,838

441,242

98,262,592

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Capri

Holdings

Ltd.

(a)

......................

5,617

256,585

Carter's,

Inc.

............................

1,586

107,642

Columbia

Sportswear

Co.

...................

1,406

104,747

Crocs,

Inc.

(a)

............................

2,580

182,535

Deckers

Outdoor

Corp.

(a)

....................

1,101

385,273

Hanesbrands,

Inc.

........................

13,709

93,495

Levi

Strauss

&

Co.

,

Class

A

..................

3,981

59,556

Lululemon

Athletica,

Inc.

(a)

...................

4,717

1,552,082

Nike,

Inc.

,

Class

B

........................

51,382

4,762,084

PVH

Corp.

.............................

2,849

146,211

Ralph

Lauren

Corp.

,

Class

A

.................

1,681

155,812

Skechers

USA,

Inc.

,

Class

A

(a)

................

5,545

190,914

Tapestry,

Inc.

............................

10,190

322,819

Under

Armour,

Inc.

,

Class

A

(a)

.................

7,737

57,641

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

............

9,090

59,630

VF

Corp.

..............................

13,438

379,623

8,816,649

a

Thrifts

&

Mortgage

Finance

 — 

0

.0

%

Essent

Group

Ltd.

........................

4,577

181,158

MGIC

Investment

Corp.

....................

12,347

168,536

New

York

Community

Bancorp,

Inc.

............

18,973

176,639

Radian

Group,

Inc.

........................

6,577

137,262

Rocket

Companies,

Inc.

,

Class

A

(b)

.............

5,580

38,502

TFS

Financial

Corp.

.......................

2,147

30,165

UWM

Holdings

Corp.

,

Class

A

(b)

...............

2,192

7,190

739,452

a

Tobacco

 — 

0

.6

%

Altria

Group,

Inc.

.........................

73,318

3,392,424

Philip

Morris

International,

Inc.

................

63,002

5,786,734

9,179,158

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Air

Lease

Corp.

,

Class

A

....................

4,276

150,900

Applied

Industrial

Technologies,

Inc.

............

1,618

201,247

Core

&

Main,

Inc.

,

Class

A

(a)

..................

2,930

69,089

Fastenal

Co.

............................

23,402

1,131,019

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

1,873

155,422

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

1,891

219,110

United

Rentals,

Inc.

(a)

......................

2,848

899,142

Univar

Solutions,

Inc.

(a)

.....................

6,962

177,392

Watsco,

Inc.

............................

1,357

367,693

WESCO

International,

Inc.

(a)

.................

1,820

250,741

WW

Grainger,

Inc.

........................

1,843

1,076,957

4,698,712

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

7,425

1,079,150

Essential

Utilities,

Inc.

......................

9,705

429,155

1,508,305

a

Wireless

Telecommunication

Services

 — 

0

.3

%

T-Mobile

U.S.,

Inc.

(a)

.......................

24,490

3,711,704

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

860,721,277

)

................................

1,482,679,971

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

24,905,372

$

24,900,391

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

3,452,625

3,452,625

a

Total

Short-Term

Securities — 1.9%

(Cost:

$

28,355,259

)

.................................

28,353,016

Total

Investments

—

101.8%

(Cost:

$

889,076,536

)

................................

1,511,032,987

Liabilities

in

Excess

of

Other

Assets

—

(

1

.8

)

%

...............

(

26,002,517

)

Net

Assets

—

100.0%

.................................

$

1,485,030,470

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

21,439,436

$

3,468,720

(a)

$

—

$

(

5,522

)

$

(

2,243

)

$

24,900,391

24,905,372

$

94,209

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,896,000

1,556,625

(a)

—

—

—

3,452,625

3,452,625

20,856

—

BlackRock,

Inc.

...

3,519,447

430,546

(

106,531

)

55,326

64,516

3,963,304

6,136

55,197

—

$

49,804

$

62,273

$

32,316,320

$

170,262

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

...................................................................

11

12/16/22

$

2,136

$

85,744

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

85,744

$

—

$

—

$

—

$

85,744

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

Dow

Jones

U.S.

ETF

30

2022

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

514,913

)

$

—

$

—

$

—

$

(

514,913

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

247,747

$

—

$

—

$

—

$

247,747

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,204,538

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,482,679,971

‌

$

—

‌

$

—

‌

$

1,482,679,971

‌

Short-Term

Securities

Money

Market

Funds

......................................

28,353,016

‌

—

‌

—

‌

28,353,016

‌

$

1,511,032,987

‌

$

—

‌

$

—

‌

$

1,511,032,987

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

85,744

‌

$

—

‌

$

—

‌

$

85,744

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 0.9%

CH

Robinson

Worldwide,

Inc.

................

25,492

$

2,491,078

Expeditors

International

of

Washington,

Inc.

.......

33,603

3,288,054

United

Parcel

Service,

Inc.,

Class

B

............

146,920

24,648,768

30,427,900

a

Airlines

 — 0.1%

Delta

Air

Lines,

Inc.

(a)

......................

31,597

1,072,086

Southwest

Airlines

Co.

(a)

....................

29,292

1,064,764

2,136,850

a

Auto

Components

 — 0.2%

Aptiv

PLC

(a)

.............................

54,191

4,935,174

Autoliv,

Inc.

.............................

16,728

1,344,095

BorgWarner,

Inc.

.........................

48,265

1,811,386

8,090,655

a

Automobiles

 — 3.5%

Harley-Davidson,

Inc.

......................

28,048

1,206,064

Lucid

Group,

Inc.

(a)(b)

.......................

83,077

1,187,170

Rivian

Automotive,

Inc.,

Class

A

(a)

..............

62,540

2,187,024

Tesla,

Inc.

(a)

.............................

528,482

120,250,794

124,831,052

a

Banks

 — 1.7%

Bank

of

Hawaii

Corp.

......................

8,217

624,081

Cathay

General

Bancorp

....................

14,057

640,999

Citizens

Financial

Group,

Inc.

................

99,310

4,061,779

Comerica,

Inc.

...........................

25,906

1,826,373

First

Republic

Bank

.......................

35,981

4,321,318

Heartland

Financial

USA,

Inc.

................

8,234

406,101

Huntington

Bancshares,

Inc.

.................

287,647

4,366,482

International

Bancshares

Corp.

...............

11,428

566,829

KeyCorp

...............................

186,951

3,340,814

M&T

Bank

Corp.

.........................

35,847

6,035,560

Old

National

Bancorp

......................

59,327

1,160,436

PNC

Financial

Services

Group,

Inc.

(The)

........

82,798

13,399,200

Regions

Financial

Corp.

....................

186,134

4,085,641

SVB

Financial

Group

(a)

.....................

11,769

2,718,168

Truist

Financial

Corp.

......................

266,664

11,943,881

Umpqua

Holdings

Corp.

....................

43,594

866,649

Zions

Bancorp

NA

........................

30,367

1,577,262

61,941,573

a

Beverages

 — 3.0%

Coca-Cola

Co.

(The)

......................

823,840

49,306,824

Keurig

Dr

Pepper,

Inc.

.....................

156,225

6,067,779

PepsiCo,

Inc.

...........................

276,599

50,224,846

105,599,449

a

Biotechnology

 — 3.6%

AbbVie,

Inc.

............................

353,501

51,752,546

Amgen,

Inc.

............................

106,865

28,890,953

Biogen,

Inc.

(a)

...........................

29,312

8,308,193

BioMarin

Pharmaceutical,

Inc.

(a)(b)

..............

36,790

3,187,118

Gilead

Sciences,

Inc.

......................

250,951

19,689,616

Vertex

Pharmaceuticals,

Inc.

(a)

................

51,181

15,968,472

127,796,898

a

Building

Products

 — 1.0%

A

O

Smith

Corp.

.........................

26,048

1,426,909

Allegion

PLC

............................

17,676

1,851,915

Builders

FirstSource,

Inc.

(a)

..................

34,613

2,134,238

Carrier

Global

Corp.

.......................

169,930

6,756,417

Fortune

Brands

Home

&

Security,

Inc.

...........

26,137

1,576,584

Security

Shares

Value

a

Building

Products

(continued)

Johnson

Controls

International

PLC

............

139,317

$

8,058,095

Lennox

International,

Inc.

...................

6,452

1,506,994

Masco

Corp.

............................

47,261

2,186,766

Owens

Corning

..........................

19,445

1,664,686

Trane

Technologies

PLC

....................

46,795

7,469,886

34,632,490

a

Capital

Markets

 — 4.4%

Ameriprise

Financial,

Inc.

...................

22,014

6,804,968

Bank

of

New

York

Mellon

Corp.

(The)

...........

153,108

6,447,378

BlackRock,

Inc.

(c)

.........................

30,251

19,539,423

Charles

Schwab

Corp.

(The)

.................

290,794

23,167,558

CME

Group,

Inc.,

Class

A

...................

71,966

12,471,708

FactSet

Research

Systems,

Inc.

...............

7,537

3,206,918

Franklin

Resources,

Inc.

....................

60,232

1,412,440

Intercontinental

Exchange,

Inc.

...............

111,458

10,652,041

Invesco

Ltd.

............................

67,146

1,028,677

MarketAxess

Holdings,

Inc.

..................

7,574

1,848,359

Moody's

Corp.

...........................

33,266

8,811,165

Morgan

Stanley

..........................

262,452

21,565,681

Nasdaq,

Inc.

............................

69,129

4,302,589

Northern

Trust

Corp.

.......................

39,467

3,329,042

S&P

Global,

Inc.

.........................

69,437

22,306,636

State

Street

Corp.

........................

73,645

5,449,730

T

Rowe

Price

Group,

Inc.

...................

45,373

4,816,798

157,161,111

a

Chemicals

 — 2.4%

Air

Products

and

Chemicals,

Inc.

..............

44,365

11,108,996

Albemarle

Corp.

.........................

23,423

6,555,395

Axalta

Coating

Systems

Ltd.

(a)(b)

...............

44,910

1,047,301

Ecolab,

Inc.

............................

51,470

8,084,393

HB

Fuller

Co.

...........................

10,420

726,378

International

Flavors

&

Fragrances,

Inc.

..........

50,777

4,956,343

Linde

PLC

.............................

100,567

29,903,597

Minerals

Technologies,

Inc.

..................

6,541

359,820

Mosaic

Co.

(The)

.........................

72,510

3,897,413

PPG

Industries,

Inc.

.......................

47,182

5,387,241

Sherwin-Williams

Co.

(The)

..................

49,498

11,138,535

83,165,412

a

Commercial

Services

&

Supplies

 — 0.2%

ACCO

Brands

Corp.

.......................

17,524

80,610

Copart,

Inc.

(a)

...........................

42,897

4,934,013

Deluxe

Corp.

............................

8,442

155,164

HNI

Corp.

..............................

8,197

237,631

Interface,

Inc.

...........................

11,823

133,718

Steelcase,

Inc.,

Class

A

....................

16,465

127,933

Tetra

Tech,

Inc.

..........................

10,832

1,530,345

7,199,414

a

Communications

Equipment

 — 1.4%

Cisco

Systems,

Inc.

.......................

828,379

37,633,258

CommScope

Holding

Co.,

Inc.

(a)

...............

41,969

555,670

F5,

Inc.

(a)

..............................

12,023

1,718,207

Motorola

Solutions,

Inc.

....................

33,513

8,368,531

48,275,666

a

Construction

&

Engineering

 — 0.2%

EMCOR

Group,

Inc.

.......................

10,246

1,445,711

Granite

Construction,

Inc.

...................

9,098

306,875

MDU

Resources

Group,

Inc.

.................

40,160

1,143,757

Quanta

Services,

Inc.

......................

28,638

4,067,741

6,964,084

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Consumer

Finance

 — 0.9%

Ally

Financial,

Inc.

........................

64,710

$

1,783,408

American

Express

Co.

.....................

128,053

19,009,468

Discover

Financial

Services

..................

56,279

5,878,904

Synchrony

Financial

.......................

100,457

3,572,251

30,244,031

a

Containers

&

Packaging

 — 0.2%

Avery

Dennison

Corp.

......................

16,265

2,757,731

Ball

Corp.

..............................

63,707

3,146,489

Sealed

Air

Corp.

.........................

28,998

1,380,885

Sonoco

Products

Co.

......................

19,682

1,221,858

8,506,963

a

Distributors

 — 0.1%

LKQ

Corp.

.............................

53,554

2,979,745

Pool

Corp.

.............................

7,940

2,415,586

5,395,331

a

Diversified

Financial

Services

 — 0.1%

Equitable

Holdings,

Inc.

....................

76,320

2,336,919

Voya

Financial,

Inc.

.......................

20,212

1,381,692

3,718,611

a

Diversified

Telecommunication

Services

 — 1.0%

Liberty

Global

PLC,

Class

A

(a)

................

31,119

524,666

Liberty

Global

PLC,

Class

C,

NVS

(a)(b)

...........

60,268

1,064,333

Lumen

Technologies,

Inc.

...................

184,498

1,357,905

Verizon

Communications,

Inc.

................

840,117

31,395,173

34,342,077

a

Electric

Utilities

 — 0.1%

Eversource

Energy

.......................

69,221

5,280,178

a

Electrical

Equipment

 — 0.6%

Acuity

Brands,

Inc.

........................

6,943

1,274,526

Eaton

Corp.

PLC

.........................

79,665

11,955,327

Rockwell

Automation,

Inc.

...................

23,239

5,932,917

Sensata

Technologies

Holding

PLC

............

31,632

1,271,923

20,434,693

a

Electronic

Equipment,

Instruments

&

Components

 — 0.8%

Cognex

Corp.

...........................

34,770

1,607,417

Corning,

Inc.

............................

160,917

5,176,700

Flex

Ltd.

(a)(b)

............................

91,672

1,794,938

Itron,

Inc.

(a)

.............................

9,224

450,961

Keysight

Technologies,

Inc.

(a)

.................

36,388

6,336,970

TE

Connectivity

Ltd.

.......................

64,532

7,887,746

Trimble,

Inc.

(a)(b)

..........................

50,023

3,009,384

Zebra

Technologies

Corp.,

Class

A

(a)

............

10,514

2,977,775

29,241,891

a

Energy

Equipment

&

Services

 — 0.4%

Baker

Hughes

Co.,

Class

A

..................

197,200

5,454,552

Core

Laboratories

NV

(b)

.....................

9,712

188,995

Halliburton

Co.

..........................

180,835

6,586,011

NOV,

Inc.

..............................

79,002

1,769,645

TechnipFMC

PLC

(a)

.......................

87,004

921,372

14,920,575

a

Entertainment

 — 1.5%

Electronic

Arts,

Inc.

.......................

56,030

7,057,539

Walt

Disney

Co.

(The)

(a)

....................

364,379

38,820,938

Warner

Bros

Discovery,

Inc.,

Series

A

(a)

..........

461,434

5,998,642

51,877,119

a

Security

Shares

Value

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 3.4%

American

Tower

Corp.

.....................

91,287

$

18,913,754

AvalonBay

Communities,

Inc.

................

27,946

4,893,904

Boston

Properties,

Inc.

.....................

29,825

2,168,277

Corporate

Office

Properties

Trust

..............

23,020

613,483

Crown

Castle,

Inc.

........................

86,561

11,535,119

Digital

Realty

Trust,

Inc.

....................

56,841

5,698,310

Equinix,

Inc.

............................

18,171

10,292,781

Equity

Residential

........................

71,665

4,516,328

Federal

Realty

Investment

Trust

...............

14,303

1,415,711

Healthpeak

Properties,

Inc.

..................

107,072

2,540,819

Host

Hotels

&

Resorts,

Inc.

..................

143,396

2,707,316

Iron

Mountain,

Inc.

........................

58,245

2,916,327

Macerich

Co.

(The)

.......................

42,369

471,567

PotlatchDeltic

Corp.

.......................

16,249

722,918

Prologis,

Inc.

............................

184,619

20,446,554

SBA

Communications

Corp.,

Class

A

............

21,620

5,835,238

Simon

Property

Group,

Inc.

..................

65,786

7,169,358

UDR,

Inc.

..............................

63,758

2,535,018

Ventas,

Inc.

............................

80,129

3,135,448

Welltower,

Inc.

...........................

91,015

5,555,556

Weyerhaeuser

Co.

........................

148,727

4,600,126

118,683,912

a

Food

&

Staples

Retailing

 — 0.4%

Kroger

Co.

(The)

.........................

138,509

6,550,090

Sysco

Corp.

............................

101,657

8,799,430

United

Natural

Foods,

Inc.

(a)

..................

11,843

502,262

15,851,782

a

Food

Products

 — 2.1%

Archer-Daniels-Midland

Co.

..................

112,598

10,919,754

Bunge

Ltd.

.............................

30,388

2,999,296

Campbell

Soup

Co.

.......................

42,310

2,238,622

Conagra

Brands,

Inc.

......................

95,678

3,511,383

Darling

Ingredients,

Inc.

(a)

...................

32,130

2,521,562

General

Mills,

Inc.

........................

120,244

9,809,505

Hain

Celestial

Group,

Inc.

(The)

(a)

..............

18,773

351,243

Hormel

Foods

Corp.

.......................

59,979

2,786,024

Ingredion,

Inc.

...........................

13,405

1,194,654

JM

Smucker

Co.

(The)

.....................

21,792

3,283,183

Kellogg

Co.

.............................

50,757

3,899,153

Kraft

Heinz

Co.

(The)

......................

147,076

5,658,014

Lamb

Weston

Holdings,

Inc.

.................

28,927

2,494,086

McCormick

&

Co.,

Inc.,

NVS

.................

50,167

3,945,133

Mondelez

International,

Inc.,

Class

A

............

276,924

17,025,287

72,636,899

a

Gas

Utilities

 — 0.1%

Atmos

Energy

Corp.

.......................

27,845

2,966,885

New

Jersey

Resources

Corp.

.................

18,937

845,347

UGI

Corp.

..............................

41,927

1,481,281

5,293,513

a

Health

Care

Equipment

&

Supplies

 — 1.8%

ABIOMED,

Inc.

(a)

.........................

9,102

2,294,432

Align

Technology,

Inc.

(a)

.....................

14,991

2,912,751

Becton

Dickinson

and

Co.

...................

57,072

13,467,280

Cooper

Companies,

Inc.

(The)

................

9,912

2,709,842

Dentsply

Sirona,

Inc.

......................

42,908

1,322,425

Dexcom,

Inc.

(a)

..........................

78,549

9,487,148

Edwards

Lifesciences

Corp.

(a)

................

124,133

8,990,953

Hologic,

Inc.

(a)

...........................

49,883

3,382,067

IDEXX

Laboratories,

Inc.

(a)

...................

16,772

6,032,553

Insulet

Corp.

(a)(b)

..........................

13,854

3,585,554

ResMed,

Inc.

...........................

29,198

6,531,301

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

STERIS

PLC

............................

20,035

$

3,457,640

64,173,946

a

Health

Care

Providers

&

Services

 — 2.9%

AmerisourceBergen

Corp.

...................

31,385

4,934,350

Cardinal

Health,

Inc.

.......................

54,569

4,141,787

Centene

Corp.

(a)

.........................

116,879

9,949,909

Cigna

Corp.

............................

63,470

20,504,618

DaVita,

Inc.

(a)(b)

..........................

11,186

816,690

Elevance

Health,

Inc.

......................

48,227

26,369,077

HCA

Healthcare,

Inc.

......................

47,348

10,296,770

Henry

Schein,

Inc.

(a)

.......................

27,668

1,894,151

Humana,

Inc.

...........................

25,324

14,132,818

Laboratory

Corp.

of

America

Holdings

...........

18,550

4,115,503

Patterson

Companies,

Inc.

..................

17,420

452,397

Pediatrix

Medical

Group,

Inc.

(a)

................

15,996

310,322

Quest

Diagnostics,

Inc.

.....................

23,508

3,376,924

Select

Medical

Holdings

Corp.

................

22,792

585,299

101,880,615

a

Health

Care

Technology

 — 0.0%

Teladoc

Health,

Inc.

(a)

......................

32,117

951,948

a

Hotels,

Restaurants

&

Leisure

 — 3.0%

Aramark

...............................

46,244

1,687,906

Booking

Holdings,

Inc.

(a)

....................

8,130

15,198,873

Choice

Hotels

International,

Inc.

...............

7,292

946,793

Darden

Restaurants,

Inc.

...................

24,986

3,576,496

Domino's

Pizza,

Inc.

.......................

7,159

2,378,506

Hilton

Worldwide

Holdings,

Inc.

...............

55,721

7,536,823

Jack

in

the

Box,

Inc.

.......................

4,107

362,361

Marriott

International,

Inc.,

Class

A

.............

55,701

8,918,287

McDonald's

Corp.

........................

147,943

40,338,138

Royal

Caribbean

Cruises

Ltd.

(a)

...............

46,119

2,461,832

Starbucks

Corp.

..........................

229,432

19,866,517

Vail

Resorts,

Inc.

.........................

8,079

1,770,351

105,042,883

a

Household

Durables

 — 0.2%

Ethan

Allen

Interiors,

Inc.

...................

4,560

116,690

Garmin

Ltd.

.............................

30,917

2,721,933

La-Z-Boy,

Inc.

...........................

9,220

228,379

Meritage

Homes

Corp.

(a)

....................

7,513

572,190

Mohawk

Industries,

Inc.

(a)

...................

10,095

956,501

Newell

Brands,

Inc.

.......................

78,687

1,086,668

Whirlpool

Corp.

..........................

11,259

1,556,444

7,238,805

a

Household

Products

 — 2.6%

Church

&

Dwight

Co.,

Inc.

...................

48,581

3,601,309

Clorox

Co.

(The)

.........................

24,717

3,609,671

Colgate-Palmolive

Co.

.....................

158,946

11,736,573

Kimberly-Clark

Corp.

......................

67,435

8,392,960

Procter

&

Gamble

Co.

(The)

.................

479,968

64,637,291

91,977,804

a

Independent

Power

and

Renewable

Electricity

Producers

 — 0.0%

Ormat

Technologies,

Inc.

....................

9,128

825,628

a

Industrial

Conglomerates

 — 0.4%

3M

Co.

................................

110,723

13,927,846

a

Insurance

 — 2.8%

Allstate

Corp.

(The)

.......................

55,097

6,955,996

Arthur

J

Gallagher

&

Co.

....................

42,071

7,870,643

Chubb

Ltd.

.............................

85,277

18,325,175

Security

Shares

Value

a

Insurance

(continued)

Hartford

Financial

Services

Group,

Inc.

(The)

......

65,871

$

4,769,719

Lincoln

National

Corp.

.....................

32,820

1,768,014

Loews

Corp.

............................

41,610

2,372,602

Marsh

&

McLennan

Companies,

Inc.

............

100,437

16,219,571

Principal

Financial

Group,

Inc.

................

50,617

4,460,876

Progressive

Corp.

(The)

....................

117,062

15,030,761

Prudential

Financial,

Inc.

....................

74,877

7,876,312

Travelers

Companies,

Inc.

(The)

...............

48,040

8,861,458

Willis

Towers

Watson

PLC

...................

22,334

4,873,502

99,384,629

a

Interactive

Media

&

Services

 — 6.3%

Alphabet,

Inc.,

Class

A

(a)

....................

1,203,324

113,726,151

Alphabet,

Inc.,

Class

C,

NVS

(a)(b)

...............

1,128,408

106,815,101

ZoomInfo

Technologies,

Inc.

(a)

................

52,460

2,336,044

222,877,296

a

IT

Services

 — 7.0%

Accenture

PLC,

Class

A

....................

126,709

35,972,685

Akamai

Technologies,

Inc.

(a)

..................

31,875

2,815,519

Automatic

Data

Processing,

Inc.

...............

84,028

20,309,568

Cognizant

Technology

Solutions

Corp.,

Class

A

.....

104,385

6,497,966

Fidelity

National

Information

Services,

Inc.

........

122,195

10,140,963

International

Business

Machines

Corp.

..........

179,928

24,882,243

Mastercard,

Inc.,

Class

A

....................

173,725

57,013,070

Okta,

Inc.,

Class

A

(a)

.......................

30,193

1,694,431

PayPal

Holdings,

Inc.

(a)

.....................

220,077

18,394,036

Visa,

Inc.,

Class

A

........................

329,217

68,200,594

Western

Union

Co.

(The)

...................

76,314

1,031,002

246,952,077

a

Leisure

Products

 — 0.1%

Hasbro,

Inc.

............................

26,359

1,719,925

Mattel,

Inc.

(a)

............................

70,168

1,330,385

Topgolf

Callaway

Brands

Corp.

(a)

..............

27,942

523,074

3,573,384

a

Life

Sciences

Tools

&

Services

 — 1.1%

Agilent

Technologies,

Inc.

...................

59,870

8,283,015

Bio-Techne

Corp.

.........................

7,868

2,330,974

Illumina,

Inc.

(a)

...........................

31,450

7,196,389

IQVIA

Holdings,

Inc.

(a)

......................

37,926

7,951,944

Mettler-Toledo

International,

Inc.

(a)

.............

4,541

5,744,047

Waters

Corp.

(a)

..........................

12,065

3,609,486

West

Pharmaceutical

Services,

Inc.

............

14,741

3,391,904

38,507,759

a

Machinery

 — 3.3%

AGCO

Corp.

............................

12,770

1,585,651

Caterpillar,

Inc.

..........................

106,699

23,096,066

Cummins,

Inc.

...........................

28,243

6,905,696

Deere

&

Co.

............................

58,083

22,990,413

Dover

Corp.

............................

28,916

3,779,032

Flowserve

Corp.

.........................

26,711

766,071

Fortive

Corp.

............................

68,001

4,345,264

Graco,

Inc.

.............................

33,633

2,340,184

IDEX

Corp.

.............................

15,171

3,372,665

Illinois

Tool

Works,

Inc.

.....................

62,361

13,315,944

Ingersoll

Rand,

Inc.

(b)

......................

81,144

4,097,772

Lincoln

Electric

Holdings,

Inc.

................

10,911

1,549,362

Middleby

Corp.

(The)

(a)

.....................

10,340

1,446,152

PACCAR,

Inc.

...........................

69,408

6,720,777

Parker-Hannifin

Corp.

......................

25,653

7,455,275

Pentair

PLC

............................

33,397

1,434,401

Snap-on,

Inc.

...........................

10,706

2,377,267

Stanley

Black

&

Decker,

Inc.

.................

30,242

2,373,695

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Machinery

(continued)

Tennant

Co.

............................

3,220

$

187,565

Timken

Co.

(The)

.........................

13,114

934,897

Westinghouse

Air

Brake

Technologies

Corp.

.......

34,757

3,242,133

Xylem,

Inc.

.............................

35,841

3,671,194

117,987,476

a

Media

 — 0.2%

Cable

One,

Inc.

..........................

1,081

929,044

John

Wiley

&

Sons,

Inc.,

Class

A

..............

8,877

374,521

New

York

Times

Co.

(The),

Class

A

.............

33,615

973,490

Omnicom

Group,

Inc.

......................

41,210

2,998,027

Scholastic

Corp.

.........................

6,126

233,646

5,508,728

a

Metals

&

Mining

 — 0.2%

Compass

Minerals

International,

Inc.

............

6,693

264,641

Newmont

Corp.

..........................

158,973

6,727,737

Schnitzer

Steel

Industries,

Inc.,

Class

A

..........

5,250

141,698

7,134,076

a

Multiline

Retail

 — 0.5%

Kohl's

Corp.

............................

25,761

771,542

Nordstrom,

Inc.

..........................

22,466

456,959

Target

Corp.

............................

92,801

15,242,564

16,471,065

a

Multi-Utilities

 — 0.5%

Avista

Corp.

............................

12,983

532,693

Consolidated

Edison,

Inc.

...................

70,742

6,222,466

Sempra

Energy

..........................

62,987

9,507,258

16,262,417

a

Oil,

Gas

&

Consumable

Fuels

 — 1.5%

Cheniere

Energy,

Inc.

......................

45,665

8,055,763

Marathon

Petroleum

Corp.

..................

108,321

12,307,432

ONEOK,

Inc.

............................

89,100

5,285,412

Phillips

66

..............................

96,287

10,041,771

Valero

Energy

Corp.

.......................

81,424

10,222,783

Williams

Companies,

Inc.

(The)

...............

243,201

7,959,969

53,873,130

a

Personal

Products

 — 0.3%

Estee

Lauder

Companies,

Inc.

(The),

Class

A

......

46,285

9,279,680

a

Pharmaceuticals

 — 2.8%

Bristol-Myers

Squibb

Co.

....................

425,908

32,995,093

Jazz

Pharmaceuticals

PLC

(a)

.................

12,501

1,797,519

Merck

&

Co.,

Inc.

.........................

505,873

51,194,347

Zoetis,

Inc.,

Class

A

.......................

94,201

14,203,627

100,190,586

a

Professional

Services

 — 0.2%

ASGN,

Inc.

(a)

............................

10,237

867,893

Exponent,

Inc.

...........................

10,213

972,890

Heidrick

&

Struggles

International,

Inc.

..........

3,679

103,601

ICF

International,

Inc.

......................

3,883

464,523

Kelly

Services,

Inc.,

Class

A,

NVS

.............

6,937

113,351

ManpowerGroup,

Inc.

......................

10,507

823,118

Resources

Connection,

Inc.

..................

7,102

129,754

Robert

Half

International,

Inc.

.................

22,211

1,698,253

TransUnion

.............................

38,530

2,283,673

TrueBlue,

Inc.

(a)(b)

.........................

7,028

138,170

7,595,226

a

Real

Estate

Management

&

Development

 — 0.2%

Anywhere

Real

Estate,

Inc.

(a)

.................

22,819

169,545

CBRE

Group,

Inc.,

Class

A

(a)

.................

65,475

4,644,797

Security

Shares

Value

a

Real

Estate

Management

&

Development

(continued)

Jones

Lang

LaSalle,

Inc.

(a)

...................

9,758

$

1,552,400

6,366,742

a

Road

&

Rail

 — 1.5%

AMERCO

..............................

1,988

1,143,478

ArcBest

Corp.

...........................

5,030

399,533

Avis

Budget

Group,

Inc.

(a)

...................

6,279

1,484,732

CSX

Corp.

.............................

435,372

12,651,910

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

..

30,991

1,488,498

Norfolk

Southern

Corp.

.....................

47,587

10,853,167

Ryder

System,

Inc.

........................

10,245

824,825

Union

Pacific

Corp.

.......................

125,706

24,781,681

53,627,824

a

Semiconductors

&

Semiconductor

Equipment

 — 5.8%

Advanced

Micro

Devices,

Inc.

(a)

...............

324,175

19,469,950

Analog

Devices,

Inc.

.......................

104,021

14,835,475

Applied

Materials,

Inc.

.....................

174,115

15,372,613

Intel

Corp.

.............................

817,983

23,255,257

Lam

Research

Corp.

......................

27,696

11,210,787

Microchip

Technology,

Inc.

...................

110,717

6,835,668

NVIDIA

Corp.

...........................

500,914

67,608,363

NXP

Semiconductors

NV

...................

52,606

7,684,684

ON

Semiconductor

Corp.

(a)

..................

86,660

5,323,524

Skyworks

Solutions,

Inc.

....................

32,234

2,772,446

Texas

Instruments,

Inc.

.....................

184,468

29,631,095

203,999,862

a

Software

 — 15.2%

Adobe,

Inc.

(a)

............................

94,521

30,104,938

ANSYS,

Inc.

(a)

...........................

17,467

3,863,002

Autodesk,

Inc.

(a)

..........................

43,560

9,334,908

Black

Knight,

Inc.

(a)

........................

30,891

1,867,979

Cadence

Design

Systems,

Inc.

(a)

..............

55,242

8,363,086

Coupa

Software,

Inc.

(a)

.....................

14,796

787,591

Fair

Isaac

Corp.

(a)(b)

.......................

5,182

2,481,349

Fortinet,

Inc.

(a)

...........................

136,208

7,785,649

Guidewire

Software,

Inc.

(a)(b)

..................

15,884

943,668

HubSpot,

Inc.

(a)

..........................

9,083

2,693,654

Intuit,

Inc.

..............................

53,608

22,917,420

Microsoft

Corp.

..........................

1,421,335

329,934,494

NortonLifeLock,

Inc.

.......................

120,005

2,703,713

Oracle

Corp.

............................

320,250

25,001,918

Paycom

Software,

Inc.

(a)

....................

10,231

3,539,926

PTC,

Inc.

(a)(b)

............................

22,147

2,609,581

RingCentral,

Inc.,

Class

A

(a)

..................

16,427

583,487

Roper

Technologies,

Inc.

....................

21,136

8,761,717

Salesforce,

Inc.

(a)

.........................

198,829

32,327,607

ServiceNow,

Inc.

(a)

........................

40,121

16,880,510

Splunk,

Inc.

(a)

...........................

32,226

2,678,303

Synopsys,

Inc.

(a)

.........................

30,616

8,956,711

Teradata

Corp.

(a)

.........................

20,447

645,921

VMware,

Inc.,

Class

A

......................

42,263

4,755,855

Workday,

Inc.,

Class

A

(a)

....................

39,860

6,210,985

Zendesk,

Inc.

(a)

..........................

24,391

1,870,546

538,604,518

a

Specialty

Retail

 — 3.0%

AutoNation,

Inc.

(a)(b)

.......................

7,594

807,318

Best

Buy

Co.,

Inc.

........................

40,561

2,774,778

Buckle,

Inc.

(The)

........................

5,699

224,142

CarMax,

Inc.

(a)(b)

..........................

32,000

2,016,320

Foot

Locker,

Inc.

.........................

17,324

549,171

GameStop

Corp.,

Class

A

(a)(b)

.................

52,420

1,484,010

Gap,

Inc.

(The)

..........................

41,696

469,914

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

Home

Depot,

Inc.

(The)

....................

205,597

$

60,883,440

Lowe's

Companies,

Inc.

....................

127,853

24,924,942

ODP

Corp.

(The)

(a)

........................

8,744

346,000

Signet

Jewelers

Ltd.

.......................

9,494

619,388

Tractor

Supply

Co.

........................

22,370

4,916,255

Ulta

Beauty,

Inc.

(a)

........................

10,379

4,352,641

104,368,319

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.4%

Dell

Technologies,

Inc.,

Class

C

...............

54,952

2,110,157

Hewlett

Packard

Enterprise

Co.

...............

260,435

3,716,408

HP,

Inc.

...............................

210,978

5,827,212

Seagate

Technology

Holdings

PLC

.............

40,882

2,030,200

Xerox

Holdings

Corp.

......................

23,500

343,805

14,027,782

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.9%

Capri

Holdings

Ltd.

(a)

......................

29,128

1,330,567

Columbia

Sportswear

Co.

...................

6,819

508,016

Deckers

Outdoor

Corp.

(a)

....................

5,348

1,871,426

Hanesbrands,

Inc.

........................

70,967

483,995

Nike,

Inc.,

Class

B

........................

253,809

23,523,018

PVH

Corp.

.............................

13,440

689,741

Under

Armour,

Inc.,

Class

A

(a)

.................

36,847

274,510

Under

Armour,

Inc.,

Class

C,

NVS

(a)

............

42,037

275,763

VF

Corp.

..............................

66,221

1,870,743

Wolverine

World

Wide,

Inc.

..................

15,942

273,086

31,100,865

a

Thrifts

&

Mortgage

Finance

 — 0.0%

New

York

Community

Bancorp,

Inc.

............

94,298

877,914

a

Trading

Companies

&

Distributors

 — 0.5%

Air

Lease

Corp.,

Class

A

....................

21,057

743,102

Applied

Industrial

Technologies,

Inc.

............

7,818

972,403

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

Fastenal

Co.

............................

114,912

$

5,553,697

United

Rentals,

Inc.

(a)

......................

14,344

4,528,544

WW

Grainger,

Inc.

........................

9,212

5,383,032

17,180,778

a

Water

Utilities

 — 0.2%

American

Water

Works

Co.,

Inc.

...............

36,404

5,290,957

Essential

Utilities,

Inc.

......................

49,864

2,204,986

7,495,943

a

Total

Long-Term

Investments — 99.7%

(Cost:

$3,169,567,842)

...............................

3,523,917,680

a

Short-Term

Securities

Money

Market

Funds

 — 

0.5%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(c)(d)(e)

......................

9,691,003

9,689,065

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

(c)(d)

............................

6,439,304

6,439,304

a

Total

Short-Term

Securities — 0.5%

(Cost:

$16,128,369)

.................................

16,128,369

Total

Investments

—

100.2%

(Cost:

$3,185,696,211)

...............................

3,540,046,049

Liabilities

in

Excess

of

Other

Assets

—

(0.2)%

...............

(6,183,847)

Net

Assets

—

100.0%

.................................

$

3,533,862,202

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

25,429,018

$

—

$

(15,735,539

)

(a)

$

(4,987

)

$

573

$

9,689,065

9,691,003

$

200,383

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,630,000

3,809,304

(a)

—

—

—

6,439,304

6,439,304

77,806

—

BlackRock,

Inc.

..

17,745,909

2,101,574

(967,230

)

284,400

374,770

19,539,423

30,251

297,163

—

$

279,413

$

375,343

$

35,667,792

$

575,352

$

—

(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)

October

31,

2022

iShares

®

MSCI

KLD

400

Social

ETF

36

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

...................................................................

49

12/16/22

$

9,513

$

226,804

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

226,804

$

—

$

—

$

—

$

226,804

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(857,023

)

$

—

$

—

$

—

$

(857,023

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

505,645

$

—

$

—

$

—

$

505,645

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,956,925

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

37

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,523,917,680

‌

$

—

‌

$

—

‌

$

3,523,917,680

‌

Short-Term

Securities

Money

Market

Funds

......................................

16,128,369

‌

—

‌

—

‌

16,128,369

‌

$

3,540,046,049

‌

$

—

‌

$

—

‌

$

3,540,046,049

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

226,804

‌

$

—

‌

$

—

‌

$

226,804

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

MSCI

USA

ESG

Select

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.6

%

L3Harris

Technologies,

Inc.

..................

77,850

$

19,187,689

a

Air

Freight

&

Logistics

 — 

1

.7

%

CH

Robinson

Worldwide,

Inc.

(a)

...............

154,846

15,131,551

Expeditors

International

of

Washington,

Inc.

.......

402,131

39,348,518

54,480,069

a

Auto

Components

 — 

0

.4

%

Aptiv

PLC

(b)

.............................

127,277

11,591,116

a

Automobiles

 — 

2

.0

%

Lucid

Group,

Inc.

(a)

(b)

.......................

213,418

3,049,743

Rivian

Automotive,

Inc.

,

Class

A

(b)

..............

111,043

3,883,174

Tesla,

Inc.

(b)

.............................

254,925

58,005,634

64,938,551

a

Banks

 — 

2

.1

%

Huntington

Bancshares,

Inc.

.................

1,603,351

24,338,868

PNC

Financial

Services

Group,

Inc.

(The)

........

40,442

6,544,729

Regions

Financial

Corp.

....................

1,220,501

26,789,997

SVB

Financial

Group

(b)

.....................

23,061

5,326,169

Truist

Financial

Corp.

......................

114,988

5,150,312

68,150,075

a

Beverages

 — 

3

.3

%

Coca-Cola

Co.

(The)

......................

677,998

40,578,180

Keurig

Dr

Pepper,

Inc.

.....................

199,278

7,739,958

PepsiCo,

Inc.

...........................

316,122

57,401,433

105,719,571

a

Biotechnology

 — 

2

.6

%

Amgen,

Inc.

............................

112,577

30,435,192

Biogen,

Inc.

(b)

...........................

29,950

8,489,028

Gilead

Sciences,

Inc.

......................

330,358

25,919,889

Vertex

Pharmaceuticals,

Inc.

(b)

................

61,062

19,051,344

83,895,453

a

Building

Products

 — 

2

.9

%

Carrier

Global

Corp.

.......................

136,061

5,409,786

Fortune

Brands

Home

&

Security,

Inc.

...........

52,863

3,188,696

Johnson

Controls

International

PLC

............

833,192

48,191,825

Owens

Corning

..........................

81,252

6,955,984

Trane

Technologies

PLC

....................

195,913

31,273,592

95,019,883

a

Capital

Markets

 — 

5

.5

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

416,767

17,550,058

BlackRock,

Inc.

(c)

.........................

72,358

46,736,756

CME

Group,

Inc.

,

Class

A

...................

20,050

3,474,665

FactSet

Research

Systems,

Inc.

...............

16,025

6,818,477

Invesco

Ltd.

............................

319,824

4,899,704

Moody's

Corp.

...........................

54,905

14,542,687

Morgan

Stanley

..........................

407,101

33,451,489

Nasdaq,

Inc.

............................

57,374

3,570,958

Northern

Trust

Corp.

.......................

179,613

15,150,357

S&P

Global,

Inc.

.........................

56,741

18,228,046

State

Street

Corp.

........................

140,583

10,403,142

T

Rowe

Price

Group,

Inc.

...................

28,346

3,009,211

177,835,550

a

Chemicals

 — 

2

.3

%

Ecolab,

Inc.

............................

222,838

35,001,164

International

Flavors

&

Fragrances,

Inc.

..........

83,049

8,106,413

Linde

PLC

.............................

62,797

18,672,688

Security

Shares

Value

a

Chemicals

(continued)

Mosaic

Co.

(The)

.........................

212,520

$

11,422,950

PPG

Industries,

Inc.

.......................

27,088

3,092,908

76,296,123

a

Communications

Equipment

 — 

1

.0

%

Cisco

Systems,

Inc.

.......................

613,946

27,891,567

Motorola

Solutions,

Inc.

....................

18,892

4,717,521

32,609,088

a

Construction

&

Engineering

 — 

0

.2

%

Quanta

Services,

Inc.

......................

36,493

5,183,466

a

Consumer

Finance

 — 

0

.8

%

American

Express

Co.

.....................

180,614

26,812,148

a

Containers

&

Packaging

 — 

0

.5

%

Amcor

PLC

.............................

936,340

10,842,817

Ball

Corp.

..............................

109,816

5,423,812

16,266,629

a

Distributors

 — 

0

.3

%

LKQ

Corp.

.............................

170,771

9,501,698

a

Diversified

Telecommunication

Services

 — 

0

.6

%

Verizon

Communications,

Inc.

................

478,743

17,890,626

a

Electric

Utilities

 — 

0

.7

%

Eversource

Energy

.......................

312,740

23,855,807

a

Electrical

Equipment

 — 

0

.1

%

Plug

Power,

Inc.

(a)

(b)

.......................

153,119

2,446,842

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.8

%

Keysight

Technologies,

Inc.

(b)

.................

73,937

12,876,129

Trimble,

Inc.

(b)

...........................

174,840

10,518,374

Zebra

Technologies

Corp.

,

Class

A

(b)

............

12,223

3,461,798

26,856,301

a

Energy

Equipment

&

Services

 — 

2

.3

%

Baker

Hughes

Co.

,

Class

A

..................

575,090

15,906,989

Halliburton

Co.

..........................

800,538

29,155,594

Schlumberger

Ltd.

(a)

.......................

581,582

30,259,712

75,322,295

a

Entertainment

 — 

1

.1

%

Electronic

Arts,

Inc.

.......................

69,676

8,776,389

Walt

Disney

Co.

(The)

(b)

....................

209,902

22,362,959

Warner

Bros

Discovery,

Inc.

,

Series

A

(b)

..........

260,388

3,385,044

34,524,392

a

Equity

Real

Estate

Investment

Trusts

(REITs)

 — 

2

.7

%

American

Tower

Corp.

.....................

85,413

17,696,719

Crown

Castle,

Inc.

........................

49,262

6,564,654

Equinix,

Inc.

............................

29,918

16,946,752

Healthpeak

Properties,

Inc.

..................

465,509

11,046,529

Iron

Mountain,

Inc.

........................

88,127

4,412,519

Prologis,

Inc.

............................

130,946

14,502,269

Ventas,

Inc.

............................

110,885

4,338,930

Welltower,

Inc.

...........................

201,198

12,281,126

87,789,498

a

Food

&

Staples

Retailing

 — 

0

.5

%

Costco

Wholesale

Corp.

....................

18,652

9,353,978

Kroger

Co.

(The)

.........................

168,858

7,985,295

17,339,273

a

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Food

Products

 — 

4

.1

%

Bunge

Ltd.

.............................

240,881

$

23,774,954

General

Mills,

Inc.

........................

507,683

41,416,779

Kellogg

Co.

.............................

676,879

51,997,845

McCormick

&

Co.,

Inc.

,

NVS

(a)

................

210,484

16,552,462

133,742,040

a

Gas

Utilities

 — 

0

.1

%

UGI

Corp.

..............................

120,338

4,251,542

a

Health

Care

Equipment

&

Supplies

 — 

2

.5

%

Dexcom,

Inc.

(a)

(b)

.........................

80,004

9,662,883

Edwards

Lifesciences

Corp.

(b)

................

219,843

15,923,229

Hologic,

Inc.

(b)

...........................

113,886

7,721,471

IDEXX

Laboratories,

Inc.

(b)

...................

40,007

14,389,718

Insulet

Corp.

(a)

(b)

..........................

53,878

13,944,165

ResMed,

Inc.

...........................

32,881

7,355,151

STERIS

PLC

............................

63,480

10,955,378

79,951,995

a

Health

Care

Providers

&

Services

 — 

1

.9

%

DaVita,

Inc.

(b)

............................

56,589

4,131,563

Elevance

Health,

Inc.

......................

26,605

14,546,816

HCA

Healthcare,

Inc.

......................

61,900

13,461,393

Humana,

Inc.

...........................

14,200

7,924,736

Laboratory

Corp.

of

America

Holdings

...........

15,702

3,483,646

Quest

Diagnostics,

Inc.

.....................

119,748

17,201,800

60,749,954

a

Health

Care

Technology

 — 

0

.1

%

Teladoc

Health,

Inc.

(a)

(b)

.....................

108,637

3,220,001

a

Hotels,

Restaurants

&

Leisure

 — 

0

.6

%

Hilton

Worldwide

Holdings,

Inc.

...............

82,825

11,202,909

Vail

Resorts,

Inc.

.........................

39,569

8,670,755

19,873,664

a

Household

Products

 — 

2

.0

%

Clorox

Co.

(The)

.........................

32,030

4,677,661

Colgate-Palmolive

Co.

.....................

293,181

21,648,485

Kimberly-Clark

Corp.

......................

157,038

19,544,950

Procter

&

Gamble

Co.

(The)

.................

148,000

19,931,160

65,802,256

a

Industrial

Conglomerates

 — 

1

.1

%

3M

Co.

................................

287,053

36,108,397

a

Insurance

 — 

2

.9

%

American

International

Group,

Inc.

.............

117,628

6,704,796

Chubb

Ltd.

.............................

17,840

3,833,638

Marsh

&

McLennan

Companies,

Inc.

............

217,802

35,172,845

Prudential

Financial,

Inc.

....................

307,692

32,366,122

Travelers

Companies,

Inc.

(The)

...............

83,451

15,393,371

93,470,772

a

Interactive

Media

&

Services

 — 

3

.5

%

Alphabet,

Inc.

,

Class

A

(b)

....................

653,093

61,723,820

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

................

361,990

34,265,973

Meta

Platforms,

Inc.

,

Class

A

(b)

................

78,834

7,344,175

ZoomInfo

Technologies,

Inc.

(b)

................

241,760

10,765,573

114,099,541

a

Internet

&

Direct

Marketing

Retail

 — 

0

.3

%

eBay,

Inc.

..............................

75,929

3,025,011

MercadoLibre,

Inc.

(b)

.......................

5,711

5,149,152

8,174,163

a

Security

Shares

Value

a

IT

Services

 — 

6

.2

%

Accenture

PLC

,

Class

A

....................

123,936

$

35,185,430

Automatic

Data

Processing,

Inc.

...............

209,032

50,523,034

Block,

Inc.

,

Class

A

(b)

......................

49,080

2,948,236

Fidelity

National

Information

Services,

Inc.

........

114,052

9,465,176

International

Business

Machines

Corp.

..........

173,637

24,012,261

Mastercard,

Inc.

,

Class

A

....................

88,406

29,013,081

Okta,

Inc.

,

Class

A

(b)

.......................

46,855

2,629,503

PayPal

Holdings,

Inc.

(b)

.....................

116,597

9,745,177

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

25,393

4,070,498

Twilio,

Inc.

,

Class

A

(b)

......................

53,416

3,972,548

Visa,

Inc.

,

Class

A

(a)

.......................

153,202

31,737,326

203,302,270

a

Leisure

Products

 — 

0

.5

%

Hasbro,

Inc.

............................

271,985

17,747,021

a

Life

Sciences

Tools

&

Services

 — 

3

.8

%

Agilent

Technologies,

Inc.

...................

280,392

38,792,233

Danaher

Corp.

..........................

39,112

9,843,317

Illumina,

Inc.

(b)

...........................

21,375

4,891,028

Mettler-Toledo

International,

Inc.

(b)

.............

14,810

18,733,613

Waters

Corp.

(b)

..........................

91,263

27,303,152

West

Pharmaceutical

Services,

Inc.

............

105,152

24,195,475

123,758,818

a

Machinery

 — 

2

.0

%

Caterpillar,

Inc.

..........................

66,026

14,291,988

Cummins,

Inc.

...........................

45,449

11,112,735

Deere

&

Co.

............................

23,746

9,399,142

Xylem,

Inc.

.............................

296,519

30,372,441

65,176,306

a

Media

 — 

0

.4

%

Cable

One,

Inc.

..........................

6,867

5,901,706

Interpublic

Group

of

Companies,

Inc.

(The)

.......

218,747

6,516,473

12,418,179

a

Metals

&

Mining

 — 

0

.3

%

Newmont

Corp.

..........................

179,175

7,582,686

Nucor

Corp.

............................

25,898

3,402,479

10,985,165

a

Multiline

Retail

 — 

0

.4

%

Target

Corp.

............................

84,058

13,806,526

a

Multi-Utilities

 — 

0

.4

%

Consolidated

Edison,

Inc.

...................

74,692

6,569,909

Sempra

Energy

..........................

41,580

6,276,085

12,845,994

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.6

%

Cheniere

Energy,

Inc.

......................

185,450

32,715,234

Kinder

Morgan,

Inc.

,

Class

P

.................

191,208

3,464,689

ONEOK,

Inc.

............................

525,809

31,190,990

Valero

Energy

Corp.

.......................

143,191

17,977,630

85,348,543

a

Pharmaceuticals

 — 

2

.2

%

Catalent,

Inc.

(b)

..........................

34,002

2,234,952

Eli

Lilly

&

Co.

...........................

60,225

21,806,870

Merck

&

Co.,

Inc.

.........................

197,480

19,984,976

Zoetis,

Inc.

,

Class

A

.......................

181,262

27,330,684

71,357,482

a

Professional

Services

 — 

0

.1

%

Robert

Half

International,

Inc.

.................

56,795

4,342,546

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

MSCI

USA

ESG

Select

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.6

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

268,641

$

19,057,393

a

Road

&

Rail

 — 

0

.1

%

Norfolk

Southern

Corp.

.....................

16,954

3,866,699

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.5

%

Advanced

Micro

Devices,

Inc.

(b)

...............

81,396

4,888,644

Applied

Materials,

Inc.

.....................

281,520

24,855,401

Intel

Corp.

.............................

600,137

17,061,895

Lam

Research

Corp.

......................

28,231

11,427,344

Marvell

Technology,

Inc.

....................

67,262

2,668,956

NVIDIA

Corp.

...........................

342,688

46,252,599

NXP

Semiconductors

NV

...................

60,049

8,771,958

ON

Semiconductor

Corp.

(b)

..................

112,702

6,923,284

QUALCOMM,

Inc.

........................

53,793

6,329,284

Texas

Instruments,

Inc.

.....................

305,743

49,111,498

178,290,863

a

Software

 — 

9

.9

%

Adobe,

Inc.

(b)

............................

120,597

38,410,144

ANSYS,

Inc.

(b)

...........................

33,249

7,353,349

Autodesk,

Inc.

(b)

..........................

78,779

16,882,340

Cadence

Design

Systems,

Inc.

(b)

..............

123,991

18,770,997

HubSpot,

Inc.

(a)

(b)

.........................

13,129

3,893,536

Intuit,

Inc.

..............................

67,164

28,712,610

Microsoft

Corp.

..........................

623,360

144,700,557

PTC,

Inc.

(b)

.............................

33,672

3,967,572

Salesforce,

Inc.

(b)

.........................

175,866

28,594,053

ServiceNow,

Inc.

(b)

........................

42,316

17,804,034

Splunk,

Inc.

(b)

...........................

39,457

3,279,271

VMware,

Inc.

,

Class

A

......................

36,937

4,156,521

Workday,

Inc.

,

Class

A

(b)

....................

36,987

5,763,314

322,288,298

a

Specialty

Retail

 — 

3

.3

%

Best

Buy

Co.,

Inc.

........................

276,914

18,943,687

Home

Depot,

Inc.

(The)

....................

198,099

58,663,057

Lowe's

Companies,

Inc.

....................

132,559

25,842,377

Security

Shares

Value

a

Specialty

Retail

(continued)

Tractor

Supply

Co.

........................

24,287

$

5,337,554

108,786,675

a

Technology

Hardware,

Storage

&

Peripherals

 — 

5

.7

%

Apple,

Inc.

.............................

1,039,962

159,467,773

Hewlett

Packard

Enterprise

Co.

...............

1,398,316

19,953,969

HP,

Inc.

...............................

269,051

7,431,189

186,852,931

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Lululemon

Athletica,

Inc.

(b)

...................

11,082

3,646,421

Nike,

Inc.

,

Class

B

........................

74,376

6,893,168

VF

Corp.

..............................

180,679

5,104,182

15,643,771

a

Trading

Companies

&

Distributors

 — 

1

.2

%

WW

Grainger,

Inc.

........................

68,602

40,087,579

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

3,446,589,057

)

...............................

3,248,919,527

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

25,882,207

25,877,031

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

4,691,009

4,691,009

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

30,565,067

)

.................................

30,568,040

Total

Investments

—

100.7%

(Cost:

$

3,477,154,124

)

...............................

3,279,487,567

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

...............

(

22,785,321

)

Net

Assets

—

100.0%

.................................

$

3,256,702,246

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

14,194,811

$

11,691,800

(a)

$

—

$

(

6,681

)

$

(

2,899

)

$

25,877,031

25,882,207

$

209,144

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

8,900,000

—

(

4,208,991

)

(a)

—

—

4,691,009

4,691,009

54,857

—

BlackRock,

Inc.

..

47,282,029

1,648,683

(

3,690,035

)

859,303

636,776

46,736,756

72,358

719,894

—

$

852,622

$

633,877

$

77,304,796

$

983,895

$

—

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

41

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

..................................................................

38

12/16/22

$

7,378

$

(

68,456

)

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)

.............

$

—

$

—

$

68,456

$

—

$

—

$

—

$

68,456

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

904,820

)

$

—

$

—

$

—

$

(

904,820

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

241,054

$

—

$

—

$

—

$

241,054

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

8,752,388

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

MSCI

USA

ESG

Select

ETF

42

2022

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,248,919,527

‌

$

—

‌

$

—

‌

$

3,248,919,527

‌

Short-Term

Securities

Money

Market

Funds

......................................

30,568,040

‌

—

‌

—

‌

30,568,040

‌

$

3,279,487,567

‌

$

—

‌

$

—

‌

$

3,279,487,567

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

68,456

)

$

—

‌

$

—

‌

$

(

68,456

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.7%

Hexcel

Corp.

............................

111,489

$

6,209,937

a

Chemicals

 — 64.2%

Air

Products

and

Chemicals,

Inc.

..............

240,681

60,266,522

Albemarle

Corp.

.........................

133,801

37,446,886

Ashland,

Inc.

............................

67,389

7,070,454

Celanese

Corp.

..........................

144,105

13,851,373

CF

Industries

Holdings,

Inc.

..................

261,836

27,822,693

Chemours

Co.

(The)

.......................

205,369

5,879,714

Dow,

Inc.

..............................

834,045

38,983,263

Eastman

Chemical

Co.

.....................

162,871

12,510,122

Ecolab,

Inc.

............................

279,574

43,912,688

Element

Solutions,

Inc.

.....................

303,977

5,228,404

FMC

Corp.

.............................

167,608

19,928,591

Huntsman

Corp.

.........................

254,307

6,805,255

International

Flavors

&

Fragrances,

Inc.

..........

301,034

29,383,929

Linde

PLC

.............................

508,271

151,134,383

LyondellBasell

Industries

NV,

Class

A

...........

335,029

25,612,967

Mosaic

Co.

(The)

.........................

458,913

24,666,574

NewMarket

Corp.

.........................

7,864

2,393,330

Olin

Corp.

..............................

177,907

9,420,176

Scotts

Miracle-Gro

Co.

(The),

Class

A

...........

53,697

2,465,229

Valvoline,

Inc.

...........................

235,256

6,907,116

Westlake

Corp.

..........................

43,910

4,243,902

535,933,571

a

Containers

&

Packaging

 — 4.1%

Avery

Dennison

Corp.

(a)

....................

108,344

18,369,725

International

Paper

Co.

.....................

481,055

16,168,259

34,537,984

a

Machinery

 — 0.7%

Timken

Co.

(The)

.........................

82,920

5,911,367

a

Metals

&

Mining

 — 25.5%

Alcoa

Corp.

.............................

239,196

9,335,820

Cleveland-Cliffs,

Inc.

(a)(b)

....................

679,930

8,832,291

Security

Shares

Value

a

Metals

&

Mining

(continued)

Freeport-McMoRan,

Inc.

....................

1,618,074

$

51,276,765

MP

Materials

Corp.,

Class

A

(a)(b)

...............

120,721

3,626,459

Newmont

Corp.

..........................

902,060

38,175,179

Nucor

Corp.

............................

303,182

39,832,051

Reliance

Steel

&

Aluminum

Co.

...............

79,824

16,082,939

Royal

Gold,

Inc.

(a)

.........................

87,194

8,279,942

Southern

Copper

Corp.

.....................

113,646

5,337,953

SSR

Mining,

Inc.

(a)

........................

282,075

3,892,635

Steel

Dynamics,

Inc.

.......................

230,414

21,670,437

United

States

Steel

Corp.

...................

312,745

6,367,488

212,709,959

a

Trading

Companies

&

Distributors

 — 4.6%

Fastenal

Co.

............................

676,387

32,689,784

Univar

Solutions,

Inc.

(a)(b)

....................

218,678

5,571,915

38,261,699

a

Total

Long-Term

Investments — 99.8%

(Cost:

$968,138,448)

................................

833,564,517

a

Short-Term

Securities

Money

Market

Funds

 — 

1.6%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(c)(d)(e)

......................

12,852,270

12,849,699

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

(c)(d)

............................

926,116

926,116

a

Total

Short-Term

Securities — 1.6%

(Cost:

$13,776,016)

.................................

13,775,815

Total

Investments

—

101.4%

(Cost:

$981,914,464)

................................

847,340,332

Liabilities

in

Excess

of

Other

Assets

—

(1.4)%

...............

(11,897,577)

Net

Assets

—

100.0%

.................................

$

835,442,755

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

12,844,960

(a)

$

—

$

4,940

$

(201

)

$

12,849,699

12,852,270

$

17,015

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,980,000

—

(1,053,884

)

(a)

—

—

926,116

926,116

13,313

—

$

4,940

$

(201

)

$

13,775,815

$

30,328

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Basic

Materials

ETF

44

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Materials

Select

Sector

Index

.........................................................

22

12/16/22

$

1,729

$

86,434

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

86,434

$

—

$

—

$

—

$

86,434

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(701,490

)

$

—

$

—

$

—

$

(701,490

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

101,005

$

—

$

—

$

—

$

101,005

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,230,305

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

45

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

833,564,517

‌

$

—

‌

$

—

‌

$

833,564,517

‌

Short-Term

Securities

Money

Market

Funds

......................................

13,775,815

‌

—

‌

—

‌

13,775,815

‌

$

847,340,332

‌

$

—

‌

$

—

‌

$

847,340,332

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

86,434

‌

$

—

‌

$

—

‌

$

86,434

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Consumer

Discretionary

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Airlines

 — 

1

.7

%

Alaska

Air

Group,

Inc.

(a)

.....................

19,424

$

863,591

American

Airlines

Group,

Inc.

(a)

................

101,411

1,438,008

Copa

Holdings

SA

,

Class

A

,

NVS

(a)

(b)

............

4,504

338,836

Delta

Air

Lines,

Inc.

(a)

......................

100,527

3,410,881

JetBlue

Airways

Corp.

(a)

....................

50,357

404,870

Southwest

Airlines

Co.

(a)

....................

93,002

3,380,623

United

Airlines

Holdings,

Inc.

(a)

................

51,219

2,206,515

12,043,324

a

Auto

Components

 — 

1

.1

%

Aptiv

PLC

(a)

.............................

42,459

3,866,741

BorgWarner,

Inc.

.........................

37,062

1,390,937

Gentex

Corp.

...........................

36,890

977,216

Lear

Corp.

.............................

9,342

1,295,829

QuantumScape

Corp.

(a)

(b)

...................

39,702

330,718

7,861,441

a

Automobiles

 — 

11

.7

%

Ford

Motor

Co.

..........................

619,428

8,281,752

General

Motors

Co.

.......................

228,560

8,970,980

Harley-Davidson,

Inc.

......................

21,121

908,203

Lucid

Group,

Inc.

(a)

(b)

.......................

83,471

1,192,801

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

81,599

2,853,517

Tesla,

Inc.

(a)

.............................

257,336

58,554,234

Thor

Industries,

Inc.

.......................

8,309

676,934

81,438,421

a

Commercial

Services

&

Supplies

 — 

0

.9

%

Copart,

Inc.

(a)

...........................

33,470

3,849,719

Driven

Brands

Holdings,

Inc.

(a)

(b)

...............

8,663

277,043

IAA,

Inc.

(a)

..............................

21,014

797,061

Rollins,

Inc.

.............................

36,377

1,530,744

6,454,567

a

Distributors

 — 

1

.2

%

Genuine

Parts

Co.

........................

21,803

3,877,882

LKQ

Corp.

.............................

40,313

2,243,015

Pool

Corp.

.............................

6,057

1,842,721

7,963,618

a

Diversified

Consumer

Services

 — 

0

.5

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

9,029

589,774

Grand

Canyon

Education,

Inc.

(a)

...............

4,939

497,012

H&R

Block,

Inc.

..........................

25,035

1,030,190

Mister

Car

Wash,

Inc.

(a)

.....................

12,384

109,351

Service

Corp.

International

..................

24,237

1,469,004

3,695,331

a

Entertainment

 — 

11

.7

%

Activision

Blizzard,

Inc.

.....................

122,071

8,886,769

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

81,143

540,412

Electronic

Arts,

Inc.

.......................

43,525

5,482,409

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

.

3,301

171,718

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

,

NVS

(a)

...............................

31,508

1,818,957

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

24,189

1,925,686

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

2,976

466,071

Netflix,

Inc.

(a)

............................

68,812

20,084,847

Playtika

Holding

Corp.

(a)

....................

16,232

153,393

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

69,127

3,092,742

Spotify

Technology

SA

(a)

(b)

...................

21,983

1,771,390

Take-Two

Interactive

Software,

Inc.

(a)

............

25,648

3,038,775

Walt

Disney

Co.

(The)

(a)

....................

269,593

28,722,438

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

..........

370,495

4,816,435

Security

Shares

Value

a

Entertainment

(continued)

World

Wrestling

Entertainment,

Inc.

,

Class

A

......

6,758

$

533,139

81,505,181

a

Food

&

Staples

Retailing

 — 

8

.3

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

21,039

1,628,419

Costco

Wholesale

Corp.

....................

56,135

28,151,703

Walmart,

Inc.

............................

194,974

27,750,649

57,530,771

a

Hotels,

Restaurants

&

Leisure

 — 

16

.8

%

Airbnb,

Inc.

,

Class

A

(a)

......................

61,368

6,560,853

Aramark

...............................

36,397

1,328,491

Booking

Holdings,

Inc.

(a)

....................

6,238

11,661,816

Boyd

Gaming

Corp.

.......................

12,270

708,715

Caesars

Entertainment,

Inc.

(a)

................

32,213

1,408,674

Carnival

Corp.

(a)

..........................

150,308

1,361,790

Chipotle

Mexican

Grill,

Inc.

(a)

.................

4,370

6,547,702

Choice

Hotels

International,

Inc.

...............

5,283

685,945

Churchill

Downs,

Inc.

......................

5,694

1,183,840

Darden

Restaurants,

Inc.

...................

19,224

2,751,723

Domino's

Pizza,

Inc.

.......................

5,640

1,873,834

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

50,860

803,588

Expedia

Group,

Inc.

(a)

......................

23,746

2,219,539

Hilton

Worldwide

Holdings,

Inc.

...............

42,432

5,739,352

Hyatt

Hotels

Corp.

,

Class

A

(a)

.................

7,744

729,562

Las

Vegas

Sands

Corp.

(a)

...................

51,942

1,974,315

Marriott

International,

Inc.

,

Class

A

.............

43,121

6,904,103

Marriott

Vacations

Worldwide

Corp.

.............

6,020

889,515

McDonald's

Corp.

........................

106,712

29,096,094

MGM

Resorts

International

(b)

.................

51,557

1,833,883

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

65,663

1,109,048

Penn

Entertainment,

Inc.

(a)

(b)

.................

24,791

820,582

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

...............

13,250

867,610

Royal

Caribbean

Cruises

Ltd.

(a)

...............

34,587

1,846,254

Six

Flags

Entertainment

Corp.

(a)

...............

11,669

260,219

Starbucks

Corp.

..........................

180,249

15,607,761

Travel

+

Leisure

Co.

.......................

12,913

490,436

Vail

Resorts,

Inc.

.........................

6,316

1,384,025

Wendy's

Co.

(The)

........................

26,775

556,385

Wyndham

Hotels

&

Resorts,

Inc.

..............

13,936

1,058,160

Wynn

Resorts

Ltd.

(a)

.......................

16,364

1,045,660

Yum!

Brands,

Inc.

........................

44,967

5,317,348

116,626,822

a

Household

Durables

 — 

2

.4

%

DR

Horton,

Inc.

..........................

50,061

3,848,690

Garmin

Ltd.

.............................

24,209

2,131,360

Leggett

&

Platt,

Inc.

.......................

20,890

705,037

Lennar

Corp.

,

Class

A

......................

39,381

3,178,047

Lennar

Corp.

,

Class

B

.....................

2,323

151,506

Newell

Brands,

Inc.

.......................

59,271

818,533

NVR,

Inc.

(a)

.............................

472

2,000,218

PulteGroup,

Inc.

.........................

36,165

1,446,238

Tempur

Sealy

International,

Inc.

...............

26,382

709,412

Toll

Brothers,

Inc.

.........................

16,913

728,612

Whirlpool

Corp.

..........................

8,374

1,157,622

16,875,275

a

Interactive

Media

&

Services

 — 

0

.1

%

TripAdvisor,

Inc.

(a)

........................

16,035

378,747

a

Internet

&

Direct

Marketing

Retail

 — 

12

.9

%

Amazon.com,

Inc.

(a)

.......................

816,081

83,599,337

eBay,

Inc.

..............................

86,327

3,439,268

Etsy,

Inc.

(a)

.............................

19,855

1,864,583

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

47

Schedule

of

Investments

Security

Shares

Value

a

Internet

&

Direct

Marketing

Retail

(continued)

Wayfair,

Inc.

,

Class

A

(a)

.....................

12,242

$

464,217

89,367,405

a

Leisure

Products

 — 

0

.6

%

Hasbro,

Inc.

............................

20,629

1,346,042

Mattel,

Inc.

(a)

............................

55,191

1,046,421

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

47,421

398,337

Polaris,

Inc.

.............................

8,870

901,192

YETI

Holdings,

Inc.

(a)

(b)

.....................

13,542

434,427

4,126,419

a

Media

 — 

2

.4

%

Fox

Corp.

,

Class

A

,

NVS

....................

47,277

1,364,887

Fox

Corp.

,

Class

B

........................

22,363

608,274

Interpublic

Group

of

Companies,

Inc.

(The)

.......

61,736

1,839,115

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(a)

(b)

...

11,783

500,070

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

C

,

NVS

(a)

24,298

1,025,133

New

York

Times

Co.

(The)

,

Class

A

.............

25,817

747,660

News

Corp.

,

Class

A

,

NVS

..................

60,596

1,022,255

News

Corp.

,

Class

B

......................

18,964

324,853

Nexstar

Media

Group,

Inc.

...................

5,855

1,002,962

Omnicom

Group,

Inc.

......................

31,950

2,324,362

Paramount

Global

,

Class

A

..................

1,440

30,355

Paramount

Global

,

Class

B

,

NVS

..............

90,558

1,659,023

Sirius

XM

Holdings,

Inc.

(b)

...................

110,183

665,505

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

68,917

3,669,141

16,783,595

a

Multiline

Retail

 — 

4

.1

%

Dollar

General

Corp.

......................

35,937

9,165,732

Dollar

Tree,

Inc.

(a)

.........................

33,370

5,289,145

Kohl's

Corp.

............................

20,092

601,755

Macy's,

Inc.

............................

42,310

882,163

Nordstrom,

Inc.

..........................

17,564

357,252

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

9,797

548,632

Target

Corp.

............................

72,796

11,956,743

28,801,422

a

Personal

Products

 — 

1

.1

%

Coty,

Inc.

,

Class

A

(a)

.......................

54,435

365,259

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

36,066

7,230,872

7,596,131

a

Road

&

Rail

 — 

1

.6

%

AMERCO

..............................

1,412

812,168

Avis

Budget

Group,

Inc.

(a)

...................

4,670

1,104,268

Hertz

Global

Holdings,

Inc.

(a)

.................

31,982

588,469

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

48,718

713,231

Uber

Technologies,

Inc.

(a)

...................

296,973

7,890,573

11,108,709

a

Specialty

Retail

 — 

15

.9

%

Advance

Auto

Parts,

Inc.

....................

9,588

1,820,953

AutoNation,

Inc.

(a)

(b)

.......................

5,977

635,415

AutoZone,

Inc.

(a)

.........................

3,056

7,740,481

Bath

&

Body

Works,

Inc.

....................

35,923

1,199,110

Best

Buy

Co.,

Inc.

........................

31,564

2,159,293

Burlington

Stores,

Inc.

(a)

(b)

...................

10,339

1,478,063

CarMax,

Inc.

(a)

...........................

25,186

1,586,970

Carvana

Co.

,

Class

A

(a)

.....................

16,376

221,567

Dick's

Sporting

Goods,

Inc.

..................

8,543

971,852

Five

Below,

Inc.

(a)

(b)

........................

8,570

1,254,220

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

16,205

1,188,961

GameStop

Corp.

,

Class

A

(a)

(b)

.................

42,150

1,193,267

Gap,

Inc.

(The)

..........................

31,052

349,956

Home

Depot,

Inc.

(The)

....................

104,130

30,836,017

Security

Shares

Value

a

Specialty

Retail

(continued)

Leslie's,

Inc.

(a)

...........................

24,870

$

349,175

Lithia

Motors,

Inc.

........................

4,257

843,525

Lowe's

Companies,

Inc.

....................

100,514

19,595,204

O'Reilly

Automotive,

Inc.

(a)

...................

9,854

8,249,473

Penske

Automotive

Group,

Inc.

...............

4,215

470,478

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

......

12,634

133,036

RH

(a)

(b)

................................

3,105

788,453

Ross

Stores,

Inc.

.........................

54,215

5,187,833

TJX

Companies,

Inc.

(The)

..................

184,544

13,305,622

Tractor

Supply

Co.

........................

17,564

3,860,040

Ulta

Beauty,

Inc.

(a)

........................

8,071

3,384,735

Victoria's

Secret

&

Co.

(a)

(b)

...................

12,983

488,161

Williams-Sonoma,

Inc.

.....................

10,722

1,327,705

110,619,565

a

Textiles,

Apparel

&

Luxury

Goods

 — 

4

.7

%

Capri

Holdings

Ltd.

(a)

......................

21,130

965,218

Carter's,

Inc.

............................

5,984

406,134

Columbia

Sportswear

Co.

...................

5,654

421,223

Deckers

Outdoor

Corp.

(a)

(b)

...................

4,134

1,446,611

Hanesbrands,

Inc.

........................

54,718

373,177

Lululemon

Athletica,

Inc.

(a)

...................

17,541

5,771,691

Nike,

Inc.

,

Class

B

........................

192,611

17,851,187

PVH

Corp.

.............................

10,544

541,118

Ralph

Lauren

Corp.

,

Class

A

.................

6,644

615,832

Skechers

USA,

Inc.

,

Class

A

(a)

................

21,005

723,202

Tapestry,

Inc.

............................

39,549

1,252,912

Under

Armour,

Inc.

,

Class

A

(a)

.................

29,582

220,386

Under

Armour,

Inc.

,

Class

C

,

NVS

(a)

............

31,386

205,892

VF

Corp.

..............................

54,894

1,550,756

32,345,339

a

Trading

Companies

&

Distributors

 — 

0

.1

%

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

6,986

809,468

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

890,259,975

)

................................

693,931,551

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

16,577,654

16,574,338

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

1,238,240

1,238,240

a

Total

Short-Term

Securities — 2.6%

(Cost:

$

17,810,544

)

.................................

17,812,578

Total

Investments

—

102.4%

(Cost:

$

908,070,519

)

................................

711,744,129

Liabilities

in

Excess

of

Other

Assets

—

(

2

.4

)

%

...............

(

16,474,999

)

Net

Assets

—

100.0%

.................................

$

695,269,130

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Consumer

Discretionary

ETF

48

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

26,606,180

‌

$

—

‌

$

(

10,043,455

)

(a)

$

18,541

‌

$

(

6,928

)

$

16,574,338

‌

16,577,654

‌

$

172,166

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

620,000

‌

618,240

(a)

—

‌

—

‌

—

‌

1,238,240

‌

1,238,240

‌

8,993

‌

—

‌

$

18,541

‌

$

(

6,928

)

$

17,812,578

‌

$

181,159

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

..................................................................

3

12/16/22

$

582

$

(

3,896

)

S&P

Consumer

Discretionary

Select

Sector

E-Mini

Index

..........................................

4

12/16/22

584

(

27,627

)

$

(

31,523

)

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)

.............

$

—

$

—

$

31,523

$

—

$

—

$

—

$

31,523

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

68,341

)

$

—

$

—

$

—

$

(

68,341

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

10,487

$

—

$

—

$

—

$

10,487

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

49

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

954,760

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

693,931,551

‌

$

—

‌

$

—

‌

$

693,931,551

‌

Short-Term

Securities

Money

Market

Funds

......................................

17,812,578

‌

—

‌

—

‌

17,812,578

‌

$

711,744,129

‌

$

—

‌

$

—

‌

$

711,744,129

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

31,523

)

$

—

‌

$

—

‌

$

(

31,523

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Consumer

Staples

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Beverages

 — 29.4%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)

.......

8,131

$

3,035,221

Brown-Forman

Corp.,

Class

A

................

39,273

2,700,804

Brown-Forman

Corp.,

Class

B,

NVS

............

158,091

10,750,188

Coca-Cola

Co.

(The)

......................

3,096,054

185,298,832

Constellation

Brands,

Inc.,

Class

A

.............

130,558

32,258,271

Keurig

Dr

Pepper,

Inc.

.....................

738,883

28,698,216

Molson

Coors

Beverage

Co.,

Class

B

...........

150,751

7,602,373

Monster

Beverage

Corp.

(a)

...................

320,341

30,022,358

PepsiCo,

Inc.

...........................

1,096,274

199,061,433

499,427,696

a

Chemicals

 — 2.4%

Corteva,

Inc.

............................

624,299

40,791,696

a

Food

&

Staples

Retailing

 — 6.6%

Albertsons

Companies,

Inc.,

Class

A

............

145,098

2,975,960

Casey's

General

Stores,

Inc.

.................

31,898

7,422,984

Grocery

Outlet

Holding

Corp.

(a)

................

75,729

2,617,952

Kroger

Co.

(The)

.........................

564,912

26,714,689

Performance

Food

Group

Co.

(a)

...............

130,961

6,815,210

Sysco

Corp.

............................

437,688

37,886,273

U.S.

Foods

Holding

Corp.

(a)

..................

173,819

5,172,853

Walgreens

Boots

Alliance,

Inc.

................

618,124

22,561,526

112,167,447

a

Food

Products

 — 20.7%

Archer-Daniels-Midland

Co.

..................

482,686

46,810,888

Bunge

Ltd.

.............................

120,690

11,912,103

Campbell

Soup

Co.

(b)

......................

166,960

8,833,854

Conagra

Brands,

Inc.

......................

405,470

14,880,749

Darling

Ingredients,

Inc.

(a)

...................

137,822

10,816,271

Flowers

Foods,

Inc.

.......................

161,538

4,637,756

Freshpet,

Inc.

(a)(b)

.........................

39,029

2,300,759

General

Mills,

Inc.

........................

513,520

41,892,962

Hershey

Co.

(The)

........................

125,748

30,024,850

Hormel

Foods

Corp.

.......................

246,948

11,470,735

Ingredion,

Inc.

...........................

56,460

5,031,715

JM

Smucker

Co.

(The)

.....................

88,787

13,376,649

Kellogg

Co.

.............................

217,430

16,702,973

Kraft

Heinz

Co.

(The)

......................

602,137

23,164,210

Lamb

Weston

Holdings,

Inc.

.................

124,154

10,704,558

McCormick

&

Co.,

Inc.,

NVS

.................

215,937

16,981,286

Mondelez

International,

Inc.,

Class

A

............

956,946

58,833,040

Pilgrim's

Pride

Corp.

(a)

.....................

40,647

936,913

Post

Holdings,

Inc.

(a)

.......................

47,148

4,263,122

Seaboard

Corp.

..........................

217

812,964

Security

Shares

Value

a

Food

Products

(continued)

Tyson

Foods,

Inc.,

Class

A

..................

245,396

$

16,772,817

351,161,174

a

Health

Care

Providers

&

Services

 — 8.3%

AmerisourceBergen

Corp.

...................

127,167

19,993,196

CVS

Health

Corp.

........................

754,918

71,490,735

McKesson

Corp.

.........................

125,066

48,696,948

140,180,879

a

Household

Products

 — 22.0%

Church

&

Dwight

Co.,

Inc.

...................

209,168

15,505,624

Clorox

Co.

(The)

.........................

106,150

15,502,146

Colgate-Palmolive

Co.

.....................

655,900

48,431,656

Kimberly-Clark

Corp.

......................

290,018

36,095,640

Procter

&

Gamble

Co.

(The)

.................

1,893,071

254,939,872

Reynolds

Consumer

Products,

Inc.

.............

46,662

1,425,057

Spectrum

Brands

Holdings,

Inc.

...............

34,127

1,574,620

373,474,615

a

Personal

Products

 — 0.0%

Olaplex

Holdings,

Inc.

(a)

....................

106,827

470,039

a

Tobacco

 — 10.2%

Altria

Group,

Inc.

.........................

1,279,514

59,203,113

Philip

Morris

International,

Inc.

................

1,232,096

113,168,017

172,371,130

a

Total

Long-Term

Investments — 99.6%

(Cost:

$1,678,205,183)

...............................

1,690,044,676

a

Short-Term

Securities

Money

Market

Funds

 — 

0.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(c)(d)(e)

......................

8,403,495

8,401,815

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

(c)(d)

............................

2,885,013

2,885,013

a

Total

Short-Term

Securities — 0.7%

(Cost:

$11,287,451)

.................................

11,286,828

Total

Investments

—

100.3%

(Cost:

$1,689,492,634)

...............................

1,701,331,504

Liabilities

in

Excess

of

Other

Assets

—

(0.3)%

...............

(4,431,222)

Net

Assets

—

100.0%

.................................

$

1,696,900,282

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

51

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,356,847

‌

$

4,039,720

(a)

$

—

‌

$

7,154

‌

$

(1,906

)

$

8,401,815

‌

8,403,495

‌

$

41,593

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

2,290,000

‌

595,013

(a)

—

‌

—

‌

—

‌

2,885,013

‌

2,885,013

‌

18,535

‌

—

‌

$

7,154

‌

$

(1,906

)

$

11,286,828

‌

$

60,128

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Consumer

Staples

Index

............................................................

89

12/16/22

$

6,533

$

343,163

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

343,163

$

—

$

—

$

—

$

343,163

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(353,446

)

$

—

$

—

$

—

$

(353,446

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

371,646

$

—

$

—

$

—

$

371,646

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Consumer

Staples

ETF

52

2022

iShares

Semi-Annual

Report

to

Shareholders

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

5,216,300

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,690,044,676

‌

$

—

‌

$

—

‌

$

1,690,044,676

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,286,828

‌

—

‌

—

‌

11,286,828

‌

$

1,701,331,504

‌

$

—

‌

$

—

‌

$

1,701,331,504

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

343,163

‌

$

—

‌

$

—

‌

$

343,163

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

53

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Electrical

Equipment

 — 0.6%

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

..........

304,326

$

4,254,478

Plug

Power,

Inc.

(a)(b)

.......................

632,534

10,107,893

14,362,371

a

Energy

Equipment

&

Services

 — 7.5%

Baker

Hughes

Co.,

Class

A

..................

1,159,010

32,058,217

Halliburton

Co.

..........................

1,094,498

39,861,617

NOV,

Inc.

..............................

476,138

10,665,491

Schlumberger

Ltd.

(b)

.......................

1,803,371

93,829,393

176,414,718

a

Oil,

Gas

&

Consumable

Fuels

 — 88.8%

Antero

Midstream

Corp.

....................

409,015

4,356,010

Antero

Resources

Corp.

(a)(b)

..................

352,550

12,924,483

APA

Corp.

.............................

396,335

18,017,389

Cheniere

Energy,

Inc.

......................

303,218

53,490,687

Chesapeake

Energy

Corp.

..................

147,563

15,091,268

Chevron

Corp.

...........................

2,182,864

394,880,098

ConocoPhillips

..........................

1,453,077

183,218,479

Continental

Resources,

Inc.

..................

43,852

3,243,732

Coterra

Energy,

Inc.

.......................

955,920

29,757,790

Devon

Energy

Corp.

.......................

804,051

62,193,345

Diamondback

Energy,

Inc.

...................

210,785

33,116,431

DT

Midstream,

Inc.

........................

117,890

7,038,033

Enviva,

Inc.

.............................

37,231

2,227,903

EOG

Resources,

Inc.

......................

791,645

108,075,375

EQT

Corp.

.............................

448,838

18,779,382

Exxon

Mobil

Corp.

........................

4,609,476

510,776,036

Hess

Corp.

.............................

343,026

48,394,108

HF

Sinclair

Corp.

.........................

177,661

10,867,523

Kinder

Morgan,

Inc.,

Class

P

.................

2,421,082

43,870,006

Marathon

Oil

Corp.

........................

822,696

25,051,093

Marathon

Petroleum

Corp.

..................

624,267

70,929,217

New

Fortress

Energy,

Inc.,

Class

A

(b)

............

58,612

3,227,763

Occidental

Petroleum

Corp.

..................

1,050,258

76,248,731

ONEOK,

Inc.

............................

541,497

32,121,602

Ovintiv,

Inc.

.............................

311,273

15,765,978

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

PDC

Energy,

Inc.

.........................

115,096

$

8,303,025

Phillips

66

..............................

586,238

61,138,761

Pioneer

Natural

Resources

Co.

...............

308,056

78,988,639

Range

Resources

Corp.

....................

311,669

8,876,333

Southwestern

Energy

Co.

(a)(b)

.................

1,353,853

9,382,201

Targa

Resources

Corp.

.....................

275,243

18,818,364

Texas

Pacific

Land

Corp.

....................

6,977

16,074,101

Valero

Energy

Corp.

.......................

479,087

60,149,373

Williams

Companies,

Inc.

(The)

...............

1,483,867

48,566,967

2,093,960,226

a

Semiconductors

&

Semiconductor

Equipment

 — 2.9%

Enphase

Energy,

Inc.

(a)

.....................

159,425

48,943,475

First

Solar,

Inc.

(a)

.........................

129,420

18,839,669

67,783,144

a

Total

Long-Term

Investments — 99.8%

(Cost:

$1,603,311,353)

...............................

2,352,520,459

a

Short-Term

Securities

Money

Market

Funds

 — 

0.7%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.29%

(c)(d)(e)

......................

13,225,762

13,223,116

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

2.97%

(c)(d)

............................

3,180,247

3,180,247

a

Total

Short-Term

Securities — 0.7%

(Cost:

$16,402,110)

.................................

16,403,363

Total

Investments

—

100.5%

(Cost:

$1,619,713,463)

...............................

2,368,923,822

Liabilities

in

Excess

of

Other

Assets

—

(0.5)%

...............

(12,206,575)

Net

Assets

—

100.0%

.................................

$

2,356,717,247

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,791,528

$

—

$

(18,588,197

)

(a)

$

25,977

$

(6,192

)

$

13,223,116

13,225,762

$

99,081

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

7,030,000

—

(3,849,753

)

(a)

—

—

3,180,247

3,180,247

37,258

—

$

25,977

$

(6,192

)

$

16,403,363

$

136,339

$

—

(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)

October

31,

2022

iShares

®

U.S.

Energy

ETF

54

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

..........................................................

42

12/16/22

$

3,956

$

539,933

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

539,933

$

—

$

—

$

—

$

539,933

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

2,093,404

$

—

$

—

$

—

$

2,093,404

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

671,566

$

—

$

—

$

—

$

671,566

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

4,639,855

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

55

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,352,520,459

‌

$

—

‌

$

—

‌

$

2,352,520,459

‌

Short-Term

Securities

Money

Market

Funds

......................................

16,403,363

‌

—

‌

—

‌

16,403,363

‌

$

2,368,923,822

‌

$

—

‌

$

—

‌

$

2,368,923,822

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

539,933

‌

$

—

‌

$

—

‌

$

539,933

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Financial

Services

ETF

(Percentages

shown

are

based

on

Net

Assets)

56

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Banks

 — 

40

.4

%

Bank

of

America

Corp.

.....................

2,849,930

$

102,711,477

Bank

OZK

.............................

45,208

1,943,040

BOK

Financial

Corp.

.......................

11,935

1,315,118

Citigroup,

Inc.

...........................

789,527

36,207,708

Citizens

Financial

Group,

Inc.

................

202,260

8,272,434

Comerica,

Inc.

...........................

53,285

3,756,593

Commerce

Bancshares,

Inc.

.................

44,436

3,147,846

Cullen/Frost

Bankers,

Inc.

...................

26,120

4,049,906

East

West

Bancorp,

Inc.

....................

57,398

4,107,975

Fifth

Third

Bancorp

.......................

279,735

9,983,742

First

Citizens

BancShares,

Inc.

,

Class

A

..........

5,376

4,419,717

First

Financial

Bankshares,

Inc.

...............

52,805

2,032,464

First

Horizon

Corp.

........................

218,573

5,357,224

First

Republic

Bank

.......................

74,519

8,949,732

FNB

Corp.

.............................

143,595

2,074,948

Glacier

Bancorp,

Inc.

......................

45,096

2,583,099

Home

BancShares,

Inc.

....................

77,522

1,976,036

Huntington

Bancshares,

Inc.

.................

588,424

8,932,276

JPMorgan

Chase

&

Co.

....................

1,195,542

150,494,827

KeyCorp

...............................

379,889

6,788,616

M&T

Bank

Corp.

.........................

71,591

12,053,777

Pinnacle

Financial

Partners,

Inc.

...............

31,126

2,583,147

PNC

Financial

Services

Group,

Inc.

(The)

........

167,193

27,056,843

Popular,

Inc.

............................

30,539

2,159,718

Prosperity

Bancshares,

Inc.

..................

37,152

2,658,969

Regions

Financial

Corp.

....................

381,234

8,368,086

Signature

Bank

..........................

25,632

4,063,441

SouthState

Corp.

.........................

30,816

2,786,691

SVB

Financial

Group

(a)

.....................

24,085

5,562,672

Synovus

Financial

Corp.

....................

59,212

2,359,598

Truist

Financial

Corp.

......................

540,723

24,218,983

U.S.

Bancorp

...........................

551,188

23,397,931

UMB

Financial

Corp.

......................

17,802

1,481,482

Umpqua

Holdings

Corp.

....................

88,728

1,763,913

United

Bankshares,

Inc.

....................

54,818

2,321,542

Valley

National

Bancorp

....................

171,881

2,040,227

Webster

Financial

Corp.

....................

71,621

3,886,155

Wells

Fargo

&

Co.

........................

1,546,290

71,113,877

Western

Alliance

Bancorp

...................

44,104

2,962,466

Wintrust

Financial

Corp.

....................

24,758

2,317,844

Zions

Bancorp

NA

........................

61,291

3,183,455

577,445,595

a

Capital

Markets

 — 

34

.0

%

Affiliated

Managers

Group,

Inc.

...............

15,540

1,929,446

Ameriprise

Financial,

Inc.

...................

44,109

13,634,974

Ares

Management

Corp.

,

Class

A

..............

63,044

4,780,627

Bank

of

New

York

Mellon

Corp.

(The)

...........

299,786

12,623,988

BlackRock,

Inc.

(b)

.........................

61,466

39,701,504

Blackstone,

Inc.

,

NVS

......................

286,047

26,070,324

Blue

Owl

Capital,

Inc.

,

Class

A

................

137,892

1,381,678

Carlyle

Group,

Inc.

(The)

....................

88,305

2,497,265

Cboe

Global

Markets,

Inc.

...................

43,202

5,378,649

Charles

Schwab

Corp.

(The)

.................

622,482

49,593,141

CME

Group,

Inc.

,

Class

A

...................

146,528

25,393,302

Coinbase

Global,

Inc.

,

Class

A

(a)

(c)

..............

64,105

4,246,956

FactSet

Research

Systems,

Inc.

(c)

..............

15,502

6,595,946

Federated

Hermes,

Inc.

,

Class

B

..............

34,691

1,205,512

Franklin

Resources,

Inc.

(c)

...................

115,705

2,713,282

Goldman

Sachs

Group,

Inc.

(The)

.............

139,159

47,941,667

Houlihan

Lokey,

Inc.

,

Class

A

.................

20,330

1,815,876

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

41,891

3,357,564

Security

Shares

Value

a

Capital

Markets

(continued)

Intercontinental

Exchange,

Inc.

...............

227,663

$

21,757,753

Invesco

Ltd.

............................

185,290

2,838,643

Janus

Henderson

Group

PLC

................

54,269

1,235,705

Jefferies

Financial

Group,

Inc.

................

75,721

2,605,560

KKR

&

Co.,

Inc.

..........................

234,652

11,411,127

Lazard

Ltd.

,

Class

A

.......................

46,172

1,741,146

LPL

Financial

Holdings,

Inc.

..................

32,493

8,306,835

MarketAxess

Holdings,

Inc.

..................

15,331

3,741,377

Moody's

Corp.

...........................

64,334

17,040,147

Morgan

Stanley

..........................

545,913

44,857,671

Morningstar,

Inc.

.........................

10,203

2,368,933

MSCI,

Inc.

,

Class

A

.......................

32,818

15,387,047

Nasdaq,

Inc.

............................

138,286

8,606,921

Northern

Trust

Corp.

.......................

85,031

7,172,365

Raymond

James

Financial,

Inc.

...............

79,186

9,355,034

Robinhood

Markets,

Inc.

,

Class

A

(a)

(c)

............

205,041

2,394,879

S&P

Global,

Inc.

.........................

138,891

44,618,734

SEI

Investments

Co.

.......................

41,909

2,275,659

State

Street

Corp.

........................

149,865

11,090,010

Stifel

Financial

Corp.

......................

43,232

2,674,764

T

Rowe

Price

Group,

Inc.

...................

92,007

9,767,463

TPG,

Inc.

,

Class

A

(c)

.......................

20,929

643,567

Tradeweb

Markets,

Inc.

,

Class

A

...............

43,781

2,411,457

Virtu

Financial,

Inc.

,

Class

A

..................

39,243

878,258

486,042,756

a

Consumer

Finance

 — 

5

.8

%

Ally

Financial,

Inc.

........................

125,670

3,463,465

American

Express

Co.

.....................

244,517

36,298,549

Capital

One

Financial

Corp.

..................

156,469

16,588,843

Credit

Acceptance

Corp.

(a)

(c)

..................

2,487

1,157,997

Discover

Financial

Services

..................

111,268

11,623,055

FirstCash

Holdings,

Inc.

....................

15,602

1,536,017

OneMain

Holdings,

Inc.

.....................

50,624

1,952,062

SLM

Corp.

.............................

102,904

1,707,177

SoFi

Technologies,

Inc.

(a)

(c)

...................

329,894

1,794,623

Synchrony

Financial

.......................

196,230

6,977,939

83,099,727

a

Diversified

Financial

Services

 — 

1

.0

%

Apollo

Global

Management,

Inc.

...............

176,907

9,793,571

Equitable

Holdings,

Inc.

....................

142,288

4,356,859

14,150,430

a

Insurance

 — 

0

.3

%

Fidelity

National

Financial,

Inc.

................

112,549

4,432,180

a

IT

Services

 — 

17

.6

%

Mastercard,

Inc.

,

Class

A

....................

347,839

114,153,803

Visa,

Inc.

,

Class

A

........................

666,558

138,084,155

252,237,958

a

Thrifts

&

Mortgage

Finance

 — 

0

.5

%

Essent

Group

Ltd.

........................

43,866

1,736,216

MGIC

Investment

Corp.

....................

123,263

1,682,540

New

York

Community

Bancorp,

Inc.

............

190,532

1,773,853

Radian

Group,

Inc.

........................

66,153

1,380,613

Rocket

Companies,

Inc.

,

Class

A

(c)

.............

46,461

320,581

TFS

Financial

Corp.

.......................

19,465

273,483

UWM

Holdings

Corp.

,

Class

A

(c)

...............

37,909

124,342

7,291,628

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

1,621,493,056

)

...............................

1,424,700,274

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

57

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(b)

(d)

(e)

.....................

8,789,694

$

8,787,937

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(b)

(d)

............................

3,539,845

3,539,845

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

12,328,045

)

.................................

12,327,782

Total

Investments

—

100.5%

(Cost:

$

1,633,821,101

)

...............................

1,437,028,056

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

7,395,788

)

Net

Assets

—

100.0%

.................................

$

1,429,632,268

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,001,069

$

2,790,317

(a)

$

—

$

(

1,584

)

$

(

1,865

)

$

8,787,937

8,789,694

$

88,524

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,879,000

1,660,845

(a)

—

—

—

3,539,845

3,539,845

24,217

—

BlackRock,

Inc.

...

50,069,976

6,933,591

(

18,034,846

)

753,477

(

20,694

)

39,701,504

61,466

612,446

—

$

751,893

$

(

22,559

)

$

52,029,286

$

725,187

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financials

Select

Sector

Index

........................................................

45

12/16/22

$

4,714

$

173,559

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

173,559

$

—

$

—

$

—

$

173,559

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Financial

Services

ETF

58

2022

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

566,080

)

$

—

$

—

$

—

$

(

566,080

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

549,087

$

—

$

—

$

—

$

549,087

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

5,110,506

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,424,700,274

‌

$

—

‌

$

—

‌

$

1,424,700,274

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,327,782

‌

—

‌

—

‌

12,327,782

‌

$

1,437,028,056

‌

$

—

‌

$

—

‌

$

1,437,028,056

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

173,559

‌

$

—

‌

$

—

‌

$

173,559

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

59

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Banks

 — 

32

.4

%

Bank

of

America

Corp.

.....................

3,103,789

$

111,860,556

Bank

of

Hawaii

Corp.

......................

21,138

1,605,431

Bank

OZK

.............................

59,769

2,568,872

BOK

Financial

Corp.

.......................

15,710

1,731,085

Citigroup,

Inc.

...........................

1,035,963

47,509,263

Citizens

Financial

Group,

Inc.

................

261,055

10,677,150

Comerica,

Inc.

...........................

69,830

4,923,015

Commerce

Bancshares,

Inc.

.................

58,547

4,147,469

Cullen/Frost

Bankers,

Inc.

...................

31,179

4,834,304

East

West

Bancorp,

Inc.

....................

75,598

5,410,549

Fifth

Third

Bancorp

.......................

364,292

13,001,581

First

Citizens

BancShares,

Inc.

,

Class

A

(a)

........

6,513

5,354,468

First

Hawaiian,

Inc.

.......................

68,275

1,746,475

First

Horizon

Corp.

........................

282,883

6,933,462

First

Republic

Bank

.......................

97,219

11,676,002

FNB

Corp.

.............................

186,532

2,695,387

Huntington

Bancshares,

Inc.

.................

767,298

11,647,584

JPMorgan

Chase

&

Co.

....................

1,168,172

147,049,491

KeyCorp

...............................

496,779

8,877,441

M&T

Bank

Corp.

.........................

93,520

15,745,962

PacWest

Bancorp

........................

62,120

1,544,303

Pinnacle

Financial

Partners,

Inc.

...............

40,061

3,324,662

PNC

Financial

Services

Group,

Inc.

(The)

........

220,913

35,750,351

Popular,

Inc.

............................

39,289

2,778,518

Prosperity

Bancshares,

Inc.

..................

46,803

3,349,691

Regions

Financial

Corp.

....................

499,740

10,969,293

Signature

Bank

..........................

33,121

5,250,672

SVB

Financial

Group

(b)

.....................

31,380

7,247,525

Synovus

Financial

Corp.

....................

76,958

3,066,776

Truist

Financial

Corp.

......................

711,374

31,862,441

U.S.

Bancorp

...........................

718,103

30,483,472

Umpqua

Holdings

Corp.

....................

115,489

2,295,921

Webster

Financial

Corp.

....................

93,350

5,065,171

Wells

Fargo

&

Co.

........................

1,938,049

89,130,874

Western

Alliance

Bancorp

...................

56,517

3,796,247

Wintrust

Financial

Corp.

....................

32,025

2,998,181

Zions

Bancorp

NA

........................

79,613

4,135,099

663,044,744

a

Capital

Markets

 — 

30

.5

%

Affiliated

Managers

Group,

Inc.

...............

20,278

2,517,716

Ameriprise

Financial,

Inc.

...................

57,773

17,858,790

Ares

Management

Corp.

,

Class

A

..............

81,091

6,149,131

Bank

of

New

York

Mellon

Corp.

(The)

...........

392,796

16,540,640

BlackRock,

Inc.

(c)

.........................

80,305

51,869,803

Blackstone,

Inc.

,

NVS

......................

374,543

34,135,849

Blue

Owl

Capital,

Inc.

,

Class

A

................

222,216

2,226,604

Carlyle

Group,

Inc.

(The)

....................

110,672

3,129,804

Cboe

Global

Markets,

Inc.

...................

56,599

7,046,575

Charles

Schwab

Corp.

(The)

.................

813,457

64,808,119

CME

Group,

Inc.

,

Class

A

...................

191,917

33,259,216

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

84,402

5,591,632

Evercore,

Inc.

,

Class

A

.....................

19,488

2,048,189

FactSet

Research

Systems,

Inc.

...............

20,290

8,633,192

Franklin

Resources,

Inc.

....................

152,538

3,577,016

Goldman

Sachs

Group,

Inc.

(The)

.............

178,025

61,331,393

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

49,637

3,978,406

Intercontinental

Exchange,

Inc.

...............

295,281

28,220,005

Invesco

Ltd.

............................

199,608

3,057,995

Janus

Henderson

Group

PLC

................

72,700

1,655,379

Jefferies

Financial

Group,

Inc.

................

108,701

3,740,401

KKR

&

Co.,

Inc.

..........................

305,822

14,872,124

Security

Shares

Value

a

Capital

Markets

(continued)

Lazard

Ltd.

,

Class

A

.......................

47,771

$

1,801,444

LPL

Financial

Holdings,

Inc.

..................

42,559

10,880,208

MarketAxess

Holdings,

Inc.

..................

19,856

4,845,658

Moody's

Corp.

(a)

..........................

85,511

22,649,299

Morgan

Stanley

..........................

670,223

55,072,224

Morningstar,

Inc.

(a)

........................

13,292

3,086,137

MSCI,

Inc.

,

Class

A

.......................

42,149

19,761,980

Nasdaq,

Inc.

............................

183,832

11,441,704

Northern

Trust

Corp.

.......................

109,896

9,269,728

Raymond

James

Financial,

Inc.

...............

104,080

12,296,011

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

300,423

3,508,941

S&P

Global,

Inc.

.........................

178,351

57,295,259

SEI

Investments

Co.

.......................

54,970

2,984,871

State

Street

Corp.

........................

196,173

14,516,802

Stifel

Financial

Corp.

......................

55,224

3,416,709

T

Rowe

Price

Group,

Inc.

...................

119,662

12,703,318

Tradeweb

Markets,

Inc.

,

Class

A

...............

57,564

3,170,625

Virtu

Financial,

Inc.

,

Class

A

..................

52,067

1,165,259

626,114,156

a

Consumer

Finance

 — 

1

.4

%

Ally

Financial,

Inc.

........................

164,791

4,541,640

Credit

Acceptance

Corp.

(a)

(b)

..................

3,585

1,669,248

Discover

Financial

Services

..................

145,903

15,241,027

OneMain

Holdings,

Inc.

.....................

62,086

2,394,036

SLM

Corp.

.............................

133,677

2,217,701

SoFi

Technologies,

Inc.

(a)

(b)

..................

424,983

2,311,908

Upstart

Holdings,

Inc.

(a)

(b)

....................

37,695

873,770

29,249,330

a

Diversified

Financial

Services

 — 

10

.8

%

Apollo

Global

Management,

Inc.

...............

245,550

13,593,648

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

(b)

...........

668,110

197,152,580

Equitable

Holdings,

Inc.

....................

200,014

6,124,428

Voya

Financial,

Inc.

.......................

52,027

3,556,566

220,427,222

a

Insurance

 — 

23

.3

%

Aflac,

Inc.

..............................

335,094

21,817,970

Allstate

Corp.

(The)

.......................

144,055

18,186,944

American

Financial

Group,

Inc.

...............

35,968

5,219,317

American

International

Group,

Inc.

.............

406,929

23,194,953

Aon

PLC

,

Class

A

........................

112,568

31,686,766

Arch

Capital

Group

Ltd.

(b)

...................

189,366

10,888,545

Arthur

J

Gallagher

&

Co.

....................

111,253

20,813,211

Assurant,

Inc.

...........................

28,442

3,864,130

Assured

Guaranty

Ltd.

.....................

31,786

1,881,413

Axis

Capital

Holdings

Ltd.

...................

41,591

2,273,780

Brighthouse

Financial,

Inc.

(a)

(b)

................

38,105

2,174,652

Brown

&

Brown,

Inc.

.......................

126,383

7,430,057

Chubb

Ltd.

.............................

222,409

47,793,470

Cincinnati

Financial

Corp.

...................

83,615

8,639,102

CNA

Financial

Corp.

.......................

14,582

608,069

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

13,402

3,444,448

Everest

Re

Group

Ltd.

.....................

20,804

6,712,619

Fidelity

National

Financial,

Inc.

................

140,994

5,552,344

First

American

Financial

Corp.

................

53,926

2,717,870

Globe

Life,

Inc.

..........................

47,804

5,522,318

Hanover

Insurance

Group,

Inc.

(The)

...........

18,920

2,771,591

Hartford

Financial

Services

Group,

Inc.

(The)

......

172,451

12,487,177

Kemper

Corp.

(a)

..........................

33,951

1,618,444

Lincoln

National

Corp.

.....................

90,699

4,885,955

Loews

Corp.

(a)

...........................

106,581

6,077,249

Markel

Corp.

(a)

(b)

..........................

7,142

8,613,966

Marsh

&

McLennan

Companies,

Inc.

............

268,232

43,316,786

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Financials

ETF

(Percentages

shown

are

based

on

Net

Assets)

60

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Insurance

(continued)

MetLife,

Inc.

............................

359,320

$

26,305,817

Old

Republic

International

Corp.

...............

151,150

3,508,192

Primerica,

Inc.

...........................

19,892

2,878,372

Principal

Financial

Group,

Inc.

................

131,873

11,621,968

Progressive

Corp.

(The)

....................

312,428

40,115,755

Prudential

Financial,

Inc.

....................

200,665

21,107,951

Reinsurance

Group

of

America,

Inc.

............

35,719

5,256,765

RenaissanceRe

Holdings

Ltd.

................

23,013

3,559,651

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(b)

.........

43,962

1,971,696

Travelers

Companies,

Inc.

(The)

...............

126,730

23,376,616

Unum

Group

............................

107,067

4,881,185

W

R

Berkley

Corp.

........................

110,060

8,186,263

White

Mountains

Insurance

Group

Ltd.

..........

1,507

2,134,138

Willis

Towers

Watson

PLC

...................

58,477

12,760,266

477,857,781

a

IT

Services

 — 

0

.4

%

Broadridge

Financial

Solutions,

Inc.

............

62,383

9,361,193

a

Mortgage

Real

Estate

Investment

 — 

0

.6

%

AGNC

Investment

Corp.

....................

279,190

2,294,942

Annaly

Capital

Management,

Inc.

..............

230,213

4,270,451

Rithm

Capital

Corp.

.......................

228,029

1,922,284

Starwood

Property

Trust,

Inc.

.................

156,127

3,225,584

11,713,261

a

Thrifts

&

Mortgage

Finance

 — 

0

.3

%

MGIC

Investment

Corp.

....................

161,278

2,201,445

New

York

Community

Bancorp,

Inc.

............

246,242

2,292,513

Security

Shares

Value

a

Thrifts

&

Mortgage

Finance

(continued)

Rocket

Companies,

Inc.

,

Class

A

(a)

.............

59,128

$

407,983

TFS

Financial

Corp.

.......................

27,399

384,956

UWM

Holdings

Corp.

,

Class

A

(a)

...............

47,664

156,338

5,443,235

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

2,200,043,116

)

...............................

2,043,210,922

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

23,756,866

23,752,114

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

3,973,185

3,973,185

a

Total

Short-Term

Securities — 1.4%

(Cost:

$

27,729,152

)

.................................

27,725,299

Total

Investments

—

101.1%

(Cost:

$

2,227,772,268

)

...............................

2,070,936,221

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

...............

(

21,932,076

)

Net

Assets

—

100.0%

.................................

$

2,049,004,145

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,990,720

$

18,764,853

(a)

$

—

$

1,844

$

(

5,303

)

$

23,752,114

23,756,866

$

130,762

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

4,063,000

—

(

89,815

)

(a)

—

—

3,973,185

3,973,185

41,767

—

BlackRock,

Inc.

..

48,395,209

10,364,049

(

8,347,623

)

(

574,858

)

2,033,026

51,869,803

80,305

756,536

—

$

(

573,014

)

$

2,027,723

$

79,595,102

$

929,065

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

61

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

..........................................................

43

12/16/22

$

1,404

$

1,127

E-Mini

Financials

Select

Sector

Index

........................................................

40

12/16/22

4,191

197,854

$

198,981

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

198,981

$

—

$

—

$

—

$

198,981

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

891,260

)

$

—

$

—

$

—

$

(

891,260

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

606,979

$

—

$

—

$

—

$

606,979

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,117,860

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Financials

ETF

62

2022

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,043,210,922

‌

$

—

‌

$

—

‌

$

2,043,210,922

‌

Short-Term

Securities

Money

Market

Funds

......................................

27,725,299

‌

—

‌

—

‌

27,725,299

‌

$

2,070,936,221

‌

$

—

‌

$

—

‌

$

2,070,936,221

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

198,981

‌

$

—

‌

$

—

‌

$

198,981

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Healthcare

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

63

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

17

.5

%

AbbVie,

Inc.

............................

1,114,573

$

163,173,487

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

76,048

15,761,708

Amgen,

Inc.

............................

336,750

91,040,363

Biogen,

Inc.

(a)

...........................

91,861

26,037,082

BioMarin

Pharmaceutical,

Inc.

(a)

...............

116,197

10,066,146

Exact

Sciences

Corp.

(a)

(b)

....................

109,951

3,824,096

Exelixis,

Inc.

(a)

...........................

198,936

3,298,359

Gilead

Sciences,

Inc.

......................

791,638

62,111,917

Horizon

Therapeutics

PLC

(a)

.................

141,430

8,813,918

Incyte

Corp.

(a)

...........................

114,909

8,542,335

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

89,147

3,940,297

Mirati

Therapeutics,

Inc.

(a)

(b)

..................

27,096

1,824,103

Moderna,

Inc.

(a)

(b)

.........................

213,059

32,029,159

Natera,

Inc.

(a)

...........................

54,317

2,550,726

Neurocrine

Biosciences,

Inc.

(a)

................

59,676

6,869,901

Novavax,

Inc.

(a)

(b)

.........................

49,135

1,094,236

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

65,363

48,940,546

Sarepta

Therapeutics,

Inc.

(a)

.................

52,983

6,041,122

Seagen,

Inc.

(a)

...........................

85,649

10,891,127

Ultragenyx

Pharmaceutical,

Inc.

(a)

..............

42,049

1,701,303

United

Therapeutics

Corp.

(a)

..................

28,077

6,472,591

Vertex

Pharmaceuticals,

Inc.

(a)

................

161,252

50,310,624

565,335,146

a

Chemicals

 — 

0

.1

%

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

........

550,177

1,501,983

a

Health

Care

Equipment

&

Supplies

 — 

18

.4

%

Abbott

Laboratories

.......................

1,081,399

106,993,617

ABIOMED,

Inc.

(a)

.........................

28,124

7,089,498

Align

Technology,

Inc.

(a)

(b)

....................

49,524

9,622,513

Baxter

International,

Inc.

....................

317,206

17,240,146

Becton

Dickinson

and

Co.

...................

179,051

42,250,664

Boston

Scientific

Corp.

(a)

....................

899,779

38,789,473

Cooper

Companies,

Inc.

(The)

................

30,590

8,363,000

Dentsply

Sirona,

Inc.

......................

134,856

4,156,262

Dexcom,

Inc.

(a)

..........................

246,787

29,806,934

Edwards

Lifesciences

Corp.

(a)

................

389,447

28,207,646

Enovis

Corp.

(a)

...........................

31,869

1,575,922

Envista

Holdings

Corp.

(a)

....................

102,471

3,382,568

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

..............

48,263

3,233,621

Hologic,

Inc.

(a)

...........................

154,876

10,500,593

ICU

Medical,

Inc.

(a)

(b)

.......................

12,779

1,896,531

IDEXX

Laboratories,

Inc.

(a)

...................

52,537

18,896,508

Insulet

Corp.

(a)

(b)

..........................

43,346

11,218,378

Integra

LifeSciences

Holdings

Corp.

(a)

(b)

..........

45,932

2,308,083

Intuitive

Surgical,

Inc.

(a)

.....................

225,658

55,617,927

Masimo

Corp.

(a)

..........................

29,982

3,945,631

Medtronic

PLC

..........................

842,904

73,619,235

Novocure

Ltd.

(a)

(b)

.........................

65,001

4,592,971

Penumbra,

Inc.

(a)

(b)

........................

22,442

3,848,130

QuidelOrtho

Corp.

(a)

.......................

31,078

2,791,426

ResMed,

Inc.

...........................

91,035

20,363,619

STERIS

PLC

(b)

..........................

62,872

10,850,450

Stryker

Corp.

...........................

221,558

50,789,956

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

40,179

2,256,051

Teleflex,

Inc.

............................

29,535

6,337,030

Zimmer

Biomet

Holdings,

Inc.

................

132,186

14,983,283

595,527,666

a

Health

Care

Providers

&

Services

 — 

20

.7

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

56,066

4,558,166

agilon

health,

Inc.

(a)

(b)

......................

119,481

2,371,698

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Amedisys,

Inc.

(a)

.........................

20,269

$

1,978,052

Cardinal

Health,

Inc.

.......................

171,642

13,027,628

Centene

Corp.

(a)

.........................

358,280

30,500,376

Chemed

Corp.

...........................

9,188

4,289,602

Cigna

Corp.

............................

188,764

60,982,098

DaVita,

Inc.

(a)

(b)

..........................

35,619

2,600,543

Elevance

Health,

Inc.

......................

152,019

83,119,429

Encompass

Health

Corp.

...................

61,833

3,366,188

Enhabit,

Inc.

(a)

...........................

30,916

383,977

Guardant

Health,

Inc.

(a)

.....................

61,274

3,033,063

HCA

Healthcare,

Inc.

......................

138,120

30,036,956

Henry

Schein,

Inc.

(a)

.......................

85,003

5,819,305

Humana,

Inc.

...........................

79,713

44,486,231

Laboratory

Corp.

of

America

Holdings

...........

56,923

12,628,937

Molina

Healthcare,

Inc.

(a)

....................

36,085

12,949,463

Oak

Street

Health,

Inc.

(a)

(b)

...................

73,331

1,483,486

Premier,

Inc.

,

Class

A

......................

74,245

2,589,666

Quest

Diagnostics,

Inc.

.....................

73,651

10,579,966

Signify

Health,

Inc.

,

Class

A

(a)

.................

44,682

1,306,055

Tenet

Healthcare

Corp.

(a)

....................

66,923

2,968,704

UnitedHealth

Group,

Inc.

....................

589,888

327,476,323

Universal

Health

Services,

Inc.

,

Class

B

.........

40,164

4,653,803

667,189,715

a

Health

Care

Technology

 — 

0

.6

%

Certara,

Inc.

(a)

...........................

73,180

894,992

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

68,736

1,819,442

Teladoc

Health,

Inc.

(a)

(b)

.....................

101,103

2,996,693

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

87,794

14,744,124

20,455,251

a

Life

Sciences

Tools

&

Services

 — 

11

.6

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

58,186

1,581,495

Agilent

Technologies,

Inc.

...................

188,962

26,142,893

Avantor,

Inc.

(a)

...........................

383,717

7,739,572

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

13,467

4,736,479

Bio-Techne

Corp.

.........................

24,487

7,254,519

Bruker

Corp.

............................

68,506

4,236,411

Charles

River

Laboratories

International,

Inc.

(a)

.....

31,744

6,737,664

Danaher

Corp.

..........................

408,241

102,742,012

Illumina,

Inc.

(a)

(b)

..........................

99,050

22,664,621

IQVIA

Holdings,

Inc.

(a)

......................

116,898

24,510,004

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

69,761

1,158,033

PerkinElmer,

Inc.

.........................

79,464

10,614,801

QIAGEN

NV

(a)

...........................

142,717

6,216,752

Repligen

Corp.

(a)

.........................

34,808

6,352,112

Sotera

Health

Co.

(a)

.......................

61,912

425,955

Syneos

Health,

Inc.

,

Class

A

(a)

................

64,583

3,253,691

Thermo

Fisher

Scientific,

Inc.

.................

246,755

126,824,667

West

Pharmaceutical

Services,

Inc.

............

46,652

10,734,625

373,926,306

a

Pharmaceuticals

 — 

30

.9

%

Bristol-Myers

Squibb

Co.

....................

1,343,094

104,049,492

Catalent,

Inc.

(a)

..........................

107,768

7,083,591

Elanco

Animal

Health,

Inc.

(a)

..................

279,905

3,691,947

Eli

Lilly

&

Co.

...........................

531,386

192,409,557

Jazz

Pharmaceuticals

PLC

(a)

.................

38,338

5,512,621

Johnson

&

Johnson

.......................

1,659,734

288,743,924

Merck

&

Co.,

Inc.

.........................

1,595,357

161,450,129

Organon

&

Co.

..........................

159,946

4,187,386

Perrigo

Co.

PLC

.........................

84,769

3,414,495

Pfizer,

Inc.

.............................

3,564,398

165,922,727

Royalty

Pharma

PLC

,

Class

A

................

231,143

9,781,972

Viatris,

Inc.

.............................

763,124

7,730,446

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Healthcare

ETF

(Percentages

shown

are

based

on

Net

Assets)

64

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Pharmaceuticals

(continued)

Zoetis,

Inc.

,

Class

A

.......................

296,917

$

44,769,145

998,747,432

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

2,907,538,537

)

...............................

3,222,683,499

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

59,517,999

59,506,096

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

4,759,406

4,759,406

a

Total

Short-Term

Securities — 2.0%

(Cost:

$

64,261,425

)

.................................

64,265,502

Total

Investments

—

101.8%

(Cost:

$

2,971,799,962

)

...............................

3,286,949,001

Liabilities

in

Excess

of

Other

Assets

—

(

1

.8

)

%

...............

(

57,188,524

)

Net

Assets

—

100.0%

.................................

$

3,229,760,477

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

40,415,625

‌

$

19,107,749

(a)

$

—

‌

$

(

5,791

)

$

(

11,487

)

$

59,506,096

‌

59,517,999

‌

$

77,116

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

2,957,000

‌

1,802,406

(a)

—

‌

—

‌

—

‌

4,759,406

‌

4,759,406

‌

37,810

‌

—

‌

$

(

5,791

)

$

(

11,487

)

$

64,265,502

‌

$

114,926

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Sector

Index

............................................................

51

12/16/22

$

6,860

$

280,526

iShares

®

U.S.

Healthcare

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

65

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

280,526

$

—

$

—

$

—

$

280,526

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

200,040

)

$

—

$

—

$

—

$

(

200,040

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

442,307

$

—

$

—

$

—

$

442,307

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,981,245

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,222,683,499

‌

$

—

‌

$

—

‌

$

3,222,683,499

‌

Short-Term

Securities

Money

Market

Funds

......................................

64,265,502

‌

—

‌

—

‌

64,265,502

‌

$

3,286,949,001

‌

$

—

‌

$

—

‌

$

3,286,949,001

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

280,526

‌

$

—

‌

$

—

‌

$

280,526

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Industrials

ETF

(Percentages

shown

are

based

on

Net

Assets)

66

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

13

.6

%

Axon

Enterprise,

Inc.

(a)

(b)

....................

14,938

$

2,172,583

Boeing

Co.

(The)

(a)

........................

121,139

17,263,519

BWX

Technologies,

Inc.

....................

20,221

1,152,192

Curtiss-Wright

Corp.

.......................

8,426

1,414,135

General

Dynamics

Corp.

....................

53,771

13,431,996

HEICO

Corp.

...........................

9,952

1,618,593

HEICO

Corp.

,

Class

A

......................

17,488

2,226,223

Howmet

Aerospace,

Inc.

....................

82,756

2,941,976

Huntington

Ingalls

Industries,

Inc.

..............

8,702

2,237,023

L3Harris

Technologies,

Inc.

..................

42,527

10,481,630

Lockheed

Martin

Corp.

.....................

52,474

25,538,046

Mercury

Systems,

Inc.

(a)

....................

12,597

609,695

Northrop

Grumman

Corp.

...................

32,365

17,768,709

Raytheon

Technologies

Corp.

................

328,737

31,170,842

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

........

23,202

537,358

Textron,

Inc.

............................

46,647

3,192,521

TransDigm

Group,

Inc.

.....................

11,347

6,533,149

Woodward,

Inc.

(b)

.........................

12,929

1,185,589

141,475,779

a

Air

Freight

&

Logistics

 — 

4

.1

%

CH

Robinson

Worldwide,

Inc.

(b)

...............

26,961

2,634,629

Expeditors

International

of

Washington,

Inc.

.......

36,014

3,523,970

FedEx

Corp.

............................

53,061

8,504,617

GXO

Logistics,

Inc.

(a)

......................

23,206

847,947

United

Parcel

Service,

Inc.

,

Class

B

............

162,511

27,264,471

42,775,634

a

Building

Products

 — 

4

.3

%

A

O

Smith

Corp.

.........................

27,969

1,532,142

Advanced

Drainage

Systems,

Inc.

.............

14,112

1,635,299

Allegion

PLC

............................

19,377

2,030,128

Armstrong

World

Industries,

Inc.

...............

10,124

765,071

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

...............

24,641

431,464

Builders

FirstSource,

Inc.

(a)

..................

33,984

2,095,453

Carlisle

Companies,

Inc.

....................

11,360

2,712,768

Carrier

Global

Corp.

.......................

187,253

7,445,179

Fortune

Brands

Home

&

Security,

Inc.

...........

28,418

1,714,174

Hayward

Holdings,

Inc.

(a)

(b)

...................

15,580

144,115

Johnson

Controls

International

PLC

............

153,702

8,890,124

Lennox

International,

Inc.

...................

7,031

1,642,231

Masco

Corp.

............................

49,698

2,299,526

Owens

Corning

..........................

21,434

1,834,965

Trane

Technologies

PLC

(b)

...................

51,540

8,227,330

Trex

Co.,

Inc.

(a)

..........................

24,405

1,173,636

44,573,605

a

Chemicals

 — 

2

.7

%

Axalta

Coating

Systems

Ltd.

(a)

(b)

...............

48,957

1,141,677

DuPont

de

Nemours,

Inc.

...................

110,771

6,336,101

PPG

Industries,

Inc.

.......................

52,045

5,942,498

RPM

International,

Inc.

.....................

28,161

2,663,186

Sherwin-Williams

Co.

(The)

..................

52,860

11,895,086

27,978,548

a

Commercial

Services

&

Supplies

 — 

1

.1

%

Cintas

Corp.

............................

19,116

8,173,046

MSA

Safety,

Inc.

.........................

8,112

1,088,955

Tetra

Tech,

Inc.

..........................

11,806

1,667,951

10,929,952

a

Construction

&

Engineering

 — 

1

.2

%

AECOM

...............................

29,036

2,185,830

MasTec,

Inc.

(a)

...........................

13,459

1,037,420

Security

Shares

Value

a

Construction

&

Engineering

(continued)

MDU

Resources

Group,

Inc.

.................

44,614

$

1,270,607

Quanta

Services,

Inc.

......................

31,427

4,463,891

Valmont

Industries,

Inc.

.....................

4,658

1,486,927

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

45,857

1,950,298

12,394,973

a

Construction

Materials

 — 

1

.0

%

Eagle

Materials,

Inc.

.......................

8,285

1,013,339

Martin

Marietta

Materials,

Inc.

................

13,737

4,615,357

Vulcan

Materials

Co.

......................

29,243

4,787,079

10,415,775

a

Consumer

Finance

 — 

3

.1

%

American

Express

Co.

.....................

133,092

19,757,507

Capital

One

Financial

Corp.

..................

84,111

8,917,448

Synchrony

Financial

.......................

106,019

3,770,036

32,444,991

a

Containers

&

Packaging

 — 

2

.1

%

Amcor

PLC

.............................

331,253

3,835,910

AptarGroup,

Inc.

.........................

14,429

1,430,635

Ardagh

Group

SA

,

Class

A

(a)

.................

5,329

40,394

Ardagh

Metal

Packaging

SA

.................

34,946

155,160

Ball

Corp.

..............................

68,108

3,363,854

Berry

Global

Group,

Inc.

(a)

...................

27,735

1,312,420

Crown

Holdings,

Inc.

......................

25,639

1,758,579

Graphic

Packaging

Holding

Co.

...............

67,736

1,555,219

Packaging

Corp.

of

America

.................

20,396

2,451,803

Sealed

Air

Corp.

.........................

32,245

1,535,507

Silgan

Holdings,

Inc.

.......................

18,552

878,623

Sonoco

Products

Co.

......................

21,393

1,328,077

Westrock

Co.

...........................

56,008

1,907,633

21,553,814

a

Diversified

Consumer

Services

 — 

0

.0

%

ADT,

Inc.

(b)

.............................

38,861

328,764

a

Electrical

Equipment

 — 

4

.6

%

Acuity

Brands,

Inc.

........................

7,218

1,325,008

AMETEK,

Inc.

...........................

50,895

6,599,046

Eaton

Corp.

PLC

.........................

88,229

13,240,526

Emerson

Electric

Co.

......................

130,501

11,301,387

Generac

Holdings,

Inc.

(a)

....................

13,745

1,593,183

Hubbell,

Inc.

............................

11,823

2,807,726

nVent

Electric

PLC

........................

36,354

1,326,921

Regal

Rexnord

Corp.

......................

14,806

1,873,551

Rockwell

Automation,

Inc.

...................

25,685

6,557,380

Sensata

Technologies

Holding

PLC

............

33,891

1,362,757

47,987,485

a

Electronic

Equipment,

Instruments

&

Components

 — 

2

.0

%

Cognex

Corp.

...........................

38,446

1,777,359

Keysight

Technologies,

Inc.

(a)

.................

39,587

6,894,076

Littelfuse,

Inc.

...........................

5,315

1,170,629

Teledyne

Technologies,

Inc.

(a)

.................

10,230

4,071,335

Trimble,

Inc.

(a)

...........................

55,139

3,317,162

Vontier

Corp.

............................

34,853

665,692

Zebra

Technologies

Corp.

,

Class

A

(a)

............

11,389

3,225,593

21,121,846

a

Household

Durables

 — 

0

.2

%

Mohawk

Industries,

Inc.

(a)

...................

11,574

1,096,637

TopBuild

Corp.

(a)

.........................

7,159

1,218,032

2,314,669

a

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

67

Schedule

of

Investments

Security

Shares

Value

a

Industrial

Conglomerates

 — 

6

.3

%

3M

Co.

................................

125,451

$

15,780,481

General

Electric

Co.

.......................

242,087

18,836,789

Honeywell

International,

Inc.

.................

148,986

30,396,124

65,013,394

a

IT

Services

 — 

27

.0

%

Accenture

PLC

,

Class

A

....................

140,073

39,766,725

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

39,321

789,172

Automatic

Data

Processing,

Inc.

...............

92,300

22,308,910

Block,

Inc.

,

Class

A

(a)

(b)

.....................

116,693

7,009,748

Euronet

Worldwide,

Inc.

(a)

...................

10,463

878,997

Fidelity

National

Information

Services,

Inc.

........

134,830

11,189,542

Fiserv,

Inc.

(a)

............................

130,127

13,369,248

FleetCor

Technologies,

Inc.

(a)

.................

16,126

3,001,371

Genpact

Ltd.

............................

39,922

1,936,217

Global

Payments,

Inc.

.....................

60,754

6,941,752

Jack

Henry

&

Associates,

Inc.

................

16,022

3,189,339

Mastercard,

Inc.

,

Class

A

....................

190,303

62,453,638

Paychex,

Inc.

...........................

71,254

8,430,061

PayPal

Holdings,

Inc.

(a)

.....................

255,931

21,390,713

Shift4

Payments,

Inc.

,

Class

A

(a)

...............

11,173

513,623

Visa,

Inc.

,

Class

A

(b)

.......................

363,943

75,394,432

Western

Union

Co.

(The)

...................

84,666

1,143,838

WEX,

Inc.

(a)

.............................

9,771

1,603,812

281,311,138

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

16,417

1,160,189

a

Life

Sciences

Tools

&

Services

 — 

1

.0

%

Mettler-Toledo

International,

Inc.

(a)

.............

4,946

6,256,344

Waters

Corp.

(a)

..........................

13,224

3,956,224

10,212,568

a

Machinery

 — 

14

.1

%

AGCO

Corp.

............................

13,698

1,700,881

Allison

Transmission

Holdings,

Inc.

.............

21,261

898,277

Caterpillar,

Inc.

..........................

116,695

25,259,800

Crane

Holdings

Co.

.......................

10,340

1,037,516

Cummins,

Inc.

...........................

31,128

7,611,107

Deere

&

Co.

............................

61,973

24,530,153

Donaldson

Co.,

Inc.

.......................

27,171

1,560,974

Dover

Corp.

............................

31,772

4,152,283

Esab

Corp.

.............................

11,157

416,156

Flowserve

Corp.

.........................

28,744

824,378

Fortive

Corp.

(b)

...........................

79,228

5,062,669

Gates

Industrial

Corp.

PLC

(a)

.................

23,423

261,166

Graco,

Inc.

.............................

37,181

2,587,054

IDEX

Corp.

.............................

16,775

3,729,250

Illinois

Tool

Works,

Inc.

(b)

....................

68,484

14,623,388

Ingersoll

Rand,

Inc.

(b)

......................

89,714

4,530,557

ITT,

Inc.

...............................

18,495

1,412,833

Lincoln

Electric

Holdings,

Inc.

................

12,395

1,760,090

Middleby

Corp.

(The)

(a)

.....................

11,838

1,655,663

Nordson

Corp.

...........................

12,784

2,876,400

Oshkosh

Corp.

..........................

14,554

1,280,752

Otis

Worldwide

Corp.

......................

93,459

6,601,944

PACCAR,

Inc.

...........................

75,358

7,296,915

Parker-Hannifin

Corp.

......................

28,268

8,215,246

Pentair

PLC

............................

36,305

1,559,300

Snap-on,

Inc.

...........................

11,602

2,576,224

Stanley

Black

&

Decker,

Inc.

.................

32,597

2,558,539

Toro

Co.

(The)

...........................

23,005

2,425,417

Westinghouse

Air

Brake

Technologies

Corp.

.......

39,975

3,728,868

Security

Shares

Value

a

Machinery

(continued)

Xylem,

Inc.

.............................

39,558

$

4,051,926

146,785,726

a

Marine

 — 

0

.1

%

Kirby

Corp.

(a)

............................

13,175

918,956

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

16,225

919,146

a

Professional

Services

 — 

2

.3

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

28,978

3,154,255

Equifax,

Inc.

............................

26,850

4,552,149

FTI

Consulting,

Inc.

(a)

......................

7,431

1,156,487

Jacobs

Solutions,

Inc.

......................

28,222

3,251,739

ManpowerGroup,

Inc.

......................

11,359

889,864

Robert

Half

International,

Inc.

.................

23,804

1,820,054

TransUnion

.............................

42,483

2,517,967

Verisk

Analytics,

Inc.

.......................

34,310

6,272,897

23,615,412

a

Road

&

Rail

 — 

6

.5

%

CSX

Corp.

.............................

472,838

13,740,672

JB

Hunt

Transport

Services,

Inc.

(b)

.............

18,422

3,151,452

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

34,360

1,650,311

Landstar

System,

Inc.

......................

8,014

1,251,947

Norfolk

Southern

Corp.

.....................

51,805

11,815,166

Old

Dominion

Freight

Line,

Inc.

...............

22,199

6,095,845

Ryder

System,

Inc.

........................

10,875

875,546

Schneider

National,

Inc.

,

Class

B

..............

11,871

264,011

Union

Pacific

Corp.

.......................

138,783

27,359,681

XPO

Logistics,

Inc.

(a)

......................

22,705

1,174,757

67,379,388

a

Semiconductors

&

Semiconductor

Equipment

 — 

0

.1

%

MKS

Instruments,

Inc.

.....................

12,632

1,037,719

a

Software

 — 

0

.7

%

Bill.com

Holdings,

Inc.

(a)

(b)

...................

21,545

2,873,241

Fair

Isaac

Corp.

(a)

.........................

5,414

2,592,440

Paylocity

Holding

Corp.

(a)

...................

8,775

2,033,957

7,499,638

a

Trading

Companies

&

Distributors

 — 

1

.5

%

Air

Lease

Corp.

,

Class

A

....................

22,840

806,024

Core

&

Main,

Inc.

,

Class

A

(a)

..................

15,801

372,587

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

10,159

842,994

United

Rentals,

Inc.

(a)

......................

15,420

4,868,248

Watsco,

Inc.

............................

7,280

1,972,589

WESCO

International,

Inc.

(a)

.................

9,873

1,360,203

WW

Grainger,

Inc.

........................

10,059

5,877,977

16,100,622

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,133,585,781

)

...............................

1,038,249,731

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Industrials

ETF

(Percentages

shown

are

based

on

Net

Assets)

68

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

27,361,023

$

27,355,551

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

1,567,977

1,567,977

a

Total

Short-Term

Securities — 2.8%

(Cost:

$

28,921,483

)

.................................

28,923,528

Total

Investments

—

102.6%

(Cost:

$

1,162,507,264

)

...............................

1,067,173,259

Liabilities

in

Excess

of

Other

Assets

—

(

2

.6

)

%

...............

(

26,872,545

)

Net

Assets

—

100.0%

.................................

$

1,040,300,714

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

17,893,851

$

9,460,333

(a)

$

—

$

3,416

$

(

2,049

)

$

27,355,551

27,361,023

$

52,793

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,472,000

—

(

904,023

)

(a)

—

—

1,567,977

1,567,977

13,884

—

$

3,416

$

(

2,049

)

$

28,923,528

$

66,677

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Index

.................................................................

16

12/16/22

$

1,524

$

18,371

E-Mini

Technology

Select

Sector

Index

......................................................

2

12/16/22

258

(

260

)

$

18,111

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

69

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

18,371

$

—

$

—

$

—

$

18,371

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

260

$

—

$

—

$

—

$

260

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

198,834

)

$

—

$

—

$

—

$

(

198,834

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

143,652

$

—

$

—

$

—

$

143,652

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,904,100

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,038,209,337

‌

$

40,394

‌

$

—

‌

$

1,038,249,731

‌

Short-Term

Securities

Money

Market

Funds

......................................

28,923,528

‌

—

‌

—

‌

28,923,528

‌

$

1,067,132,865

‌

$

40,394

‌

$

—

‌

$

1,067,173,259

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

18,371

‌

$

—

‌

$

—

‌

$

18,371

‌

Liabilities

Equity

Contracts

...........................................

(

260

)

—

‌

—

‌

(

260

)

$

18,111

‌

$

—

‌

$

—

‌

$

18,111

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Technology

ETF

(Percentages

shown

are

based

on

Net

Assets)

70

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Communications

Equipment

 — 

0

.1

%

F5,

Inc.

(a)

..............................

69,363

$

9,912,666

a

Electrical

Equipment

 — 

0

.1

%

Vertiv

Holdings

Co.

,

Class

A

(b)

................

355,604

5,088,693

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.8

%

Amphenol

Corp.

,

Class

A

...................

681,986

51,714,998

Arrow

Electronics,

Inc.

(a)

....................

74,641

7,558,148

Avnet,

Inc.

.............................

109,166

4,387,382

CDW

Corp.

.............................

157,429

27,205,306

Coherent

Corp.

(a)

.........................

149,386

5,020,863

Corning,

Inc.

............................

879,195

28,283,703

IPG

Photonics

Corp.

(a)

.....................

39,245

3,361,727

Jabil,

Inc.

..............................

156,337

10,044,652

National

Instruments

Corp.

..................

152,840

5,835,431

TD

SYNNEX

Corp.

........................

49,827

4,559,669

147,971,879

a

Health

Care

Technology

 — 

0

.0

%

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

..........

40,473

638,664

a

Interactive

Media

&

Services

 — 

13

.4

%

Alphabet,

Inc.

,

Class

A

(a)

....................

4,423,312

418,047,217

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

3,972,306

376,018,486

IAC,

Inc.

(a)

(b)

............................

89,836

4,373,217

Match

Group,

Inc.

(a)

.......................

331,807

14,334,062

Meta

Platforms,

Inc.

,

Class

A

(a)

................

2,456,114

228,811,580

Pinterest,

Inc.

,

Class

A

(a)

....................

678,739

16,696,979

ZoomInfo

Technologies,

Inc.

(a)

................

320,539

14,273,602

1,072,555,143

a

Internet

&

Direct

Marketing

Retail

 — 

0

.2

%

DoorDash,

Inc.

,

Class

A

(a)

(b)

..................

291,531

12,690,345

a

IT

Services

 — 

5

.8

%

Akamai

Technologies,

Inc.

(a)

..................

182,307

16,103,177

Amdocs

Ltd.

............................

140,325

12,111,451

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

325,319

18,321,966

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

606,065

37,727,546

Concentrix

Corp.

.........................

49,920

6,101,721

DXC

Technology

Co.

(a)

.....................

267,819

7,699,796

EPAM

Systems,

Inc.

(a)

......................

63,897

22,363,950

Gartner,

Inc.

(a)

(b)

..........................

89,367

26,981,684

Globant

SA

(a)

............................

47,391

8,941,734

GoDaddy,

Inc.

,

Class

A

(a)

(b)

...................

182,295

14,656,518

International

Business

Machines

Corp.

..........

1,048,836

145,043,530

Kyndryl

Holdings,

Inc.

(a)

.....................

233,231

2,255,344

MongoDB,

Inc.

,

Class

A

(a)

...................

75,993

13,908,999

Okta,

Inc.

,

Class

A

(a)

.......................

173,639

9,744,621

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

357,189

57,257,397

SS&C

Technologies

Holdings,

Inc.

.............

260,397

13,389,614

Switch,

Inc.

,

Class

A

(b)

......................

169,118

5,758,468

Thoughtworks

Holding,

Inc.

(a)

.................

102,865

988,533

Toast,

Inc.

,

Class

A

(a)

......................

289,800

6,401,682

Twilio,

Inc.

,

Class

A

(a)

......................

200,102

14,881,586

VeriSign,

Inc.

(a)

..........................

109,319

21,914,087

Wix.com

Ltd.

(a)

...........................

62,443

5,251,456

467,804,860

a

Life

Sciences

Tools

&

Services

 — 

0

.1

%

Azenta,

Inc.

............................

85,675

3,803,970

a

Security

Shares

Value

a

Professional

Services

 — 

0

.6

%

CACI

International,

Inc.

,

Class

A

(a)

.............

26,852

$

8,163,814

Clarivate

PLC

(a)

(b)

.........................

547,084

5,651,378

Dun

&

Bradstreet

Holdings,

Inc.

(b)

..............

289,846

3,724,521

KBR,

Inc.

..............................

161,482

8,036,959

Leidos

Holdings,

Inc.

......................

158,643

16,116,542

Science

Applications

International

Corp.

.........

64,396

6,976,663

48,669,877

a

Semiconductors

&

Semiconductor

Equipment

 — 

21

.5

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,882,432

113,058,866

Allegro

MicroSystems,

Inc.

(a)

.................

76,207

1,936,420

Analog

Devices,

Inc.

.......................

608,351

86,763,020

Applied

Materials,

Inc.

.....................

1,011,966

89,346,478

Broadcom,

Inc.

..........................

460,311

216,401,407

Cirrus

Logic,

Inc.

(a)

........................

64,292

4,315,279

Entegris,

Inc.

............................

173,054

13,730,104

GlobalFoundries,

Inc.

(a)

(b)

....................

73,199

4,150,383

Intel

Corp.

.............................

4,769,317

135,591,682

KLA

Corp.

..............................

165,224

52,285,135

Lam

Research

Corp.

......................

159,445

64,540,147

Lattice

Semiconductor

Corp.

(a)

................

158,279

7,678,114

Marvell

Technology,

Inc.

....................

988,279

39,214,911

Microchip

Technology,

Inc.

...................

626,587

38,685,481

Micron

Technology,

Inc.

.....................

1,283,947

69,461,533

Monolithic

Power

Systems,

Inc.

...............

52,828

17,932,465

NVIDIA

Corp.

...........................

2,611,187

352,431,909

ON

Semiconductor

Corp.

(a)

(b)

.................

505,189

31,033,760

Qorvo,

Inc.

(a)

............................

119,855

10,317,119

QUALCOMM,

Inc.

........................

1,305,918

153,654,312

Skyworks

Solutions,

Inc.

....................

187,417

16,119,736

Teradyne,

Inc.

...........................

182,332

14,832,708

Texas

Instruments,

Inc.

.....................

1,074,586

172,610,749

Universal

Display

Corp.

....................

50,380

4,797,184

Wolfspeed,

Inc.

(a)

.........................

134,794

10,615,028

1,721,503,930

a

Software

 — 

34

.7

%

Adobe,

Inc.

(a)

............................

549,990

175,171,815

Alteryx,

Inc.

,

Class

A

(a)

.....................

68,812

3,353,209

ANSYS,

Inc.

(a)

...........................

101,272

22,397,315

AppLovin

Corp.

,

Class

A

(a)

...................

253,228

4,294,747

Aspen

Technology,

Inc.

(a)

....................

31,470

7,598,431

Atlassian

Corp.

,

Class

A

(a)

...................

159,325

32,299,957

Autodesk,

Inc.

(a)

..........................

253,500

54,325,050

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

196,858

6,945,150

Black

Knight,

Inc.

(a)

........................

179,715

10,867,366

Cadence

Design

Systems,

Inc.

(a)

(b)

.............

317,689

48,094,938

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

.........

199,077

1,857,388

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

159,305

10,544,398

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

143,100

3,846,528

Coupa

Software,

Inc.

(a)

.....................

88,141

4,691,745

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

244,826

39,465,951

Datadog,

Inc.

,

Class

A

(a)

....................

309,123

24,887,493

DocuSign,

Inc.

(a)

.........................

229,375

11,078,812

Dolby

Laboratories,

Inc.

,

Class

A

..............

70,607

4,719,372

DoubleVerify

Holdings,

Inc.

(a)

(b)

................

73,914

2,160,506

Dropbox,

Inc.

,

Class

A

(a)

....................

318,817

6,934,270

Dynatrace,

Inc.

(a)

.........................

231,548

8,159,752

Elastic

NV

(a)

............................

90,170

5,766,371

Five9,

Inc.

(a)

(b)

...........................

79,672

4,801,035

Fortinet,

Inc.

(a)

...........................

751,418

42,951,053

Guidewire

Software,

Inc.

(a)

(b)

..................

97,846

5,813,031

HubSpot,

Inc.

(a)

..........................

53,019

15,723,315

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

41,358

800,691

iShares

®

U.S.

Technology

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

71

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

Intuit,

Inc.

..............................

321,167

$

137,298,892

Jamf

Holding

Corp.

(a)

......................

77,129

1,825,643

Manhattan

Associates,

Inc.

(a)

.................

73,057

8,888,845

Microsoft

Corp.

..........................

5,273,974

1,224,247,585

nCino,

Inc.

(a)

(b)

...........................

80,158

2,523,374

NCR

Corp.

(a)

............................

146,660

3,117,992

New

Relic,

Inc.

(a)

.........................

60,603

3,590,122

NortonLifeLock,

Inc.

.......................

666,237

15,010,320

Nutanix,

Inc.

,

Class

A

(a)

.....................

250,066

6,851,808

Oracle

Corp.

............................

1,762,991

137,636,707

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

2,105,984

18,511,599

Palo

Alto

Networks,

Inc.

(a)

...................

342,487

58,767,344

Paycom

Software,

Inc.

(a)

(b)

...................

59,598

20,620,908

Paycor

HCM,

Inc.

(a)

(b)

......................

54,095

1,648,275

Pegasystems,

Inc.

........................

48,917

1,820,202

Procore

Technologies,

Inc.

(a)

.................

81,830

4,472,828

PTC,

Inc.

(a)

.............................

122,779

14,467,050

RingCentral,

Inc.

,

Class

A

(a)

..................

98,345

3,493,214

Roper

Technologies,

Inc.

....................

122,996

50,986,762

Salesforce,

Inc.

(a)

.........................

1,121,634

182,366,472

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

213,403

4,874,125

ServiceNow,

Inc.

(a)

........................

233,351

98,180,100

Smartsheet,

Inc.

,

Class

A

(a)

(b)

.................

144,683

5,052,330

Splunk,

Inc.

(a)

...........................

187,644

15,595,093

Synopsys,

Inc.

(a)

.........................

177,552

51,942,838

Teradata

Corp.

(a)

.........................

119,723

3,782,050

Tyler

Technologies,

Inc.

(a)

...................

47,828

15,464,227

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

436,874

5,526,456

Unity

Software,

Inc.

(a)

(b)

.....................

242,780

7,162,010

VMware,

Inc.

,

Class

A

......................

243,258

27,373,823

Workday,

Inc.

,

Class

A

(a)

....................

229,896

35,822,395

Zendesk,

Inc.

(a)

..........................

141,076

10,819,118

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

294,044

24,535,031

Security

Shares

Value

a

Software

(continued)

Zscaler,

Inc.

(a)

...........................

96,997

$

14,947,238

2,778,772,465

a

Technology

Hardware,

Storage

&

Peripherals

 — 

21

.6

%

Apple,

Inc.

.............................

10,613,077

1,627,409,226

Dell

Technologies,

Inc.

,

Class

C

...............

300,678

11,546,035

Hewlett

Packard

Enterprise

Co.

...............

1,512,267

21,580,050

HP,

Inc.

...............................

1,204,788

33,276,245

NetApp,

Inc.

............................

255,758

17,716,357

Pure

Storage,

Inc.

,

Class

A

(a)

.................

327,511

10,106,989

Western

Digital

Corp.

(a)

.....................

365,898

12,575,914

1,734,210,816

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

8,051,316,107

)

...............................

8,003,623,308

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

73,516,800

73,502,097

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

10,808,105

10,808,105

a

Total

Short-Term

Securities — 1.0%

(Cost:

$

84,312,770

)

.................................

84,310,202

Total

Investments

—

100.9%

(Cost:

$

8,135,628,877

)

...............................

8,087,933,510

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

73,535,455

)

Net

Assets

—

100.0%

.................................

$

8,014,398,055

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

119,017,767

$

—

$

(

45,489,040

)

(a)

$

(

25,158

)

$

(

1,472

)

$

73,502,097

73,516,800

$

141,415

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

6,440,000

4,368,105

(a)

—

—

—

10,808,105

10,808,105

80,694

—

$

(

25,158

)

$

(

1,472

)

$

84,310,202

$

222,109

$

—

(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)

October

31,

2022

iShares

®

U.S.

Technology

ETF

72

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index.

.........................................

21

12/16/22

$

1,330

$

(

73,440

)

E-Mini

Technology

Select

Sector

Index

......................................................

70

12/16/22

9,045

(

18,157

)

$

(

91,597

)

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)

.............

$

—

$

—

$

91,597

$

—

$

—

$

—

$

91,597

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.................................

$

—

$

—

$

(

1,386,707

)

$

—

$

—

$

—

$

(

1,386,707

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

246,802

$

—

$

—

$

—

$

246,802

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

8,688,190

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Technology

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

73

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

8,003,623,308

‌

$

—

‌

$

—

‌

$

8,003,623,308

‌

Short-Term

Securities

Money

Market

Funds

......................................

84,310,202

‌

—

‌

—

‌

84,310,202

‌

$

8,087,933,510

‌

$

—

‌

$

—

‌

$

8,087,933,510

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

91,597

)

$

—

‌

$

—

‌

$

(

91,597

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2022

iShares

®

U.S.

Transportation

ETF

(Percentages

shown

are

based

on

Net

Assets)

74

2022

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

29

.9

%

Air

Transport

Services

Group,

Inc.

(a)

(b)

...........

88,241

$

2,576,637

Atlas

Air

Worldwide

Holdings,

Inc.

(a)

(b)

...........

39,308

3,975,611

CH

Robinson

Worldwide,

Inc.

(b)

...............

188,779

18,447,484

Expeditors

International

of

Washington,

Inc.

.......

249,294

24,393,418

FedEx

Corp.

............................

187,072

29,983,900

Forward

Air

Corp.

........................

40,950

4,335,376

GXO

Logistics,

Inc.

(a)

(b)

.....................

180,751

6,604,642

Hub

Group,

Inc.

,

Class

A

(a)

(b)

.................

51,733

4,014,481

United

Parcel

Service,

Inc.

,

Class

B

............

820,229

137,609,819

231,941,368

a

Airlines

 — 

16

.3

%

Alaska

Air

Group,

Inc.

(a)

.....................

193,171

8,588,383

Allegiant

Travel

Co.

(a)

......................

23,500

1,763,675

American

Airlines

Group,

Inc.

(a)

................

990,266

14,041,972

Delta

Air

Lines,

Inc.

(a)

......................

977,088

33,152,596

Frontier

Group

Holdings,

Inc.

(a)

................

56,483

740,492

Hawaiian

Holdings,

Inc.

(a)

(b)

..................

78,434

1,131,802

JetBlue

Airways

Corp.

(a)

(b)

...................

492,934

3,963,189

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

................

434,389

2,093,755

SkyWest,

Inc.

(a)

..........................

77,222

1,365,285

Southwest

Airlines

Co.

(a)

....................

904,174

32,866,725

Spirit

Airlines,

Inc.

........................

165,680

3,644,960

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

...........

49,699

809,100

United

Airlines

Holdings,

Inc.

(a)

................

497,909

21,449,920

Wheels

Up

Experience,

Inc.

,

Class

A

(a)

(b)

.........

260,995

461,961

126,073,815

a

Marine

 — 

1

.6

%

Eagle

Bulk

Shipping,

Inc.

...................

14,628

707,703

Genco

Shipping

&

Trading

Ltd.

................

56,792

761,013

Kirby

Corp.

(a)

(b)

...........................

91,295

6,367,826

Matson,

Inc.

............................

59,332

4,365,648

12,202,190

a

Road

&

Rail

 — 

52

.1

%

AMERCO

..............................

14,940

8,593,339

ArcBest

Corp.

...........................

37,335

2,965,519

Avis

Budget

Group,

Inc.

(a)

(b)

..................

43,947

10,391,708

CSX

Corp.

.............................

1,757,471

51,072,107

Security

Shares

Value

a

Road

&

Rail

(continued)

Daseke,

Inc.

(a)

...........................

92,085

$

548,827

Heartland

Express,

Inc.

.....................

71,086

1,057,760

Hertz

Global

Holdings,

Inc.

(a)

.................

274,650

5,053,560

JB

Hunt

Transport

Services,

Inc.

(b)

.............

126,555

21,649,764

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

244,829

11,759,137

Landstar

System,

Inc.

......................

55,509

8,671,616

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

466,732

6,832,956

Marten

Transport

Ltd.

......................

87,799

1,647,987

Norfolk

Southern

Corp.

.....................

155,076

35,368,183

Old

Dominion

Freight

Line,

Inc.

...............

139,668

38,352,833

Ryder

System,

Inc.

........................

78,020

6,281,390

Saia,

Inc.

(a)

(b)

............................

40,248

8,003,717

Schneider

National,

Inc.

,

Class

B

..............

56,540

1,257,450

TuSimple

Holdings,

Inc.

,

Class

A

(a)

(b)

............

207,950

713,269

Uber

Technologies,

Inc.

(a)

(b)

..................

1,255,998

33,371,867

Union

Pacific

Corp.

.......................

699,889

137,976,117

Werner

Enterprises,

Inc.

....................

89,770

3,518,984

XPO

Logistics,

Inc.

(a)

(b)

.....................

175,303

9,070,177

404,158,267

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

980,023,245

)

................................

774,375,640

a

Short-Term

Securities

Money

Market

Funds

 — 

6

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

49,512,247

49,502,345

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

1,257,472

1,257,472

a

Total

Short-Term

Securities — 6.5%

(Cost:

$

50,756,574

)

.................................

50,759,817

Total

Investments

—

106.4%

(Cost:

$

1,030,779,819

)

...............................

825,135,457

Liabilities

in

Excess

of

Other

Assets

—

(

6

.4

)

%

...............

(

49,738,941

)

Net

Assets

—

100.0%

.................................

$

775,396,516

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

60,502,490

$

—

$

(

10,990,324

)

(a)

$

5,343

$

(

15,164

)

$

49,502,345

49,512,247

$

101,554

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

990,000

267,472

(a)

—

—

—

1,257,472

1,257,472

10,590

—

$

5,343

$

(

15,164

)

$

50,759,817

$

112,144

$

—

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

75

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Index

..................................................................

11

12/16/22

$

1,048

$

48,009

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

48,009

$

—

$

—

$

—

$

48,009

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

412,835

)

$

—

$

—

$

—

$

(

412,835

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

67,391

$

—

$

—

$

—

$

67,391

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,053,910

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Transportation

ETF

76

2022

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

774,375,640

‌

$

—

‌

$

—

‌

$

774,375,640

‌

Short-Term

Securities

Money

Market

Funds

......................................

50,759,817

‌

—

‌

—

‌

50,759,817

‌

$

825,135,457

‌

$

—

‌

$

—

‌

$

825,135,457

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

48,009

‌

$

—

‌

$

—

‌

$

48,009

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Utilities

ETF

Schedule

of

Investments

(unaudited)

October

31,

2022

(Percentages

shown

are

based

on

Net

Assets)

77

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Commercial

Services

&

Supplies

 — 

9

.2

%

Clean

Harbors,

Inc.

(a)

......................

44,485

$

5,447,633

Republic

Services,

Inc.

.....................

180,040

23,876,905

Stericycle,

Inc.

(a)

(b)

........................

79,993

3,566,088

Waste

Management,

Inc.

....................

362,529

57,413,718

90,304,344

a

Electric

Utilities

 — 

56

.8

%

Alliant

Energy

Corp.

.......................

218,808

11,415,213

American

Electric

Power

Co.,

Inc.

..............

449,121

39,486,718

Avangrid,

Inc.

...........................

61,865

2,516,668

Constellation

Energy

Corp.

..................

285,093

26,952,692

Duke

Energy

Corp.

.......................

672,747

62,686,565

Edison

International

.......................

328,240

19,707,530

Entergy

Corp.

...........................

177,226

18,987,994

Evergy,

Inc.

.............................

194,050

11,862,277

Eversource

Energy

.......................

300,865

22,949,982

Exelon

Corp.

............................

867,269

33,467,911

FirstEnergy

Corp.

........................

474,073

17,877,293

Hawaiian

Electric

Industries,

Inc.

..............

94,936

3,611,365

IDACORP,

Inc.

..........................

43,921

4,598,529

NextEra

Energy,

Inc.

......................

1,715,526

132,953,265

NRG

Energy,

Inc.

.........................

205,959

9,144,580

OGE

Energy

Corp.

........................

174,279

6,383,840

PG&E

Corp.

(a)

(b)

..........................

1,354,153

20,217,504

Pinnacle

West

Capital

Corp.

.................

98,528

6,622,067

PPL

Corp.

.............................

643,381

17,043,163

Southern

Co.

(The)

.......................

927,275

60,717,967

Xcel

Energy,

Inc.

.........................

476,148

31,001,996

560,205,119

a

Electrical

Equipment

 — 

0

.4

%

Sunrun,

Inc.

(a)

(b)

..........................

179,222

4,034,287

a

Gas

Utilities

 — 

2

.5

%

Atmos

Energy

Corp.

.......................

120,455

12,834,480

National

Fuel

Gas

Co.

(b)

....................

76,494

5,162,580

UGI

Corp.

..............................

182,721

6,455,533

24,452,593

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

2

.7

%

AES

Corp.

(The)

.........................

582,371

15,234,825

Brookfield

Renewable

Corp.

,

Class

A

(b)

..........

111,442

3,458,045

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Vistra

Corp.

............................

358,746

$

8,240,396

26,933,266

a

Multi-Utilities

 — 

24

.9

%

Ameren

Corp.

...........................

224,690

18,316,729

CenterPoint

Energy,

Inc.

....................

550,055

15,737,074

CMS

Energy

Corp.

........................

252,746

14,419,159

Consolidated

Edison,

Inc.

...................

309,840

27,253,526

Dominion

Energy,

Inc.

......................

727,097

50,874,977

DTE

Energy

Co.

.........................

168,420

18,881,566

NiSource,

Inc.

...........................

354,424

9,105,153

Public

Service

Enterprise

Group,

Inc.

...........

434,727

24,375,143

Sempra

Energy

..........................

274,796

41,477,708

WEC

Energy

Group,

Inc.

....................

275,524

25,163,607

245,604,642

a

Water

Utilities

 — 

3

.3

%

American

Water

Works

Co.,

Inc.

...............

158,840

23,085,806

Essential

Utilities,

Inc.

......................

201,973

8,931,246

32,017,052

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

989,226,162

)

................................

983,551,303

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.29

%

(c)

(d)

(e)

......................

9,232,713

9,230,866

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

2.97

%

(c)

(d)

............................

2,037,409

2,037,409

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

11,268,448

)

.................................

11,268,275

Total

Investments

—

100.9%

(Cost:

$

1,000,494,610

)

...............................

994,819,578

Liabilities

in

Excess

of

Other

Assets

—

(

0

.9

)

%

...............

(

8,995,623

)

Net

Assets

—

100.0%

.................................

$

985,823,955

(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

October

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/22

  Shares

Held

at

10/31/22

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

460,950

$

8,774,937

(a)

$

—

$

(

4,848

)

$

(

173

)

$

9,230,866

9,232,713

$

5,643

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

1,712,000

325,409

(a)

—

—

—

2,037,409

2,037,409

14,796

—

$

(

4,848

)

$

(

173

)

$

11,268,275

$

20,439

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

iShares

®

U.S.

Utilities

ETF

78

2022

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Utilities

Select

Sector

Index

.........................................................

32

12/16/22

$

2,161

$

(

179,007

)

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)

.............

$

—

$

—

$

179,007

$

—

$

—

$

—

$

179,007

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

99,806

)

$

—

$

—

$

—

$

(

99,806

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

168,071

)

$

—

$

—

$

—

$

(

168,071

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,940,035

a

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

iShares

®

U.S.

Utilities

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2022

79

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

983,551,303

‌

$

—

‌

$

—

‌

$

983,551,303

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,268,275

‌

—

‌

—

‌

11,268,275

‌

$

994,819,578

‌

$

—

‌

$

—

‌

$

994,819,578

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

179,007

)

$

—

‌

$

—

‌

$

(

179,007

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

80

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2022

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

1,478,716,667

‌

$

3,504,378,257

‌

$

3,202,182,771

‌

$

833,564,517

‌

Investments,

at

value

—

affiliated

(c)

........................................

32,316,320

‌

35,667,792

‌

77,304,796

‌

13,775,815

‌

Cash

............................................................

66,533

‌

228,741

‌

62,410

‌

16,940

‌

Cash

pledged:

Futures

contracts

..................................................

142,000

‌

465,000

‌

389,000

‌

100,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

10,799

‌

14,535

‌

20,227

‌

2,736

‌

Dividends

—

unaffiliated

.............................................

1,072,044

‌

3,598,214

‌

3,323,279

‌

1,152,081

‌

Dividends

—

affiliated

...............................................

5,876

‌

23,577

‌

13,394

‌

3,058

‌

Total

assets

.......................................................

1,512,330,239

‌

3,544,376,116

‌

3,283,295,877

‌

848,615,147

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

24,912,695

‌

9,717,386

‌

25,887,613

‌

12,846,240

‌

Payables:

Investments

purchased

..............................................

2,127,010

‌

—

‌

—

‌

—

‌

Capital

shares

redeemed

.............................................

—

‌

11,476

‌

—

‌

26,489

‌

Investment

advisory

fees

.............................................

240,203

‌

719,058

‌

655,561

‌

283,163

‌

Variation

margin

on

futures

contracts

.....................................

19,861

‌

65,994

‌

50,457

‌

16,500

‌

Total

liabilities

......................................................

27,299,769

‌

10,513,914

‌

26,593,631

‌

13,172,392

‌

NET

ASSETS

......................................................

$

1,485,030,470

‌

$

3,533,862,202

‌

$

3,256,702,246

‌

$

835,442,755

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

878,095,755

‌

$

3,187,396,490

‌

$

3,523,447,668

‌

$

1,158,193,405

‌

Accumulated

earnings

(loss)

............................................

606,934,715

‌

346,465,712

‌

(

266,745,422

)

(

322,750,650

)

NET

ASSETS

......................................................

$

1,485,030,470

‌

$

3,533,862,202

‌

$

3,256,702,246

‌

$

835,442,755

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

15,700,000

‌

49,250,000

‌

39,450,000

‌

7,050,000

‌

Net

asset

value

.....................................................

$

94.59

‌

$

71.75

‌

$

82.55

‌

$

118.50

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

24,276,650

‌

$

9,383,274

‌

$

25,390,309

‌

$

12,294,738

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

858,229,070

‌

$

3,151,523,755

‌

$

3,394,030,166

‌

$

968,138,448

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

30,847,466

‌

$

34,172,456

‌

$

83,123,958

‌

$

13,776,016

‌

81

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

693,931,551

‌

$

1,690,044,676

‌

$

2,352,520,459

‌

$

1,384,998,770

‌

Investments,

at

value

—

affiliated

(c)

........................................

17,812,578

‌

11,286,828

‌

16,403,363

‌

52,029,286

‌

Cash

............................................................

14,523

‌

144,117

‌

—

‌

100,832

‌

Cash

pledged:

Futures

contracts

..................................................

83,000

‌

381,000

‌

270,000

‌

305,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

20,362

‌

1,803

‌

6,506

‌

6,587

‌

Capital

shares

sold

.................................................

—

‌

167,207

‌

8,772

‌

—

‌

Dividends

—

unaffiliated

.............................................

204,533

‌

3,836,733

‌

1,464,565

‌

1,481,152

‌

Dividends

—

affiliated

...............................................

2,391

‌

5,330

‌

10,679

‌

6,782

‌

Variation

margin

on

futures

contracts

.....................................

—

‌

—

‌

27,470

‌

—

‌

Total

assets

.......................................................

712,068,938

‌

1,705,867,694

‌

2,370,711,814

‌

1,438,928,409

‌

LIABILITIES

Bank

overdraft

......................................................

—

‌

—

‌

25,604

‌

—

‌

Collateral

on

securities

loaned

...........................................

16,560,042

‌

8,406,789

‌

13,213,220

‌

8,799,384

‌

Payables:

Investment

advisory

fees

.............................................

232,088

‌

531,103

‌

755,743

‌

462,444

‌

Variation

margin

on

futures

contracts

.....................................

7,678

‌

29,520

‌

—

‌

34,313

‌

Total

liabilities

......................................................

16,799,808

‌

8,967,412

‌

13,994,567

‌

9,296,141

‌

NET

ASSETS

......................................................

$

695,269,130

‌

$

1,696,900,282

‌

$

2,356,717,247

‌

$

1,429,632,268

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

1,021,175,841

‌

$

1,693,636,876

‌

$

1,398,814,808

‌

$

1,662,731,406

‌

Accumulated

earnings

(loss)

............................................

(

325,906,711

)

3,263,406

‌

957,902,439

‌

(

233,099,138

)

NET

ASSETS

......................................................

$

695,269,130

‌

$

1,696,900,282

‌

$

2,356,717,247

‌

$

1,429,632,268

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

11,350,000

‌

8,600,000

‌

48,750,000

‌

9,000,000

‌

Net

asset

value

.....................................................

$

61.26

‌

$

197.31

‌

$

48.34

‌

$

158.85

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

16,160,115

‌

$

8,234,606

‌

$

13,032,310

‌

$

8,184,223

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

890,259,975

‌

$

1,678,205,183

‌

$

1,603,311,353

‌

$

1,572,931,571

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

17,810,544

‌

$

11,287,451

‌

$

16,402,110

‌

$

60,889,530

‌

82

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

1,991,341,119

‌

$

3,222,683,499

‌

$

1,038,249,731

‌

$

8,003,623,308

‌

Investments,

at

value

—

affiliated

(c)

........................................

79,595,102

‌

64,265,502

‌

28,923,528

‌

84,310,202

‌

Cash

............................................................

289,884

‌

86,367

‌

33,517

‌

150,085

‌

Cash

pledged:

Futures

contracts

..................................................

427,000

‌

334,999

‌

101,000

‌

818,000

‌

Receivables:

Securities

lending

income

—

affiliated

....................................

15,404

‌

13,055

‌

6,781

‌

22,407

‌

Capital

shares

sold

.................................................

—

‌

57,977

‌

—

‌

85,331

‌

Dividends

—

unaffiliated

.............................................

1,777,021

‌

2,883,320

‌

702,750

‌

1,339,571

‌

Dividends

—

affiliated

...............................................

11,706

‌

9,084

‌

3,213

‌

31,226

‌

Total

assets

.......................................................

2,073,457,236

‌

3,290,333,803

‌

1,068,020,520

‌

8,090,380,130

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

23,760,132

‌

59,514,904

‌

27,370,222

‌

73,575,410

‌

Payables:

Investment

advisory

fees

.............................................

659,879

‌

1,050,262

‌

340,524

‌

2,258,178

‌

Variation

margin

on

futures

contracts

.....................................

33,080

‌

8,160

‌

9,060

‌

148,487

‌

Total

liabilities

......................................................

24,453,091

‌

60,573,326

‌

27,719,806

‌

75,982,075

‌

NET

ASSETS

......................................................

$

2,049,004,145

‌

$

3,229,760,477

‌

$

1,040,300,714

‌

$

8,014,398,055

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

2,280,861,929

‌

$

2,941,863,102

‌

$

1,195,862,079

‌

$

7,976,860,412

‌

Accumulated

earnings

(loss)

............................................

(

231,857,784

)

287,897,375

‌

(

155,561,365

)

37,537,643

‌

NET

ASSETS

......................................................

$

2,049,004,145

‌

$

3,229,760,477

‌

$

1,040,300,714

‌

$

8,014,398,055

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

27,150,000

‌

11,700,000

‌

11,050,000

‌

104,950,000

‌

Net

asset

value

.....................................................

$

75.47

‌

$

276.05

‌

$

94.14

‌

$

76.36

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

22,638,732

‌

$

58,272,164

‌

$

26,593,326

‌

$

70,996,986

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

2,134,332,357

‌

$

2,907,538,537

‌

$

1,133,585,781

‌

$

8,051,316,107

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

93,439,911

‌

$

64,261,425

‌

$

28,921,483

‌

$

84,312,770

‌

83

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

774,375,640

‌

$

983,551,303

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

50,759,817

‌

11,268,275

‌

Cash

...........................................................................................

24,420

‌

45,636

‌

Cash

pledged:

Futures

contracts

.................................................................................

56,000

‌

114,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

9,089

‌

1,692

‌

Dividends

—

unaffiliated

............................................................................

43

‌

426,186

‌

Dividends

—

affiliated

..............................................................................

2,905

‌

3,261

‌

Total

assets

......................................................................................

825,227,914

‌

995,410,353

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

49,553,498

‌

9,235,549

‌

Payables:

Capital

shares

redeemed

............................................................................

13,814

‌

—

‌

Investment

advisory

fees

............................................................................

260,346

‌

330,613

‌

Variation

margin

on

futures

contracts

....................................................................

3,740

‌

20,236

‌

Total

liabilities

.....................................................................................

49,831,398

‌

9,586,398

‌

NET

ASSETS

.....................................................................................

$

775,396,516

‌

$

985,823,955

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

1,109,275,941

‌

$

1,029,289,190

‌

Accumulated

loss

..................................................................................

(

333,879,425

)

(

43,465,235

)

NET

ASSETS

.....................................................................................

$

775,396,516

‌

$

985,823,955

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

3,650,000

‌

11,950,000

‌

Net

asset

value

....................................................................................

$

212.44

‌

$

82.50

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

48,725,176

‌

$

8,872,004

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

980,023,245

‌

$

989,226,162

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

50,756,574

‌

$

11,268,448

‌

84

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2022

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

12,437,204

‌

$

29,213,485

‌

$

29,546,175

‌

$

13,209,449

‌

Dividends

—

affiliated

..............................................

76,053

‌

374,969

‌

774,751

‌

13,313

‌

Interest

—

unaffiliated

..............................................

589

‌

1,978

‌

1,470

‌

236

‌

Securities

lending

income

—

affiliated

—

net

...............................

94,209

‌

200,383

‌

209,144

‌

17,015

‌

Foreign

taxes

withheld

.............................................

(

3,298

)

(

13,293

)

(

15,458

)

(

3,175

)

Total

investment

income

..............................................

12,604,757

‌

29,777,522

‌

30,516,082

‌

13,236,838

‌

EXPENSES

Investment

advisory

...............................................

1,490,874

‌

4,554,300

‌

4,236,780

‌

1,935,378

‌

Total

expenses

....................................................

1,490,874

‌

4,554,300

‌

4,236,780

‌

1,935,378

‌

Net

investment

income

...............................................

11,113,883

‌

25,223,222

‌

26,279,302

‌

11,301,460

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

8,790,917

)

(

12,836,008

)

(

49,289,347

)

(

71,101,370

)

Investments

—

affiliated

...........................................

(

13,941

)

(

70,760

)

(

146,838

)

4,940

‌

Futures

contracts

...............................................

(

514,913

)

(

857,023

)

(

904,820

)

(

701,490

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

26,018,453

‌

70,926,734

‌

56,378,284

‌

8,121,590

‌

In-kind

redemptions

—

affiliated

(a)

....................................

63,745

‌

350,173

‌

999,460

‌

—

‌

16,762,427

‌

57,513,116

‌

7,036,739

‌

(

63,676,330

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

122,285,768

)

(

389,848,063

)

(

257,658,031

)

(

121,950,748

)

Investments

—

affiliated

...........................................

62,273

‌

375,343

‌

633,877

‌

(

201

)

Futures

contracts

...............................................

247,747

‌

505,645

‌

241,054

‌

101,005

‌

(

121,975,748

)

(

388,967,075

)

(

256,783,100

)

(

121,849,944

)

Net

realized

and

unrealized

loss

.........................................

(

105,213,321

)

(

331,453,959

)

(

249,746,361

)

(

185,526,274

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............

$

(

94,099,438

)

$

(

306,230,737

)

$

(

223,467,059

)

$

(

174,224,814

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

85

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

3,523,659

‌

$

20,708,372

‌

$

55,778,829

‌

$

16,781,190

‌

Dividends

—

affiliated

..............................................

8,993

‌

18,535

‌

37,258

‌

636,663

‌

Interest

—

unaffiliated

..............................................

263

‌

881

‌

718

‌

331

‌

Securities

lending

income

—

affiliated

—

net

...............................

172,166

‌

41,593

‌

99,081

‌

88,524

‌

Foreign

taxes

withheld

.............................................

—

‌

—

‌

—

‌

(

3,787

)

Total

investment

income

..............................................

3,705,081

‌

20,769,381

‌

55,915,886

‌

17,502,921

‌

EXPENSES

Investment

advisory

...............................................

1,511,702

‌

2,875,851

‌

5,181,472

‌

3,075,576

‌

Total

expenses

....................................................

1,511,702

‌

2,875,851

‌

5,181,472

‌

3,075,576

‌

Net

investment

income

...............................................

2,193,379

‌

17,893,530

‌

50,734,414

‌

14,427,345

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

33,498,284

)

(

9,888,253

)

(

16,628,094

)

(

16,289,017

)

Investments

—

affiliated

...........................................

18,541

‌

7,154

‌

25,977

‌

(

625,815

)

Futures

contracts

...............................................

(

68,341

)

(

353,446

)

2,093,404

‌

(

566,080

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

3,096,176

‌

32,676,639

‌

611,287,756

‌

45,114,598

‌

In-kind

redemptions

—

affiliated

(a)

....................................

—

‌

—

‌

—

‌

1,377,708

‌

(

30,451,908

)

22,442,094

‌

596,779,043

‌

29,011,394

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

44,539,103

)

(

78,670,405

)

(

145,173,075

)

(

94,481,177

)

Investments

—

affiliated

...........................................

(

6,928

)

(

1,906

)

(

6,192

)

(

22,559

)

Futures

contracts

...............................................

10,487

‌

371,646

‌

671,566

‌

549,087

‌

(

44,535,544

)

(

78,300,665

)

(

144,507,701

)

(

93,954,649

)

Net

realized

and

unrealized

gain

(loss)

....................................

(

74,987,452

)

(

55,858,571

)

452,271,342

‌

(

64,943,255

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

72,794,073

)

$

(

37,965,041

)

$

503,005,756

‌

$

(

50,515,910

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

86

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2022

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

22,376,329

‌

$

23,251,377

‌

$

8,772,832

‌

$

29,215,649

‌

Dividends

—

affiliated

..............................................

798,303

‌

37,810

‌

13,884

‌

80,694

‌

Interest

—

unaffiliated

..............................................

499

‌

1,348

‌

511

‌

3,096

‌

Securities

lending

income

—

affiliated

—

net

...............................

130,762

‌

77,116

‌

52,793

‌

141,415

‌

Foreign

taxes

withheld

.............................................

(

4,477

)

—

‌

(

989

)

(

29,388

)

Total

investment

income

..............................................

23,301,416

‌

23,367,651

‌

8,839,031

‌

29,411,466

‌

EXPENSES

Investment

advisory

...............................................

4,027,026

‌

6,004,550

‌

2,289,536

‌

13,703,182

‌

Total

expenses

....................................................

4,027,026

‌

6,004,550

‌

2,289,536

‌

13,703,182

‌

Net

investment

income

...............................................

19,274,390

‌

17,363,101

‌

6,549,495

‌

15,708,284

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

23,886,048

)

(

11,934,340

)

(

10,043,412

)

(

75,340,303

)

Investments

—

affiliated

...........................................

(

374,445

)

(

5,791

)

3,416

‌

(

25,158

)

Futures

contracts

...............................................

(

891,260

)

(

200,040

)

(

198,834

)

(

1,386,707

)

In-kind

redemptions

—

unaffiliated

(a)

...................................

28,949,381

‌

76,667,829

‌

35,173,006

‌

266,414,336

‌

In-kind

redemptions

—

affiliated

(a)

....................................

(

198,569

)

—

‌

—

‌

—

‌

3,599,059

‌

64,527,658

‌

24,934,176

‌

189,662,168

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

25,906,764

)

(

39,529,900

)

(

80,196,483

)

(

1,213,147,685

)

Investments

—

affiliated

...........................................

2,027,723

‌

(

11,487

)

(

2,049

)

(

1,472

)

Futures

contracts

...............................................

606,979

‌

442,307

‌

143,652

‌

246,802

‌

(

23,272,062

)

(

39,099,080

)

(

80,054,880

)

(

1,212,902,355

)

Net

realized

and

unrealized

gain

(loss)

....................................

(

19,673,003

)

25,428,578

‌

(

55,120,704

)

(

1,023,240,187

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

398,613

)

$

42,791,679

‌

$

(

48,571,209

)

$

(

1,007,531,903

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

87

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2022

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

7,850,116

‌

$

14,023,667

‌

Dividends

—

affiliated

..............................................................................

10,590

‌

14,796

‌

Interest

—

unaffiliated

..............................................................................

122

‌

274

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

101,554

‌

5,643

‌

Foreign

taxes

withheld

.............................................................................

—

‌

(

10,170

)

Total

investment

income

..............................................................................

7,962,382

‌

14,034,210

‌

EXPENSES

Investment

advisory

...............................................................................

1,786,924

‌

2,051,901

‌

Total

expenses

....................................................................................

1,786,924

‌

2,051,901

‌

Net

investment

income

...............................................................................

6,175,458

‌

11,982,309

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

18,888,199

)

(

1,734,691

)

Investments

—

affiliated

...........................................................................

5,343

‌

(

4,848

)

Futures

contracts

...............................................................................

(

412,835

)

(

99,806

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

(

27,713,740

)

26,982,836

‌

(

47,009,431

)

25,143,491

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

86,643,119

)

(

85,914,474

)

Investments

—

affiliated

...........................................................................

(

15,164

)

(

173

)

Futures

contracts

...............................................................................

67,391

‌

(

168,071

)

(

86,590,892

)

(

86,082,718

)

Net

realized

and

unrealized

loss

.........................................................................

(

133,600,323

)

(

60,939,227

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................

$

(

127,424,865

)

$

(

48,956,918

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

88

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

11,113,883

‌

$

19,037,512

‌

$

25,223,222

‌

$

39,114,060

‌

Net

realized

gain

.............................................

16,762,427

‌

73,031,487

‌

57,513,116

‌

199,779,878

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

121,975,748

)

(

135,465,859

)

(

388,967,075

)

(

328,578,348

)

Net

decrease

in

net

assets

resulting

from

operations

.......................

(

94,099,438

)

(

43,396,860

)

(

306,230,737

)

(

89,684,410

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

10,372,284

)

(

18,957,187

)

(

23,885,665

)

(

39,133,562

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..............

30,075,941

‌

8,199,868

‌

250,264,201

‌

633,066,989

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

74,395,781

)

(

54,154,179

)

(

79,852,201

)

504,249,017

‌

Beginning

of

period

.............................................

1,559,426,251

‌

1,613,580,430

‌

3,613,714,403

‌

3,109,465,386

‌

End

of

period

.................................................

$

1,485,030,470

‌

$

1,559,426,251

‌

$

3,533,862,202

‌

$

3,613,714,403

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

89

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

26,279,302

‌

$

42,956,098

‌

$

11,301,460

‌

$

14,636,599

‌

Net

realized

gain

(loss)

.........................................

7,036,739

‌

334,495,226

‌

(

63,676,330

)

123,620,508

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

256,783,100

)

(

555,738,306

)

(

121,849,944

)

(

93,530,036

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

223,467,059

)

(

178,286,982

)

(

174,224,814

)

44,727,071

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

23,752,405

)

(

43,477,209

)

(

11,845,904

)

(

13,985,668

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

158,724,523

)

826,479,467

‌

(

104,812,666

)

316,101,233

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

405,943,987

)

604,715,276

‌

(

290,883,384

)

346,842,636

‌

Beginning

of

period

.............................................

3,662,646,233

‌

3,057,930,957

‌

1,126,326,139

‌

779,483,503

‌

End

of

period

.................................................

$

3,256,702,246

‌

$

3,662,646,233

‌

$

835,442,755

‌

$

1,126,326,139

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

90

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

2,193,379

‌

$

5,281,075

‌

$

17,893,530

‌

$

15,447,986

‌

Net

realized

gain

(loss)

.........................................

(

30,451,908

)

375,899,658

‌

22,442,094

‌

123,499,256

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

44,535,544

)

(

549,426,537

)

(

78,300,665

)

(

28,423,614

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

72,794,073

)

(

168,245,804

)

(

37,965,041

)

110,523,628

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

2,342,601

)

(

5,634,523

)

(

16,011,983

)

(

13,054,119

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

86,460,075

)

(

552,919,725

)

615,922,977

‌

345,936,728

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

161,596,749

)

(

726,800,052

)

561,945,953

‌

443,406,237

‌

Beginning

of

period

.............................................

856,865,879

‌

1,583,665,931

‌

1,134,954,329

‌

691,548,092

‌

End

of

period

.................................................

$

695,269,130

‌

$

856,865,879

‌

$

1,696,900,282

‌

$

1,134,954,329

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

91

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

50,734,414

‌

$

89,420,483

‌

$

14,427,345

‌

$

35,975,249

‌

Net

realized

gain

.............................................

596,779,043

‌

42,606,614

‌

29,011,394

‌

119,902,551

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

144,507,701

)

1,040,590,620

‌

(

93,954,649

)

(

394,690,665

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

503,005,756

‌

1,172,617,717

‌

(

50,515,910

)

(

238,812,865

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

47,532,504

)

(

92,818,427

)

(

15,675,871

)

(

34,305,475

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

1,651,536,969

)

370,522,917

‌

(

533,207,262

)

666,824,707

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

1,196,063,717

)

1,450,322,207

‌

(

599,399,043

)

393,706,367

‌

Beginning

of

period

.............................................

3,552,780,964

‌

2,102,458,757

‌

2,029,031,311

‌

1,635,324,944

‌

End

of

period

.................................................

$

2,356,717,247

‌

$

3,552,780,964

‌

$

1,429,632,268

‌

$

2,029,031,311

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

92

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

19,274,390

‌

$

34,107,926

‌

$

17,363,101

‌

$

29,784,855

‌

Net

realized

gain

.............................................

3,599,059

‌

270,944,230

‌

64,527,658

‌

246,745,700

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

23,272,062

)

(

411,469,851

)

(

39,099,080

)

(

175,109,337

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

398,613

)

(

106,417,695

)

42,791,679

‌

101,421,218

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

17,500,691

)

(

33,553,578

)

(

18,085,226

)

(

29,723,391

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

33,045,404

)

(

113,282,168

)

378,271,602

‌

190,045,697

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

50,944,708

)

(

253,253,441

)

402,978,055

‌

261,743,524

‌

Beginning

of

period

.............................................

2,099,948,853

‌

2,353,202,294

‌

2,826,782,422

‌

2,565,038,898

‌

End

of

period

.................................................

$

2,049,004,145

‌

$

2,099,948,853

‌

$

3,229,760,477

‌

$

2,826,782,422

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

93

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

6,549,495

‌

$

13,236,270

‌

$

15,708,284

‌

$

20,748,046

‌

Net

realized

gain

.............................................

24,934,176

‌

232,088,818

‌

189,662,168

‌

1,677,115,088

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

80,054,880

)

(

409,382,465

)

(

1,212,902,355

)

(

2,050,780,033

)

Net

decrease

in

net

assets

resulting

from

operations

.......................

(

48,571,209

)

(

164,057,377

)

(

1,007,531,903

)

(

352,916,899

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

6,338,736

)

(

13,540,660

)

(

14,975,836

)

(

25,450,503

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

153,881,231

)

(

271,270,619

)

1,698,472,228

‌

459,545,739

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

208,791,176

)

(

448,868,656

)

675,964,489

‌

81,178,337

‌

Beginning

of

period

.............................................

1,249,091,890

‌

1,697,960,546

‌

7,338,433,566

‌

7,257,255,229

‌

End

of

period

.................................................

$

1,040,300,714

‌

$

1,249,091,890

‌

$

8,014,398,055

‌

$

7,338,433,566

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

94

2022

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

6,175,458

‌

$

13,777,334

‌

$

11,982,309

‌

$

20,046,136

‌

Net

realized

gain

(loss)

.........................................

(

47,009,431

)

334,381,771

‌

25,143,491

‌

(

4,380,587

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

86,590,892

)

(

518,965,588

)

(

86,082,718

)

55,725,844

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

127,424,865

)

(

170,806,483

)

(

48,956,918

)

71,391,393

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

5,724,724

)

(

14,205,923

)

(

11,361,799

)

(

20,890,534

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

269,729,908

)

(

781,017,714

)

75,152,451

‌

98,397,603

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

402,879,497

)

(

966,030,120

)

14,833,734

‌

148,898,462

‌

Beginning

of

period

.............................................

1,178,276,013

‌

2,144,306,133

‌

970,990,221

‌

822,091,759

‌

End

of

period

.................................................

$

775,396,516

‌

$

1,178,276,013

‌

$

985,823,955

‌

$

970,990,221

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

95

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

......

$

101.26

‌

$

105.12

‌

$

71.50

‌

$

73.44

‌

$

66.25

‌

$

59.73

‌

Net

investment

income

(b)

..............

0

.72

‌

1

.23

‌

1

.19

‌

1

.28

‌

1

.20

‌

1

.10

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

6

.72

)

(

3

.87

)

33.68

‌

(

1

.75

)

7

.23

‌

6

.51

‌

Net

increase

(decrease)

from

investment

operations

........................

(

6

.00

)

(

2

.64

)

34.87

‌

(

0

.47

)

8

.43

‌

7

.61

‌

Distributions

from

net

investment

income

(d)

....

(

0

.67

)

(

1

.22

)

(

1

.25

)

(

1

.47

)

(

1

.24

)

(

1

.09

)

Net

asset

value,

end

of

period

...........

$

94.59

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

$

73.44

‌

$

66.25

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

5

.91

)

%

(f)

(

2

.61

)

%

49.18

%

(

0

.63

)

%

12.89

%

12.81

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.20

%

(h)

0

.20

%

0

.20

%

0

.20

%

0

.20

%

0

.20

%

Net

investment

income

.................

1

.49

%

(h)

1

.11

%

1

.35

%

1

.72

%

1

.74

%

1

.70

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,485,030

‌

$

1,559,426

‌

$

1,613,580

‌

$

1,158,276

‌

$

1,241,141

‌

$

1,126,170

‌

Portfolio

turnover

rate

(i)

.................

2

%

4

%

4

%

4

%

5

%

4

%

(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.

96

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

KLD

400

Social

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.......

$

78.64

‌

$

80.24

‌

$

55.03

‌

$

54.88

‌

$

49.07

‌

$

44.01

‌

Net

investment

income

(b)

...............

0

.52

‌

0

.92

‌

0

.86

‌

0

.90

‌

0

.83

‌

0

.68

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

6

.92

)

(

1

.61

)

25.19

‌

0

.14

‌

5

.82

‌

5

.01

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

6

.40

)

(

0

.69

)

26.05

‌

1

.04

‌

6

.65

‌

5

.69

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.49

)

(

0

.91

)

(

0

.84

)

(

0

.89

)

(

0

.84

)

(

0

.63

)

Net

asset

value,

end

of

period

............

$

71.75

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

$

54.88

‌

$

49.07

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

8

.14

)

%

(f)

(

0

.95

)

%

47.69

%

1

.95

%

13.70

%

12.99

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.28

%

0

.50

%

Total

expenses

after

fees

waived

...........

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.48

%

Net

investment

income

..................

1

.38

%

(h)

1

.07

%

1

.27

%

1

.61

%

1

.61

%

1

.43

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,533,862

‌

$

3,613,714

‌

$

3,109,465

‌

$

1,793,824

‌

$

1,415,953

‌

$

1,035,423

‌

Portfolio

turnover

rate

(i)

..................

2

%

6

%

5

%

6

%

13

%

11

%

(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.

97

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

ESG

Select

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.......

$

88.58

‌

$

92.11

‌

$

61.68

‌

$

61.08

‌

$

55.42

‌

$

49.86

‌

Net

investment

income

(b)

...............

0

.66

‌

1

.09

‌

1

.03

‌

1

.00

‌

0

.98

‌

0

.84

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

6

.09

)

(

3

.54

)

30.38

‌

0

.65

‌

5

.62

‌

5

.50

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

5

.43

)

(

2

.45

)

31.41

‌

1

.65

‌

6

.60

‌

6

.34

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.60

)

(

1

.08

)

(

0

.98

)

(

1

.05

)

(

0

.94

)

(

0

.78

)

Net

asset

value,

end

of

period

............

$

82.55

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

$

61.08

‌

$

55.42

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

6

.11

)

%

(f)

(

2

.77

)

%

51.29

%

2

.76

%

12.07

%

12.76

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.28

%

0

.50

%

Total

expenses

after

fees

waived

...........

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.48

%

Net

investment

income

..................

1

.55

%

(h)

1

.11

%

1

.31

%

1

.61

%

1

.71

%

1

.56

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,256,702

‌

$

3,662,646

‌

$

3,057,931

‌

$

1,289,055

‌

$

1,001,715

‌

$

681,607

‌

Portfolio

turnover

rate

(i)

..................

9

%

19

%

27

%

13

%

21

%

13

%

(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.

98

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Basic

Materials

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

......

$

140.79

‌

$

131.01

‌

$

81.27

‌

$

94.03

‌

$

97.37

‌

$

89.37

‌

Net

investment

income

(a)

..............

1

.47

‌

2

.16

‌

1

.78

‌

1

.65

‌

1

.63

‌

1

.39

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

22.22

)

9

.70

‌

49.62

‌

(

12.42

)

(

3

.49

)

8

.16

‌

Net

increase

(decrease)

from

investment

operations

........................

(

20.75

)

11.86

‌

51.40

‌

(

10.77

)

(

1

.86

)

9

.55

‌

Distributions

from

net

investment

income

(c)

....

(

1

.54

)

(

2

.08

)

(

1

.66

)

(

1

.99

)

(

1

.48

)

(

1

.55

)

Net

asset

value,

end

of

period

...........

$

118.50

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

$

94.03

‌

$

97.37

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

14.75

)

%

(e)

9

.13

%

63.81

%

(

11.59

)

%

(

1

.89

)

%

10.74

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.43

%

0

.42

%

0

.43

%

Net

investment

income

.................

2

.35

%

(g)

1

.60

%

1

.64

%

1

.83

%

1

.71

%

1

.44

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

835,443

‌

$

1,126,326

‌

$

779,484

‌

$

256,007

‌

$

423,128

‌

$

632,934

‌

Portfolio

turnover

rate

(h)

.................

26

%

47

%

28

%

11

%

28

%

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.

99

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

......

$

66.68

‌

$

78.01

‌

$

51.17

‌

$

54.31

‌

$

46.36

‌

$

41.31

‌

Net

investment

income

(b)

..............

0

.18

‌

0

.31

‌

0

.44

‌

0

.52

‌

0

.40

‌

0

.45

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

5

.40

)

(

11.31

)

26.82

‌

(

3

.11

)

7

.94

‌

5

.03

‌

Net

increase

(decrease)

from

investment

operations

........................

(

5

.22

)

(

11.00

)

27.26

‌

(

2

.59

)

8

.34

‌

5

.48

‌

Distributions

from

net

investment

income

(d)

....

(

0

.20

)

(

0

.33

)

(

0

.42

)

(

0

.55

)

(

0

.39

)

(

0

.43

)

Net

asset

value,

end

of

period

...........

$

61.26

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

$

54.31

‌

$

46.36

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

7

.83

)

%

(f)

(

14.16

)

%

53.48

%

(

4

.79

)

%

18.09

%

13.35

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.39

%

0

.41

%

0

.43

%

0

.42

%

0

.43

%

Net

investment

income

.................

0

.58

%

(h)

0

.39

%

0

.67

%

0

.96

%

0

.81

%

1

.04

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

695,269

‌

$

856,866

‌

$

1,583,666

‌

$

798,171

‌

$

934,120

‌

$

741,682

‌

Portfolio

turnover

rate

(i)

.................

14

%

45

%

20

%

31

%

15

%

10

%

(a)

Per

share

amounts

reflect

a

four-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.

100

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Staples

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

......

$

206.36

‌

$

181.99

‌

$

119.38

‌

$

123.43

‌

$

114.08

‌

$

119.04

‌

Net

investment

income

(a)

..............

2

.46

‌

3

.80

‌

2

.44

‌

2

.77

‌

3

.04

‌

2

.50

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

9

.37

)

23.80

‌

62.57

‌

(

3

.83

)

9

.24

‌

(

5

.24

)

Net

increase

(decrease)

from

investment

operations

........................

(

6

.91

)

27.60

‌

65.01

‌

(

1

.06

)

12.28

‌

(

2

.74

)

Distributions

from

net

investment

income

(c)

....

(

2

.14

)

(

3

.23

)

(

2

.40

)

(

2

.99

)

(

2

.93

)

(

2

.22

)

Net

asset

value,

end

of

period

...........

$

197.31

‌

$

206.36

‌

$

181.99

‌

$

119.38

‌

$

123.43

‌

$

114.08

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

3

.30

)

%

(e)

15.33

%

54.87

%

(

0

.86

)

%

10.95

%

(

2

.41

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.43

%

0

.42

%

0

.43

%

Net

investment

income

.................

2

.50

%

(g)

1

.99

%

1

.57

%

2

.22

%

2

.61

%

2

.05

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,696,900

‌

$

1,134,954

‌

$

691,548

‌

$

471,555

‌

$

469,043

‌

$

433,499

‌

Portfolio

turnover

rate

(h)

.................

3

%

33

%

4

%

5

%

4

%

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.

101

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Energy

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

......

$

39.92

‌

$

26.40

‌

$

20.06

‌

$

35.96

‌

$

40.47

‌

$

37.27

‌

Net

investment

income

(a)

..............

0

.84

‌

1

.07

‌

0

.80

‌

1

.02

‌

0

.89

‌

1

.07

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

8

.41

‌

13.56

‌

6

.36

‌

(

14.81

)

(

4

.43

)

3

.25

‌

Net

increase

(decrease)

from

investment

operations

........................

9

.25

‌

14.63

‌

7

.16

‌

(

13.79

)

(

3

.54

)

4

.32

‌

Distributions

from

net

investment

income

(c)

....

(

0

.83

)

(

1

.11

)

(

0

.82

)

(

2

.11

)

(

0

.97

)

(

1

.12

)

Net

asset

value,

end

of

period

...........

$

48.34

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

$

35.96

‌

$

40.47

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

23.55

%

(e)

56.56

%

37.20

%

(

39.91

)

%

(

8

.83

)

%

11.92

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

3

.95

%

(g)

3

.38

%

3

.62

%

3

.42

%

2

.33

%

2

.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

2,356,717

‌

$

3,552,781

‌

$

2,102,459

‌

$

459,456

‌

$

789,226

‌

$

1,088,740

‌

Portfolio

turnover

rate

(h)

.................

7

%

17

%

15

%

12

%

6

%

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.

102

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financial

Services

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

......

$

162.97

‌

$

182.72

‌

$

115.36

‌

$

136.07

‌

$

130.98

‌

$

108.38

‌

Net

investment

income

(a)

..............

1

.49

‌

2

.76

‌

2

.52

‌

2

.58

‌

2

.17

‌

1

.73

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

3

.97

)

(

19.91

)

67.20

‌

(

20.69

)

5

.12

‌

22.56

‌

Net

increase

(decrease)

from

investment

operations

........................

(

2

.48

)

(

17.15

)

69.72

‌

(

18.11

)

7

.29

‌

24.29

‌

Distributions

from

net

investment

income

(c)

....

(

1

.64

)

(

2

.60

)

(

2

.36

)

(

2

.60

)

(

2

.20

)

(

1

.69

)

Net

asset

value,

end

of

period

...........

$

158.85

‌

$

162.97

‌

$

182.72

‌

$

115.36

‌

$

136.07

‌

$

130.98

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

1

.47

)

%

(e)

(

9

.57

)

%

61.14

%

(

13.46

)

%

5

.72

%

22.53

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

1

.89

%

(g)

1

.46

%

1

.85

%

1

.90

%

1

.68

%

1

.40

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,429,632

‌

$

2,029,031

‌

$

1,635,325

‌

$

865,166

‌

$

1,435,523

‌

$

1,643,780

‌

Portfolio

turnover

rate

(h)

.................

2

%

5

%

7

%

7

%

4

%

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.

103

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.......

$

75.81

‌

$

80.18

‌

$

53.39

‌

$

62.97

‌

$

58.86

‌

$

51.90

‌

Net

investment

income

(b)

...............

0

.71

‌

1

.20

‌

1

.09

‌

1

.17

‌

1

.04

‌

0

.91

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

0

.41

)

(

4

.38

)

26.76

‌

(

9

.55

)

4

.16

‌

6

.95

‌

Net

increase

(decrease)

from

investment

operations

.........................

0

.30

‌

(

3

.18

)

27.85

‌

(

8

.38

)

5

.20

‌

7

.86

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.64

)

(

1

.19

)

(

1

.06

)

(

1

.20

)

(

1

.09

)

(

0

.90

)

Net

asset

value,

end

of

period

............

$

75.47

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

$

62.97

‌

$

58.86

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

0

.46

%

(f)

(

4

.11

)

%

52.80

%

(

13.47

)

%

9

.01

%

15.21

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(h)

0

.39

%

0

.41

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

..................

1

.93

%

(h)

1

.42

%

1

.72

%

1

.85

%

1

.75

%

1

.59

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

2,049,004

‌

$

2,099,949

‌

$

2,353,202

‌

$

1,233,235

‌

$

1,693,736

‌

$

2,295,315

‌

Portfolio

turnover

rate

(i)

..................

5

%

24

%

9

%

6

%

8

%

6

%

(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.

104

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

.......

$

273.12

‌

$

263.08

‌

$

212.48

‌

$

188.15

‌

$

173.95

‌

$

158.62

‌

Net

investment

income

(a)

...............

1

.57

‌

2

.89

‌

2

.65

‌

2

.49

‌

2

.26

‌

1

.99

‌

Net

realized

and

unrealized

gain

(b)

.........

2

.98

‌

10.00

‌

50.86

‌

24.38

‌

15.50

‌

15.31

‌

Net

increase

from

investment

operations

......

4

.55

‌

12.89

‌

53.51

‌

26.87

‌

17.76

‌

17.30

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.62

)

(

2

.85

)

(

2

.91

)

(

2

.54

)

(

3

.56

)

(

1

.97

)

Net

asset

value,

end

of

period

............

$

276.05

‌

$

273.12

‌

$

263.08

‌

$

212.48

‌

$

188.15

‌

$

173.95

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

1

.71

%

(e)

4

.86

%

25.40

%

14.44

%

10.27

%

10.93

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.43

%

0

.43

%

0

.43

%

Net

investment

income

..................

1

.16

%

(g)

1

.03

%

1

.13

%

1

.25

%

1

.19

%

1

.16

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,229,760

‌

$

2,826,782

‌

$

2,565,039

‌

$

2,432,933

‌

$

2,097,818

‌

$

1,800,336

‌

Portfolio

turnover

rate

(h)

..................

2

%

7

%

6

%

5

%

6

%

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.

105

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

......

$

97.59

‌

$

110.26

‌

$

68.98

‌

$

79.12

‌

$

70.80

‌

$

64.30

‌

Net

investment

income

(b)

..............

0

.54

‌

0

.89

‌

0

.90

‌

1

.03

‌

0

.95

‌

0

.89

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

3

.48

)

(

12.64

)

41.28

‌

(

10.11

)

8

.39

‌

6

.53

‌

Net

increase

(decrease)

from

investment

operations

........................

(

2

.94

)

(

11.75

)

42.18

‌

(

9

.08

)

9

.34

‌

7

.42

‌

Distributions

from

net

investment

income

(d)

....

(

0

.51

)

(

0

.92

)

(

0

.90

)

(

1

.06

)

(

1

.02

)

(

0

.92

)

Net

asset

value,

end

of

period

...........

$

94.14

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

$

79.12

‌

$

70.80

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

2

.98

)

%

(f)

(

10.75

)

%

61.51

%

(

11.57

)

%

13.34

%

11.57

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.39

%

0

.41

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

1

.15

%

(h)

0

.81

%

0

.99

%

1

.32

%

1

.29

%

1

.27

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,040,301

‌

$

1,249,092

‌

$

1,697,961

‌

$

682,848

‌

$

941,547

‌

$

1,033,654

‌

Portfolio

turnover

rate

(i)

.................

2

%

26

%

5

%

4

%

5

%

7

%

(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.

106

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Technology

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.......

$

89.60

‌

$

92.98

‌

$

58.58

‌

$

50.85

‌

$

41.99

‌

$

34.55

‌

Net

investment

income

(b)

...............

0

.19

‌

0

.25

‌

0

.37

‌

0

.48

‌

0

.40

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

13.24

)

(

3

.33

)

34.42

‌

7

.75

‌

8

.84

‌

7

.46

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

13.05

)

(

3

.08

)

34.79

‌

8

.23

‌

9

.24

‌

7

.78

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.19

)

(

0

.30

)

(

0

.39

)

(

0

.50

)

(

0

.38

)

(

0

.34

)

Net

asset

value,

end

of

period

............

$

76.36

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

$

50.85

‌

$

41.99

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

14.57

)

%

(f)

(

3

.35

)

%

59.56

%

16.34

%

22.10

%

22.62

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(h)

0

.39

%

0

.41

%

0

.43

%

0

.42

%

0

.43

%

Net

investment

income

..................

0

.46

%

(h)

0

.24

%

0

.47

%

0

.89

%

0

.87

%

0

.80

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

8,014,398

‌

$

7,338,434

‌

$

7,257,255

‌

$

4,862,141

‌

$

4,271,433

‌

$

4,031,372

‌

Portfolio

turnover

rate

(i)

..................

6

%

13

%

12

%

16

%

19

%

15

%

(a)

Per

share

amounts

reflect

a

four-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.

107

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Year

Ended

04/30/18

Net

asset

value,

beginning

of

period

......

$

242.94

‌

$

269.72

‌

$

149.76

‌

$

195.07

‌

$

187.76

‌

$

163.83

‌

Net

investment

income

(a)

..............

1

.57

‌

2

.08

‌

1

.95

‌

2

.55

‌

2

.12

‌

1

.91

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

30.70

)

(

26.68

)

119.89

‌

(

45.09

)

7

.34

‌

24.02

‌

Net

increase

(decrease)

from

investment

operations

........................

(

29.13

)

(

24.60

)

121.84

‌

(

42.54

)

9

.46

‌

25.93

‌

Distributions

from

net

investment

income

(c)

....

(

1

.37

)

(

2

.18

)

(

1

.88

)

(

2

.77

)

(

2

.15

)

(

2

.00

)

Net

asset

value,

end

of

period

...........

$

212.44

‌

$

242.94

‌

$

269.72

‌

$

149.76

‌

$

195.07

‌

$

187.76

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

11.99

)

%

(e)

(

9

.18

)

%

81.75

%

(

21.92

)

%

5

.12

%

15.88

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.39

%

0

.41

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

1

.39

%

(g)

0

.80

%

0

.90

%

1

.40

%

1

.11

%

1

.07

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

775,397

‌

$

1,178,276

‌

$

2,144,306

‌

$

456,765

‌

$

575,444

‌

$

807,349

‌

Portfolio

turnover

rate

(h)

.................

5

%

72

%

80

%

35

%

17

%

5

%

(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.

108

2022

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Utilities

ETF

Six

Months

Ended

10/31/22

(unaudited)

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Year

Ended

04/30/18

(a)

Net

asset

value,

beginning

of

period

.......

$

87.48

‌

$

82.62

‌

$

71.20

‌

$

74.36

‌

$

65.22

‌

$

64.65

‌

Net

investment

income

(b)

...............

1

.03

‌

1

.98

‌

2

.10

‌

2

.10

‌

2

.02

‌

1

.90

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

5

.03

)

4

.95

‌

11.60

‌

(

3

.06

)

9

.06

‌

0

.42

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

4

.00

)

6

.93

‌

13.70

‌

(

0

.96

)

11.08

‌

2

.32

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.98

)

(

2

.07

)

(

2

.28

)

(

2

.20

)

(

1

.94

)

(

1

.75

)

Net

asset

value,

end

of

period

............

$

82.50

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

$

74.36

‌

$

65.22

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

4

.63

)

%

(f)

8

.52

%

19.66

%

(

1

.39

)

%

17.29

%

3

.59

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(h)

0

.39

%

0

.41

%

0

.43

%

0

.43

%

0

.43

%

Net

investment

income

..................

2

.35

%

(h)

2

.35

%

2

.78

%

2

.70

%

2

.94

%

2

.86

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

985,824

‌

$

970,990

‌

$

822,092

‌

$

875,673

‌

$

810,455

‌

$

606,486

‌

Portfolio

turnover

rate

(i)

..................

2

%

14

%

5

%

4

%

6

%

5

%

(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.

Notes

to

Financial

Statements

(unaudited)

109

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

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

Dow

Jones

U.S.

......................................................................................................

Diversified

MSCI

KLD

400

Social

..................................................................................................

Diversified

MSCI

USA

ESG

Select

.................................................................................................

Diversified

U.S.

Basic

Materials

...................................................................................................

Non-diversified

U.S.

Consumer

Discretionary

.............................................................................................

Diversified

U.S.

Consumer

Staples

................................................................................................

Non-diversified

U.S.

Energy

........................................................................................................

Non-diversified

U.S.

Financial

Services

.................................................................................................

Non-diversified

U.S.

Financials

......................................................................................................

Diversified

U.S.

Healthcare

......................................................................................................

Non-diversified

U.S.

Industrials

......................................................................................................

Diversified

U.S.

Technology

.....................................................................................................

Non-diversified

U.S.

Transportation

...................................................................................................

Non-diversified

U.S.

Utilities

........................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

110

2022

iShares

Semi-Annual

Report

to

Shareholders

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments 

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

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

Notes

to

Financial

Statements

(unaudited)

(

continued)

111

Notes

to

Financial

Statements

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)

Dow

Jones

U.S.

Barclays

Bank

PLC

...............................................

$

842,416‌

$

(842,416‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

86‌

(86‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

220,152‌

(220,152‌)

—‌

—‌

BNP

Paribas

SA

.................................................

3,995,722‌

(3,995,467‌)

—‌

255‌

BofA

Securities,

Inc.

..............................................

854,004‌

(854,004‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,669,480‌

(2,669,480‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

6,111,704‌

(6,111,704‌)

—‌

—‌

HSBC

Bank

PLC

................................................

59,055‌

(59,055‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,795,737‌

(2,795,737‌)

—‌

—‌

Jefferies

LLC

...................................................

58,077‌

(58,077‌)

—‌

—‌

Morgan

Stanley

.................................................

1,237,137‌

(1,237,137‌)

—‌

—‌

National

Financial

Services

LLC

......................................

283,093‌

(283,093‌)

—‌

—‌

Natixis

SA

.....................................................

28,065‌

(28,009‌)

—‌

56‌

RBC

Capital

Markets

LLC

..........................................

1,000,603‌

(1,000,603‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

395,847‌

(384,996‌)

—‌

10,851‌

Toronto-Dominion

Bank

............................................

1,460,022‌

(1,460,022‌)

—‌

—‌

UBS

AG

......................................................

407,482‌

(407,482‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,050,023‌

(1,050,023‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

334,373‌

(334,373‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

473,572‌

(473,572‌)

—‌

—‌

$

24,276,650‌

$

(24,265,488‌)

$

—‌

$

11,162‌

a

MSCI

KLD

400

Social

Barclays

Bank

PLC

...............................................

9,446‌

(9,446‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

138,719‌

(138,719‌)

—‌

—‌

BNP

Paribas

SA

.................................................

877,205‌

(877,205‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,050,487‌

(1,050,487‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,769,326‌

(1,769,326‌)

—‌

—‌

HSBC

Bank

PLC

................................................

78,794‌

(78,794‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

86,236‌

(86,236‌)

—‌

—‌

Jefferies

LLC

...................................................

981,367‌

(981,367‌)

—‌

—‌

Morgan

Stanley

.................................................

1,822,970‌

(1,822,970‌)

—‌

—‌

National

Financial

Services

LLC

......................................

92,304‌

(92,304‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

1,861,063‌

(1,861,063‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

143,652‌

(143,652‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

129,044‌

(129,044‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

319,714‌

(319,714‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

22,947‌

(22,947‌)

—‌

—‌

$

9,383,274‌

$

(9,383,274‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

112

2022

iShares

Semi-Annual

Report

to

Shareholders

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

MSCI

USA

ESG

Select

Barclays

Bank

PLC

...............................................

$

10,060‌

$

(10,060‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

6,116‌

(6,116‌)

—‌

—‌

BNP

Paribas

SA

.................................................

4,758,785‌

(4,758,785‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

6,334,027‌

(6,334,027‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

18,409‌

(18,409‌)

—‌

—‌

HSBC

Bank

PLC

................................................

351,105‌

(351,105‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,184,328‌

(2,184,328‌)

—‌

—‌

Morgan

Stanley

.................................................

2,854,771‌

(2,854,771‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,348,536‌

(1,348,536‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

55,048‌

(55,048‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

2,071,600‌

(2,071,600‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

4,009,424‌

(4,009,424‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,388,100‌

(1,388,100‌)

—‌

—‌

$

25,390,309‌

$

(25,390,309‌)

$

—‌

$

—‌

a

U.S.

Basic

Materials

BNP

Paribas

SA

.................................................

4,376,331‌

(4,376,331‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,928,518‌

(4,928,518‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

84,775‌

(84,775‌)

—‌

—‌

Deutsche

Bank

Securities,

Inc.

.......................................

3,334‌

(3,334‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,528,115‌

(1,528,115‌)

—‌

—‌

Morgan

Stanley

.................................................

1,257,745‌

(1,257,745‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

115,920‌

(115,920‌)

—‌

—‌

$

12,294,738‌

$

(12,294,738‌)

$

—‌

$

—‌

a

U.S.

Consumer

Discretionary

Barclays

Bank

PLC

...............................................

1,188,663‌

(1,187,252‌)

—‌

1,411‌

Barclays

Capital,

Inc.

.............................................

2,043‌

(2,043‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,558,876‌

(1,552,264‌)

—‌

6,612‌

BofA

Securities,

Inc.

..............................................

12,125‌

(12,125‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

801,357‌

(801,357‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,927,015‌

(1,927,015‌)

—‌

—‌

HSBC

Bank

PLC

................................................

599,065‌

(599,065‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

1,583,233‌

(1,583,233‌)

—‌

—‌

Jefferies

LLC

...................................................

1,990,585‌

(1,990,585‌)

—‌

—‌

Morgan

Stanley

.................................................

1,347,752‌

(1,347,752‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,167,584‌

(1,167,584‌)

—‌

—‌

Natixis

SA

.....................................................

5,168‌

(5,165‌)

—‌

3‌

RBC

Capital

Markets

LLC

..........................................

1,443,610‌

(1,437,707‌)

—‌

5,903‌

SG

Americas

Securities

LLC

........................................

266,775‌

(266,775‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

801,649‌

(801,649‌)

—‌

—‌

UBS

AG

......................................................

93,445‌

(93,445‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

1,318,531‌

(1,318,531‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

52,639‌

(52,639‌)

—‌

—‌

$

16,160,115‌

$

(16,146,186‌)

$

—‌

$

13,929‌

a

U.S.

Consumer

Staples

HSBC

Bank

PLC

................................................

10,788‌

(10,788‌)

—‌

—‌

Morgan

Stanley

.................................................

8,060,468‌

(8,060,468‌)

—‌

—‌

Natixis

SA

.....................................................

4,716‌

(4,716‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

158,634‌

(158,634‌)

—‌

—‌

$

8,234,606‌

$

(8,234,606‌)

$

—‌

$

—‌

a

U.S.

Energy

Barclays

Bank

PLC

...............................................

3,349,678‌

(3,349,678‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,870,477‌

(1,870,477‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

3,735,123‌

(3,735,123‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,122,864‌

(2,122,864‌)

—‌

—‌

Jefferies

LLC

...................................................

34,950‌

(34,950‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,919,218‌

(1,919,218‌)

—‌

—‌

$

13,032,310‌

$

(13,032,310‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

113

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Financial

Services

Barclays

Bank

PLC

...............................................

$

560,696‌

$

(560,696‌)

$

—‌

$

—‌

BNP

Paribas

SA

.................................................

5,507,215‌

(5,507,215‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,191‌

(4,191‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

307,851‌

(307,776‌)

—‌

75‌

J.P.

Morgan

Securities

LLC

.........................................

633,663‌

(633,663‌)

—‌

—‌

Morgan

Stanley

.................................................

727,448‌

(727,448‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

25,889‌

(24,532‌)

—‌

1,357‌

UBS

AG

......................................................

76,414‌

(76,414‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

340,856‌

(340,856‌)

—‌

—‌

$

8,184,223‌

$

(8,182,791‌)

$

—‌

$

1,432‌

a

U.S.

Financials

Barclays

Bank

PLC

...............................................

23,463‌

(23,463‌)

—‌

—‌

BNP

Paribas

SA

.................................................

3,017,456‌

(3,017,456‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

11,790,284‌

(11,790,284‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

7,552‌

(7,552‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

629,051‌

(629,051‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

474,653‌

(474,653‌)

—‌

—‌

Jefferies

LLC

...................................................

308,178‌

(308,178‌)

—‌

—‌

Morgan

Stanley

.................................................

5,978,094‌

(5,978,094‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

291,965‌

(291,965‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

118,036‌

(118,036‌)

—‌

—‌

$

22,638,732‌

$

(22,638,732‌)

$

—‌

$

—‌

a

U.S.

Healthcare

Barclays

Bank

PLC

...............................................

11,664,509‌

(11,664,509‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

51,107‌

(51,107‌)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

20,100‌

(20,100‌)

—‌

—‌

BNP

Paribas

SA

.................................................

15,873,886‌

(15,873,886‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

398,633‌

(398,633‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,088,827‌

(4,088,827‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

7,409,176‌

(7,409,176‌)

—‌

—‌

HSBC

Bank

PLC

................................................

239,608‌

(239,608‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

11,311,886‌

(11,311,886‌)

—‌

—‌

Morgan

Stanley

.................................................

5,840,537‌

(5,840,537‌)

—‌

—‌

National

Financial

Services

LLC

......................................

206,025‌

(206,025‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

265,600‌

(265,600‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

20,196‌

(20,196‌)

—‌

—‌

UBS

AG

......................................................

480,522‌

(480,522‌)

—‌

—‌

UBS

Securities

LLC

..............................................

12,686‌

(12,686‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

169,881‌

(169,881‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

218,985‌

(218,985‌)

—‌

—‌

$

58,272,164‌

$

(58,272,164‌)

$

—‌

$

—‌

a

U.S.

Industrials

BNP

Paribas

SA

.................................................

1,911,515‌

(1,911,515‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

294,523‌

(294,523‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

4,795,403‌

(4,795,403‌)

—‌

—‌

Jefferies

LLC

...................................................

134,190‌

(134,190‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,504,888‌

(1,504,888‌)

—‌

—‌

Natixis

SA

.....................................................

255,408‌

(255,408‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

3,119,804‌

(3,119,804‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

5,966,208‌

(5,966,208‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

7,713,265‌

(7,713,265‌)

—‌

—‌

UBS

AG

......................................................

895,474‌

(892,297‌)

—‌

3,177‌

Wells

Fargo

Securities

LLC

.........................................

2,648‌

(2,648‌)

—‌

—‌

$

26,593,326‌

$

(26,590,149‌)

$

—‌

$

3,177‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

114

2022

iShares

Semi-Annual

Report

to

Shareholders

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Technology

Barclays

Bank

PLC

...............................................

$

232,470‌

$

(232,470‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

1,239,193‌

(1,239,193‌)

—‌

—‌

BNP

Paribas

SA

.................................................

16,305,490‌

(16,305,490‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

786,599‌

(786,599‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,413,724‌

(1,413,724‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,479,765‌

(1,479,765‌)

—‌

—‌

HSBC

Bank

PLC

................................................

4,820,698‌

(4,820,698‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

3,200,601‌

(3,200,601‌)

—‌

—‌

Jefferies

LLC

...................................................

30,192‌

(30,192‌)

—‌

—‌

Morgan

Stanley

.................................................

21,005,842‌

(21,005,842‌)

—‌

—‌

Natixis

SA

.....................................................

521‌

(521‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

4,539,554‌

(4,539,554‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

8,468,785‌

(8,468,785‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

4,245,014‌

(4,245,014‌)

—‌

—‌

UBS

AG

......................................................

4,071‌

(4,071‌)

—‌

—‌

UBS

Securities

LLC

..............................................

10,854‌

(10,854‌)

—‌

—‌

Wells

Fargo

Bank

N.A.

............................................

584,986‌

(584,986‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,628,627‌

(2,628,627‌)

—‌

—‌

$

70,996,986‌

$

(70,996,986‌)

$

—‌

$

—‌

a

U.S.

Transportation

Barclays

Bank

PLC

...............................................

2,340,172‌

(2,340,172‌)

—‌

—‌

BNP

Paribas

SA

.................................................

579,771‌

(579,771‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

429,442‌

(429,084‌)

—‌

358‌

Citigroup

Global

Markets,

Inc.

........................................

498,126‌

(498,126‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

391,852‌

(391,852‌)

—‌

—‌

HSBC

Bank

PLC

................................................

294,594‌

(292,827‌)

—‌

1,767‌

J.P.

Morgan

Securities

LLC

.........................................

17,569,732‌

(17,569,732‌)

—‌

—‌

Jefferies

LLC

...................................................

147,350‌

(147,350‌)

—‌

—‌

Morgan

Stanley

.................................................

2,621,460‌

(2,621,460‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

17,781,871‌

(17,781,871‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

273,712‌

(273,712‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

3,687,008‌

(3,687,008‌)

—‌

—‌

UBS

AG

......................................................

2,110,086‌

(2,097,334‌)

—‌

12,752‌

$

48,725,176‌

$

(48,710,299‌)

$

—‌

$

14,877‌

a

U.S.

Utilities

BMO

Capital

Markets

Corp.

.........................................

13,498‌

(13,498‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,129,505‌

(1,129,505‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

5,997,381‌

(5,997,381‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

654,817‌

(654,817‌)

—‌

—‌

Jefferies

LLC

...................................................

11,944‌

(11,944‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

900,400‌

(899,544‌)

—‌

856‌

Wells

Fargo

Bank

N.A.

............................................

164,459‌

(164,459‌)

—‌

—‌

$

8,872,004‌

$

(8,871,148‌)

$

—‌

$

856‌

a

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

October

31,

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)

115

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

each

Fund,

except

for

the

iShares

Dow

Jones

U.S,

iShares

MSCI

KLD

400

Social

and

iShares

MSCI

USA

ESG

Select

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

Prior

to

April

11,

2022,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Dow

Jones

U.S.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20%

MSCI

KLD

400

Social

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25

MSCI

USA

ESG

Select

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2945

Notes

to

Financial

Statements

(unaudited)

(continued)

116

2022

iShares

Semi-Annual

Report

to

Shareholders

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 October

31,

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

October

31,

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

October

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Dow

Jones

U.S.

.....................................................................................................

$

27,740

‌

MSCI

KLD

400

Social

.................................................................................................

53,981

‌

MSCI

USA

ESG

Select

................................................................................................

61,848

‌

U.S.

Basic

Materials

..................................................................................................

7,183

‌

U.S.

Consumer

Discretionary

............................................................................................

46,204

‌

U.S.

Consumer

Staples

...............................................................................................

11,971

‌

U.S.

Energy

.......................................................................................................

33,036

‌

U.S.

Financial

Services

................................................................................................

23,362

‌

U.S.

Financials

.....................................................................................................

34,187

‌

U.S.

Healthcare

.....................................................................................................

28,488

‌

U.S.

Industrials

.....................................................................................................

19,225

‌

U.S.

Technology

....................................................................................................

57,390

‌

U.S.

Transportation

..................................................................................................

33,683

‌

U.S.

Utilities

.......................................................................................................

2,421

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Dow

Jones

U.S.

.................................................................

$

6,182,244

‌

$

3,236,963

‌

$

(2,768,718

)

MSCI

KLD

400

Social

.............................................................

6,229,352

‌

15,854,437

‌

(2,752,193

)

MSCI

USA

ESG

Select

............................................................

35,258,873

‌

78,945,549

‌

(11,764,701

)

U.S.

Basic

Materials

..............................................................

13,120,580

‌

85,499,771

‌

(23,777,379

)

U.S.

Consumer

Discretionary

........................................................

6,932,866

‌

35,873,104

‌

(14,199,944

)

U.S.

Consumer

Staples

...........................................................

15,725,684

‌

14,387,633

‌

(5,981,894

)

U.S.

Energy

...................................................................

113,685,863

‌

62,358,619

‌

(23,249,439

)

U.S.

Financial

Services

............................................................

3,713,890

‌

3,258,838

‌

(6,210,132

)

U.S.

Financials

.................................................................

22,296,268

‌

14,261,839

‌

(5,508,978

)

U.S.

Healthcare

.................................................................

12,290,185

‌

12,165,303

‌

(8,455,130

)

U.S.

Industrials

.................................................................

10,353,523

‌

5,080,559

‌

(5,513,099

)

U.S.

Technology

................................................................

160,926,169

‌

90,718,805

‌

(44,382,445

)

U.S.

Transportation

..............................................................

13,973,584

‌

16,135,040

‌

(9,091,601

)

U.S.

Utilities

...................................................................

2,512,597

‌

2,621,626

‌

(279,093

)

iShares

ETF

Purchases

‌

Sales

‌

Dow

Jones

U.S.

...................................................................................

$

34,625,612

‌

$

33,766,763

‌

MSCI

KLD

400

Social

...............................................................................

63,323,972

‌

65,617,644

‌

MSCI

USA

ESG

Select

..............................................................................

290,593,761

‌

290,392,504

‌

U.S.

Basic

Materials

................................................................................

242,876,142

‌

242,611,516

‌

U.S.

Consumer

Discretionary

..........................................................................

102,726,542

‌

103,868,417

‌

U.S.

Consumer

Staples

.............................................................................

39,283,842

‌

39,877,056

‌

U.S.

Energy

.....................................................................................

180,565,653

‌

208,309,673

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

117

Notes

to

Financial

Statements

For

the six

months

ended

October

31,

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

October

31,

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 April

30,

2022,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

iShares

ETF

Purchases

‌

Sales

‌

U.S.

Financial

Services

..............................................................................

35,996,464

‌

37,776,325

‌

U.S.

Financials

...................................................................................

109,707,329

‌

107,197,290

‌

U.S.

Healthcare

...................................................................................

52,127,721

‌

53,978,607

‌

U.S.

Industrials

...................................................................................

20,837,720

‌

20,179,618

‌

U.S.

Technology

..................................................................................

380,912,086

‌

384,929,107

‌

U.S.

Transportation

................................................................................

44,335,199

‌

45,250,348

‌

U.S.

Utilities

.....................................................................................

17,807,424

‌

17,401,470

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Dow

Jones

U.S.

...................................................................................

$

69,079,994

‌

$

39,078,393

‌

MSCI

KLD

400

Social

...............................................................................

398,582,397

‌

149,772,387

‌

MSCI

USA

ESG

Select

..............................................................................

89,180,181

‌

246,824,446

‌

U.S.

Basic

Materials

................................................................................

257,643,266

‌

362,541,949

‌

U.S.

Consumer

Discretionary

..........................................................................

184,469,735

‌

270,584,992

‌

U.S.

Consumer

Staples

.............................................................................

778,078,578

‌

163,719,416

‌

U.S.

Energy

.....................................................................................

140,124,065

‌

1,752,945,215

‌

U.S.

Financial

Services

..............................................................................

168,428,000

‌

700,233,303

‌

U.S.

Financials

...................................................................................

282,091,150

‌

314,637,953

‌

U.S.

Healthcare

...................................................................................

613,497,384

‌

236,005,335

‌

U.S.

Industrials

...................................................................................

129,821,672

‌

283,331,749

‌

U.S.

Technology

..................................................................................

2,289,664,244

‌

594,153,088

‌

U.S.

Transportation

................................................................................

670,229,098

‌

939,358,307

‌

U.S.

Utilities

.....................................................................................

230,402,593

‌

155,544,450

‌

iShares

ETF

Amounts

Dow

Jones

U.S.

.....................................................................................................

$

19,798,231

‌

MSCI

KLD

400

Social

.................................................................................................

57,513,435

‌

MSCI

USA

ESG

Select

................................................................................................

76,836,153

‌

U.S.

Basic

Materials

..................................................................................................

121,754,467

‌

U.S.

Consumer

Discretionary

............................................................................................

94,893,390

‌

U.S.

Consumer

Staples

...............................................................................................

32,438,823

‌

U.S.

Energy

.......................................................................................................

306,213,545

‌

U.S.

Financial

Services

................................................................................................

61,143,807

‌

U.S.

Financials

.....................................................................................................

76,047,433

‌

U.S.

Healthcare

.....................................................................................................

82,681,070

‌

U.S.

Industrials

.....................................................................................................

81,960,614

‌

U.S.

Technology

....................................................................................................

64,508,835

‌

U.S.

Transportation

..................................................................................................

72,620,946

‌

U.S.

Utilities

.......................................................................................................

56,939,402

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

118

2022

iShares

Semi-Annual

Report

to

Shareholders

As

of

October

31,

2022,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund’s

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dow

Jones

U.S.

...............................................

$

903,074,624

‌

$

687,093,587

‌

$

(79,049,480

)

$

608,044,107

‌

MSCI

KLD

400

Social

...........................................

3,198,322,554

‌

559,234,686

‌

(217,284,387

)

341,950,299

‌

MSCI

USA

ESG

Select

..........................................

3,480,618,214

‌

236,079,866

‌

(437,278,969

)

(201,199,103

)

U.S.

Basic

Materials

............................................

985,775,213

‌

27,703,620

‌

(166,052,067

)

(138,348,447

)

U.S.

Consumer

Discretionary

......................................

912,351,345

‌

18,540,933

‌

(219,179,672

)

(200,638,739

)

U.S.

Consumer

Staples

.........................................

1,693,898,903

‌

90,432,892

‌

(82,657,128

)

7,775,764

‌

U.S.

Energy

.................................................

1,705,460,357

‌

684,749,378

‌

(20,745,980

)

664,003,398

‌

U.S.

Financial

Services

..........................................

1,641,231,882

‌

21,502,455

‌

(225,532,722

)

(204,030,267

)

U.S.

Financials

...............................................

2,234,058,206

‌

94,011,696

‌

(256,934,700

)

(162,923,004

)

U.S.

Healthcare

...............................................

2,983,485,016

‌

523,143,275

‌

(219,398,764

)

303,744,511

‌

U.S.

Industrials

...............................................

1,166,416,798

‌

72,229,902

‌

(171,455,330

)

(99,225,428

)

U.S.

Technology

..............................................

8,177,668,988

‌

1,015,531,254

‌

(1,105,358,329

)

(89,827,075

)

U.S.

Transportation

............................................

1,039,902,630

‌

3,282,852

‌

(218,002,016

)

(214,719,164

)

U.S.

Utilities

.................................................

1,006,941,341

‌

50,171,030

‌

(62,471,800

)

(12,300,770

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

119

Notes

to

Financial

Statements

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a

phase

out

of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

10/31/22

‌

Year

Ended

04/30/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

Dow

Jones

U.S.

Shares

sold

...............................................

700,000

‌

$

69,302,727

‌

950,000

‌

$

106,366,538

‌

Shares

redeemed

...........................................

(400,000

)

(39,226,786

)

(900,000

)

(98,166,670

)

300,000

‌

$

30,075,941

‌

50,000

‌

$

8,199,868

‌

MSCI

KLD

400

Social

Shares

sold

...............................................

5,350,000

‌

$

400,824,677

‌

12,250,000

‌

$

1,063,484,498

‌

Shares

redeemed

...........................................

(2,050,000

)

(150,560,476

)

(5,050,000

)

(430,417,509

)

3,300,000

‌

$

250,264,201

‌

7,200,000

‌

$

633,066,989

‌

MSCI

USA

ESG

Select

Shares

sold

...............................................

1,050,000

‌

$

89,644,102

‌

19,200,000

‌

$

1,922,860,020

‌

Shares

redeemed

...........................................

(2,950,000

)

(248,368,625

)

(11,050,000

)

(1,096,380,553

)

(1,900,000

)

$

(158,724,523

)

8,150,000

‌

$

826,479,467

‌

U.S.

Basic

Materials

Shares

sold

...............................................

2,050,000

‌

$

258,499,455

‌

9,000,000

‌

$

1,248,095,764

‌

Shares

redeemed

...........................................

(3,000,000

)

(363,312,121

)

(6,950,000

)

(931,994,531

)

(950,000

)

$

(104,812,666

)

2,050,000

‌

$

316,101,233

‌

U.S.

Consumer

Discretionary

Shares

sold

...............................................

3,000,000

‌

$

184,769,256

‌

11,850,000

‌

$

940,860,027

‌

Shares

redeemed

...........................................

(4,500,000

)

(271,229,331

)

(19,300,000

)

(1,493,779,752

)

(1,500,000

)

$

(86,460,075

)

(7,450,000

)

$

(552,919,725

)

U.S.

Consumer

Staples

Shares

sold

...............................................

3,950,000

‌

$

780,165,240

‌

3,300,000

‌

$

644,584,135

‌

Shares

redeemed

...........................................

(850,000

)

(164,242,263

)

(1,600,000

)

(298,647,407

)

3,100,000

‌

$

615,922,977

‌

1,700,000

‌

$

345,936,728

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

120

2022

iShares

Semi-Annual

Report

to

Shareholders

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

10/31/22

‌

Year

Ended

04/30/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Energy

Shares

sold

...............................................

3,350,000

‌

$

143,203,285

‌

46,850,000

‌

$

1,499,858,858

‌

Shares

redeemed

...........................................

(43,600,000

)

(1,794,740,254

)

(37,500,000

)

(1,129,335,941

)

(40,250,000

)

$

(1,651,536,969

)

9,350,000

‌

$

370,522,917

‌

U.S.

Financial

Services

Shares

sold

...............................................

1,100,000

‌

$

169,773,034

‌

6,200,000

‌

$

1,168,479,105

‌

Shares

redeemed

...........................................

(4,550,000

)

(702,980,296

)

(2,700,000

)

(501,654,398

)

(3,450,000

)

$

(533,207,262

)

3,500,000

‌

$

666,824,707

‌

U.S.

Financials

Shares

sold

...............................................

3,800,000

‌

$

283,572,365

‌

1,700,000

‌

$

1,427,665,055

‌

Shares

redeemed

...........................................

(4,350,000

)

(316,617,769

)

(18,650,000

)

(1,540,947,223

)

(550,000

)

$

(33,045,404

)

(1,650,000

)

$

(113,282,168

)

U.S.

Healthcare

Shares

sold

...............................................

2,250,000

‌

$

614,783,128

‌

3,250,000

‌

$

931,265,158

‌

Shares

redeemed

...........................................

(900,000

)

(236,511,526

)

(2,650,000

)

(741,219,461

)

1,350,000

‌

$

378,271,602

‌

600,000

‌

$

190,045,697

‌

U.S.

Industrials

Shares

sold

...............................................

1,400,000

‌

$

130,102,218

‌

5,050,000

‌

$

558,646,697

‌

Shares

redeemed

...........................................

(3,150,000

)

(283,983,449

)

(7,650,000

)

(829,917,316

)

(1,750,000

)

$

(153,881,231

)

(2,600,000

)

$

(271,270,619

)

U.S.

Technology

Shares

sold

...............................................

30,250,000

‌

$

2,293,901,683

‌

33,200,000

‌

$

3,442,394,913

‌

Shares

redeemed

...........................................

(7,200,000

)

(595,429,455

)

(29,350,000

)

(2,982,849,174

)

23,050,000

‌

$

1,698,472,228

‌

3,850,000

‌

$

459,545,739

‌

U.S.

Transportation

Shares

sold

...............................................

3,000,000

‌

$

671,786,366

‌

6,900,000

‌

$

1,790,270,650

‌

Shares

redeemed

...........................................

(4,200,000

)

(941,516,274

)

(10,000,000

)

(2,571,288,364

)

(1,200,000

)

$

(269,729,908

)

(3,100,000

)

$

(781,017,714

)

U.S.

Utilities

Shares

sold

...............................................

2,650,000

‌

$

231,166,316

‌

1,700,000

‌

$

145,456,356

‌

Shares

redeemed

...........................................

(1,800,000

)

(156,013,865

)

(550,000

)

(47,058,753

)

850,000

‌

$

75,152,451

‌

1,150,000

‌

$

98,397,603

‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

121

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Dow

Jones

U.S.

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

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)

122

2022

iShares

Semi-Annual

Report

to

Shareholders

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

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

MSCI

KLD

400

Social

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

123

Board

Review

and

Approval

of

Investment

Advisory

Contract

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

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

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

124

2022

iShares

Semi-Annual

Report

to

Shareholders

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

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

MSCI

USA

ESG

Select

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)

125

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

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

126

2022

iShares

Semi-Annual

Report

to

Shareholders

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Basic

Materials

ETF,

iShares

U.S.

Consumer

Discretionary

ETF,

iShares

U.S.

Consumer

Staples

ETF,

iShares

U.S.

Financial

Services

ETF,

iShares

U.S.

Financials

ETF,

iShares

U.S.

Utilities

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

127

Board

Review

and

Approval

of

Investment

Advisory

Contract

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

provided

at

the

May

3,

2022

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability,

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

128

2022

iShares

Semi-Annual

Report

to

Shareholders

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Energy

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

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

129

Board

Review

and

Approval

of

Investment

Advisory

Contract

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.

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,

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

130

2022

iShares

Semi-Annual

Report

to

Shareholders

and

BlackRock’s

profile

in

the

investment

community.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

U.S.

Healthcare

ETF,

iShares

U.S.

Industrials

ETF,

iShares

U.S.

Technology

ETF,

iShares

U.S.

Transportation

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members),

is

required

annually

to

consider

and

approve

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

3,

2022

and

May

18,

2022,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

13-15,

2022,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

another

fund

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2021,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

recent

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

131

Board

Review

and

Approval

of

Investment

Advisory

Contract

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.

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)

132

2022

iShares

Semi-Annual

Report

to

Shareholders

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.

October

31,

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

Dow

Jones

U.S.

....................

$

0.671365

‌

$

—

‌

$

—

‌

$

0.671365

‌

100

%

—

%

—

%

100

%

MSCI

USA

ESG

Select

...............

0.597157

‌

—

‌

—

‌

0.597157

‌

100

—

—

100

U.S.

Energy

......................

0.826596

‌

—

‌

—

‌

0.826596

‌

100

—

—

100

U.S.

Financials

(a)

...................

0.632663

‌

—

‌

0.010674

‌

0.643337

‌

98

—

2

100

U.S.

Utilities

......................

0.975262

‌

—

‌

—

‌

0.975262

‌

100

—

—

100

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

General

Information

133

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

134

2022

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-SAR-401-1022

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,

MSCI

Inc.,

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.

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Armando Senra
Armando Senra, President (Principal Executive Officer)
Date:	December 22, 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:		December 22, 2022
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		December 22, 2022

EX-99.CERT

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                  EX-99.CERT

I, Armando Senra, certify that:

1.I have reviewed this report on Form N-CSR of iShares Trust for the following fourteen series: iShares Dow Jones U.S. ETF, iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF, iShares U.S. Basic Materials ETF, iShares U.S. Consumer Discretionary ETF, iShares U.S. Consumer Staples ETF, iShares U.S. Energy ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF, iShares U.S. Healthcare ETF, iShares U.S. Industrials ETF, iShares U.S. Technology ETF, iShares U.S. Transportation ETF and iShares U.S. Utilities ETF;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 22, 2022	/s/ Armando Senra	President (Principal Executive Officer)
		Armando Senra [Signature]	[Title]

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS                                EX-99.CERT

I, Trent Walker, certify that:

1.I have reviewed this report on Form N-CSR of iShares Trust for the following fourteen series: iShares Dow Jones U.S. ETF, iShares MSCI KLD 400 Social ETF, iShares MSCI USA ESG Select ETF, iShares U.S. Basic Materials ETF, iShares U.S. Consumer Discretionary ETF, iShares U.S. Consumer Staples ETF, iShares U.S. Energy ETF, iShares U.S. Financial Services ETF, iShares U.S. Financials ETF, iShares U.S. Healthcare ETF, iShares U.S. Industrials ETF, iShares U.S. Technology ETF, iShares U.S. Transportation ETF and iShares U.S. Utilities ETF;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 22, 2022	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]

EX-99.906 CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                      

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	December 22, 2022	/s/ Armando Senra	President (Principal Executive Officer)
		Armando Senra [Signature]	[Title]

Date:	December 22, 2022	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]