N-CSR 1 primary-document.htm
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: BlackRock Fund Advisors
400 Howard Street, San Francisco, CA
 
 
94105
(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:
April 30, 2023
 
 
 
 
Item 1.   Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
 
 
April
30,
2023
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
|
Cboe
BZX
iShares
U.S.
Utilities
ETF
|
IDU
|
NYSE
Arca
2023
Annual
Report
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
April
30,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
33
Disclosure
of
Expenses
...................................................................................................
33
Schedules
of
Investments
.................................................................................................
34
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
94
Statements
of
Operations
................................................................................................
98
Statements
of
Changes
in
Net
Assets
........................................................................................
102
Financial
Highlights
.....................................................................................................
109
Notes
to
Financial
Statements
...............................................................................................
123
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
136
Important
Tax
Information
.................................................................................................
137
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
138
Supplemental
Information
.................................................................................................
139
Trustee
and
Officer
Information
..............................................................................................
140
General
Information
.....................................................................................................
142
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
143
Market
Overview
4
2023
iShares
Annual
Report
to
Shareholders
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended
April
30,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
1.50%.
Despite
headwinds,
including
elevated
inflation
and
rapid
tightening
of
monetary
policy,
equities
were
supported
by
the
economy’s
continued
resilience.
While
inflation
was
high
throughout
the
reporting
period,
the
pace
of
inflationary
growth
slackened,
driving
investor
optimism.
Markets
endured
in
the
face
of
disruption
from
the
banking
industry
late
in
the
reporting
period.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value
and
leading
to
concern
about
the
stability
of
a
third
bank.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
a
multi-
decade
high.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
The
rate
of
inflation
began
to
decline
beginning
in
July
2022,
continuing
to
decelerate
for
10
consecutive
months.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
contraction
in
the
first
half
of
2022
to
post
modest
growth
in
the
second
half
of
2022
and
the
first
quarter
of
2023.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
posted
level
since
1969.
Furthermore,
the
labor
force
participation
rate
—
which
measures
the
total
proportion
of
working
age
persons
employed
or
looking
for
work
—
rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
Bank
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
to
decrease
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
as
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
iShares
®
Dow
Jones
U.S.
ETF
5
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
1.50
%
10.59
%
11.54
%
1.50
%
65.43
%
198.01
%
Fund
Market
................................
1.46
10.58
11.54
–
%
1.46
65.36
197.97
Index
.....................................
1.68
10.79
11.75
1.68
66.95
203.61
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,078.80
‌
$
1.03
‌
$
1,000.00
‌
$
1,023.80
‌
$
1.00
‌
0.20
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
Dow
Jones
U.S.
ETF
6
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
stocks
gained
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
information
technology
sector
contributed
the
most
to
the
Index’s
return,
driven
by
strong
gains
in
the
semiconductors
and
semiconductor
equipment
industry.
Optimism
about
the
impact
of
artificial
intelligence
(“AI”)
applications
benefited
the
industry,
as
the
launch
and
rapid
growth
of
a
prominent
consumer-facing
AI
product
captured
investors’
attention.
Because
AI
products
require
substantial
computational
resources,
analysts
considered
certain
semiconductor
makers
to
be
well
positioned
to
benefit
from
continued
AI
growth.
Late
in
the
reporting
period,
a
series
of
partnerships
between
chipmakers
and
companies
entering
the
AI
market
solidified
investors’
optimism
surrounding
industry
growth.
The
energy
sector
also
contributed
to
the
Index’s
return,
despite
lower
oil
prices
and
a
sharp
decline
in
natural
gas
prices.
Prices
surged
following
Russia’s
invasion
of
Ukraine
but
subsequently
fell
as
markets
stabilized.
Nevertheless,
the
relatively
high
average
prices
of
energy
commodities
supported
the
oil,
gas,
and
consumable
fuels
industry.
On
the
downside,
the
consumer
discretionary
sector
detracted
from
the
Index’s
return,
as
consumer
spending
growth
tapered
off.
Stocks
in
the
automobiles
industry
declined
amid
concerns
about
the
electric
vehicles
(“EVs”)
market
in
the
weakening
economy.
While
EV
sales
grew,
production
did
not
meet
analysts’
expectations,
and
price
discounts
on
some
new
models
negatively
impacted
revenues.
Increased
competition
also
weighed
on
the
industry,
as
more
automakers
expanded
their
EV
offerings.
The
real
estate
sector
also
detracted,
as
higher
interest
rates
weighed
on
equity
real
estate
investment
trusts
(“REITs”).
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
made
financing
more
expensive.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
25.0‌
%
Health
Care
...................................
14.1‌
Financials
.....................................
13.4‌
Consumer
Discretionary
...........................
10.2‌
Industrials
.....................................
9.4‌
Communication
Services
...........................
7.9‌
Consumer
Staples
...............................
6.9‌
Energy
.......................................
4.5‌
Real
Estate
....................................
3.0‌
Utilities
.......................................
2.8‌
Materials
.....................................
2.8‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
6.5‌
%
Microsoft
Corp.
.................................
5.9‌
Amazon.com,
Inc.
...............................
2.4‌
NVIDIA
Corp.
..................................
1.8‌
Alphabet,
Inc.,
Class
A
............................
1.7‌
Berkshire
Hathaway,
Inc.,
Class
B
....................
1.5‌
Alphabet,
Inc.,
Class
C,
NVS
........................
1.5‌
Meta
Platforms,
Inc.,
Class
A
........................
1.4‌
Exxon
Mobil
Corp.
...............................
1.3‌
UnitedHealth
Group,
Inc.
...........................
1.2‌
aaa
aa
iShares
®
MSCI
KLD
400
Social
ETF
7
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
1.03
%
11.37
%
11.75
%
1.03
%
71.30
%
203.78
%
Fund
Market
................................
1.09
11.37
11.76
–
%
1.09
71.30
203.90
Index
.....................................
1.27
11.65
12.18
1.27
73.50
215.53
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,099.80
‌
$
1.30
‌
$
1,000.00
‌
$
1,023.55
‌
$
1.25
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
MSCI
KLD
400
Social
ETF
8
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
equity
funds
that
consider
companies’
environmental,
social,
and
governance
(“ESG”)
characteristics
experienced
net
investment
outflows
throughout
the
reporting
period,
even
as
the
government
continued
to
implement
climate-related
initiatives.
In
August
2022,
the
U.S.
passed
its
largest
ever
climate
appropriation
bill,
designed
to
encourage
clean
energy
adoption
with
spending
and
tax
credits.
The
Securities
and
Exchange
Commission
continued
to
consider
a
rule
that
would
require
disclosure
of
climate-related
information
for
public
companies.
However,
some
states
sought
to
limit
state
investment
funds
to
traditional
strategies
without
explicit
ESG
considerations.
During
this
period,
the
stocks
of
U.S.
companies
with
positive
ESG
characteristics,
as
represented
by
the
benchmark,
advanced
slightly
for
the
reporting
period.
The
information
technology
sector
contributed
the
most
to
the
performance,
led
by
the
software
industry.
The
announcement
of
a
new
feature
using
artificial
intelligence
(“AI”)
to
augment
business
software
drove
gains
in
the
industry.
Stocks
in
the
healthcare
sector
also
advanced,
driven
primarily
by
strength
in
the
biotechnology
industry.
Strong
sales
of
cancer
drugs
boosted
revenues
and
regulatory
approval
of
personalized
oncology
treatments
supported
the
industry’s
strength.
On
the
downside,
the
consumer
discretionary
sector
detracted
from
the
benchmark’s
performance,
as
the
automobiles
industry
faced
concerns
about
the
market
for
electric
vehicles
in
the
weakening
economy.
The
communication
services
sector
also
declined
amid
slowing
demand
for
online
advertisements.
In
terms
of
relative
performance,
the
benchmark
slightly
underperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Investable
Market
Index.
Relative
to
the
broader
market,
the
ESG
selection
process
lead
to
elimination
of
stocks
with
lower
ESG
characteristics,
respectively.
The
benchmark
held
overweight
positions
in
the
information
technology
and
consumer
staples
sectors
and
underweight
positions
in
the
energy
and
healthcare
sectors.
Security
selection
in
the
communication
services
sector
was
the
largest
detractor
from
the
benchmark’s
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
29.4‌
%
Financials
.....................................
12.8‌
Health
Care
...................................
12.2‌
Consumer
Discretionary
...........................
10.0‌
Industrials
.....................................
9.1‌
Communication
Services
...........................
8.8‌
Consumer
Staples
...............................
8.6‌
Real
Estate
....................................
3.4‌
Materials
.....................................
2.8‌
Energy
.......................................
1.7‌
Utilities
.......................................
1.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
11.3‌
%
NVIDIA
Corp.
..................................
3.5‌
Alphabet,
Inc.,
Class
A
............................
3.3‌
Alphabet,
Inc.,
Class
C,
NVS
........................
3.1‌
Tesla,
Inc.
.....................................
2.3‌
Visa,
Inc.,
Class
A
...............................
2.0‌
Procter
&
Gamble
Co.
(The)
........................
1.9‌
Mastercard,
Inc.,
Class
A
...........................
1.7‌
Home
Depot,
Inc.
(The)
...........................
1.6‌
Merck
&
Co.,
Inc.
................................
1.5‌
      aaa
aa
iShares
®
MSCI
USA
ESG
Select
ETF
9
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
1.30
%
11.41
%
11.73
%
1.30
%
71.61
%
203.21
%
Fund
Market
................................
1.27
11.39
11.73
–
%
1.27
71.47
203.16
Index
.....................................
1.55
11.69
12.15
1.55
73.78
214.91
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,078.90
‌
$
1.29
‌
$
1,000.00
‌
$
1,023.55
‌
$
1.25
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
MSCI
USA
ESG
Select
ETF
10
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
equity
funds
that
consider
companies’
environmental,
social,
and
governance
(“ESG”)
characteristics
experienced
net
investment
outflows
throughout
the
reporting
period,
even
as
the
government
continued
to
implement
climate-related
initiatives.
In
August
2022
the
U.S.
passed
its
largest
ever
climate
appropriations
bill,
designed
to
encourage
clean
energy
adoption
with
spending
and
tax
credits.
The
Securities
and
Exchange
Commission
continued
to
consider
a
rule
that
would
require
disclosure
of
climate-related
information
for
public
companies.
However,
some
states
sought
to
limit
state
investment
funds
to
traditional
strategies
without
explicit
ESG
considerations.
During
this
period,
the
stocks
of
U.S.
companies
with
positive
ESG
characteristics,
as
represented
by
the
Index,
advanced
for
the
reporting
period.
The
information
technology
sector
contributed
the
most
to
the
benchmark
return,
driven
by
advances
in
artificial
intelligence
(“AI”)
technology.
Industrials
stocks
also
advanced,
as
the
capital
goods
industry
benefited
from
government
incentives
that
encouraged
investments
in
additional
industrial
capacity.
On
the
downside,
the
consumer
discretionary
sector
detracted
from
the
benchmark
performance,
as
the
automobiles
industry
faced
concerns
about
the
market
for
electric
vehicles
in
the
weakening
economy.
Increased
competition
from
both
domestic
and
international
manufacturers
weighed
on
the
industry,
as
more
automakers
expanded
their
EV
offerings.
The
communication
services
sector
also
declined
amid
slowing
demand
for
online
advertisements.
In
terms
of
relative
performance,
the
benchmark
slightly
outperformed
the
broader
market,
as
represented
by
the
MSCI
USA
Index.
Relative
to
the
broader
market,
the
ESG
selection
process
lead
to
overweight
and
underweight
positions
in
stocks
with
higher
or
lower
ESG
characteristics,
respectively.
The
benchmark
held
overweight
positions
in
the
consumer
staples
and
industrials
sectors
and
underweight
positions
in
the
communication
services
and
consumer
discretionary
sectors.
Security
selection
in
both
industrials
and
healthcare
sectors
contributed
to
the
benchmark’s
relative
performance.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
28.7‌
%
Health
Care
...................................
13.4‌
Industrials
.....................................
12.7‌
Consumer
Staples
...............................
10.6‌
Financials
.....................................
10.1‌
Consumer
Discretionary
...........................
7.3‌
Communication
Services
...........................
5.0‌
Energy
.......................................
4.3‌
Real
Estate
....................................
3.3‌
Materials
.....................................
3.3‌
Utilities
.......................................
1.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
5.8‌
%
Apple,
Inc.
....................................
5.4‌
NVIDIA
Corp.
..................................
2.6‌
Coca-Cola
Co.
(The)
.............................
2.0‌
PepsiCo,
Inc.
..................................
1.7‌
Home
Depot,
Inc.
(The)
...........................
1.7‌
Alphabet,
Inc.,
Class
A
............................
1.7‌
ONEOK,
Inc.
...................................
1.5‌
Texas
Instruments,
Inc.
............................
1.5‌
Johnson
Controls
International
PLC
...................
1.4‌
      aaa
aa
iShares
®
U.S.
Basic
Materials
ETF
11
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(5.07
)
%
8.04
%
8.38
%
(5.07
)
%
47.19
%
123.61
%
Fund
Market
...............................
(5.06
)
8.04
8.38
–
%
(5.06
)
47.21
123.71
Index
....................................
(4.71
)
8.46
8.81
(4.71
)
50.08
132.59
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,113.60
‌
$
2.10
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Basic
Materials
ETF
12
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
U.S.
basic
materials
companies
declined
during
the
reporting
period.
Rising
interest
rates
and
the
slowing
global
economic
outlook
weakened
metals
prices
from
the
high
levels
reached
in
the
months
after
Russia’s
invasion
of
Ukraine
disrupted
world
markets.
Rising
expenses
for
mining
extraction
and
production
pressured
profit
margins
for
mining
companies,
as
the
cost
of
labor,
diesel,
explosives,
and
raw
materials
increased.
In
addition,
extreme
weather
led
to
floods
and
droughts,
disrupting
mining
operations
and
reducing
output.
The
metals
and
mining
industry
detracted
the
most
from
the
Index’s
performance,
driven
by
gold
and
steel
mining
companies.
Amid
geopolitical
uncertainties
stemming
from
the
war
in
Ukraine,
gold
prices
began
the
reporting
period
at
historically
high
levels.
Subsequently,
rising
interest
rates
and
a
stronger
U.S.
dollar
sent
gold
prices
lower,
weighing
on
gold
mining
companies.
While
gold
prices
rose
by
the
end
of
the
reporting
period,
high
production
costs
stemming
from
increased
prices
for
diesel,
electricity,
and
key
mining
consumables
such
as
cyanide
and
explosives
pressured
the
profit
margins
of
gold
mining
companies.
The
steel
industry
declined,
as
the
weakening
economic
outlook
and
falling
steel
prices
diminished
earnings
for
steel
companies.
Falling
demand
for
steel-intensive
household
durable
goods,
such
as
stoves
and
refrigerators,
offset
increased
sales
for
automobiles
and
pressured
steel
prices.
Despite
this,
U.S.
steel
producers
added
more
steel
production
capacity
at
new
and
existing
mills,
putting
further
downward
pressure
on
prices.
Companies
in
the
containers
and
packaging
industry
also
detracted
from
the
Index’s
performance,
as
higher
prices
for
raw
materials,
logistics,
freight,
and
energy
increased
expenses.
Weakening
online
sales
reduced
demand
for
cardboard
products,
such
as
boxes
used
in
delivery
packages.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Chemicals
....................................
63.2‌
%
Metals
&
Mining
.................................
26.2‌
Trading
Companies
&
Distributors
.....................
4.7‌
Containers
&
Packaging
...........................
3.6‌
Other
(each
representing
less
than
1%)
.................
2.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Linde
PLC
....................................
21.7‌
%
Air
Products
and
Chemicals,
Inc.
.....................
8.0‌
Freeport-McMoRan,
Inc.
...........................
6.7‌
Ecolab,
Inc.
...................................
5.3‌
Nucor
Corp.
...................................
4.8‌
Newmont
Corp.
.................................
4.6‌
Dow,
Inc.
.....................................
4.5‌
Fastenal
Co.
...................................
3.9‌
International
Flavors
&
Fragrances,
Inc.
.................
3.4‌
LyondellBasell
Industries
NV,
Class
A
..................
3.3‌
      aaa
aa
iShares
®
U.S.
Consumer
Discretionary
ETF
13
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(2.75
)
%
7.57
%
10.87
%
(2.75
)
%
44.04
%
180.52
%
Fund
Market
...............................
(2.70
)
7.58
10.87
–
%
(2.70
)
44.11
180.63
Index
....................................
(2.44
)
8.0
3
11.33
(2.44
)
47.16
192.46
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,055.10
‌
$
2.04
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Consumer
Discretionary
ETF
14
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
consumer
discretionary
stocks
declined
for
the
reporting
period,
as
continued
supply
chain
disruptions
diminished
inventories
and
rising
inflation
led
consumers
to
focus
their
spending
more
on
essentials
than
on
discretionary
items.
Elevated
inflation
drove
up
raw
material
and
transportation
costs
for
companies,
and
consumers
increasingly
sought
bargains
as
higher
prices
eroded
personal
spending
power.
Individual
savings
rates
declined
while
credit
card
debt
and
interest
rates
rose,
further
pressuring
consumers.
A
tight
labor
market
amid
historically
low
unemployment
also
meant
higher
labor
costs
for
the
sector.
Stocks
in
the
automobiles
industry
detracted
the
most
from
the
Index’s
return
amid
concerns
about
the
market
for
electric
vehicles
(“EVs”)
in
the
weakening
economy.
While
EV
sales
continued
to
grow,
production
did
not
meet
analysts’
expectations,
and
price
discounts
on
some
new
models
negatively
impacted
revenues.
Increased
competition
from
both
domestic
and
international
manufacturers
also
weighed
on
the
industry,
as
more
automakers
expanded
their
EV
offerings.
The
internet
and
direct
marketing
retail
industry
also
detracted
from
the
Index’s
return.
The
sharp
rise
in
e-commerce
that
boosted
the
industry
early
in
the
pandemic
waned
as
more
workers
returned
to
the
office
and
brick-and-mortar
retailers
gained
market
share.
Overbuilding
of
warehouses
during
the
online
shopping
surge
created
excess
capacity,
which
weighed
on
industry
cash
flow.
On
the
upside,
the
restaurants
industry
contributed
to
the
Index’s
performance,
as
higher
pricing
and
production
efficiency
gains
supported
profitability.
Improved
staffing
and
measures
to
improve
the
accuracy
and
speed
of
fast-food
ordering
also
benefited
stocks
in
the
industry.
The
specialty
retail
industry
also
gained,
as
increasingly
cost-
conscious
consumers
patronized
discount
retailers
of
clothing
and
home
goods,
leading
to
sales
and
profits
that
exceeded
analysts’
expectations.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Consumer
Discretionary
Distribution
&
Retail
.............
31.9‌
%
Consumer
Services
..............................
18.4‌
Media
&
Entertainment
............................
13.8‌
Consumer
Staples
Distribution
&
Retail
.................
11.4‌
Automobiles
&
Components
........................
10.3‌
Consumer
Durables
&
Apparel
.......................
8.7‌
Transportation
..................................
3.1‌
Household
&
Personal
Products
......................
1.3‌
Commercial  &
Professional
Services
..................
1.0‌
Capital
Goods
..................................
0.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Amazon.com,
Inc.
...............................
14.3‌
%
Tesla,
Inc.
.....................................
6.9‌
Home
Depot,
Inc.
(The)
...........................
4.5‌
McDonald's
Corp.
...............................
4.2‌
Walmart,
Inc.
...................................
4.1‌
Costco
Wholesale
Corp.
...........................
4.0‌
Walt
Disney
Co.
(The)
............................
3.8‌
Nike,
Inc.,
Class
B
...............................
3.1‌
Netflix,
Inc.
....................................
3.0‌
Starbucks
Corp.
.................................
2.7‌
      aaa
aa
iShares
®
U.S.
Consumer
Staples
ETF
15
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
2.65
%
15.06
%
11.31
%
2.65
%
101.68
%
191.98
%
Fund
Market
................................
2.69
15.08
11.32
–
%
2.69
101.84
192.15
Index
.....................................
3.05
15.55
11.78
3.05
105.95
204.4
6
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,061.50
‌
$
2.04
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Consumer
Staples
ETF
16
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Despite
higher
interest
rates
and
concerns
about
an
economic
slowdown,
U.S.
consumer
staples
stocks
advanced
for
the
reporting
period.
Because
consumer
staples
products
are
typically
in
high
demand
regardless
of
the
economic
environment,
consumer
staples
stocks
are
often
less
impacted
by
negative
economic
trends.
Nonetheless,
in
an
environment
of
elevated
inflation,
consumers
reduced
their
purchases
of
some
goods
and
increasingly
sought
bargains
and
purchased
off-brand
products.
The
soft
drinks
and
non-alcoholic
beverages
industry
contributed
the
most
to
the
Index’s
performance.
Nominal
consumer
spending
grew
notably
amid
low
unemployment
and
rising
wages.
Sales
and
profits
were
higher
as
grocery
shoppers
responded
to
inflation
by
increasing
their
purchases
of
packaged
products
relative
to
fresh
foods
such
as
meat
and
produce.
Consumers’
willingness
to
tolerate
price
increases
for
the
convenience
of
pre-packaged
foods
and
beverages
allowed
companies
in
the
industry
to
offset
higher
costs
of
inputs
and
transportation.
Consequently,
the
industry’s
profit
margins
remained
healthy
despite
the
economic
headwinds.
The
relative
affordability
of
snacks
and
other
packaged
foods
compared
to
larger,
more
expensive
items
also
helped
their
resilience
among
consumers
in
an
inflationary
environment.
Sales
of
energy
drinks
also
grew,
as
new
varieties
with
vitamins
and
alternative
sweeteners
boosted
sales.
Stocks
in
the
food
products
industry
also
contributed
to
the
Index’s
return,
as
sustained
demand
led
the
industry
to
increase
pricing
while
growing
sales.
Higher
prices
more
than
offset
increased
costs
due
to
inflation,
driving
earnings
gains.
Continued
brand
loyalty
from
customers,
even
in
the
face
of
price
increases,
sustained
revenue
and
led
companies
in
the
industry
to
increase
their
sales
and
profit
outlooks.
Diversification
into
different
snack-food
categories
and
a
focus
on
domestic
expansion
also
supported
the
industry.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Food,
Beverage
&
Tobacco
.........................
60.2‌
%
Household
&
Personal
Products
......................
23.9‌
Health
Care
Equipment
&
Services
....................
7.6‌
Consumer
Staples
Distribution
&
Retail
.................
6.2‌
Materials
.....................................
2.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Procter
&
Gamble
Co.
(The)
........................
16.2‌
%
PepsiCo,
Inc.
..................................
11.6‌
Coca-Cola
Co.
(The)
.............................
11.0‌
Philip
Morris
International,
Inc.
.......................
6.9‌
Mondelez
International,
Inc.,
Class
A
...................
4.4‌
CVS
Health
Corp.
...............................
3.9‌
Altria
Group,
Inc.
................................
3.6‌
Colgate-Palmolive
Co.
............................
3.1‌
General
Mills,
Inc.
...............................
2.5‌
McKesson
Corp.
................................
2.4‌
      aaa
aa
iShares
®
U.S.
Energy
ETF
17
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
15.97
%
6.42
%
3.36
%
15.97
%
36.47
%
39.17
%
Fund
Market
................................
15.96
6.42
3.37
–
%
15.96
36.47
39.36
Index
.....................................
16.44
6
.
8
3
3.77
16.44
39.17
44.84
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
938.60
‌
$
1.92
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Energy
ETF
18
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
energy
stocks
advanced
during
the
reporting
period.
Oil
and
natural
gas
prices
surged
in
the
aftermath
of
Russia’s
invasion
of
Ukraine,
beginning
the
reporting
period
at
historically
high
levels.
While
prices
subsequently
fell
as
markets
stabilized,
the
relatively
high
average
prices
of
energy
commodities
supported
profitability
among
energy
producers.
Sanctions
imposed
on
Russia
led
to
a
sharp
reduction
in
Russian
gas
exports
to
Europe,
and
North
American
gas
producers
increased
their
European
exports
to
partially
make
up
for
this
disruption.
However,
an
unseasonably
warm
winter
weakened
demand
for
natural
gas,
sending
prices
for
the
fuel
sharply
lower
during
the
first
quarter
of
2023.
U.S.
supplies
of
natural
gas
uncharacteristically
outstripped
demand
during
the
winter
months.
U.S.
oil,
gas,
and
consumable
fuels
companies
contributed
the
most
to
the
Index’s
performance
as
high
energy
prices
sent
stocks
climbing
to
record
highs.
Companies
in
the
industry
posted
record
profits
and,
flush
with
excess
cash,
rewarded
shareholders
by
buying
back
their
own
stock
and
raising
dividends
The
industry
also
posted
strong
refining
performance
and
made
progress
on
some
environmental
goals.
Despite
record
profits,
relatively
strong
oil
prices,
and
political
pressure
to
increase
production,
oil
and
gas
companies
focused
on
returning
cash
to
shareholders
rather
than
investing
heavily
in
new
drilling
operations.
This
constrained
supply,
putting
upward
pressure
on
prices.
U.S.
companies
in
the
energy
equipment
and
services
industry
also
contributed
to
the
Index’s
performance
as
oil
exploration
companies
invested
in
new
equipment
to
expand
their
output,
particularly
in
the
Middle
East
and
offshore.
In
the
information
technology
sector,
the
semiconductors
and
semiconductor
equipment
industry
also
contributed
modestly,
as
investors
expected
that
the
massive
government
investment
into
renewable
energy
from
the
Inflation
Reduction
Act
would
increase
earnings
of
solar
panel
companies.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Oil,
Gas
&
Consumable
Fuels
.......................
89.1‌
%
Energy
Equipment
&
Services
.......................
8.0‌
Semiconductors
&
Semiconductor
Equipment
.............
2.5‌
Electrical
Equipment
..............................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Exxon
Mobil
Corp.
...............................
24.2‌
%
Chevron
Corp.
..................................
16.3‌
ConocoPhillips
.................................
6.6‌
EOG
Resources,
Inc.
.............................
4.2‌
Schlumberger
Ltd.
...............................
4.2‌
Marathon
Petroleum
Corp.
.........................
3.3‌
Pioneer
Natural
Resources
Co.
......................
3.1‌
Occidental
Petroleum
Corp.
.........................
2.9‌
Phillips
66
.....................................
2.8‌
Valero
Energy
Corp.
..............................
2.6‌
aaa
aa
iShares
®
U.S.
Financial
Services
ETF
19
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(3.29
)
%
5.22
%
10.42
%
(3.29
)
%
28.95
%
169.50
%
Fund
Market
...............................
(3.31
)
5.21
10.42
–
%
(3.31
)
28.89
169.55
Index
....................................
(2.91
)
5.63
10
.87
(2.91
)
31.52
180.74
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
981.50
‌
$
1.97
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Financial
Services
ETF
20
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
financial
services
stocks
declined
during
the
reporting
period
amid
tightening
financial
conditions.
Regional
banks
detracted
the
most
from
the
Index’s
return.
Toward
the
end
of
the
reporting
period,
the
failure
of
three
banks,
including
two
included
in
the
Index,
sent
bank
stocks
sharply
lower.
One
of
the
banks
in
the
Index
failed
to
raise
equity
capital
to
shore
up
its
balance
sheet
after
higher
interest
rates
led
to
large
losses
on
its
long-term
bond
investments.
Thereafter,
that
bank
and
a
second
bank
in
the
Index
failed,
marking
the
largest
collapse
for
the
industry
since
2008.
The
banks,
which
both
had
a
high
percentage
of
uninsured
deposits,
were
unable
to
meet
the
surge
in
customer
withdrawals,
particularly
from
wealthier
customers
who
held
accounts
above
the
government
insurance
threshold.
The
government
intervened
to
help
depositors
and
provide
liquidity
to
maintain
the
stability
of
the
financial
system.
The
disruption
created
by
the
failures
led
to
further
credit
downgrades
while
scrutiny
on
the
industry
increased,
particularly
for
banks
with
large
gaps
between
the
expected
maturity
of
assets
and
liabilities.
The
stock
price
of
another
bank
in
the
Index
also
dropped
sharply,
and
that
bank
failed
a
day
after
the
end
of
the
reporting
period.
The
consumer
finance
industry
also
weighed
on
the
Index’s
performance,
as
the
turmoil
surrounding
regional
banks
spread,
pressuring
the
stocks
of
credit
issuers.
Worsening
rates
of
delinquency
on
consumer
and
small
business
loans
exacerbated
the
decline.
On
the
upside,
companies
within
diversified
financial
services
that
offer
transaction
and
payment
processing
services
contributed
to
the
Index’s
performance.
During
the
reporting
period,
revenues
for
these
companies
grew
significantly
as
a
recovery
in
travel
boosted
cross-border
payments.
The
resilience
of
domestic
consumer
spending
despite
high
inflation
and
economic
uncertainty
also
benefited
U.S.-based
transaction
and
payment
processing
providers.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Financial
Services
...............................
63.4‌
%
Banks
.......................................
36.3‌
Insurance
.....................................
0.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
JPMorgan
Chase
&
Co.
...........................
12.0‌
%
Visa,
Inc.,
Class
A
...............................
11.2‌
Mastercard
,
Inc.,
Class
A
...........................
9.5‌
Bank
of
America
Corp.
............................
6.1‌
Wells
Fargo
&
Co.
...............................
4.5‌
S&P
Global,
Inc.
................................
3.5‌
Morgan
Stanley
.................................
3.5‌
Goldman
Sachs
Group,
Inc.
(The)
....................
3.4‌
BlackRock,
Inc.
.................................
3.0‌
American
Express
Co.
............................
2.8‌
aaa
aa
iShares
®
U.S.
Financials
ETF
21
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(1.62
)
%
6.34
%
9.57
%
(1.62
)
%
35.98
%
149.45
%
Fund
Market
...............................
(1.55
)
6.34
9.58
–
%
(1.55
)
36.01
149.63
Index
....................................
(1.22
)
6.77
10.02
(1.22
)
38.72
159.77
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
979.40
‌
$
1.96
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Financials
ETF
22
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
financials
stocks
declined
during
the
reporting
period
amid
tightening
financial
conditions.
Regional
banks
detracted
the
most
from
the
Index’s
return.
Toward
the
end
of
the
reporting
period,
the
failure
of
three
banks,
including
two
included
in
the
Index,
sent
bank
stocks
sharply
lower.
One
of
those
banks
in
the
Index
failed
to
raise
equity
capital
to
shore
up
its
balance
sheet
after
higher
interest
rates
led
to
large
losses
on
its
long-term
bond
investments.
Thereafter,
that
bank
and
a
second
bank
in
the
Index
failed,
marking
the
largest
collapse
for
the
industry
since
2008.
The
banks,
which
both
had
a
high
percentage
of
uninsured
deposits,
were
unable
to
meet
the
surge
in
customer
withdrawals,
particularly
from
wealthier
customers
who
held
accounts
above
the
government
insurance
threshold.
The
government
intervened
to
help
depositors
and
provide
liquidity
to
maintain
the
stability
of
the
financial
system.
The
disruption
created
by
the
failures
led
to
further
credit
downgrades
while
scrutiny
on
the
industry
increased,
particularly
for
banks
with
large
gaps
between
the
expected
maturity
of
assets
and
liabilities.
The
stock
price
of
another
bank
in
the
Index
also
dropped
sharply,
and
that
bank
failed
a
day
after
the
end
of
the
reporting
period.
The
consumer
finance
industry
also
weighed
on
the
Index’s
performance,
as
demand
for
auto
loans
dipped
and
delinquencies
rose.
On
the
upside,
insurance
brokers,
which
charge
commissions
for
selling
insurance
companies’
products
to
customers,
contributed
meaningfully
to
the
Index’s
performance.
A
global
composite
index
of
commercial
insurance
prices
showed
premiums
increasing
every
quarter
during
the
reporting
period.
Correspondingly,
insurance
brokers
charged
higher
commissions,
boosting
profits
and
driving
stock
gains.
Property
and
casualty
insurance
companies
also
contributed
to
the
Index’s
return,
as
rising
premiums
benefited
leading
insurers.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Financial
Services
...............................
47.2‌
%
Banks
.......................................
29.2‌
Insurance
.....................................
23.2‌
Commercial  &
Professional
Services
..................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Berkshire
Hathaway,
Inc.,
Class
B
....................
13.4‌
%
JPMorgan
Chase
&
Co.
...........................
9.3‌
Bank
of
America
Corp.
............................
4.4‌
Wells
Fargo
&
Co.
...............................
3.9‌
S&P
Global,
Inc.
................................
3.1‌
Goldman
Sachs
Group,
Inc.
(The)
....................
3.0‌
Morgan
Stanley
.................................
2.9‌
BlackRock,
Inc.
.................................
2.6‌
Citigroup,
Inc.
..................................
2.4‌
Marsh
&
McLennan
Companies,
Inc.
...................
2.3‌
      aaa
aa
iShares
®
U.S.
Healthcare
ETF
23
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
4.21
%
11.58
%
12.44
%
4.21
%
72.92
%
223.09
%
Fund
Market
................................
4.27
11.56
12.44
–
%
4.27
72.82
223.04
Index
.....................................
4.60
12.00
12.90
4.60
76.24
236.43
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,024.50
‌
$
2.01
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Healthcare
ETF
24
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
healthcare
stocks
advanced
for
the
reporting
period
amid
a
weakening
economic
outlook.
Healthcare
stocks
appealed
to
investors
seeking
sectors
of
the
economy
that
sustain
sales
during
periods
of
slowing
growth.
Stocks
in
the
biotechnology
industry
contributed
the
most
to
the
Index’s
performance,
benefiting
from
strong
drug
sales
and
positive
clinical
trials.
Strong
sales
of
drugs
to
treat
HIV,
cancer,
cystic
fibrosis,
and
eczema
advanced
stocks
of
biotechnology
companies.
In
addition,
positive
clinical
trials
of
new
drugs
to
slow
the
progression
of
Alzheimer’s
disease
supported
the
industry.
Biotechnology
stocks
are
often
volatile
as
positive
outcomes
from
long
and
costly
clinical
studies
can
potentially
yield
large
sales
opportunities.
Merger
activity
in
the
biotechnology
industry
and
increased
stock
buybacks
by
companies
buying
their
own
shares
to
reward
their
shareholders
also
supported
the
industry.
Companies
in
the
healthcare
equipment
and
supplies
industry
also
contributed
to
the
Index’s
return.
Strong
growth
for
robotic
surgical
equipment,
which
can
assist
doctors
performing
complex,
minimally
invasive
operations
with
precision,
benefited
the
industry.
Demand
for
elective
surgical
procedures,
and
thus
robotic
surgical
equipment,
rebounded
from
lows
during
the
height
of
the
coronavirus
pandemic
when
doctors
deferred
nonessential
services
and
hospitals
contended
with
staffing
shortages.
In
addition,
supply
shortages,
which
forced
medical
device
manufacturers
to
slow
production,
as
well
as
inflationary
pressures
that
had
weighed
on
the
sector,
decreased
over
the
reporting
period.
On
the
downside,
the
life
sciences,
tools,
and
services
industry
detracted
from
the
Index’s
performance.
The
industry
declined
after
U.S.
and
European
regulators
ordered
a
DNA
sequencing
technology
company
to
divest
its
stake
in
a
recently
acquired
cancer-testing
company,
limiting
the
company’s
growth
opportunities
and
raising
the
possibility
of
large
fines.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Pharmaceuticals
................................
30.0‌
%
Health
Care
Equipment
&
Supplies
....................
21.4‌
Health
Care
Providers
&
Services
.....................
18.5‌
Biotechnology
..................................
17.8‌
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.
...........................
8.9‌
%
Johnson
&
Johnson
..............................
8.3‌
Eli
Lilly
&
Co.
..................................
6.4‌
Merck
&
Co.,
Inc.
................................
5.6‌
AbbVie,
Inc.
...................................
5.1‌
Pfizer,
Inc.
....................................
4.2‌
Thermo
Fisher
Scientific,
Inc.
........................
4.2‌
Abbott
Laboratories
..............................
3.6‌
Danaher
Corp.
.................................
2.9‌
Bristol-Myers
Squibb
Co.
...........................
2.7‌
      aaa
aa
iShares
®
U.S.
Industrials
ETF
25
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
3.32
%
8.34
%
10.84
%
3.32
%
49.27
%
179.95
%
Fund
Market
................................
3.38
8.34
10.85
–
%
3.38
49.25
180.02
Index
.....................................
3.71
8.77
11.31
3.71
52.28
1
92.0
4
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,064.90
‌
$
2.05
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Industrials
ETF
26
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
industrials
stocks
advanced
modestly
during
the
reporting
period.
Despite
rising
interest
rates,
economic
growth
persisted
as
inflation
steadily
declined
and
slowing
wage
growth
eased
labor
cost
pressures.
Consumer
spending
grew
slightly
even
as
retail
prices
rose,
and
economic
conditions
for
manufacturers
improved
late
in
the
reporting
period
as
production
increased
amid
expanding
orders.
Machinery
stocks
contributed
the
most
to
the
Index’s
return
as
demand
for
industrial
equipment
outpaced
rising
costs.
Producers
of
industrial
machinery
and
supplies
benefited
as
China’s
market
reopened
after
it
eased
strict
pandemic
restrictions,
lessening
supply-chain
challenges.
Pent-up
demand
for
equipment
upgrades
increased
revenue
for
producers
of
aircraft
parts,
large
truck
engines,
and
related
components.
In
addition,
aerospace
and
defense
industry
stocks
contributed
to
the
Index’s
performance.
Significant
new
orders
for
passenger
jets
benefited
aircraft
manufacturers.
Meanwhile,
solid
growth
in
orders
to
help
Ukraine
replenish
weapons
buoyed
defense
contractors,
as
did
expectations
for
increased
defense
spending
by
the
U.S.
and
other
members
of
the
North
Atlantic
Treaty
Organization
(“NATO”).
Financial
services
firms
also
contributed
to
the
Index’s
performance.
Consumers’
ability
to
slightly
increase
their
spending
despite
rising
inflation
aided
returns
for
large
credit
card
payment
networks
and
processors.
Their
payment
volumes
rose,
helped
particularly
by
the
rebound
in
international
travel
after
the
pandemic.
However,
stocks
in
information
technology
services
and
ground
transportation
companies
detracted
from
the
index’s
return.
Within
the
data
processing
and
outsourced
services
industry,
traditional
providers
of
payment,
fund
transfer,
and
risk
management
solutions
to
banks
and
e-commerce
customers
faced
increasing
competition
for
their
products
and
services,
and
their
earnings
declined.
Recession
fears
added
to
investors’
concerns
regarding
future
earnings
upside
for
payments
facilitators.
Within
ground
transportation,
railroad
stocks
declined,
reflecting
service
disruptions
from
winter
storms,
a
high-profile
derailment,
and
high
fuel
costs.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Capital
Goods
..................................
45.8‌
%
Financial
Services
...............................
23.5‌
Transportation
..................................
10.7‌
Commercial  &
Professional
Services
..................
6.4‌
Materials
.....................................
6.1‌
Software
&
Services
..............................
4.2‌
Technology
Hardware
&
Equipment
...................
1.8‌
Pharmaceuticals,
Biotechnology
&
Life
Sciences
...........
1.0‌
Other
(each
representing
less
than
1%)
.................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Visa,
Inc.,
Class
A
...............................
7.7‌
%
Mastercard,
Inc.,
Class
A
...........................
6.6‌
Accenture
PLC,
Class
A
...........................
3.6‌
Raytheon
Technologies
Corp.
.......................
3.0‌
Honeywell
International,
Inc.
........................
2.8‌
United
Parcel
Service,
Inc.,
Class
B
...................
2.7‌
Union
Pacific
Corp.
..............................
2.5‌
Boeing
Co.
(The)
................................
2.3‌
Caterpillar,
Inc.
.................................
2.3‌
General
Electric
Co.
..............................
2.2‌
      aaa
aa
iShares
®
U.S.
Technology
ETF
27
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
4.41
%
17.99
%
18.62
%
4.41
%
128.71
%
451.77
%
Fund
Market
................................
4.41
17.99
18.62
–
%
4.41
128.63
451.76
Index
.....................................
4.82
18.46
19.13
4.82
133.30
475.91
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,222.20
‌
$
2.20
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Technology
ETF
28
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
technology
stocks
rose
during
the
reporting
period,
supported
by
strong
investor
interest
in
companies
that
power
artificial
intelligence
(“AI”)
applications
or
offer
cloud
computing
services.
The
semiconductors
and
semiconductor
equipment
industry
contributed
the
most
to
the
Index’s
performance.
Because
AI
products
require
substantial
computational
resources,
analysts
considered
certain
semiconductor
makers
to
be
well
positioned
to
benefit
from
continued
AI
growth.
Advanced
microchips
are
able
to
process
large
amounts
of
data
simultaneously
and,
by
using
algorithms
and
statistical
models,
recognize
patterns
of
information
that
can
be
used
to
make
predictions
or
draw
inferences.
That
allows
computer
systems
to
learn
and
adapt
without
following
explicit
instructions,
revealing
key
insights.
Advances
in
AI
capability
led
companies
from
across
a
wide
range
of
sectors
of
the
economy
to
commit
to
investment
in
the
technology
as
a
strategy
to
transform
their
business.
The
software
industry
also
contributed
to
the
Index’s
return
amid
increased
demand
for
cloud
computing,
which
allows
companies
to
access
computing
resources
such
as
applications,
servers,
and
data
storage
over
the
internet.
The
launch
and
rapid
growth
of
a
prominent,
consumer-facing
AI
product,
a
chatbot
that
can
simulate
human
conversations,
captured
investors’
attention.
The
chatbot
immediately
garnered
praise
as
a
breakthrough
technology
that
disrupts
business
models
and
allows
companies
to
rapidly
build
and
deploy
AI
into
new
products
ahead
of
competitors,
such
as
business
productivity
applications,
in
order
to
automate
and
simplify
many
tasks.
On
the
downside,
the
IT
services
sector
detracted
the
most
from
the
Index’s
performance.
Inflationary
pressures,
rising
interest
rates,
and
the
slowing
economic
outlook
led
businesses
and
consumers
to
tighten
spending
on
IT
services
or
delay
upgrading
their
infrastructure.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Software
.....................................
35.5‌
%
Semiconductors
&
Semiconductor
Equipment
.............
21.5‌
Technology
Hardware,
Storage
&
Peripherals
.............
20.9‌
Interactive
Media
&
Services
........................
14.8‌
IT
Services
....................................
4.4‌
Electronic
Equipment,
Instruments
&
Components
..........
1.6‌
Professional
Services
.............................
1.0‌
Other
(each
representing
less
than
1%)
.................
0.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
19.8‌
%
Microsoft
Corp.
.................................
18.0‌
Alphabet,
Inc.,
Class
A
............................
5.3‌
NVIDIA
Corp.
..................................
4.8‌
Alphabet,
Inc.,
Class
C,
NVS
........................
4.7‌
Meta
Platforms,
Inc.,
Class
A
........................
4.4‌
Broadcom,
Inc.
.................................
2.7‌
Salesforce,
Inc.
.................................
2.3‌
Adobe,
Inc.
....................................
2.1‌
Texas
Instruments,
Inc.
............................
1.9‌
      aaa
aa
iShares
®
U.S.
Transportation
ETF
29
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(7.18
)
%
4.68
%
8.48
%
(7.18
)
%
25.67
%
125.69
%
Fund
Market
...............................
(7.10
)
4.69
8.49
–
%
(7.10
)
25.76
125.89
Index
....................................
(6.85
)
5.68
9.07
(6.85
)
31.82
138.37
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,054.60
‌
$
2.04
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Transportation
ETF
30
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
transportation
stocks
declined
during
the
reporting
period.
Economic
growth
and
industrial
production
both
decreased
as
the
Fed
raised
interest
rates
to
address
surging
inflation.
Rising
fuel
costs
raised
expenses
for
airlines,
railroads,
and
ground
transportation
businesses.
The
focus
on
green
energy
initiatives
in
the
federal
government’s
Inflation
Reduction
Act,
signed
into
law
in
August
2022,
and
tougher
emissions
standards
also
pressured
traditional
transportation
stocks.
Nevertheless,
air
freight
and
logistics
firms
benefited
from
reduced
supply-chain
congestion
and
their
highest
fee
increases
in
a
decade.
Stocks
of
passenger
airlines
detracted
substantially
from
the
Index’s
return.
Jet
fuel
costs
on
a
year-to-year
basis
approximately
doubled
early
in
the
reporting
period
in
the
wake
of
Russia’s
invasion
of
Ukraine.
As
travel
increased
amid
easing
COVID-19
restrictions,
airlines
incurred
service
disruptions
amid
staffing
shortages.
Winter
storms
also
contributed
to
widespread
holiday
flight
cancellations.
The
industry
as
a
whole
posted
an
annual
profit
in
2022
after
two
straight
years
of
losses,
but
earnings
remained
89%
lower
than
the
year
prior
to
the
pandemic.
Ground
transportation
stocks
also
detracted
considerably
from
the
Index’s
performance.
Winter
storms
disrupted
railroad
shipments,
and
the
possibility
of
a
nationwide
rail
strike
diverted
some
cargo
away
from
rail
lines.
Congestion
on
some
rail
networks
limited
customer
deliveries,
and
high
inflation
that
raised
prices
for
fuel
and
other
expenses
offset
revenue
gains
from
higher
shipment
volume.
In
addition,
the
federal
government
filed
a
lawsuit
against
a
large
rail
carrier
after
a
high-profile
derailment
and
ensuing
toxic
chemical
spill.
Stocks
of
air
freight
and
logistics
firms
contributed
to
the
Index’s
performance.
Higher
fees
helped
boost
air
cargo
revenue,
which
for
the
second
straight
year
in
2022
remained
twice
as
high
as
the
year
prior
to
the
pandemic.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Ground
Transportation
............................
52.5‌
%
Air
Freight
&
Logistics
.............................
31.5‌
Passenger
Airlines
...............................
14.5‌
Marine
Transportation
.............................
1.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
United
Parcel
Service,
Inc.,
Class
B
...................
18.8‌
%
Union
Pacific
Corp.
..............................
17.2‌
Uber
Technologies,
Inc.
............................
8.9‌
CSX
Corp.
....................................
4.8‌
FedEx
Corp.
...................................
4.8‌
Norfolk
Southern
Corp.
............................
4.7‌
Old
Dominion
Freight
Line,
Inc.
......................
4.4‌
Delta
Air
Lines,
Inc.
..............................
4.1‌
Expeditors
International
of
Washington,
Inc.
..............
3.3‌
Southwest
Airlines
Co.
............................
3.3‌
      aaa
aa
iShares
®
U.S.
Utilities
ETF
31
Fund
Summary
Fund
Summary
as
of
April
30,
2023
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.................................
(0.15
)
%
8.44
%
8.43
%
(0.15
)
%
49.95
%
124.74
%
Fund
Market
...............................
(0.09
)
8.44
8.43
–
%
(0.09
)
49.93
124.65
Index
....................................
0.25
8.88
8.89
0.25
53.0
1
134.32
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,047.00
‌
$
2.03
‌
$
1,000.00
‌
$
1,022.81
‌
$
2.01
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
iShares
®
U.S.
Utilities
ETF
32
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
Stocks
of
U.S.
utilities
companies
were
relatively
flat
during
the
reporting
period
amid
sharply
higher
interest
rates,
which
sent
U.S.
bond
yields
higher,
weighing
on
the
value
of
utilities
stocks
for
income-seeking
investors.
Electricity
sales
rose
initially
as
the
economy
continued
its
post-pandemic
recovery,
but
generation
costs
also
increased
amid
global
natural
gas
shortages
following
Russia’s
invasion
of
Ukraine.
Although
natural
gas
prices
eased
as
markets
stabilized,
weather
extremes
provided
additional
challenges,
as
winter
storms
and
heat
waves
alike
battered
aging
power
grids.
Electric
utilities
companies
contributed
the
most
to
the
Index’s
return.
Investors
viewed
passage
of
the
Inflation
Reduction
Act
(“IRA”)
as
beneficial
for
electric
utilities,
particularly
those
with
existing
renewable
energy
subsidiaries.
The
legislation
included
tax
incentives
and
rebates,
designed
to
increase
demand
and
lower
costs
for
renewable
energy
investments.
Firms
with
nuclear
power
offerings
likewise
benefited
from
the
IRA’s
inclusion
of
specific
tax
credits
designed
to
maintain
existing
nuclear
plants
and
support
development
of
new,
more
efficient
reactors.
The
environmental
and
facilities
services
industry
also
contributed
to
the
Index’s
performance.
Environmental
solutions
businesses
realized
cost
savings
from
acquisitions
and
countered
high
fuel
prices
through
pricing
adjustments.
On
the
downside,
multi-utilities
company
stocks
detracted
from
the
Index’s
return.
Higher
input
costs
for
current
energy
generation
and
supply
chain
disruptions
strained
balance
sheets
already
stretched
by
capital-intensive
renewable
energy
investments,
including
a
large
offshore
wind
farm.
Investors
grew
concerned
as
disappointing
financial
performance
led
a
large
company
in
the
industry
to
conduct
a
strategic
review
of
its
finances.
News
of
a
possible
sale
of
the
company’s
natural-gas
businesses
also
weighed
on
the
industry,
as
more
state
and
municipal
governments
considered
measures
banning
or
restricting
natural
gas
usage
in
residential
and
commercial
buildings.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Electric
Utilities
.................................
57.5‌
%
Multi-Utilities
...................................
24.5‌
Commercial
Services
&
Supplies
.....................
9.4‌
Water
Utilities
..................................
3.3‌
Independent
Power
and
Renewable
Electricity
Producers
.....
2.5‌
Gas
Utilities
...................................
2.4‌
Electrical
Equipment
..............................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
NextEra
Energy,
Inc.
.............................
13.0‌
%
Southern
Co.
(The)
..............................
6.8‌
Duke
Energy
Corp.
..............................
6.5‌
Waste
Management,
Inc.
...........................
5.8‌
Sempra
Energy
.................................
4.2‌
Dominion
Energy,
Inc.
.............................
4.1‌
American
Electric
Power
Co.,
Inc.
.....................
4.1‌
Exelon
Corp.
...................................
3.6‌
Xcel
Energy,
Inc.
................................
3.3‌
Consolidated
Edison,
Inc.
..........................
3.0‌
      aaa
aa
About
Fund
Performance
33
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.7
%
Axon
Enterprise,
Inc.
(a)
.....................
2,685
$
565,756
Boeing
Co.
(The)
(a)
........................
22,486
4,649,655
BWX
Technologies,
Inc.
....................
3,750
242,175
Curtiss-Wright
Corp.
.......................
1,542
261,878
General
Dynamics
Corp.
....................
9,007
1,966,588
HEICO
Corp.
...........................
1,584
267,126
HEICO
Corp.
,
Class
A
......................
2,754
369,669
Hexcel
Corp.
............................
3,425
246,874
Howmet
Aerospace,
Inc.
....................
14,874
658,770
Huntington
Ingalls
Industries,
Inc.
..............
1,616
325,883
L3Harris
Technologies,
Inc.
..................
7,634
1,489,775
Lockheed
Martin
Corp.
.....................
9,114
4,232,997
Mercury
Systems,
Inc.
(a)
....................
2,276
108,497
Northrop
Grumman
Corp.
...................
5,753
2,653,686
Raytheon
Technologies
Corp.
................
58,742
5,868,326
Textron,
Inc.
............................
8,369
560,221
TransDigm
Group,
Inc.
.....................
2,074
1,586,610
Woodward,
Inc.
..........................
2,337
224,399
26,278,885
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
4,691
473,181
Expeditors
International
of
Washington,
Inc.
.......
6,333
720,949
FedEx
Corp.
............................
9,316
2,121,998
GXO
Logistics,
Inc.
(a)
......................
4,721
250,827
United
Parcel
Service,
Inc.
,
Class
B
............
29,188
5,248,294
8,815,249
a
Automobile
Components
 — 
0
.2
%
Aptiv
PLC
(a)
.............................
10,807
1,111,608
Autoliv,
Inc.
.............................
3,154
270,645
BorgWarner,
Inc.
.........................
9,355
450,256
Fox
Factory
Holding
Corp.
(a)
(b)
................
1,659
183,933
Gentex
Corp.
...........................
9,246
255,097
Lear
Corp.
.............................
2,352
300,256
Mobileye
Global,
Inc.
(a)
(b)
....................
1,874
70,538
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
12,238
85,666
2,727,999
a
Automobiles
 — 
1
.4
%
Ford
Motor
Co.
..........................
157,254
1,868,178
General
Motors
Co.
.......................
55,948
1,848,522
Harley-Davidson,
Inc.
......................
5,293
196,370
Lucid
Group,
Inc.
(a)
(b)
.......................
25,670
203,820
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
21,682
277,963
Tesla,
Inc.
(a)
.............................
107,672
17,691,586
Thor
Industries,
Inc.
.......................
2,183
172,501
22,258,940
a
Banks
 — 
3
.2
%
Bank
of
America
Corp.
.....................
279,136
8,173,102
Bank
OZK
.............................
4,255
151,989
BOK
Financial
Corp.
.......................
1,114
93,431
Citigroup,
Inc.
...........................
77,708
3,657,716
Citizens
Financial
Group,
Inc.
................
19,882
615,149
Comerica,
Inc.
...........................
5,254
227,866
Commerce
Bancshares,
Inc.
.................
4,627
258,418
Cullen/Frost
Bankers,
Inc.
...................
2,553
281,468
East
West
Bancorp,
Inc.
....................
5,686
293,909
Fifth
Third
Bancorp
.......................
27,272
714,526
First
Citizens
BancShares,
Inc.
,
Class
A
..........
483
486,468
First
Financial
Bankshares,
Inc.
...............
5,048
147,704
First
Horizon
Corp.
........................
21,185
371,797
Security
Shares
Value
a
Banks
(continued)
First
Republic
Bank
(b)
......................
7,268
$
25,511
FNB
Corp.
.............................
14,230
163,360
Glacier
Bancorp,
Inc.
......................
4,513
149,967
Home
BancShares,
Inc.
....................
7,488
163,014
Huntington
Bancshares,
Inc.
.................
57,806
647,427
JPMorgan
Chase
&
Co.
....................
117,430
16,233,523
KeyCorp
...............................
37,394
421,056
M&T
Bank
Corp.
.........................
6,761
850,534
New
York
Community
Bancorp,
Inc.
............
27,098
289,678
Pinnacle
Financial
Partners,
Inc.
...............
3,094
167,788
PNC
Financial
Services
Group,
Inc.
(The)
........
16,038
2,088,950
Popular,
Inc.
............................
3,031
181,890
Prosperity
Bancshares,
Inc.
..................
3,769
236,015
Regions
Financial
Corp.
....................
37,537
685,426
SouthState
Corp.
.........................
3,010
207,630
Synovus
Financial
Corp.
....................
5,869
180,765
Truist
Financial
Corp.
......................
53,157
1,731,855
U.S.
Bancorp
...........................
55,924
1,917,075
UMB
Financial
Corp.
......................
1,726
109,791
United
Bankshares,
Inc.
....................
5,584
184,998
Valley
National
Bancorp
....................
16,951
159,000
Webster
Financial
Corp.
....................
7,064
263,487
Wells
Fargo
&
Co.
........................
152,786
6,073,243
Western
Alliance
Bancorp
...................
4,341
161,138
Wintrust
Financial
Corp.
....................
2,386
163,131
Zions
Bancorp
NA
(b)
.......................
5,904
164,485
49,094,280
a
Beverages
 — 
1
.7
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
.......
367
116,526
Brown-Forman
Corp.
,
Class
B
,
NVS
............
7,312
475,938
Celsius
Holdings,
Inc.
(a)
.....................
1,596
152,530
Coca-Cola
Co.
(The)
......................
155,902
10,001,113
Constellation
Brands,
Inc.
,
Class
A
.............
6,533
1,499,128
Keurig
Dr
Pepper,
Inc.
.....................
34,231
1,119,354
Molson
Coors
Beverage
Co.
,
Class
B
...........
7,536
448,241
Monster
Beverage
Corp.
(a)
...................
30,604
1,713,824
National
Beverage
Corp.
(a)
...................
966
48,010
PepsiCo,
Inc.
...........................
55,166
10,530,638
26,105,302
a
Biotechnology
 — 
2
.5
%
AbbVie,
Inc.
............................
70,824
10,702,923
Alkermes
PLC
(a)
..........................
6,641
189,601
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
..............
4,899
975,881
Amgen,
Inc.
............................
21,355
5,119,648
Apellis
Pharmaceuticals,
Inc.
(a)
................
3,716
310,026
Arrowhead
Pharmaceuticals,
Inc.
(a)
.............
4,107
145,429
Beam
Therapeutics,
Inc.
(a)
...................
2,350
72,169
Biogen,
Inc.
(a)
...........................
5,747
1,748,410
Biohaven
Ltd.
(a)
..........................
2,275
29,757
BioMarin
Pharmaceutical,
Inc.
(a)
...............
7,411
711,752
Blueprint
Medicines
Corp.
(a)
(b)
.................
2,345
119,712
CRISPR
Therapeutics
AG
(a)
(b)
.................
3,104
151,910
Denali
Therapeutics,
Inc.
(a)
..................
4,304
106,911
Exact
Sciences
Corp.
(a)
.....................
7,119
456,114
Exelixis,
Inc.
(a)
...........................
13,326
243,866
Fate
Therapeutics,
Inc.
(a)
....................
3,188
19,351
Gilead
Sciences,
Inc.
......................
49,873
4,100,059
Halozyme
Therapeutics,
Inc.
(a)
................
5,351
171,928
Horizon
Therapeutics
PLC
(a)
.................
9,030
1,003,775
Incyte
Corp.
(a)
...........................
7,468
555,694
Intellia
Therapeutics,
Inc.
(a)
..................
3,415
128,916
Ionis
Pharmaceuticals,
Inc.
(a)
.................
5,624
198,921
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Biotechnology
(continued)
Mirati
Therapeutics,
Inc.
(a)
...................
1,950
$
86,405
Moderna,
Inc.
(a)
..........................
13,238
1,759,198
Natera,
Inc.
(a)
...........................
4,318
219,009
Neurocrine
Biosciences,
Inc.
(a)
................
3,848
388,802
Novavax,
Inc.
(a)
(b)
.........................
3,181
24,398
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
4,312
3,457,318
Sarepta
Therapeutics,
Inc.
(a)
.................
3,524
432,641
Seagen,
Inc.
(a)
...........................
5,531
1,106,200
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
2,671
116,643
United
Therapeutics
Corp.
(a)
..................
1,831
421,368
Vertex
Pharmaceuticals,
Inc.
(a)
................
10,280
3,502,704
Vir
Biotechnology,
Inc.
(a)
....................
2,956
74,343
38,851,782
a
Broadline
Retail
 — 
2
.5
%
Amazon.com,
Inc.
(a)
.......................
356,913
37,636,476
eBay,
Inc.
..............................
21,810
1,012,638
Etsy,
Inc.
(a)
.............................
4,980
503,130
Kohl's
Corp.
............................
4,433
97,659
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
2,225
145,181
39,395,084
a
Building
Products
 — 
0
.6
%
A
O
Smith
Corp.
.........................
4,997
341,245
Advanced
Drainage
Systems,
Inc.
(b)
............
2,554
218,929
Allegion
PLC
............................
3,528
389,773
Armstrong
World
Industries,
Inc.
...............
1,824
125,236
Builders
FirstSource,
Inc.
(a)
..................
5,862
555,542
Carlisle
Companies,
Inc.
....................
2,053
443,140
Carrier
Global
Corp.
.......................
33,396
1,396,621
Fortune
Brands
Innovations,
Inc.
..............
5,178
334,965
Johnson
Controls
International
PLC
............
27,388
1,638,898
Lennox
International,
Inc.
...................
1,275
359,435
Masco
Corp.
............................
8,973
480,145
Masterbrand,
Inc.
(a)
.......................
5,178
41,786
Owens
Corning
..........................
3,723
397,654
Trane
Technologies
PLC
....................
9,217
1,712,611
Trex
Co.,
Inc.
(a)
..........................
4,480
244,877
UFP
Industries,
Inc.
.......................
2,452
192,531
Zurn
Elkay
Water
Solutions
Corp.
..............
5,798
124,947
8,998,335
a
Capital
Markets
 — 
3
.0
%
Affiliated
Managers
Group,
Inc.
...............
1,563
225,666
Ameriprise
Financial,
Inc.
...................
4,224
1,288,827
Ares
Management
Corp.
,
Class
A
..............
6,163
539,817
Bank
of
New
York
Mellon
Corp.
(The)
...........
29,455
1,254,488
BlackRock,
Inc.
(c)
.........................
5,987
4,018,474
Blackstone,
Inc.
,
NVS
......................
28,506
2,546,441
Blue
Owl
Capital,
Inc.
,
Class
A
................
14,487
163,124
Carlyle
Group,
Inc.
(The)
....................
8,626
261,627
Cboe
Global
Markets,
Inc.
...................
4,192
585,622
Charles
Schwab
Corp.
(The)
.................
60,993
3,186,274
CME
Group,
Inc.
,
Class
A
...................
14,388
2,672,859
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
6,310
339,415
FactSet
Research
Systems,
Inc.
...............
1,548
637,296
Federated
Hermes,
Inc.
,
Class
B
..............
3,369
139,443
Franklin
Resources,
Inc.
....................
11,409
306,674
Goldman
Sachs
Group,
Inc.
(The)
.............
13,572
4,661,168
Houlihan
Lokey,
Inc.
,
Class
A
.................
1,998
182,577
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
4,093
318,640
Intercontinental
Exchange,
Inc.
...............
22,305
2,429,684
Invesco
Ltd.
............................
18,098
310,019
Janus
Henderson
Group
PLC
................
5,273
136,834
Jefferies
Financial
Group,
Inc.
................
7,222
231,321
Security
Shares
Value
a
Capital
Markets
(continued)
KKR
&
Co.,
Inc.
..........................
23,190
$
1,230,693
Lazard
Ltd.
,
Class
A
.......................
4,520
141,476
LPL
Financial
Holdings,
Inc.
..................
3,181
664,320
MarketAxess
Holdings,
Inc.
..................
1,514
482,012
Moody's
Corp.
...........................
6,281
1,966,707
Morgan
Stanley
..........................
52,243
4,700,303
Morningstar,
Inc.
.........................
998
177,953
MSCI,
Inc.
,
Class
A
.......................
3,205
1,546,252
Nasdaq,
Inc.
............................
13,485
746,664
Northern
Trust
Corp.
.......................
8,378
654,825
Raymond
James
Financial,
Inc.
...............
7,815
707,492
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
............
20,057
177,505
S&P
Global,
Inc.
.........................
13,162
4,772,278
SEI
Investments
Co.
.......................
3,984
234,697
State
Street
Corp.
........................
14,001
1,011,712
Stifel
Financial
Corp.
......................
4,280
256,672
T
Rowe
Price
Group,
Inc.
...................
9,049
1,016,474
TPG,
Inc.
,
Class
A
........................
2,032
58,867
Tradeweb
Markets,
Inc.
,
Class
A
...............
4,492
316,282
Virtu
Financial,
Inc.
,
Class
A
..................
3,804
76,270
47,375,744
a
Chemicals
 — 
1
.8
%
Air
Products
and
Chemicals,
Inc.
..............
8,889
2,616,566
Albemarle
Corp.
.........................
4,664
864,985
Ashland,
Inc.
............................
1,924
195,498
Axalta
Coating
Systems
Ltd.
(a)
................
8,924
281,731
Celanese
Corp.
..........................
3,966
421,348
CF
Industries
Holdings,
Inc.
..................
7,927
567,415
Chemours
Co.
(The)
.......................
5,984
173,955
Corteva,
Inc.
............................
28,579
1,746,749
Dow,
Inc.
..............................
28,320
1,540,608
DuPont
de
Nemours,
Inc.
...................
18,378
1,281,314
Eastman
Chemical
Co.
.....................
4,703
396,322
Ecolab,
Inc.
............................
9,918
1,664,637
Element
Solutions,
Inc.
.....................
9,185
166,708
FMC
Corp.
.............................
5,078
627,539
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
38,469
46,932
Huntsman
Corp.
.........................
7,001
187,557
International
Flavors
&
Fragrances,
Inc.
..........
10,280
996,749
Linde
PLC
.............................
19,741
7,293,312
LyondellBasell
Industries
NV
,
Class
A
...........
10,123
957,737
Mosaic
Co.
(The)
.........................
13,736
588,588
NewMarket
Corp.
.........................
249
99,500
Olin
Corp.
..............................
5,066
280,656
PPG
Industries,
Inc.
.......................
9,348
1,311,150
RPM
International,
Inc.
.....................
5,194
426,064
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
1,611
107,631
Sherwin-Williams
Co.
(The)
..................
9,450
2,244,753
Westlake
Corp.
..........................
1,432
162,933
27,248,937
a
Commercial
Services
&
Supplies
 — 
0
.5
%
Cintas
Corp.
............................
3,476
1,584,257
Clean
Harbors,
Inc.
(a)
......................
2,038
295,836
Copart,
Inc.
(a)
...........................
17,221
1,361,320
MSA
Safety,
Inc.
.........................
1,482
192,290
Republic
Services,
Inc.
.....................
8,261
1,194,706
Rollins,
Inc.
.............................
9,290
392,502
Stericycle,
Inc.
(a)
.........................
3,720
169,818
Tetra
Tech,
Inc.
..........................
2,179
301,508
Waste
Management,
Inc.
....................
14,882
2,471,156
7,963,393
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
36
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Communications
Equipment
 — 
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
9,929
$
1,590,229
Ciena
Corp.
(a)
...........................
5,984
275,503
Cisco
Systems,
Inc.
.......................
164,298
7,763,081
F5,
Inc.
(a)
..............................
2,375
319,105
Juniper
Networks,
Inc.
.....................
12,863
387,819
Lumentum
Holdings,
Inc.
(a)
(b)
.................
2,786
134,424
Motorola
Solutions,
Inc.
....................
6,668
1,943,055
Ubiquiti,
Inc.
............................
166
38,603
Viavi
Solutions,
Inc.
(a)
......................
8,836
79,171
12,530,990
a
Construction
&
Engineering
 — 
0
.2
%
AECOM
...............................
5,638
468,236
EMCOR
Group,
Inc.
.......................
1,924
329,004
MasTec,
Inc.
(a)
...........................
2,384
211,723
MDU
Resources
Group,
Inc.
.................
8,189
239,282
Quanta
Services,
Inc.
......................
5,733
972,546
Valmont
Industries,
Inc.
.....................
839
243,780
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
8,462
384,175
2,848,746
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.......................
1,415
209,717
Martin
Marietta
Materials,
Inc.
................
2,502
908,726
Vulcan
Materials
Co.
......................
5,316
930,938
2,049,381
a
Consumer
Finance
 — 
0
.5
%
Ally
Financial,
Inc.
........................
12,275
323,815
American
Express
Co.
.....................
23,809
3,841,344
Capital
One
Financial
Corp.
..................
15,269
1,485,674
Credit
Acceptance
Corp.
(a)
(b)
..................
241
117,969
Discover
Financial
Services
..................
10,711
1,108,267
FirstCash
Holdings,
Inc.
....................
1,562
160,933
OneMain
Holdings,
Inc.
.....................
4,920
188,780
SLM
Corp.
.............................
10,000
150,200
SoFi
Technologies,
Inc.
(a)
(b)
..................
32,294
201,192
Synchrony
Financial
.......................
17,448
514,890
8,093,064
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
Albertsons
Companies,
Inc.
,
Class
A
............
6,347
132,652
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
5,449
416,140
Casey's
General
Stores,
Inc.
.................
1,492
341,400
Costco
Wholesale
Corp.
....................
17,746
8,930,142
Dollar
General
Corp.
......................
8,920
1,975,423
Dollar
Tree,
Inc.
(a)
.........................
8,292
1,274,563
Kroger
Co.
(The)
.........................
25,984
1,263,602
Performance
Food
Group
Co.
(a)
...............
6,163
386,359
Sprouts
Farmers
Market,
Inc.
(a)
(b)
..............
4,094
141,898
Sysco
Corp.
............................
20,354
1,561,966
Target
Corp.
............................
18,388
2,900,707
U.S.
Foods
Holding
Corp.
(a)
..................
8,131
312,230
Walgreens
Boots
Alliance,
Inc.
................
28,676
1,010,829
Walmart,
Inc.
............................
56,084
8,467,002
29,114,913
a
Containers
&
Packaging
 — 
0
.3
%
Amcor
PLC
.............................
59,483
652,528
AptarGroup,
Inc.
.........................
2,590
306,941
Ardagh
Metal
Packaging
SA
.................
6,137
25,039
Avery
Dennison
Corp.
......................
3,251
567,234
Ball
Corp.
..............................
12,504
664,963
Berry
Global
Group,
Inc.
....................
4,978
287,778
Crown
Holdings,
Inc.
......................
4,819
413,374
Graphic
Packaging
Holding
Co.
...............
12,247
302,011
Security
Shares
Value
a
Containers
&
Packaging
(continued)
International
Paper
Co.
.....................
14,258
$
472,082
Packaging
Corp.
of
America
.................
3,661
495,187
Sealed
Air
Corp.
.........................
5,832
279,878
Silgan
Holdings,
Inc.
.......................
3,291
162,115
Sonoco
Products
Co.
......................
3,914
237,267
Westrock
Co.
...........................
10,258
307,022
5,173,419
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
........................
5,618
945,565
LKQ
Corp.
.............................
10,301
594,677
Pool
Corp.
.............................
1,572
552,275
2,092,517
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
..............................
8,546
57,258
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
2,331
177,436
Chegg,
Inc.
(a)
............................
4,908
88,246
Grand
Canyon
Education,
Inc.
(a)
...............
1,279
151,817
H&R
Block,
Inc.
..........................
6,068
205,766
Service
Corp.
International
..................
6,224
436,862
1,117,385
a
Diversified
REITs
 — 
0
.0
%
WP
Carey,
Inc.
..........................
8,448
626,842
a
Diversified
Telecommunication
Services
 — 
0
.8
%
AT&T,
Inc.
..............................
285,397
5,042,965
Frontier
Communications
Parent,
Inc.
(a)
(b)
.........
8,869
199,907
Liberty
Global
PLC
,
Class
A
(a)
................
6,954
135,672
Liberty
Global
PLC
,
Class
C
,
NVS
(a)
............
10,182
207,102
Lumen
Technologies,
Inc.
...................
37,898
89,818
Verizon
Communications,
Inc.
................
167,968
6,522,198
12,197,662
a
Electric
Utilities
 — 
1
.8
%
ALLETE,
Inc.
...........................
2,326
145,096
Alliant
Energy
Corp.
.......................
10,030
553,054
American
Electric
Power
Co.,
Inc.
..............
20,638
1,907,364
Avangrid,
Inc.
...........................
2,786
112,164
Constellation
Energy
Corp.
..................
13,026
1,008,212
Duke
Energy
Corp.
.......................
30,819
3,047,383
Edison
International
.......................
15,392
1,132,851
Entergy
Corp.
...........................
8,110
872,474
Evergy,
Inc.
.............................
9,139
567,623
Eversource
Energy
.......................
13,897
1,078,546
Exelon
Corp.
............................
39,851
1,691,276
FirstEnergy
Corp.
........................
21,586
859,123
Hawaiian
Electric
Industries,
Inc.
..............
4,431
173,740
IDACORP,
Inc.
..........................
2,000
222,240
NextEra
Energy,
Inc.
......................
79,669
6,105,035
NRG
Energy,
Inc.
.........................
9,393
320,959
OGE
Energy
Corp.
........................
7,996
300,170
PG&E
Corp.
(a)
...........................
64,038
1,095,690
Pinnacle
West
Capital
Corp.
.................
4,487
352,050
PNM
Resources,
Inc.
......................
3,513
169,081
Portland
General
Electric
Co.
.................
3,534
178,891
PPL
Corp.
.............................
29,491
846,982
Southern
Co.
(The)
.......................
43,590
3,206,045
Xcel
Energy,
Inc.
.........................
21,988
1,537,181
27,483,230
a
Electrical
Equipment
 — 
0
.6
%
Acuity
Brands,
Inc.
........................
1,271
200,030
AMETEK,
Inc.
...........................
9,215
1,271,025
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
10,321
89,483
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
37
Schedule
of
Investments
Security
Shares
Value
a
Electrical
Equipment
(continued)
Eaton
Corp.
PLC
.........................
15,901
$
2,657,375
Emerson
Electric
Co.
......................
22,922
1,908,486
EnerSys
...............................
1,636
135,739
Generac
Holdings,
Inc.
(a)
(b)
...................
2,543
259,945
Hubbell,
Inc.
............................
2,127
572,844
nVent
Electric
PLC
........................
6,748
282,944
Plug
Power,
Inc.
(a)
(b)
.......................
21,328
192,592
Regal
Rexnord
Corp.
......................
2,610
339,718
Rockwell
Automation,
Inc.
...................
4,571
1,295,467
Sensata
Technologies
Holding
PLC
............
6,115
265,697
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
(b)
......
6,422
134,155
Sunrun,
Inc.
(a)
(b)
..........................
8,585
180,628
Vertiv
Holdings
Co.
,
Class
A
.................
11,915
177,772
9,963,900
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.7
%
Amphenol
Corp.
,
Class
A
...................
23,750
1,792,413
Arrow
Electronics,
Inc.
(a)
(b)
...................
2,337
267,423
Avnet,
Inc.
.............................
3,765
155,344
CDW
Corp.
.............................
5,396
915,108
Cognex
Corp.
...........................
6,929
330,444
Coherent
Corp.
(a)
(b)
........................
5,523
188,555
Corning,
Inc.
............................
30,506
1,013,409
IPG
Photonics
Corp.
.......................
1,268
145,795
Jabil,
Inc.
..............................
5,347
417,868
Keysight
Technologies,
Inc.
(a)
.................
7,161
1,035,767
Littelfuse,
Inc.
...........................
981
237,637
National
Instruments
Corp.
..................
5,293
308,211
TD
SYNNEX
Corp.
........................
1,616
143,889
TE
Connectivity
Ltd.
.......................
12,678
1,551,407
Teledyne
Technologies,
Inc.
(a)
.................
1,880
779,072
Trimble,
Inc.
(a)
...........................
9,898
466,196
Vontier
Corp.
............................
6,585
178,651
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,050
590,461
10,517,650
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
40,254
1,177,027
Halliburton
Co.
..........................
36,149
1,183,879
NOV,
Inc.
..............................
15,492
259,491
Schlumberger
Ltd.
........................
56,760
2,801,106
TechnipFMC
PLC
(a)
.......................
18,291
250,404
5,671,907
a
Entertainment
 — 
1
.4
%
Activision
Blizzard,
Inc.
(a)
....................
28,506
2,215,201
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
19,701
108,355
Electronic
Arts,
Inc.
.......................
10,379
1,321,039
Endeavor
Group
Holdings,
Inc.
,
Class
A
(a)
........
6,824
175,923
Liberty
Media
Corp.-Liberty
Braves
,
Class
A
(a)
(b)
.....
472
18,488
Liberty
Media
Corp.-Liberty
Braves
,
Series
C
,
NVS
(a)
.
1,471
55,928
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
928
60,116
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
8,351
602,859
Live
Nation
Entertainment,
Inc.
(a)
..............
5,680
384,990
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
697
139,748
Netflix,
Inc.
(a)
............................
17,811
5,876,383
Playtika
Holding
Corp.
(a)
....................
4,034
40,340
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
14,662
521,967
Roku,
Inc.
,
Class
A
(a)
(b)
.....................
4,944
277,902
Take-Two
Interactive
Software,
Inc.
(a)
............
6,323
785,886
Walt
Disney
Co.
(The)
(a)
....................
73,213
7,504,333
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
88,718
1,207,452
Warner
Music
Group
Corp.
,
Class
A
............
4,929
150,187
Security
Shares
Value
a
Entertainment
(continued)
World
Wrestling
Entertainment,
Inc.
,
Class
A
......
1,822
$
195,264
21,642,361
a
Financial
Services
 — 
4
.3
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
8,191
80,763
Apollo
Global
Management,
Inc.
...............
17,476
1,107,804
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
72,131
23,698,640
Block,
Inc.
,
Class
A
(a)
......................
21,399
1,300,845
Equitable
Holdings,
Inc.
....................
14,026
364,536
Essent
Group
Ltd.
........................
4,480
190,266
Euronet
Worldwide,
Inc.
(a)
...................
1,874
207,527
Fidelity
National
Information
Services,
Inc.
........
23,631
1,387,612
Fiserv,
Inc.
(a)
............................
25,436
3,106,244
FleetCor
Technologies,
Inc.
(a)
.................
2,983
638,123
Global
Payments,
Inc.
.....................
10,555
1,189,654
Jack
Henry
&
Associates,
Inc.
................
2,931
478,750
Marqeta,
Inc.
,
Class
A
(a)
....................
16,289
65,970
Mastercard,
Inc.
,
Class
A
....................
33,786
12,839,694
MGIC
Investment
Corp.
....................
11,335
168,552
PayPal
Holdings,
Inc.
(a)
.....................
45,192
3,434,592
Radian
Group,
Inc.
........................
6,472
157,075
Rocket
Companies,
Inc.
,
Class
A
(a)
(b)
............
5,454
48,595
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
2,164
146,654
TFS
Financial
Corp.
.......................
2,098
25,260
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
12,828
233,470
UWM
Holdings
Corp.
,
Class
A
(b)
...............
5,089
30,534
Visa,
Inc.
,
Class
A
........................
65,055
15,140,250
Voya
Financial,
Inc.
.......................
3,869
295,901
Western
Union
Co.
(The)
...................
12,455
136,133
WEX,
Inc.
(a)
.............................
1,761
312,313
66,785,757
a
Food
Products
 — 
1
.2
%
Archer-Daniels-Midland
Co.
..................
21,877
1,708,156
Bunge
Ltd.
.............................
6,006
562,162
Campbell
Soup
Co.
.......................
8,087
439,124
Conagra
Brands,
Inc.
......................
19,148
726,858
Darling
Ingredients,
Inc.
(a)
...................
6,343
377,852
Flowers
Foods,
Inc.
.......................
7,567
208,168
General
Mills,
Inc.
........................
23,580
2,089,895
Hershey
Co.
(The)
........................
5,913
1,614,604
Hormel
Foods
Corp.
.......................
11,513
465,586
Ingredion,
Inc.
...........................
2,689
285,491
J
M
Smucker
Co.
(The)
.....................
4,239
654,544
Kellogg
Co.
.............................
10,170
709,561
Kraft
Heinz
Co.
(The)
......................
31,692
1,244,545
Lamb
Weston
Holdings,
Inc.
.................
5,801
648,610
Lancaster
Colony
Corp.
....................
813
170,015
McCormick
&
Co.,
Inc.
,
NVS
.................
10,130
889,920
Mondelez
International,
Inc.
,
Class
A
............
54,523
4,183,004
Pilgrim's
Pride
Corp.
(a)
.....................
2,073
47,285
Post
Holdings,
Inc.
(a)
.......................
2,165
195,911
Seaboard
Corp.
..........................
10
39,411
Tyson
Foods,
Inc.
,
Class
A
..................
11,404
712,636
17,973,338
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
5,743
655,506
National
Fuel
Gas
Co.
.....................
3,808
212,867
New
Jersey
Resources
Corp.
.................
3,961
204,546
ONE
Gas,
Inc.
...........................
2,092
160,980
Southwest
Gas
Holdings,
Inc.
................
2,679
150,024
Spire,
Inc.
..............................
2,060
139,524
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Gas
Utilities
(continued)
UGI
Corp.
..............................
8,507
$
288,217
1,811,664
a
Ground
Transportation
 — 
1
.0
%
Avis
Budget
Group,
Inc.
(a)
...................
994
175,610
CSX
Corp.
.............................
84,214
2,580,317
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
6,254
104,317
JB
Hunt
Transport
Services,
Inc.
..............
3,301
578,632
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
6,530
367,770
Landstar
System,
Inc.
......................
1,411
248,378
Lyft,
Inc.
,
Class
A
(a)
........................
12,828
131,487
Norfolk
Southern
Corp.
.....................
9,137
1,855,085
Old
Dominion
Freight
Line,
Inc.
...............
3,634
1,164,297
RXO,
Inc.
(a)
.............................
4,577
82,798
Saia,
Inc.
(a)
.............................
1,038
309,085
Uber
Technologies,
Inc.
(a)
...................
79,871
2,479,995
U-Haul
Holding
Co.
.......................
399
24,363
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
3,561
192,650
Union
Pacific
Corp.
.......................
24,470
4,788,779
XPO,
Inc.
(a)
.............................
4,577
202,212
15,285,775
a
Health
Care
Equipment
&
Supplies
 — 
2
.9
%
Abbott
Laboratories
.......................
69,881
7,719,754
Align
Technology,
Inc.
(a)
.....................
2,892
940,768
Baxter
International,
Inc.
....................
20,305
968,142
Becton
Dickinson
&
Co.
....................
11,354
3,000,976
Boston
Scientific
Corp.
(a)
....................
57,456
2,994,607
Cooper
Companies,
Inc.
(The)
................
1,985
757,178
Dentsply
Sirona,
Inc.
......................
8,798
368,900
Dexcom,
Inc.
(a)
(b)
.........................
15,515
1,882,590
Edwards
Lifesciences
Corp.
(a)
................
24,699
2,173,018
Enovis
Corp.
(a)
...........................
1,931
112,481
Envista
Holdings
Corp.
(a)
....................
6,737
259,307
GE
HealthCare
Technologies,
Inc.
(a)
............
14,561
1,184,392
Globus
Medical,
Inc.
,
Class
A
(a)
...............
3,131
182,036
Haemonetics
Corp.
(a)
......................
2,004
167,755
Hologic,
Inc.
(a)
...........................
9,948
855,628
ICU
Medical,
Inc.
(a)
........................
775
146,584
IDEXX
Laboratories,
Inc.
(a)
...................
3,332
1,639,877
Insulet
Corp.
(a)
(b)
..........................
2,776
882,879
Integra
LifeSciences
Holdings
Corp.
(a)
...........
2,839
157,054
Intuitive
Surgical,
Inc.
(a)
.....................
14,054
4,233,346
Masimo
Corp.
(a)
(b)
.........................
1,924
363,905
Medtronic
PLC
..........................
53,179
4,836,630
Novocure
Ltd.
(a)
(b)
.........................
3,647
240,337
NuVasive,
Inc.
(a)
..........................
2,023
87,070
Omnicell,
Inc.
(a)
..........................
1,712
104,038
Penumbra,
Inc.
(a)
(b)
........................
1,519
431,578
QuidelOrtho
Corp.
(a)
.......................
2,158
194,112
ResMed,
Inc.
...........................
5,866
1,413,471
Shockwave
Medical,
Inc.
(a)
...................
1,455
422,183
STAAR
Surgical
Co.
(a)
(b)
.....................
1,867
131,568
STERIS
PLC
............................
3,979
750,240
Stryker
Corp.
...........................
13,511
4,048,571
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
2,453
97,090
Teleflex,
Inc.
............................
1,856
505,797
Zimmer
Biomet
Holdings,
Inc.
................
8,359
1,157,220
45,411,082
a
Health
Care
Providers
&
Services
 — 
2
.9
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
3,591
259,593
agilon
health,
Inc.
(a)
(b)
......................
7,846
190,423
Amedisys,
Inc.
(a)
.........................
1,298
104,229
AmerisourceBergen
Corp.
...................
6,444
1,075,181
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Cardinal
Health,
Inc.
.......................
10,234
$
840,211
Centene
Corp.
(a)
.........................
22,094
1,522,940
Chemed
Corp.
...........................
610
336,263
Cigna
Group
(The)
........................
11,985
3,035,681
CVS
Health
Corp.
........................
51,517
3,776,711
DaVita,
Inc.
(a)
............................
2,217
200,328
Elevance
Health,
Inc.
......................
9,549
4,475,139
Encompass
Health
Corp.
...................
4,049
259,743
Guardant
Health,
Inc.
(a)
.....................
3,990
90,014
HCA
Healthcare,
Inc.
......................
8,501
2,442,592
HealthEquity,
Inc.
(a)
........................
3,274
174,995
Henry
Schein,
Inc.
(a)
.......................
5,463
441,465
Humana,
Inc.
...........................
5,012
2,658,816
Laboratory
Corp.
of
America
Holdings
...........
3,531
800,513
McKesson
Corp.
.........................
5,493
2,000,770
Molina
Healthcare,
Inc.
(a)
....................
2,353
700,935
Oak
Street
Health,
Inc.
(a)
(b)
...................
4,610
179,652
Option
Care
Health,
Inc.
(a)
...................
6,696
215,276
Premier,
Inc.
,
Class
A
......................
4,815
160,484
Quest
Diagnostics,
Inc.
.....................
4,452
617,982
R1
RCM,
Inc.
(a)
..........................
5,273
82,206
Tenet
Healthcare
Corp.
(a)
....................
4,414
323,635
UnitedHealth
Group,
Inc.
....................
37,406
18,407,119
Universal
Health
Services,
Inc.
,
Class
B
.........
2,539
381,739
45,754,635
a
Health
Care
REITs
 — 
0
.2
%
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
14,954
295,790
Healthpeak
Properties,
Inc.
..................
21,936
481,934
Medical
Properties
Trust,
Inc.
.................
23,418
205,376
National
Health
Investors,
Inc.
................
1,756
87,396
Omega
Healthcare
Investors,
Inc.
..............
9,369
250,715
Physicians
Realty
Trust
.....................
9,151
131,958
Sabra
Health
Care
REIT,
Inc.
.................
9,580
109,212
Ventas,
Inc.
............................
16,147
775,863
Welltower,
Inc.
...........................
18,811
1,490,207
3,828,451
a
Health
Care
Technology
 — 
0
.1
%
Doximity,
Inc.
,
Class
A
(a)
....................
4,871
179,009
Teladoc
Health,
Inc.
(a)
(b)
.....................
6,274
166,449
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
5,618
1,006,072
1,351,530
a
Hotel
&
Resort
REITs
 — 
0
.0
%
Host
Hotels
&
Resorts,
Inc.
..................
28,707
464,192
a
Hotels,
Restaurants
&
Leisure
 — 
2
.4
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.....................
15,888
1,901,317
Aramark
...............................
10,599
367,785
Booking
Holdings,
Inc.
(a)
....................
1,552
4,169,153
Boyd
Gaming
Corp.
.......................
3,186
221,108
Caesars
Entertainment,
Inc.
(a)
................
8,694
393,751
Carnival
Corp.
(a)
(b)
.........................
40,108
369,395
Chipotle
Mexican
Grill,
Inc.
(a)
.................
1,103
2,280,585
Choice
Hotels
International,
Inc.
...............
1,153
147,031
Churchill
Downs,
Inc.
......................
1,327
388,187
Darden
Restaurants,
Inc.
...................
4,876
740,811
Domino's
Pizza,
Inc.
.......................
1,406
446,363
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
10,645
651,367
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
17,846
391,006
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.................
1,385
43,143
Expedia
Group,
Inc.
(a)
(b)
.....................
5,913
555,585
Hilton
Worldwide
Holdings,
Inc.
...............
10,656
1,534,677
Hyatt
Hotels
Corp.
,
Class
A
(a)
(b)
................
1,929
220,485
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
39
Schedule
of
Investments
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Las
Vegas
Sands
Corp.
(a)
...................
13,071
$
834,583
Light
&
Wonder,
Inc.
(a)
......................
3,785
228,198
Marriott
International,
Inc.
,
Class
A
.............
10,811
1,830,735
Marriott
Vacations
Worldwide
Corp.
.............
1,550
208,568
McDonald's
Corp.
........................
29,293
8,663,405
MGM
Resorts
International
..................
12,623
567,025
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
16,455
219,674
Penn
Entertainment,
Inc.
(a)
...................
6,003
178,829
Planet
Fitness,
Inc.
,
Class
A
(a)
................
3,283
272,949
Royal
Caribbean
Cruises
Ltd.
(a)
...............
8,754
572,774
Starbucks
Corp.
..........................
45,964
5,253,226
Texas
Roadhouse,
Inc.
.....................
2,626
290,488
Vail
Resorts,
Inc.
.........................
1,640
394,453
Wendy's
Co.
(The)
........................
6,616
146,214
Wyndham
Hotels
&
Resorts,
Inc.
..............
3,459
235,973
Wynn
Resorts
Ltd.
(a)
(b)
......................
4,142
473,348
Yum!
Brands,
Inc.
........................
11,166
1,569,716
36,761,907
a
Household
Durables
 — 
0
.4
%
DR
Horton,
Inc.
..........................
12,473
1,369,785
Garmin
Ltd.
.............................
6,180
606,691
Helen
of
Troy
Ltd.
(a)
.......................
966
96,928
Leggett
&
Platt,
Inc.
.......................
5,421
175,153
Lennar
Corp.
,
Class
A
......................
10,116
1,141,186
Lennar
Corp.
,
Class
B
.....................
654
63,974
Mohawk
Industries,
Inc.
(a)
...................
2,191
232,027
Newell
Brands,
Inc.
.......................
14,856
180,500
NVR,
Inc.
(a)
.............................
122
712,480
PulteGroup,
Inc.
.........................
9,071
609,118
Tempur
Sealy
International,
Inc.
...............
6,949
260,379
Toll
Brothers,
Inc.
.........................
4,129
263,884
TopBuild
Corp.
(a)
.........................
1,298
292,673
Whirlpool
Corp.
..........................
2,169
302,771
6,307,549
a
Household
Products
 — 
1
.4
%
Church
&
Dwight
Co.,
Inc.
...................
9,744
946,337
Clorox
Co.
(The)
.........................
4,938
817,832
Colgate-Palmolive
Co.
.....................
33,477
2,671,465
Kimberly-Clark
Corp.
......................
13,485
1,953,842
Procter
&
Gamble
Co.
(The)
.................
94,453
14,770,560
Reynolds
Consumer
Products,
Inc.
.............
2,380
66,711
21,226,747
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.........................
26,757
633,071
Clearway
Energy,
Inc.
,
Class
A
................
1,364
39,529
Clearway
Energy,
Inc.
,
Class
C
...............
3,217
97,700
Vistra
Corp.
............................
14,891
355,299
1,125,599
a
Industrial
Conglomerates
 — 
0
.8
%
3M
Co.
................................
22,100
2,347,462
General
Electric
Co.
.......................
43,674
4,322,416
Honeywell
International,
Inc.
.................
26,721
5,339,924
12,009,802
a
Industrial
REITs
 — 
0
.4
%
Americold
Realty
Trust,
Inc.
..................
10,657
315,341
EastGroup
Properties,
Inc.
..................
1,755
292,313
First
Industrial
Realty
Trust,
Inc.
...............
5,348
280,610
LXP
Industrial
Trust
.......................
11,161
104,913
Prologis,
Inc.
............................
36,905
4,622,351
Rexford
Industrial
Realty,
Inc.
................
7,586
423,071
Security
Shares
Value
a
Industrial
REITs
(continued)
STAG
Industrial,
Inc.
......................
7,336
$
248,470
6,287,069
a
Insurance
 — 
2
.3
%
Aflac,
Inc.
..............................
22,306
1,558,074
Allstate
Corp.
(The)
.......................
10,567
1,223,236
American
Financial
Group,
Inc.
...............
2,887
354,321
American
International
Group,
Inc.
.............
29,594
1,569,666
Aon
PLC
,
Class
A
........................
8,214
2,671,029
Arch
Capital
Group
Ltd.
(a)
...................
14,908
1,119,144
Arthur
J
Gallagher
&
Co.
....................
8,508
1,770,174
Assurant,
Inc.
...........................
2,078
255,864
Axis
Capital
Holdings
Ltd.
...................
3,212
181,606
Brighthouse
Financial,
Inc.
(a)
.................
2,787
123,185
Brown
&
Brown,
Inc.
.......................
9,467
609,580
Chubb
Ltd.
.............................
16,582
3,342,268
Cincinnati
Financial
Corp.
...................
6,332
673,978
CNA
Financial
Corp.
.......................
1,070
41,634
Enstar
Group
Ltd.
(a)
.......................
577
138,826
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
1,003
217,982
Everest
Re
Group
Ltd.
.....................
1,587
599,886
F&G
Annuities
&
Life,
Inc.
...................
743
13,619
Fidelity
National
Financial,
Inc.
................
10,935
388,083
First
American
Financial
Corp.
................
4,238
244,151
Globe
Life,
Inc.
..........................
3,634
394,362
Hanover
Insurance
Group,
Inc.
(The)
...........
1,442
172,406
Hartford
Financial
Services
Group,
Inc.
(The)
......
12,602
894,616
Kemper
Corp.
...........................
2,659
129,360
Lincoln
National
Corp.
.....................
6,163
133,922
Loews
Corp.
............................
7,738
445,477
Markel
Corp.
(a)
...........................
543
743,112
Marsh
&
McLennan
Companies,
Inc.
............
19,787
3,565,420
MetLife,
Inc.
............................
26,506
1,625,613
Old
Republic
International
Corp.
...............
11,000
277,970
Primerica,
Inc.
...........................
1,481
270,297
Principal
Financial
Group,
Inc.
................
9,129
681,845
Progressive
Corp.
(The)
....................
23,406
3,192,578
Prudential
Financial,
Inc.
....................
14,701
1,278,987
Reinsurance
Group
of
America,
Inc.
............
2,703
384,691
RenaissanceRe
Holdings
Ltd.
................
1,736
373,952
RLI
Corp.
..............................
1,635
227,347
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
........
3,288
134,348
Selective
Insurance
Group,
Inc.
...............
2,385
229,747
Travelers
Companies,
Inc.
(The)
...............
9,271
1,679,349
Unum
Group
............................
7,481
315,698
W
R
Berkley
Corp.
........................
8,097
477,075
White
Mountains
Insurance
Group
Ltd.
(b)
.........
102
146,078
Willis
Towers
Watson
PLC
...................
4,270
988,932
35,859,488
a
Interactive
Media
&
Services
 — 
4
.6
%
Alphabet,
Inc.
,
Class
A
(a)
....................
238,446
25,594,794
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
207,866
22,495,258
Bumble,
Inc.
,
Class
A
(a)
.....................
4,083
74,352
Cargurus,
Inc.
,
Class
A
(a)
....................
3,446
56,652
IAC,
Inc.
(a)
(b)
............................
3,070
158,934
Match
Group,
Inc.
(a)
.......................
11,307
417,228
Meta
Platforms,
Inc.
,
Class
A
(a)
................
89,107
21,414,194
Pinterest,
Inc.
,
Class
A
(a)
....................
23,754
546,342
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
39,400
343,174
Ziff
Davis,
Inc.
(a)
(b)
.........................
1,899
138,893
ZoomInfo
Technologies,
Inc.
(a)
................
10,754
235,620
71,475,441
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
IT
Services
 — 
1
.3
%
Accenture
PLC
,
Class
A
....................
25,219
$
7,068,633
Akamai
Technologies,
Inc.
(a)
..................
6,343
519,936
Amdocs
Ltd.
............................
4,846
442,197
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
11,537
542,816
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
20,418
1,219,159
DXC
Technology
Co.
(a)
.....................
8,952
213,505
EPAM
Systems,
Inc.
(a)
......................
2,328
657,520
Gartner,
Inc.
(a)
...........................
3,148
952,144
GoDaddy,
Inc.
,
Class
A
(a)
....................
6,198
469,065
International
Business
Machines
Corp.
..........
36,222
4,578,823
MongoDB,
Inc.
,
Class
A
(a)
...................
2,768
664,209
Okta,
Inc.
,
Class
A
(a)
.......................
6,112
418,855
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
11,483
1,700,403
Squarespace,
Inc.
,
Class
A
(a)
.................
1,736
53,990
Thoughtworks
Holding,
Inc.
(a)
.................
2,595
16,167
Twilio,
Inc.
,
Class
A
(a)
......................
7,057
371,269
VeriSign,
Inc.
(a)
..........................
3,639
807,130
20,695,821
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
2,888
244,874
Hasbro,
Inc.
............................
5,245
310,609
Mattel,
Inc.
(a)
............................
13,950
251,100
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
12,930
114,818
Polaris,
Inc.
(b)
...........................
2,183
237,183
Topgolf
Callaway
Brands
Corp.
(a)
(b)
.............
5,513
122,223
YETI
Holdings,
Inc.
(a)
(b)
.....................
3,445
135,905
1,416,712
a
Life
Sciences
Tools
&
Services
 — 
1
.7
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
3,976
208,462
Agilent
Technologies,
Inc.
...................
11,833
1,602,543
Avantor,
Inc.
(a)
...........................
26,818
522,415
Azenta,
Inc.
(a)
...........................
2,926
127,252
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
866
390,384
Bio-Techne
Corp.
.........................
6,228
497,493
Bruker
Corp.
............................
3,997
316,283
Charles
River
Laboratories
International,
Inc.
(a)
.....
2,046
388,985
Danaher
Corp.
..........................
26,277
6,225,284
Illumina,
Inc.
(a)
...........................
6,291
1,293,178
IQVIA
Holdings,
Inc.
(a)
......................
7,421
1,396,855
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
4,296
59,242
Medpace
Holdings,
Inc.
(a)
...................
1,000
200,140
Mettler-Toledo
International,
Inc.
(a)
.............
886
1,321,469
PerkinElmer,
Inc.
.........................
5,060
660,279
Repligen
Corp.
(a)
.........................
2,081
315,542
Sotera
Health
Co.
(a)
.......................
3,899
65,386
Syneos
Health,
Inc.
,
Class
A
(a)
................
4,020
157,825
Thermo
Fisher
Scientific,
Inc.
.................
15,712
8,718,589
Waters
Corp.
(a)
..........................
2,365
710,351
West
Pharmaceutical
Services,
Inc.
............
2,957
1,068,187
26,246,144
a
Machinery
 — 
1
.8
%
AGCO
Corp.
............................
2,545
315,427
Allison
Transmission
Holdings,
Inc.
.............
3,615
176,376
Caterpillar,
Inc.
..........................
20,810
4,553,228
Chart
Industries,
Inc.
(a)
(b)
....................
1,669
222,144
Crane
Co.
(a)
............................
1,875
135,131
Crane
NXT
Co.
..........................
1,875
88,800
Cummins,
Inc.
...........................
5,636
1,324,685
Deere
&
Co.
............................
10,811
4,086,774
Donaldson
Co.,
Inc.
.......................
4,819
306,247
Dover
Corp.
............................
5,556
812,065
Flowserve
Corp.
.........................
5,333
178,069
Security
Shares
Value
a
Machinery
(continued)
Fortive
Corp.
............................
14,117
$
890,642
Gates
Industrial
Corp.
PLC
(a)
.................
3,738
50,351
Graco,
Inc.
.............................
6,779
537,507
IDEX
Corp.
.............................
3,036
626,388
Illinois
Tool
Works,
Inc.
.....................
11,103
2,686,260
Ingersoll
Rand,
Inc.
.......................
16,231
925,492
ITT,
Inc.
...............................
3,252
274,599
Lincoln
Electric
Holdings,
Inc.
................
2,333
391,477
Middleby
Corp.
(The)
(a)
.....................
2,138
301,201
Nikola
Corp.
(a)
(b)
..........................
11,899
10,537
Nordson
Corp.
...........................
2,166
468,527
Oshkosh
Corp.
..........................
2,700
206,604
Otis
Worldwide
Corp.
......................
16,616
1,417,345
PACCAR,
Inc.
...........................
20,944
1,564,307
Parker-Hannifin
Corp.
......................
5,134
1,667,934
Pentair
PLC
............................
6,534
379,495
RBC
Bearings,
Inc.
(a)
......................
1,184
268,780
Snap-on,
Inc.
...........................
2,140
555,137
Stanley
Black
&
Decker,
Inc.
.................
5,976
515,968
Timken
Co.
(The)
.........................
2,651
203,729
Toro
Co.
(The)
...........................
4,222
440,186
Westinghouse
Air
Brake
Technologies
Corp.
.......
7,281
711,135
Xylem,
Inc.
.............................
7,226
750,348
28,042,895
a
Marine
Transportation
 — 
0
.0
%
Kirby
Corp.
(a)
............................
2,408
172,991
a
Media
 — 
0
.9
%
Altice
USA,
Inc.
,
Class
A
(a)
...................
9,200
32,200
Cable
One,
Inc.
..........................
194
147,132
Charter
Communications,
Inc.
,
Class
A
(a)
.........
4,225
1,557,758
Comcast
Corp.
,
Class
A
....................
168,237
6,959,965
DISH
Network
Corp.
,
Class
A
(a)
(b)
..............
9,933
74,597
Fox
Corp.
,
Class
A
,
NVS
....................
11,874
394,929
Fox
Corp.
,
Class
B
........................
5,628
171,879
Interpublic
Group
of
Companies,
Inc.
(The)
.......
15,480
553,100
Liberty
Broadband
Corp.
,
Class
A
(a)
.............
680
57,481
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
4,744
402,196
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
....
2,965
83,316
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
5,940
165,964
New
York
Times
Co.
(The)
,
Class
A
.............
6,583
261,674
News
Corp.
,
Class
A
,
NVS
..................
15,557
273,959
News
Corp.
,
Class
B
......................
4,690
83,247
Nexstar
Media
Group,
Inc.
...................
1,517
263,124
Omnicom
Group,
Inc.
......................
8,169
739,866
Paramount
Global
,
Class
A
(b)
.................
445
11,775
Paramount
Global
,
Class
B
,
NVS
..............
20,092
468,746
Sirius
XM
Holdings,
Inc.
(b)
...................
27,887
105,971
TEGNA,
Inc.
............................
8,491
145,196
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
17,868
1,149,627
14,103,702
a
Metals
&
Mining
 — 
0
.5
%
Alcoa
Corp.
.............................
7,035
261,280
Cleveland-Cliffs,
Inc.
(a)
.....................
20,581
316,536
Commercial
Metals
Co.
.....................
4,644
216,828
Freeport-McMoRan,
Inc.
....................
57,213
2,168,945
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
3,673
79,594
Newmont
Corp.
..........................
31,765
1,505,661
Nucor
Corp.
............................
10,150
1,504,027
Reliance
Steel
&
Aluminum
Co.
...............
2,360
584,808
Royal
Gold,
Inc.
..........................
2,625
347,655
Steel
Dynamics,
Inc.
.......................
6,638
690,020
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
41
Schedule
of
Investments
Security
Shares
Value
a
Metals
&
Mining
(continued)
United
States
Steel
Corp.
...................
8,822
$
201,847
7,877,201
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.1
%
AGNC
Investment
Corp.
....................
22,767
225,621
Annaly
Capital
Management,
Inc.
..............
18,629
372,207
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.........
6,567
119,782
Rithm
Capital
Corp.
.......................
18,636
152,070
Starwood
Property
Trust,
Inc.
.................
12,204
218,330
1,088,010
a
Multi-Utilities
 — 
0
.8
%
Ameren
Corp.
...........................
10,287
915,234
Avista
Corp.
............................
2,714
119,606
Black
Hills
Corp.
.........................
2,648
172,888
CenterPoint
Energy,
Inc.
....................
25,174
767,052
CMS
Energy
Corp.
........................
11,642
724,831
Consolidated
Edison,
Inc.
...................
14,248
1,403,001
Dominion
Energy,
Inc.
......................
33,396
1,908,247
DTE
Energy
Co.
.........................
7,824
879,496
NiSource,
Inc.
...........................
16,032
456,271
NorthWestern
Corp.
.......................
2,356
138,109
Public
Service
Enterprise
Group,
Inc.
...........
19,934
1,259,829
Sempra
Energy
..........................
12,537
1,949,378
WEC
Energy
Group,
Inc.
....................
12,597
1,211,453
11,905,395
a
Office
REITs
 — 
0
.1
%
Alexandria
Real
Estate
Equities,
Inc.
............
6,318
784,569
Boston
Properties,
Inc.
.....................
5,598
298,709
Corporate
Office
Properties
Trust
..............
4,332
99,160
Cousins
Properties,
Inc.
....................
5,958
129,944
Douglas
Emmett,
Inc.
......................
6,693
86,206
Equity
Commonwealth
.....................
4,361
90,360
Highwoods
Properties,
Inc.
..................
4,085
93,628
JBG
SMITH
Properties
.....................
3,594
51,286
Kilroy
Realty
Corp.
........................
4,251
124,299
SL
Green
Realty
Corp.
.....................
2,530
59,885
Vornado
Realty
Trust
......................
6,371
95,629
1,913,675
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.2
%
Antero
Resources
Corp.
(a)
...................
11,206
257,626
APA
Corp.
.............................
12,992
478,755
Cheniere
Energy,
Inc.
......................
9,933
1,519,749
Chesapeake
Energy
Corp.
..................
4,267
352,796
Chevron
Corp.
...........................
71,237
12,009,133
ConocoPhillips
..........................
48,947
5,036,157
Coterra
Energy,
Inc.
.......................
31,530
807,168
Devon
Energy
Corp.
.......................
26,265
1,403,339
Diamondback
Energy,
Inc.
...................
7,373
1,048,441
DT
Midstream,
Inc.
........................
3,864
190,379
EOG
Resources,
Inc.
......................
23,521
2,810,054
EQT
Corp.
.............................
14,719
512,810
Equitrans
Midstream
Corp.
..................
16,422
84,573
Exxon
Mobil
Corp.
........................
164,862
19,509,769
Hess
Corp.
.............................
11,087
1,608,280
HF
Sinclair
Corp.
.........................
5,362
236,518
Kinder
Morgan,
Inc.
,
Class
P
.................
78,880
1,352,792
Marathon
Oil
Corp.
........................
25,296
611,151
Marathon
Petroleum
Corp.
..................
18,213
2,221,986
Matador
Resources
Co.
....................
4,463
218,821
New
Fortress
Energy,
Inc.
,
Class
A
.............
1,900
57,551
Occidental
Petroleum
Corp.
..................
29,209
1,797,230
ONEOK,
Inc.
............................
17,948
1,173,979
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Ovintiv,
Inc.
.............................
9,890
$
356,831
PDC
Energy,
Inc.
.........................
3,594
233,790
Phillips
66
..............................
18,636
1,844,964
Pioneer
Natural
Resources
Co.
...............
9,478
2,061,939
Range
Resources
Corp.
....................
9,859
260,770
Southwestern
Energy
Co.
(a)
..................
44,335
230,099
Targa
Resources
Corp.
.....................
9,089
686,492
Texas
Pacific
Land
Corp.
....................
244
360,547
Valero
Energy
Corp.
.......................
15,467
1,773,601
Vitesse
Energy,
Inc.
.......................
848
15,603
Williams
Companies,
Inc.
(The)
...............
48,648
1,472,088
64,595,781
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
.....................
2,937
175,456
a
Passenger
Airlines
 — 
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
5,044
219,212
American
Airlines
Group,
Inc.
(a)
(b)
..............
26,665
363,711
Delta
Air
Lines,
Inc.
(a)
......................
25,636
879,571
JetBlue
Airways
Corp.
(a)
....................
12,364
88,279
Joby
Aviation,
Inc.
(a)
(b)
......................
10,379
44,941
Southwest
Airlines
Co.
.....................
23,701
717,903
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
13,112
574,306
2,887,923
a
Personal
Care
Products
 — 
0
.2
%
Coty,
Inc.
,
Class
A
(a)
.......................
15,398
182,774
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
9,261
2,284,874
Olaplex
Holdings,
Inc.
(a)
....................
2,814
10,412
2,478,060
a
Pharmaceuticals
 — 
4
.0
%
Bristol-Myers
Squibb
Co.
....................
85,033
5,677,654
Catalent,
Inc.
(a)
..........................
7,291
365,425
Elanco
Animal
Health,
Inc.
(a)
..................
17,404
164,816
Eli
Lilly
&
Co.
...........................
31,583
12,502,446
Jazz
Pharmaceuticals
PLC
(a)
.................
2,501
351,316
Johnson
&
Johnson
.......................
104,670
17,134,479
Merck
&
Co.,
Inc.
.........................
101,537
11,724,477
Organon
&
Co.
..........................
10,126
249,403
Perrigo
Co.
PLC
.........................
5,460
203,057
Pfizer,
Inc.
.............................
224,864
8,744,961
Royalty
Pharma
PLC
,
Class
A
................
14,665
515,475
Viatris,
Inc.
.............................
48,367
451,264
Zoetis,
Inc.
,
Class
A
.......................
18,650
3,278,297
61,363,070
a
Professional
Services
 — 
1
.0
%
Alight,
Inc.
,
Class
A
(a)
......................
12,918
119,491
ASGN,
Inc.
(a)
............................
2,073
148,406
Automatic
Data
Processing,
Inc.
...............
16,627
3,657,940
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
5,316
508,848
Broadridge
Financial
Solutions,
Inc.
............
4,679
680,373
CACI
International,
Inc.
,
Class
A
(a)
.............
928
290,761
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
6,089
386,530
Clarivate
PLC
(a)
(b)
.........................
17,148
151,931
Concentrix
Corp.
.........................
1,717
165,708
CoStar
Group,
Inc.
(a)
.......................
16,189
1,245,744
Dun
&
Bradstreet
Holdings,
Inc.
...............
8,630
96,397
Equifax,
Inc.
............................
4,874
1,015,644
FTI
Consulting,
Inc.
(a)
(b)
.....................
1,370
247,285
Genpact
Ltd.
............................
6,801
302,985
Insperity,
Inc.
............................
1,428
174,873
Jacobs
Solutions,
Inc.
......................
5,014
578,916
KBR,
Inc.
..............................
5,507
312,412
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
42
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Professional
Services
(continued)
Leidos
Holdings,
Inc.
......................
5,410
$
504,537
ManpowerGroup,
Inc.
......................
1,970
149,149
Maximus,
Inc.
...........................
2,523
211,049
Paychex,
Inc.
...........................
12,868
1,413,678
Paycom
Software,
Inc.
(a)
....................
1,935
561,866
Paylocity
Holding
Corp.
(a)
...................
1,638
316,609
Robert
Half
International,
Inc.
.................
4,372
319,156
Science
Applications
International
Corp.
.........
2,178
222,221
SS&C
Technologies
Holdings,
Inc.
.............
8,693
508,888
TransUnion
.............................
7,855
540,503
TriNet
Group,
Inc.
(a)
(b)
......................
1,423
132,026
Verisk
Analytics,
Inc.
.......................
6,250
1,213,187
16,177,113
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
12,730
975,882
Howard
Hughes
Corp.
(The)
(a)
(b)
...............
1,428
110,484
Jones
Lang
LaSalle,
Inc.
(a)
...................
1,907
265,149
Opendoor
Technologies,
Inc.
(a)
(b)
...............
20,017
27,624
Zillow
Group,
Inc.
,
Class
A
(a)
.................
2,345
100,319
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
6,666
290,238
1,769,696
a
Residential
REITs
 — 
0
.4
%
American
Homes
4
Rent
,
Class
A
..............
12,562
417,812
Apartment
Income
REIT
Corp.
................
5,872
217,147
AvalonBay
Communities,
Inc.
................
5,571
1,004,841
Camden
Property
Trust
.....................
4,419
486,311
Equity
LifeStyle
Properties,
Inc.
...............
7,043
485,263
Equity
Residential
........................
13,659
863,932
Essex
Property
Trust,
Inc.
...................
2,607
572,836
Invitation
Homes,
Inc.
......................
23,070
769,846
Mid-America
Apartment
Communities,
Inc.
........
4,609
708,864
Sun
Communities,
Inc.
.....................
4,923
683,952
UDR,
Inc.
..............................
12,510
517,038
6,727,842
a
Retail
REITs
 — 
0
.3
%
Agree
Realty
Corp.
(b)
......................
3,531
240,073
Brixmor
Property
Group,
Inc.
.................
11,960
255,107
Federal
Realty
Investment
Trust
...............
2,962
292,912
Kimco
Realty
Corp.
.......................
24,778
475,490
National
Retail
Properties,
Inc.
................
7,215
313,852
Realty
Income
Corp.
.......................
24,972
1,569,240
Regency
Centers
Corp.
....................
6,278
385,658
Simon
Property
Group,
Inc.
..................
13,075
1,481,659
Spirit
Realty
Capital,
Inc.
....................
5,680
218,453
5,232,444
a
Semiconductors
&
Semiconductor
Equipment
 — 
5
.7
%
Advanced
Micro
Devices,
Inc.
(a)
...............
64,484
5,762,935
Allegro
MicroSystems,
Inc.
(a)
.................
2,711
96,972
Amkor
Technology,
Inc.
.....................
3,946
88,272
Analog
Devices,
Inc.
.......................
20,254
3,643,290
Applied
Materials,
Inc.
.....................
33,697
3,808,772
Broadcom,
Inc.
..........................
16,739
10,486,983
Cirrus
Logic,
Inc.
(a)
........................
2,286
196,116
Enphase
Energy,
Inc.
(a)
.....................
5,435
892,427
Entegris,
Inc.
............................
5,901
442,103
First
Solar,
Inc.
(a)
.........................
3,983
727,216
GlobalFoundries,
Inc.
(a)
(b)
....................
2,792
164,170
Intel
Corp.
.............................
165,435
5,138,411
KLA
Corp.
..............................
5,555
2,147,230
Lam
Research
Corp.
......................
5,413
2,836,845
Lattice
Semiconductor
Corp.
(a)
................
5,548
442,176
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Marvell
Technology,
Inc.
....................
34,013
$
1,342,833
Microchip
Technology,
Inc.
...................
21,876
1,596,729
Micron
Technology,
Inc.
.....................
43,567
2,803,972
MKS
Instruments,
Inc.
(b)
....................
2,225
186,611
Monolithic
Power
Systems,
Inc.
...............
1,806
834,318
NVIDIA
Corp.
...........................
98,485
27,328,603
NXP
Semiconductors
NV
...................
10,405
1,703,715
ON
Semiconductor
Corp.
(a)
..................
17,346
1,248,218
Power
Integrations,
Inc.
....................
2,218
161,426
Qorvo,
Inc.
(a)
............................
4,077
375,410
QUALCOMM,
Inc.
........................
44,593
5,208,462
Semtech
Corp.
(a)
.........................
2,605
50,771
Silicon
Laboratories,
Inc.
(a)
(b)
..................
1,276
177,747
Skyworks
Solutions,
Inc.
....................
6,356
673,100
SolarEdge
Technologies,
Inc.
(a)
................
2,244
640,954
Teradyne,
Inc.
...........................
6,239
570,120
Texas
Instruments,
Inc.
.....................
36,320
6,072,704
Universal
Display
Corp.
....................
1,719
229,418
Wolfspeed,
Inc.
(a)
(b)
........................
4,878
227,071
88,306,100
a
Software
 — 
9
.7
%
ACI
Worldwide,
Inc.
(a)
......................
4,643
117,607
Adobe,
Inc.
(a)
............................
18,350
6,928,226
Alteryx,
Inc.
,
Class
A
(a)
.....................
2,358
96,985
ANSYS,
Inc.
(a)
...........................
3,498
1,098,092
Appian
Corp.
,
Class
A
(a)
(b)
...................
1,559
58,540
AppLovin
Corp.
,
Class
A
(a)
(b)
..................
4,878
82,926
Asana,
Inc.
,
Class
A
(a)
(b)
.....................
3,075
49,753
Aspen
Technology,
Inc.
(a)
....................
1,151
203,727
Atlassian
Corp.
,
Class
A
(a)
...................
6,021
889,061
Autodesk,
Inc.
(a)
..........................
8,657
1,686,297
Bentley
Systems,
Inc.
,
Class
B
................
8,017
341,203
BILL
Holdings,
Inc.
(a)
.......................
3,764
289,113
Black
Knight,
Inc.
(a)
........................
6,330
345,871
Blackbaud,
Inc.
(a)
.........................
1,849
128,237
Blackline,
Inc.
(a)
..........................
2,093
116,601
Cadence
Design
Systems,
Inc.
(a)
..............
10,979
2,299,552
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
.........
4,168
36,178
Clear
Secure,
Inc.
,
Class
A
..................
3,418
82,681
Confluent,
Inc.
,
Class
A
(a)
...................
6,294
138,468
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
8,756
1,051,158
Datadog,
Inc.
,
Class
A
(a)
....................
9,837
662,817
DocuSign,
Inc.
(a)
.........................
7,968
393,938
Dolby
Laboratories,
Inc.
,
Class
A
..............
2,362
197,676
Dropbox,
Inc.
,
Class
A
(a)
....................
10,549
214,567
Dynatrace,
Inc.
(a)
.........................
8,703
367,963
Elastic
NV
(a)
............................
3,057
175,013
Fair
Isaac
Corp.
(a)
.........................
1,002
729,406
Five9,
Inc.
(a)
............................
2,784
180,515
Fortinet,
Inc.
(a)
...........................
26,038
1,641,696
Gen
Digital,
Inc.
..........................
23,208
410,085
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
2,433
73,866
Guidewire
Software,
Inc.
(a)
...................
3,231
246,170
HashiCorp,
Inc.
,
Class
A
(a)
(b)
..................
3,423
91,771
HubSpot,
Inc.
(a)
..........................
1,955
822,957
Informatica,
Inc.
,
Class
A
(a)
..................
1,202
18,583
Intuit,
Inc.
..............................
11,230
4,985,558
Manhattan
Associates,
Inc.
(a)
.................
2,532
419,502
Microsoft
Corp.
..........................
298,009
91,566,245
MicroStrategy,
Inc.
,
Class
A
(a)
.................
377
123,799
nCino,
Inc.
(a)
(b)
...........................
3,025
74,808
NCR
Corp.
(a)
............................
5,664
126,251
New
Relic,
Inc.
(a)
.........................
2,296
164,095
Nutanix,
Inc.
,
Class
A
(a)
.....................
9,161
219,681
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
43
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
Oracle
Corp.
............................
61,551
$
5,830,111
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
69,612
539,493
Palo
Alto
Networks,
Inc.
(a)
...................
12,128
2,212,875
Pegasystems,
Inc.
........................
1,586
72,353
Procore
Technologies,
Inc.
(a)
(b)
................
2,721
145,329
PTC,
Inc.
(a)
.............................
4,224
531,337
Qualtrics
International,
Inc.
,
Class
A
(a)
(b)
..........
4,864
87,212
Rapid7,
Inc.
(a)
...........................
2,502
121,622
RingCentral,
Inc.
,
Class
A
(a)
..................
3,226
88,909
Roper
Technologies,
Inc.
....................
4,230
1,923,719
Salesforce,
Inc.
(a)
(b)
........................
40,076
7,949,876
Samsara,
Inc.
,
Class
A
(a)
....................
4,707
84,961
SentinelOne,
Inc.
,
Class
A
(a)
..................
8,883
142,750
ServiceNow,
Inc.
(a)
........................
8,144
3,741,516
Smartsheet,
Inc.
,
Class
A
(a)
..................
5,345
218,450
Splunk,
Inc.
(a)
...........................
6,035
520,458
Synopsys,
Inc.
(a)
.........................
6,117
2,271,364
Tyler
Technologies,
Inc.
(a)
...................
1,652
626,158
UiPath,
Inc.
,
Class
A
(a)
.....................
13,794
194,220
Unity
Software,
Inc.
(a)
(b)
.....................
9,706
261,771
Varonis
Systems,
Inc.
(a)
.....................
4,211
97,527
Verint
Systems,
Inc.
(a)
......................
2,513
91,699
VMware,
Inc.
,
Class
A
(a)
....................
8,337
1,042,375
Workday,
Inc.
,
Class
A
(a)
....................
8,104
1,508,479
Workiva,
Inc.
,
Class
A
(a)
(b)
...................
1,850
172,827
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
8,569
526,394
Zscaler,
Inc.
(a)
(b)
..........................
3,466
312,287
151,263,310
a
Specialized
REITs
 — 
1
.2
%
American
Tower
Corp.
.....................
18,621
3,805,946
Crown
Castle,
Inc.
........................
17,360
2,136,842
CubeSmart
.............................
9,119
414,823
Digital
Realty
Trust,
Inc.
....................
11,511
1,141,316
Equinix,
Inc.
............................
3,707
2,684,165
Extra
Space
Storage,
Inc.
...................
5,339
811,741
Gaming
and
Leisure
Properties,
Inc.
............
10,159
528,268
Iron
Mountain,
Inc.
........................
11,660
644,098
Lamar
Advertising
Co.
,
Class
A
...............
3,516
371,571
Life
Storage,
Inc.
.........................
3,357
451,114
National
Storage
Affiliates
Trust
...............
3,549
136,814
PotlatchDeltic
Corp.
.......................
3,208
148,306
Public
Storage
...........................
6,337
1,868,338
Rayonier,
Inc.
...........................
6,116
191,798
SBA
Communications
Corp.
,
Class
A
............
4,314
1,125,479
VICI
Properties,
Inc.
.......................
40,265
1,366,594
Weyerhaeuser
Co.
........................
29,534
883,362
18,710,575
a
Specialty
Retail
 — 
2
.2
%
Advance
Auto
Parts,
Inc.
....................
2,374
298,008
AutoNation,
Inc.
(a)
.........................
1,368
180,166
AutoZone,
Inc.
(a)
.........................
754
2,008,136
Bath
&
Body
Works,
Inc.
....................
9,055
317,831
Best
Buy
Co.,
Inc.
........................
7,820
582,746
Burlington
Stores,
Inc.
(a)
....................
2,618
504,777
CarMax,
Inc.
(a)
(b)
..........................
6,376
446,511
Carvana
Co.
,
Class
A
(a)
(b)
....................
3,981
27,628
Chewy,
Inc.
,
Class
A
(a)
(b)
....................
3,718
115,295
Dick's
Sporting
Goods,
Inc.
..................
2,400
348,024
Five
Below,
Inc.
(a)
(b)
........................
2,242
442,481
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
4,179
415,142
Foot
Locker,
Inc.
.........................
3,154
132,436
GameStop
Corp.
,
Class
A
(a)
(b)
.................
9,800
189,042
Gap,
Inc.
(The)
..........................
8,501
81,610
Security
Shares
Value
a
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The)
....................
40,813
$
12,265,939
Lithia
Motors,
Inc.
........................
1,093
241,433
Lowe's
Companies,
Inc.
....................
24,181
5,025,537
Murphy
USA,
Inc.
........................
777
213,854
O'Reilly
Automotive,
Inc.
(a)
...................
2,494
2,287,771
Penske
Automotive
Group,
Inc.
(b)
..............
1,035
143,430
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
2,898
28,864
RH
(a)
(b)
................................
737
188,031
Ross
Stores,
Inc.
.........................
13,733
1,465,723
TJX
Companies,
Inc.
(The)
..................
46,212
3,642,430
Tractor
Supply
Co.
........................
4,428
1,055,635
Ulta
Beauty,
Inc.
(a)
........................
2,034
1,121,609
Valvoline,
Inc.
...........................
6,898
238,326
Victoria's
Secret
&
Co.
(a)
....................
3,361
104,225
Wayfair,
Inc.
,
Class
A
(a)
.....................
3,046
106,092
Williams-Sonoma,
Inc.
.....................
2,735
331,044
34,549,776
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.8
%
Apple,
Inc.
.............................
595,419
101,030,696
Dell
Technologies,
Inc.
,
Class
C
...............
9,719
422,679
Hewlett
Packard
Enterprise
Co.
...............
51,781
741,504
HP,
Inc.
...............................
34,672
1,030,105
NetApp,
Inc.
............................
8,696
546,892
Pure
Storage,
Inc.
,
Class
A
(a)
.................
11,159
254,760
Seagate
Technology
Holdings
PLC
.............
7,634
448,650
Western
Digital
Corp.
(a)
.....................
12,976
446,893
104,922,179
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.7
%
Capri
Holdings
Ltd.
(a)
......................
5,125
212,688
Carter's,
Inc.
............................
1,551
108,213
Columbia
Sportswear
Co.
...................
1,378
115,118
Crocs,
Inc.
(a)
............................
2,524
312,143
Deckers
Outdoor
Corp.
(a)
....................
1,045
500,910
Hanesbrands,
Inc.
........................
13,401
70,221
Levi
Strauss
&
Co.
,
Class
A
..................
3,890
56,249
Lululemon
Athletica,
Inc.
(a)
...................
4,656
1,768,954
Nike,
Inc.
,
Class
B
........................
49,819
6,313,064
PVH
Corp.
.............................
2,590
222,248
Ralph
Lauren
Corp.
,
Class
A
.................
1,641
188,370
Skechers
USA,
Inc.
,
Class
A
(a)
................
5,419
288,237
Tapestry,
Inc.
............................
9,470
386,471
Under
Armour,
Inc.
,
Class
A
(a)
.................
7,562
67,075
Under
Armour,
Inc.
,
Class
C
(a)
................
7,137
57,382
VF
Corp.
..............................
13,137
308,851
10,976,194
a
Tobacco
 — 
0
.6
%
Altria
Group,
Inc.
.........................
71,364
3,390,504
Philip
Morris
International,
Inc.
................
62,155
6,213,635
9,604,139
a
Trading
Companies
&
Distributors
 — 
0
.4
%
Air
Lease
Corp.
,
Class
A
....................
4,178
168,039
Applied
Industrial
Technologies,
Inc.
............
1,583
214,750
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
2,867
74,714
Fastenal
Co.
............................
22,877
1,231,698
Ferguson
PLC
...........................
8,317
1,171,200
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
1,831
166,127
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
1,825
269,625
United
Rentals,
Inc.
.......................
2,785
1,005,691
Univar
Solutions,
Inc.
(a)
.....................
6,376
226,348
Watsco,
Inc.
(b)
...........................
1,329
460,339
WESCO
International,
Inc.
...................
1,778
256,032
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
44
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
........................
1,801
$
1,252,722
6,497,285
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
...............
7,712
1,143,304
Essential
Utilities,
Inc.
......................
9,488
405,138
1,548,442
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
(a)
.......................
23,761
3,419,208
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
870,210,750
)
................................
1,550,625,062
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
28,301,336
28,309,826
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
2,099,591
2,099,591
a
Total
Short-Term
Securities — 1.9%
(Cost:
$
30,400,793
)
.................................
30,409,417
Total
Investments
—
101.7%
(Cost:
$
900,611,543
)
................................
1,581,034,479
Liabilities
in
Excess
of
Other
Assets
—
(
1
.7
)
%
...............
(
27,014,697
)
Net
Assets
—
100.0%
.................................
$
1,554,019,782
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
21,439,436
$
6,867,854
(a)
$
—
$
(
6,088
)
$
8,624
$
28,309,826
28,301,336
$
228,160
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
1,896,000
203,591
(a)
—
—
—
2,099,591
2,099,591
71,074
2
BlackRock,
Inc.
...
3,519,447
541,942
(
328,561
)
205,230
80,416
4,018,474
5,987
115,947
—
$
199,142
$
89,040
$
34,427,891
$
415,181
$
2
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
15
06/16/23
$
3,141
$
110,725
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(continued)
April
30,
2023
45
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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
110,725
$
—
$
—
$
—
$
110,725
(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
..................................
$
—
$
—
$
(
378,187
)
$
—
$
—
$
—
$
(
378,187
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
272,728
$
—
$
—
$
—
$
272,728
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,449,988
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,550,625,062
‌
$
—
‌
$
—
‌
$
1,550,625,062
‌
Short-Term
Securities
Money
Market
Funds
......................................
30,409,417
‌
—
‌
—
‌
30,409,417
‌
$
1,581,034,479
‌
$
—
‌
$
—
‌
$
1,581,034,479
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
110,725
‌
$
—
‌
$
—
‌
$
110,725
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
MSCI
KLD
400
Social
ETF
(Percentages
shown
are
based
on
Net
Assets)
46
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
 — 
0
.8
%
CH
Robinson
Worldwide,
Inc.
................
21,504
$
2,169,109
Expeditors
International
of
Washington,
Inc.
(a)
......
29,079
3,310,353
United
Parcel
Service,
Inc.
,
Class
B
............
133,152
23,942,061
29,421,523
a
Automobile
Components
 — 
0
.2
%
Aptiv
PLC
(b)
.............................
49,326
5,073,672
Autoliv,
Inc.
.............................
14,910
1,279,427
BorgWarner,
Inc.
.........................
42,430
2,042,156
8,395,255
a
Automobiles
 — 
2
.3
%
Harley-Davidson,
Inc.
......................
25,685
952,913
Lucid
Group,
Inc.
(a)
(b)
.......................
76,189
604,941
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
57,340
735,099
Tesla,
Inc.
(b)
.............................
489,687
80,460,471
82,753,424
a
Banks
 — 
1
.1
%
Bank
of
Hawaii
Corp.
......................
7,551
365,695
Cathay
General
Bancorp
....................
12,909
411,410
Citizens
Financial
Group,
Inc.
................
90,222
2,791,469
Comerica,
Inc.
...........................
23,774
1,031,078
First
Republic
Bank
(a)
......................
33,296
116,869
Huntington
Bancshares,
Inc.
.................
263,700
2,953,440
International
Bancshares
Corp.
...............
10,444
445,645
KeyCorp
...............................
169,543
1,909,054
M&T
Bank
Corp.
.........................
31,537
3,967,355
New
York
Community
Bancorp,
Inc.
............
124,029
1,325,870
Old
National
Bancorp
......................
52,619
705,621
PNC
Financial
Services
Group,
Inc.
(The)
........
73,585
9,584,446
Regions
Financial
Corp.
....................
170,683
3,116,672
Truist
Financial
Corp.
......................
241,932
7,882,144
Zions
Bancorp
NA
........................
27,181
757,263
37,364,031
a
Beverages
 — 
2
.8
%
Coca-Cola
Co.
(The)
......................
749,515
48,081,387
Keurig
Dr
Pepper,
Inc.
.....................
141,992
4,643,139
PepsiCo,
Inc.
...........................
251,352
47,980,583
100,705,109
a
Biotechnology
 — 
3
.3
%
AbbVie,
Inc.
............................
322,644
48,757,961
Amgen,
Inc.
............................
97,345
23,337,490
Biogen,
Inc.
(b)
...........................
26,313
8,005,204
BioMarin
Pharmaceutical,
Inc.
(b)
...............
33,751
3,241,446
Gilead
Sciences,
Inc.
......................
228,827
18,811,868
Vertex
Pharmaceuticals,
Inc.
(b)
................
46,801
15,946,505
118,100,474
a
Broadline
Retail
 — 
0
.0
%
Kohl's
Corp.
............................
21,305
469,349
Nordstrom,
Inc.
..........................
20,580
318,167
787,516
a
Building
Products
 — 
1
.0
%
A
O
Smith
Corp.
.........................
23,303
1,591,362
Allegion
PLC
............................
16,173
1,786,793
Builders
FirstSource,
Inc.
(b)
..................
26,683
2,528,748
Carrier
Global
Corp.
.......................
152,567
6,380,352
Fortune
Brands
Innovations,
Inc.
..............
23,391
1,513,164
Johnson
Controls
International
PLC
............
125,034
7,482,034
Lennox
International,
Inc.
...................
5,822
1,641,280
Security
Shares
Value
a
Building
Products
(continued)
Masco
Corp.
............................
41,086
$
2,198,512
Owens
Corning
..........................
17,074
1,823,674
Trane
Technologies
PLC
....................
42,014
7,806,621
34,752,540
a
Capital
Markets
 — 
4
.0
%
Ameriprise
Financial,
Inc.
...................
19,436
5,930,312
Bank
of
New
York
Mellon
Corp.
(The)
...........
140,270
5,974,099
BlackRock,
Inc.
(c)
.........................
27,405
18,394,236
Charles
Schwab
Corp.
(The)
.................
265,030
13,845,167
CME
Group,
Inc.
,
Class
A
...................
65,626
12,191,342
FactSet
Research
Systems,
Inc.
...............
6,964
2,867,009
Franklin
Resources,
Inc.
....................
55,072
1,480,336
Intercontinental
Exchange,
Inc.
...............
101,895
11,099,423
Invesco
Ltd.
............................
61,570
1,054,694
MarketAxess
Holdings,
Inc.
..................
6,876
2,189,112
Moody's
Corp.
...........................
30,083
9,419,589
Morgan
Stanley
..........................
231,258
20,806,282
Nasdaq,
Inc.
............................
62,836
3,479,229
Northern
Trust
Corp.
.......................
36,179
2,827,751
S&P
Global,
Inc.
.........................
60,754
22,028,185
State
Street
Corp.
........................
67,028
4,843,443
T
Rowe
Price
Group,
Inc.
...................
40,769
4,579,582
143,009,791
a
Chemicals
 — 
2
.4
%
Air
Products
and
Chemicals,
Inc.
..............
40,476
11,914,515
Albemarle
Corp.
.........................
21,323
3,954,563
Axalta
Coating
Systems
Ltd.
(b)
................
39,903
1,259,738
Ecolab,
Inc.
............................
46,740
7,844,842
HB
Fuller
Co.
...........................
9,518
629,806
International
Flavors
&
Fragrances,
Inc.
..........
46,616
4,519,887
Linde
PLC
.............................
90,108
33,290,401
Minerals
Technologies,
Inc.
..................
5,967
353,604
Mosaic
Co.
(The)
.........................
62,208
2,665,613
PPG
Industries,
Inc.
.......................
42,876
6,013,788
Sherwin-Williams
Co.
(The)
..................
44,904
10,666,496
83,113,253
a
Commercial
Services
&
Supplies
 — 
0
.2
%
ACCO
Brands
Corp.
.......................
16,048
73,500
Copart,
Inc.
(a)
(b)
..........................
78,012
6,166,848
Deluxe
Corp.
............................
7,704
116,716
HNI
Corp.
..............................
7,541
195,915
Interface,
Inc.
...........................
10,839
84,978
Steelcase,
Inc.
,
Class
A
....................
15,071
120,568
Tetra
Tech,
Inc.
..........................
9,689
1,340,667
8,099,192
a
Communications
Equipment
 — 
1
.3
%
Cisco
Systems,
Inc.
.......................
749,481
35,412,977
CommScope
Holding
Co.,
Inc.
(b)
...............
38,443
189,524
F5,
Inc.
(b)
..............................
11,052
1,484,947
Motorola
Solutions,
Inc.
....................
30,429
8,867,011
45,954,459
a
Construction
&
Engineering
 — 
0
.2
%
EMCOR
Group,
Inc.
.......................
8,701
1,487,871
Granite
Construction,
Inc.
...................
8,360
318,767
MDU
Resources
Group,
Inc.
.................
36,798
1,075,237
Quanta
Services,
Inc.
......................
26,008
4,411,997
7,293,872
a
Consumer
Finance
 — 
0
.8
%
Ally
Financial,
Inc.
........................
54,573
1,439,636
American
Express
Co.
.....................
115,878
18,695,756
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
47
Schedule
of
Investments
Security
Shares
Value
a
Consumer
Finance
(continued)
Discover
Financial
Services
..................
49,831
$
5,156,014
Synchrony
Financial
.......................
82,322
2,429,322
27,720,728
a
Consumer
Staples
Distribution
&
Retail
 — 
0
.8
%
Kroger
Co.
(The)
.........................
123,938
6,027,105
Sysco
Corp.
............................
92,307
7,083,639
Target
Corp.
............................
83,979
13,247,687
United
Natural
Foods,
Inc.
(b)
..................
10,859
296,125
26,654,556
a
Containers
&
Packaging
 — 
0
.2
%
Avery
Dennison
Corp.
......................
14,760
2,575,325
Ball
Corp.
..............................
57,330
3,048,809
Sealed
Air
Corp.
.........................
26,620
1,277,494
Sonoco
Products
Co.
......................
17,511
1,061,517
7,963,145
a
Distributors
 — 
0
.1
%
LKQ
Corp.
.............................
46,381
2,677,575
Pool
Corp.
.............................
7,173
2,520,018
5,197,593
a
Diversified
Telecommunication
Services
 — 
0
.9
%
Liberty
Global
PLC
,
Class
A
(b)
................
30,250
590,177
Liberty
Global
PLC
,
Class
C
,
NVS
(b)
............
47,706
970,340
Lumen
Technologies,
Inc.
...................
169,164
400,919
Verizon
Communications,
Inc.
................
766,211
29,751,973
31,713,409
a
Electric
Utilities
 — 
0
.4
%
Eversource
Energy
.......................
63,647
4,939,644
Exelon
Corp.
............................
181,569
7,705,788
12,645,432
a
Electrical
Equipment
 — 
0
.6
%
Acuity
Brands,
Inc.
........................
5,929
933,106
Eaton
Corp.
PLC
.........................
72,633
12,138,427
Rockwell
Automation,
Inc.
...................
20,944
5,935,739
Sensata
Technologies
Holding
PLC
............
27,535
1,196,396
20,203,668
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.7
%
Cognex
Corp.
...........................
31,812
1,517,114
Corning,
Inc.
............................
146,409
4,863,707
Flex
Ltd.
(b)
..............................
82,579
1,698,650
Itron,
Inc.
(b)
.............................
8,486
453,153
Keysight
Technologies,
Inc.
(b)
.................
32,483
4,698,341
TE
Connectivity
Ltd.
.......................
57,965
7,093,177
Trimble,
Inc.
(b)
...........................
45,143
2,126,235
Zebra
Technologies
Corp.
,
Class
A
(b)
............
9,361
2,696,249
25,146,626
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
182,974
5,350,160
Core
Laboratories
NV
......................
8,892
200,159
Halliburton
Co.
..........................
165,689
5,426,315
NOV,
Inc.
..............................
72,333
1,211,578
TechnipFMC
PLC
(b)
.......................
76,776
1,051,063
13,239,275
a
Entertainment
 — 
1
.3
%
Electronic
Arts,
Inc.
.......................
50,366
6,410,585
Walt
Disney
Co.
(The)
(b)
....................
332,600
34,091,500
Warner
Bros
Discovery,
Inc.
,
Series
A
(b)
..........
420,074
5,717,207
46,219,292
a
Security
Shares
Value
a
Financial
Services
 — 
4
.3
%
Equitable
Holdings,
Inc.
....................
67,127
$
1,744,631
Fidelity
National
Information
Services,
Inc.
........
108,418
6,366,305
Mastercard,
Inc.
,
Class
A
....................
156,614
59,518,018
PayPal
Holdings,
Inc.
(b)
.....................
197,585
15,016,460
Visa,
Inc.
,
Class
A
........................
297,043
69,130,817
Voya
Financial,
Inc.
.......................
17,689
1,352,855
Western
Union
Co.
(The)
...................
55,454
606,112
153,735,198
a
Food
Products
 — 
1
.9
%
Archer-Daniels-Midland
Co.
..................
100,372
7,837,046
Bunge
Ltd.
.............................
27,190
2,544,984
Campbell
Soup
Co.
.......................
38,177
2,073,011
Conagra
Brands,
Inc.
......................
87,724
3,330,003
Darling
Ingredients,
Inc.
(b)
...................
29,448
1,754,217
General
Mills,
Inc.
........................
108,221
9,591,627
Hain
Celestial
Group,
Inc.
(The)
(a)
(b)
.............
17,191
308,235
Hormel
Foods
Corp.
.......................
55,058
2,226,545
Ingredion,
Inc.
...........................
11,962
1,270,006
J
M
Smucker
Co.
(The)
.....................
19,414
2,997,716
Kellogg
Co.
.............................
46,503
3,244,514
Kraft
Heinz
Co.
(The)
......................
133,995
5,261,984
Lamb
Weston
Holdings,
Inc.
.................
26,120
2,920,477
McCormick
&
Co.,
Inc.
,
NVS
.................
45,601
4,006,048
Mondelez
International,
Inc.
,
Class
A
............
249,142
19,114,174
68,480,587
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
25,839
2,949,263
New
Jersey
Resources
Corp.
.................
17,379
897,452
UGI
Corp.
..............................
38,421
1,301,704
5,148,419
a
Ground
Transportation
 — 
1
.4
%
ArcBest
Corp.
...........................
4,620
436,128
Avis
Budget
Group,
Inc.
(b)
...................
4,161
735,124
CSX
Corp.
.............................
383,561
11,752,309
JB
Hunt
Transport
Services,
Inc.
..............
15,130
2,652,138
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
27,777
1,564,401
Norfolk
Southern
Corp.
.....................
42,298
8,587,763
Ryder
System,
Inc.
........................
9,025
714,419
U-Haul
Holding
Co.
,
Series
N
,
NVS
(a)
...........
15,802
854,888
Union
Pacific
Corp.
.......................
112,165
21,950,690
49,247,860
a
Health
Care
Equipment
&
Supplies
 — 
1
.9
%
Align
Technology,
Inc.
(b)
.....................
13,527
4,400,333
Becton
Dickinson
&
Co.
....................
51,701
13,665,091
Cooper
Companies,
Inc.
(The)
................
8,974
3,423,132
Dentsply
Sirona,
Inc.
......................
39,300
1,647,849
Dexcom,
Inc.
(b)
..........................
70,576
8,563,692
Edwards
Lifesciences
Corp.
(b)
................
112,584
9,905,140
Hologic,
Inc.
(b)
...........................
44,913
3,862,967
IDEXX
Laboratories,
Inc.
(b)
...................
15,090
7,426,695
Insulet
Corp.
(a)
(b)
..........................
12,706
4,041,016
ResMed,
Inc.
...........................
26,787
6,454,596
STERIS
PLC
............................
18,189
3,429,536
66,820,047
a
Health
Care
Providers
&
Services
 — 
2
.4
%
AmerisourceBergen
Corp.
...................
28,138
4,694,825
Cardinal
Health,
Inc.
.......................
47,896
3,932,262
Centene
Corp.
(b)
.........................
103,455
7,131,153
Cigna
Group
(The)
........................
55,734
14,116,865
DaVita,
Inc.
(b)
............................
9,778
883,540
Elevance
Health,
Inc.
......................
43,574
20,420,955
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
MSCI
KLD
400
Social
ETF
(Percentages
shown
are
based
on
Net
Assets)
48
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
HCA
Healthcare,
Inc.
......................
38,683
$
11,114,786
Henry
Schein,
Inc.
(a)
(b)
......................
24,832
2,006,674
Humana,
Inc.
...........................
23,094
12,251,136
Laboratory
Corp.
of
America
Holdings
...........
16,187
3,669,755
Patterson
Companies,
Inc.
..................
15,944
432,242
Pediatrix
Medical
Group,
Inc.
(b)
................
14,684
210,422
Quest
Diagnostics,
Inc.
.....................
20,809
2,888,497
Select
Medical
Holdings
Corp.
................
19,428
592,554
84,345,666
a
Health
Care
REITs
 — 
0
.4
%
Healthpeak
Properties,
Inc.
..................
98,134
2,156,004
Ventas,
Inc.
............................
72,682
3,492,370
Welltower,
Inc.
...........................
86,329
6,838,983
12,487,357
a
Health
Care
Technology
 — 
0
.0
%
Teladoc
Health,
Inc.
(a)
(b)
.....................
29,411
780,274
a
Hotel
&
Resort
REITs
 — 
0
.1
%
Host
Hotels
&
Resorts,
Inc.
..................
129,585
2,095,389
a
Hotels,
Restaurants
&
Leisure
 — 
3
.1
%
Aramark
...............................
42,390
1,470,933
Booking
Holdings,
Inc.
(b)
....................
7,075
19,005,643
Choice
Hotels
International,
Inc.
...............
6,330
807,202
Darden
Restaurants,
Inc.
...................
22,322
3,391,381
Domino's
Pizza,
Inc.
.......................
6,459
2,050,539
Hilton
Worldwide
Holdings,
Inc.
...............
49,411
7,116,172
Jack
in
the
Box,
Inc.
.......................
3,779
350,276
Marriott
International,
Inc.
,
Class
A
.............
49,167
8,325,940
McDonald's
Corp.
........................
133,624
39,519,298
Royal
Caribbean
Cruises
Ltd.
(b)
...............
41,719
2,729,674
Starbucks
Corp.
..........................
209,403
23,932,669
Vail
Resorts,
Inc.
.........................
7,281
1,751,226
110,450,953
a
Household
Durables
 — 
0
.2
%
Ethan
Allen
Interiors,
Inc.
...................
4,150
115,910
Garmin
Ltd.
.............................
27,966
2,745,422
La-Z-Boy,
Inc.
...........................
7,331
210,620
Meritage
Homes
Corp.
.....................
6,528
835,910
Mohawk
Industries,
Inc.
(b)
...................
9,275
982,223
Newell
Brands,
Inc.
.......................
72,127
876,343
Whirlpool
Corp.
..........................
9,936
1,386,966
7,153,394
a
Household
Products
 — 
2
.7
%
Church
&
Dwight
Co.,
Inc.
...................
44,530
4,324,754
Clorox
Co.
(The)
.........................
22,420
3,713,200
Colgate-Palmolive
Co.
.....................
144,966
11,568,287
Kimberly-Clark
Corp.
......................
61,546
8,917,400
Procter
&
Gamble
Co.
(The)
.................
432,326
67,607,140
96,130,781
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.0
%
Ormat
Technologies,
Inc.
....................
7,975
684,335
a
Industrial
Conglomerates
 — 
0
.3
%
3M
Co.
................................
100,840
10,711,225
a
Industrial
REITs
 — 
0
.6
%
Prologis,
Inc.
............................
168,409
21,093,227
a
Security
Shares
Value
a
Insurance
 — 
2
.5
%
Allstate
Corp.
(The)
.......................
48,451
$
5,608,688
Arthur
J
Gallagher
&
Co.
....................
38,404
7,990,336
Chubb
Ltd.
.............................
75,721
15,262,325
Hartford
Financial
Services
Group,
Inc.
(The)
......
58,126
4,126,365
Lincoln
National
Corp.
.....................
30,921
671,913
Loews
Corp.
............................
36,745
2,115,410
Marsh
&
McLennan
Companies,
Inc.
............
90,493
16,305,934
Principal
Financial
Group,
Inc.
................
44,547
3,327,215
Progressive
Corp.
(The)
....................
106,741
14,559,472
Prudential
Financial,
Inc.
....................
67,246
5,850,402
Travelers
Companies,
Inc.
(The)
...............
42,825
7,757,320
Willis
Towers
Watson
PLC
...................
19,746
4,573,174
88,148,554
a
Interactive
Media
&
Services
 — 
6
.4
%
Alphabet,
Inc.
,
Class
A
(b)
....................
1,089,712
116,969,686
Alphabet,
Inc.
,
Class
C
,
NVS
(b)
................
999,294
108,143,597
ZoomInfo
Technologies,
Inc.
(b)
................
48,114
1,054,178
226,167,461
a
IT
Services
 — 
1
.8
%
Accenture
PLC
,
Class
A
....................
114,954
32,220,457
Akamai
Technologies,
Inc.
(b)
..................
28,851
2,364,916
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
93,758
5,598,290
International
Business
Machines
Corp.
..........
164,947
20,850,950
Okta,
Inc.
,
Class
A
(b)
.......................
27,616
1,892,525
62,927,138
a
Leisure
Products
 — 
0
.1
%
Hasbro,
Inc.
............................
24,219
1,434,249
Mattel,
Inc.
(b)
............................
64,346
1,158,228
Topgolf
Callaway
Brands
Corp.
(b)
..............
25,646
568,572
3,161,049
a
Life
Sciences
Tools
&
Services
 — 
1
.9
%
Agilent
Technologies,
Inc.
...................
53,723
7,275,706
Bio-Techne
Corp.
.........................
28,819
2,302,062
Danaher
Corp.
(a)
.........................
126,167
29,890,224
Illumina,
Inc.
(b)
...........................
28,660
5,891,349
IQVIA
Holdings,
Inc.
(b)
......................
33,964
6,393,044
Mettler-Toledo
International,
Inc.
(b)
.............
4,066
6,064,439
Waters
Corp.
(b)
..........................
10,810
3,246,891
West
Pharmaceutical
Services,
Inc.
............
13,511
4,880,714
65,944,429
a
Machinery
 — 
3
.2
%
AGCO
Corp.
............................
11,685
1,448,239
Caterpillar,
Inc.
..........................
94,945
20,773,966
Cummins,
Inc.
...........................
25,731
6,047,814
Deere
&
Co.
............................
52,310
19,774,226
Dover
Corp.
............................
25,651
3,749,150
Flowserve
Corp.
.........................
24,306
811,577
Fortive
Corp.
............................
61,090
3,854,168
Graco,
Inc.
.............................
30,845
2,445,700
IDEX
Corp.
.............................
13,778
2,842,677
Illinois
Tool
Works,
Inc.
.....................
56,044
13,559,286
Ingersoll
Rand,
Inc.
.......................
74,152
4,228,147
Lincoln
Electric
Holdings,
Inc.
................
10,009
1,679,510
Middleby
Corp.
(The)
(b)
.....................
9,259
1,304,408
PACCAR,
Inc.
...........................
94,964
7,092,861
Parker-Hannifin
Corp.
......................
23,398
7,601,542
Pentair
PLC
............................
29,882
1,735,547
Snap-on,
Inc.
...........................
9,650
2,503,307
Stanley
Black
&
Decker,
Inc.
.................
26,930
2,325,136
Tennant
Co.
............................
2,972
227,120
Timken
Co.
(The)
.........................
12,048
925,889
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
49
Schedule
of
Investments
Security
Shares
Value
a
Machinery
(continued)
Westinghouse
Air
Brake
Technologies
Corp.
.......
31,484
$
3,075,042
Xylem,
Inc.
.............................
32,888
3,415,090
111,420,402
a
Media
 — 
0
.2
%
Cable
One,
Inc.
..........................
912
691,670
John
Wiley
&
Sons,
Inc.
,
Class
A
..............
8,139
313,921
New
York
Times
Co.
(The)
,
Class
A
.............
29,867
1,187,213
Omnicom
Group,
Inc.
......................
37,369
3,384,511
Scholastic
Corp.
.........................
5,634
216,740
5,794,055
a
Metals
&
Mining
 — 
0
.2
%
Compass
Minerals
International,
Inc.
............
6,119
200,275
Newmont
Corp.
..........................
144,666
6,857,168
Schnitzer
Steel
Industries,
Inc.
,
Class
A
..........
4,840
139,828
7,197,271
a
Multi-Utilities
 — 
0
.4
%
Avista
Corp.
............................
12,983
572,161
Consolidated
Edison,
Inc.
...................
64,810
6,381,841
Sempra
Energy
..........................
57,329
8,914,086
15,868,088
a
Office
REITs
 — 
0
.1
%
Boston
Properties,
Inc.
.....................
27,305
1,456,995
Corporate
Office
Properties
Trust
..............
21,134
483,757
1,940,752
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.3
%
Cheniere
Energy,
Inc.
......................
40,778
6,239,034
HF
Sinclair
Corp.
.........................
27,514
1,213,642
Marathon
Petroleum
Corp.
..................
85,358
10,413,676
ONEOK,
Inc.
............................
81,655
5,341,054
Phillips
66
..............................
86,349
8,548,551
Valero
Energy
Corp.
.......................
70,412
8,074,144
Williams
Companies,
Inc.
(The)
...............
221,939
6,715,874
46,545,975
a
Passenger
Airlines
 — 
0
.1
%
Delta
Air
Lines,
Inc.
(b)
......................
28,973
994,064
Southwest
Airlines
Co.
.....................
26,832
812,741
1,806,805
a
Personal
Care
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
42,186
10,408,130
a
Pharmaceuticals
 — 
2
.7
%
Bristol-Myers
Squibb
Co.
....................
387,893
25,899,616
Jazz
Pharmaceuticals
PLC
(b)
.................
11,435
1,606,274
Merck
&
Co.,
Inc.
.........................
462,559
53,411,688
Zoetis,
Inc.
,
Class
A
.......................
85,032
14,946,925
95,864,503
a
Professional
Services
 — 
0
.7
%
ASGN,
Inc.
(b)
............................
9,001
644,382
Automatic
Data
Processing,
Inc.
...............
75,680
16,649,600
Exponent,
Inc.
...........................
9,042
832,316
Heidrick
&
Struggles
International,
Inc.
..........
3,351
84,144
ICF
International,
Inc.
......................
3,555
405,270
Kelly
Services,
Inc.
,
Class
A
,
NVS
.............
6,363
104,417
ManpowerGroup,
Inc.
......................
9,265
701,453
Paycom
Software,
Inc.
(b)
....................
9,298
2,699,860
Resources
Connection,
Inc.
..................
6,528
95,243
Robert
Half
International,
Inc.
.................
19,928
1,454,744
TransUnion
.............................
35,270
2,426,929
Security
Shares
Value
a
Professional
Services
(continued)
TrueBlue,
Inc.
(b)
..........................
6,454
$
97,778
26,196,136
a
Real
Estate
Management
&
Development
 — 
0
.2
%
Anywhere
Real
Estate,
Inc.
(a)
(b)
................
20,933
133,343
CBRE
Group,
Inc.
,
Class
A
(b)
.................
57,726
4,425,275
Jones
Lang
LaSalle,
Inc.
(b)
...................
8,707
1,210,622
5,769,240
a
Residential
REITs
 — 
0
.3
%
AvalonBay
Communities,
Inc.
................
25,429
4,586,629
Equity
Residential
........................
65,667
4,153,438
UDR,
Inc.
..............................
59,270
2,449,629
11,189,696
a
Retail
REITs
 — 
0
.2
%
Federal
Realty
Investment
Trust
...............
13,407
1,325,818
Macerich
Co.
(The)
.......................
38,886
388,471
Simon
Property
Group,
Inc.
..................
59,649
6,759,425
8,473,714
a
Semiconductors
&
Semiconductor
Equipment
 — 
7
.8
%
Advanced
Micro
Devices,
Inc.
(b)
...............
294,156
26,288,722
Analog
Devices,
Inc.
.......................
92,915
16,713,550
Applied
Materials,
Inc.
.....................
156,954
17,740,511
First
Solar,
Inc.
(b)
.........................
17,518
3,198,436
Intel
Corp.
.............................
752,928
23,385,944
Lam
Research
Corp.
......................
24,878
13,038,062
Microchip
Technology,
Inc.
...................
100,319
7,322,284
NVIDIA
Corp.
...........................
448,802
124,538,067
NXP
Semiconductors
NV
...................
47,279
7,741,463
ON
Semiconductor
Corp.
(b)
..................
79,012
5,685,704
Skyworks
Solutions,
Inc.
....................
29,211
3,093,445
Texas
Instruments,
Inc.
.....................
165,580
27,684,976
276,431,164
a
Software
 — 
17
.3
%
Adobe,
Inc.
(b)
............................
84,816
32,023,129
ANSYS,
Inc.
(b)
...........................
15,835
4,970,923
Autodesk,
Inc.
(b)
..........................
39,435
7,681,544
Black
Knight,
Inc.
(b)
........................
28,349
1,548,989
Cadence
Design
Systems,
Inc.
(b)
..............
50,049
10,482,763
Fair
Isaac
Corp.
(b)
.........................
4,557
3,317,268
Fortinet,
Inc.
(b)
...........................
121,335
7,650,172
Gen
Digital,
Inc.
..........................
106,558
1,882,880
Guidewire
Software,
Inc.
(b)
...................
14,125
1,076,184
HubSpot,
Inc.
(a)
(b)
.........................
8,437
3,551,555
Intuit,
Inc.
..............................
48,689
21,615,482
Microsoft
Corp.
..........................
1,291,991
396,977,155
Oracle
Corp.
............................
295,132
27,954,903
PTC,
Inc.
(b)
.............................
20,317
2,555,675
RingCentral,
Inc.
,
Class
A
(b)
..................
15,033
414,309
Roper
Technologies,
Inc.
....................
19,351
8,800,448
Salesforce,
Inc.
(b)
.........................
182,440
36,190,623
ServiceNow,
Inc.
(b)
........................
36,925
16,964,084
Splunk,
Inc.
(b)
...........................
29,535
2,547,098
Synopsys,
Inc.
(b)
.........................
27,896
10,358,343
Teradata
Corp.
(a)
(b)
........................
18,725
724,845
VMware,
Inc.
,
Class
A
(b)
....................
38,777
4,848,288
Workday,
Inc.
,
Class
A
(b)
....................
36,752
6,841,017
610,977,677
a
Specialized
REITs
 — 
1
.6
%
American
Tower
Corp.
.....................
84,946
17,362,113
Crown
Castle,
Inc.
........................
79,006
9,724,848
Digital
Realty
Trust,
Inc.
....................
52,445
5,199,922
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
MSCI
KLD
400
Social
ETF
(Percentages
shown
are
based
on
Net
Assets)
50
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Specialized
REITs
(continued)
Equinix,
Inc.
............................
16,880
$
12,222,470
Iron
Mountain,
Inc.
........................
52,799
2,916,617
PotlatchDeltic
Corp.
.......................
14,899
688,781
SBA
Communications
Corp.
,
Class
A
............
19,643
5,124,662
Weyerhaeuser
Co.
........................
133,834
4,002,975
57,242,388
a
Specialty
Retail
 — 
2
.8
%
AutoNation,
Inc.
(b)
.........................
5,880
774,396
Best
Buy
Co.,
Inc.
........................
37,162
2,769,312
Buckle,
Inc.
(The)
........................
5,207
174,591
CarMax,
Inc.
(a)
(b)
..........................
28,817
2,018,055
Foot
Locker,
Inc.
.........................
14,956
628,003
GameStop
Corp.
,
Class
A
(a)
(b)
.................
46,711
901,055
Gap,
Inc.
(The)
..........................
35,870
344,352
Home
Depot,
Inc.
(The)
....................
185,939
55,882,107
Lowe's
Companies,
Inc.
....................
110,323
22,928,429
ODP
Corp.
(The)
(b)
........................
7,261
313,748
Signet
Jewelers
Ltd.
.......................
8,674
638,233
Tractor
Supply
Co.
........................
20,121
4,796,846
Ulta
Beauty,
Inc.
(b)
........................
9,366
5,164,693
97,333,820
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.4
%
Dell
Technologies,
Inc.
,
Class
C
...............
47,353
2,059,382
Hewlett
Packard
Enterprise
Co.
...............
234,286
3,354,976
HP,
Inc.
...............................
183,789
5,460,371
Seagate
Technology
Holdings
PLC
.............
35,603
2,092,388
Xerox
Holdings
Corp.
......................
21,532
337,406
13,304,523
a
Textiles,
Apparel
&
Luxury
Goods
 — 
1
.0
%
Capri
Holdings
Ltd.
(b)
......................
23,533
976,620
Columbia
Sportswear
Co.
...................
6,245
521,707
Deckers
Outdoor
Corp.
(b)
....................
4,842
2,320,964
Hanesbrands,
Inc.
........................
65,063
340,930
Nike,
Inc.
,
Class
B
........................
229,814
29,122,030
PVH
Corp.
.............................
11,835
1,015,561
Under
Armour,
Inc.
,
Class
A
(b)
.................
33,813
299,921
Under
Armour,
Inc.
,
Class
C
(b)
................
34,492
277,316
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
VF
Corp.
..............................
60,850
$
1,430,584
Wolverine
World
Wide,
Inc.
..................
14,630
244,906
36,550,539
a
Trading
Companies
&
Distributors
 — 
0
.7
%
Air
Lease
Corp.
,
Class
A
....................
19,335
777,654
Applied
Industrial
Technologies,
Inc.
............
7,132
967,527
Fastenal
Co.
............................
104,687
5,636,348
Ferguson
PLC
...........................
37,974
5,347,498
United
Rentals,
Inc.
.......................
12,664
4,573,097
WW
Grainger,
Inc.
........................
8,312
5,781,578
23,083,702
a
Water
Utilities
 — 
0
.2
%
American
Water
Works
Co.,
Inc.
...............
35,229
5,222,699
Essential
Utilities,
Inc.
......................
45,680
1,950,536
7,173,235
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
3,009,030,107
)
...............................
3,522,739,321
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
18,341,541
18,347,044
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
10,014,471
10,014,471
a
Total
Short-Term
Securities — 0.8%
(Cost:
$
28,358,472
)
.................................
28,361,515
Total
Investments
—
100.4%
(Cost:
$
3,037,388,579
)
...............................
3,551,100,836
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
14,635,601
)
Net
Assets
—
100.0%
.................................
$
3,536,465,235
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
25,429,018
$
—
$
(
7,090,878
)
(a)
$
5,288
$
3,616
$
18,347,044
18,341,541
$
315,977
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,630,000
7,384,471
(a)
—
—
—
10,014,471
10,014,471
268,289
7
BlackRock,
Inc.
...
17,745,909
2,610,028
(
3,553,561
)
1,257,305
334,555
18,394,236
27,405
583,218
—
$
1,262,593
$
338,171
$
46,755,751
$
1,167,484
$
7
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(continued)
April
30,
2023
51
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
62
06/16/23
$
12,984
$
694,207
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)
.............
$
—
$
—
$
694,207
$
—
$
—
$
—
$
694,207
(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
..................................
$
—
$
—
$
(
381,539
)
$
—
$
—
$
—
$
(
381,539
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
973,048
$
—
$
—
$
—
$
973,048
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
12,047,675
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
MSCI
KLD
400
Social
ETF
52
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,522,739,321
‌
$
—
‌
$
—
‌
$
3,522,739,321
‌
Short-Term
Securities
Money
Market
Funds
......................................
28,361,515
‌
—
‌
—
‌
28,361,515
‌
$
3,551,100,836
‌
$
—
‌
$
—
‌
$
3,551,100,836
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
694,207
‌
$
—
‌
$
—
‌
$
694,207
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
53
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.4
%
L3Harris
Technologies,
Inc.
..................
72,680
$
14,183,502
a
Air
Freight
&
Logistics
 — 
1
.8
%
CH
Robinson
Worldwide,
Inc.
................
145,007
14,626,856
Expeditors
International
of
Washington,
Inc.
.......
376,066
42,811,353
57,438,209
a
Automobile
Components
 — 
0
.4
%
Aptiv
PLC
(a)
.............................
119,209
12,261,838
a
Automobiles
 — 
1
.4
%
Lucid
Group,
Inc.
(a)
(b)
.......................
304,979
2,421,534
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
196,671
2,521,322
Tesla,
Inc.
(a)
.............................
238,397
39,171,011
44,113,867
a
Banks
 — 
1
.4
%
Huntington
Bancshares,
Inc.
.................
1,500,239
16,802,677
PNC
Financial
Services
Group,
Inc.
(The)
........
43,141
5,619,115
Regions
Financial
Corp.
....................
1,141,698
20,847,405
Truist
Financial
Corp.
......................
107,517
3,502,904
46,772,101
a
Beverages
 — 
3
.9
%
Coca-Cola
Co.
(The)
......................
1,002,675
64,321,601
Keurig
Dr
Pepper,
Inc.
.....................
186,359
6,093,939
PepsiCo,
Inc.
...........................
295,632
56,433,193
126,848,733
a
Biotechnology
 — 
2
.0
%
Amgen,
Inc.
............................
105,281
25,240,067
Biogen,
Inc.
(a)
...........................
28,012
8,522,091
Gilead
Sciences,
Inc.
......................
308,917
25,396,067
Vertex
Pharmaceuticals,
Inc.
(a)
................
17,398
5,928,020
65,086,245
a
Broadline
Retail
 — 
0
.2
%
MercadoLibre,
Inc.
(a)
.......................
5,354
6,839,681
a
Building
Products
 — 
3
.4
%
Carrier
Global
Corp.
.......................
127,289
5,323,226
Fortune
Brands
Innovations,
Inc.
..............
248,395
16,068,672
Johnson
Controls
International
PLC
............
779,189
46,626,670
Owens
Corning
..........................
75,969
8,114,249
Trane
Technologies
PLC
....................
183,220
34,044,108
110,176,925
a
Capital
Markets
 — 
3
.8
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
389,731
16,598,643
BlackRock,
Inc.
(c)
.........................
8,872
5,954,886
FactSet
Research
Systems,
Inc.
...............
14,995
6,173,292
Invesco
Ltd.
............................
299,129
5,124,080
Moody's
Corp.
...........................
51,343
16,076,520
Morgan
Stanley
..........................
380,715
34,252,928
Nasdaq,
Inc.
............................
55,484
3,072,149
Northern
Trust
Corp.
.......................
147,857
11,556,503
S&P
Global,
Inc.
.........................
53,058
19,237,770
State
Street
Corp.
........................
60,376
4,362,770
122,409,541
a
Chemicals
 — 
2
.4
%
Ecolab,
Inc.
............................
262,312
44,026,446
International
Flavors
&
Fragrances,
Inc.
..........
77,657
7,529,623
Linde
PLC
.............................
42,376
15,655,813
Mosaic
Co.
(The)
.........................
198,738
8,515,923
Security
Shares
Value
a
Chemicals
(continued)
PPG
Industries,
Inc.
.......................
25,354
$
3,556,152
79,283,957
a
Communications
Equipment
 — 
1
.0
%
Cisco
Systems,
Inc.
.......................
574,142
27,128,210
Motorola
Solutions,
Inc.
....................
17,658
5,145,541
32,273,751
a
Construction
&
Engineering
 — 
0
.2
%
Quanta
Services,
Inc.
......................
34,147
5,792,697
a
Consumer
Finance
 — 
0
.9
%
American
Express
Co.
.....................
160,238
25,852,799
Synchrony
Financial
.......................
132,094
3,898,094
29,750,893
a
Consumer
Staples
Distribution
&
Retail
 — 
0
.9
%
Costco
Wholesale
Corp.
....................
16,298
8,201,479
Kroger
Co.
(The)
.........................
157,335
7,651,201
Target
Corp.
............................
78,541
12,389,843
28,242,523
a
Containers
&
Packaging
 — 
0
.5
%
Amcor
PLC
.............................
877,821
9,629,696
Ball
Corp.
..............................
102,727
5,463,022
15,092,718
a
Distributors
 — 
0
.5
%
LKQ
Corp.
.............................
267,171
15,423,782
a
Diversified
Telecommunication
Services
 — 
0
.6
%
Verizon
Communications,
Inc.
................
535,077
20,777,040
a
Electric
Utilities
 — 
0
.7
%
Eversource
Energy
.......................
292,499
22,700,847
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.5
%
Keysight
Technologies,
Inc.
(a)
.................
69,237
10,014,440
Trimble,
Inc.
(a)
...........................
163,442
7,698,118
17,712,558
a
Energy
Equipment
&
Services
 — 
1
.6
%
Baker
Hughes
Co.
,
Class
A
..................
536,605
15,690,330
Halliburton
Co.
..........................
615,208
20,148,062
Schlumberger
Ltd.
........................
352,316
17,386,795
53,225,187
a
Entertainment
 — 
1
.2
%
Electronic
Arts,
Inc.
.......................
95,513
12,156,895
Walt
Disney
Co.
(The)
(a)
....................
265,963
27,261,207
39,418,102
a
Financial
Services
 — 
2
.4
%
Fidelity
National
Information
Services,
Inc.
........
107,134
6,290,908
Mastercard,
Inc.
,
Class
A
....................
82,550
31,371,477
PayPal
Holdings,
Inc.
(a)
.....................
77,704
5,905,504
Visa,
Inc.
,
Class
A
(b)
.......................
143,273
33,343,925
76,911,814
a
Food
Products
 — 
3
.7
%
Bunge
Ltd.
.............................
225,284
21,086,582
General
Mills,
Inc.
........................
480,265
42,565,887
Kellogg
Co.
.............................
633,005
44,164,759
McCormick
&
Co.,
Inc.
,
NVS
.................
152,562
13,402,572
121,219,800
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
MSCI
USA
ESG
Select
ETF
(Percentages
shown
are
based
on
Net
Assets)
54
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Gas
Utilities
 — 
0
.3
%
UGI
Corp.
..............................
248,264
$
8,411,184
a
Health
Care
Equipment
&
Supplies
 — 
2
.8
%
Cooper
Companies,
Inc.
(The)
(b)
...............
13,271
5,062,223
Dexcom,
Inc.
(a)
..........................
62,814
7,621,851
Edwards
Lifesciences
Corp.
(a)
................
205,640
18,092,207
Hologic,
Inc.
(a)
...........................
106,509
9,160,839
IDEXX
Laboratories,
Inc.
(a)
...................
37,476
18,444,188
Insulet
Corp.
(a)
...........................
43,672
13,889,443
ResMed,
Inc.
...........................
30,160
7,267,354
STERIS
PLC
............................
59,460
11,211,183
90,749,288
a
Health
Care
Providers
&
Services
 — 
2
.3
%
DaVita,
Inc.
(a)
............................
62,915
5,684,999
Elevance
Health,
Inc.
......................
55,920
26,206,908
HCA
Healthcare,
Inc.
......................
29,892
8,588,868
Humana,
Inc.
...........................
13,290
7,050,212
Laboratory
Corp.
of
America
Holdings
...........
23,002
5,214,784
Molina
Healthcare,
Inc.
(a)
....................
11,066
3,296,451
Quest
Diagnostics,
Inc.
.....................
126,148
17,510,604
73,552,826
a
Health
Care
REITs
 — 
0
.8
%
Healthpeak
Properties,
Inc.
..................
354,911
7,797,395
Ventas,
Inc.
............................
103,688
4,982,208
Welltower,
Inc.
...........................
187,916
14,886,706
27,666,309
a
Hotels,
Restaurants
&
Leisure
 — 
0
.6
%
Hilton
Worldwide
Holdings,
Inc.
...............
77,582
11,173,359
Vail
Resorts,
Inc.
.........................
36,969
8,891,784
20,065,143
a
Household
Products
 — 
2
.0
%
Clorox
Co.
(The)
.........................
29,945
4,959,491
Colgate-Palmolive
Co.
.....................
274,212
21,882,118
Kimberly-Clark
Corp.
......................
146,611
21,242,468
Procter
&
Gamble
Co.
(The)
.................
120,101
18,781,394
66,865,471
a
Industrial
Conglomerates
 — 
0
.9
%
3M
Co.
................................
268,448
28,514,547
a
Industrial
REITs
 — 
0
.2
%
Prologis,
Inc.
............................
54,127
6,779,407
a
Insurance
 — 
1
.6
%
Marsh
&
McLennan
Companies,
Inc.
............
79,036
14,241,497
Prudential
Financial,
Inc.
....................
287,388
25,002,756
Travelers
Companies,
Inc.
(The)
...............
78,233
14,171,125
53,415,378
a
Interactive
Media
&
Services
 — 
3
.0
%
Alphabet,
Inc.
,
Class
A
(a)
....................
505,854
54,298,368
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
338,498
36,632,254
ZoomInfo
Technologies,
Inc.
(a)
................
253,562
5,555,543
96,486,165
a
IT
Services
 — 
2
.0
%
Accenture
PLC
,
Class
A
....................
115,900
32,485,611
International
Business
Machines
Corp.
..........
162,393
20,528,099
Okta,
Inc.
,
Class
A
(a)
.......................
62,705
4,297,174
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
20,034
2,966,635
Twilio,
Inc.
,
Class
A
(a)
(b)
.....................
120,510
6,340,031
66,617,550
a
Security
Shares
Value
a
Leisure
Products
 — 
0
.8
%
Hasbro,
Inc.
............................
417,433
$
24,720,382
a
Life
Sciences
Tools
&
Services
 — 
3
.7
%
Agilent
Technologies,
Inc.
...................
262,219
35,512,319
Avantor,
Inc.
(a)
...........................
180,678
3,519,607
Danaher
Corp.
..........................
99,176
23,495,786
Illumina,
Inc.
(a)
(b)
..........................
19,998
4,110,789
Mettler-Toledo
International,
Inc.
(a)
.............
8,890
13,259,435
Waters
Corp.
(a)
..........................
85,346
25,634,525
West
Pharmaceutical
Services,
Inc.
............
45,161
16,313,960
121,846,421
a
Machinery
 — 
2
.4
%
Caterpillar,
Inc.
..........................
13,169
2,881,377
Cummins,
Inc.
...........................
83,386
19,599,046
Deere
&
Co.
............................
8,048
3,042,305
Pentair
PLC
............................
468,789
27,227,265
Xylem,
Inc.
.............................
245,282
25,470,083
78,220,076
a
Media
 — 
0
.2
%
Interpublic
Group
of
Companies,
Inc.
(The)
.......
204,555
7,308,750
a
Metals
&
Mining
 — 
0
.4
%
Newmont
Corp.
..........................
167,533
7,941,064
Nucor
Corp.
............................
24,013
3,558,247
11,499,311
a
Multi-Utilities
 — 
0
.3
%
Consolidated
Edison,
Inc.
...................
69,848
6,877,932
Sempra
Energy
..........................
20,591
3,201,695
10,079,627
a
Oil,
Gas
&
Consumable
Fuels
 — 
2
.7
%
Cheniere
Energy,
Inc.
......................
173,429
26,534,637
Kinder
Morgan,
Inc.
,
Class
P
.................
178,866
3,067,552
ONEOK,
Inc.
............................
743,030
48,601,592
Valero
Energy
Corp.
.......................
86,914
9,966,429
88,170,210
a
Pharmaceuticals
 — 
2
.6
%
Eli
Lilly
&
Co.
...........................
58,770
23,264,692
Merck
&
Co.,
Inc.
.........................
274,471
31,693,166
Zoetis,
Inc.
,
Class
A
.......................
169,514
29,797,171
84,755,029
a
Professional
Services
 — 
1
.4
%
Automatic
Data
Processing,
Inc.
...............
195,483
43,006,260
Robert
Half
International,
Inc.
.................
53,114
3,877,322
46,883,582
a
Real
Estate
Management
&
Development
 — 
0
.8
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
356,795
27,351,905
a
Semiconductors
&
Semiconductor
Equipment
 — 
6
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
76,065
6,797,929
Applied
Materials,
Inc.
.....................
215,419
24,348,810
First
Solar,
Inc.
(a)
(b)
........................
19,642
3,586,236
Intel
Corp.
.............................
583,991
18,138,761
Lam
Research
Corp.
......................
28,285
14,823,603
Marvell
Technology,
Inc.
(b)
...................
71,108
2,807,344
NVIDIA
Corp.
...........................
308,145
85,507,156
NXP
Semiconductors
NV
...................
67,818
11,104,519
QUALCOMM,
Inc.
........................
50,324
5,877,843
Texas
Instruments,
Inc.
.....................
285,926
47,806,827
220,799,028
a
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
55
Schedule
of
Investments
Security
Shares
Value
a
Software
 — 
12
.0
%
Adobe,
Inc.
(a)
............................
112,779
$
42,580,839
ANSYS,
Inc.
(a)
...........................
31,096
9,761,656
Autodesk,
Inc.
(a)
..........................
90,305
17,590,511
Cadence
Design
Systems,
Inc.
(a)
..............
115,917
24,278,816
HubSpot,
Inc.
(a)
..........................
12,253
5,157,900
Intuit,
Inc.
..............................
62,279
27,648,762
Microsoft
Corp.
..........................
618,768
190,122,655
PTC,
Inc.
(a)
.............................
31,496
3,961,882
Salesforce,
Inc.
(a)
.........................
164,466
32,625,121
ServiceNow,
Inc.
(a)
........................
39,620
18,202,220
Splunk,
Inc.
(a)
...........................
40,460
3,489,271
VMware,
Inc.
,
Class
A
(a)
....................
34,540
4,318,536
Workday,
Inc.
,
Class
A
(a)
(b)
...................
64,965
12,092,585
391,830,754
a
Specialized
REITs
 — 
1
.4
%
American
Tower
Corp.
.....................
79,885
16,327,695
Crown
Castle,
Inc.
........................
46,090
5,673,218
Equinix,
Inc.
............................
28,026
20,293,066
Iron
Mountain,
Inc.
........................
81,778
4,517,417
46,811,396
a
Specialty
Retail
 — 
3
.3
%
Best
Buy
Co.,
Inc.
........................
258,530
19,265,656
Home
Depot,
Inc.
(The)
....................
185,258
55,677,439
Lowe's
Companies,
Inc.
....................
123,971
25,764,893
Tractor
Supply
Co.
........................
22,703
5,412,395
106,120,383
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.2
%
Apple,
Inc.
.............................
1,033,291
175,328,817
Hewlett
Packard
Enterprise
Co.
...............
1,415,981
20,276,848
HP,
Inc.
...............................
251,594
7,474,858
203,080,523
a
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.2
%
Lululemon
Athletica,
Inc.
(a)
...................
10,368
$
3,939,114
VF
Corp.
..............................
169,000
3,973,190
7,912,304
a
Trading
Companies
&
Distributors
 — 
2
.2
%
Ferguson
PLC
...........................
193,133
27,196,989
WW
Grainger,
Inc.
........................
64,155
44,624,293
71,821,282
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
3,236,173,315
)
...............................
3,252,290,542
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
20,901,024
20,907,295
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
4,450,515
4,450,515
a
Total
Short-Term
Securities — 0.8%
(Cost:
$
25,351,775
)
.................................
25,357,810
Total
Investments
—
100.5%
(Cost:
$
3,261,525,090
)
...............................
3,277,648,352
Liabilities
in
Excess
of
Other
Assets
—
(
0
.5
)
%
...............
(
17,620,524
)
Net
Assets
—
100.0%
.................................
$
3,260,027,828
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
14,194,811
$
6,708,877
(a)
$
—
$
3,444
$
163
$
20,907,295
20,901,024
$
368,152
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
8,900,000
—
(
4,449,485
)
(a)
—
—
4,450,515
4,450,515
191,024
5
BlackRock,
Inc.
..
47,282,029
2,803,690
(
48,748,345
)
(
3,149,122
)
7,766,634
5,954,886
8,872
1,119,247
—
$
(
3,145,678
)
$
7,766,797
$
31,312,696
$
1,678,423
$
5
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
MSCI
USA
ESG
Select
ETF
56
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
35
06/16/23
$
7,330
$
290,094
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)
.............
$
—
$
—
$
290,094
$
—
$
—
$
—
$
290,094
(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
..................................
$
—
$
—
$
(
858,705
)
$
—
$
—
$
—
$
(
858,705
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
599,604
$
—
$
—
$
—
$
599,604
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
8,867,163
a
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(continued)
April
30,
2023
57
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
.........................................
$
3,252,290,542
‌
$
—
‌
$
—
‌
$
3,252,290,542
‌
Short-Term
Securities
Money
Market
Funds
......................................
25,357,810
‌
—
‌
—
‌
25,357,810
‌
$
3,277,648,352
‌
$
—
‌
$
—
‌
$
3,277,648,352
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
290,094
‌
$
—
‌
$
—
‌
$
290,094
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Basic
Materials
ETF
(Percentages
shown
are
based
on
Net
Assets)
58
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.9
%
Hexcel
Corp.
............................
107,673
$
7,761,070
a
Chemicals
 — 
63
.0
%
Air
Products
and
Chemicals,
Inc.
..............
249,590
73,469,312
Albemarle
Corp.
.........................
135,812
25,187,694
Ashland,
Inc.
............................
65,091
6,613,897
Celanese
Corp.
..........................
139,172
14,785,633
CF
Industries
Holdings,
Inc.
..................
251,628
18,011,532
Chemours
Co.
(The)
.......................
189,307
5,503,154
Dow,
Inc.
..............................
757,257
41,194,781
Eastman
Chemical
Co.
.....................
153,690
12,951,456
Ecolab,
Inc.
............................
289,437
48,579,106
Element
Solutions,
Inc.
.....................
289,819
5,260,215
FMC
Corp.
.............................
161,869
20,003,771
Huntsman
Corp.
.........................
234,301
6,276,924
International
Flavors
&
Fragrances,
Inc.
..........
323,533
31,369,760
Linde
PLC
.............................
536,870
198,346,621
LyondellBasell
Industries
NV
,
Class
A
...........
318,182
30,103,199
Mosaic
Co.
(The)
.........................
437,066
18,728,278
NewMarket
Corp.
.........................
7,376
2,947,450
Olin
Corp.
..............................
156,662
8,679,075
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
51,793
3,460,290
Westlake
Corp.
..........................
42,359
4,819,607
576,291,755
a
Containers
&
Packaging
 — 
3
.6
%
Avery
Dennison
Corp.
......................
104,630
18,255,842
International
Paper
Co.
.....................
456,442
15,112,795
33,368,637
a
Machinery
 — 
0
.7
%
Timken
Co.
(The)
.........................
78,594
6,039,949
a
Metals
&
Mining
 — 
26
.1
%
Alcoa
Corp.
.............................
227,178
8,437,391
Cleveland-Cliffs,
Inc.
(a)
.....................
656,653
10,099,323
Freeport-McMoRan,
Inc.
....................
1,616,828
61,293,949
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
116,424
2,522,908
Security
Shares
Value
a
Metals
&
Mining
(continued)
Newmont
Corp.
..........................
891,274
$
42,246,388
Nucor
Corp.
............................
296,197
43,890,471
Reliance
Steel
&
Aluminum
Co.
...............
75,042
18,595,408
Royal
Gold,
Inc.
(b)
.........................
84,202
11,151,713
Southern
Copper
Corp.
.....................
109,758
8,432,707
SSR
Mining,
Inc.
.........................
264,931
3,793,812
Steel
Dynamics,
Inc.
.......................
212,496
22,088,959
United
States
Steel
Corp.
...................
288,519
6,601,315
239,154,344
a
Specialty
Retail
 — 
0
.8
%
Valvoline,
Inc.
...........................
220,674
7,624,287
a
Trading
Companies
&
Distributors
 — 
4
.7
%
Fastenal
Co.
............................
662,622
35,675,568
Univar
Solutions,
Inc.
(a)
.....................
206,607
7,334,549
43,010,117
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
972,770,618
)
................................
913,250,159
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
7,524,501
7,526,758
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
1,207,959
1,207,959
a
Total
Short-Term
Securities — 0.9%
(Cost:
$
8,731,031
)
..................................
8,734,717
Total
Investments
—
100.7%
(Cost:
$
981,501,649
)
................................
921,984,876
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
6,543,815
)
Net
Assets
—
100.0%
.................................
$
915,441,061
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
—
$
7,513,917
(a)
$
—
$
9,155
$
3,686
$
7,526,758
7,524,501
$
33,808
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,980,000
—
(
772,041
)
(a)
—
—
1,207,959
1,207,959
38,138
1
$
9,155
$
3,686
$
8,734,717
$
71,946
$
1
iShares
®
U.S.
Basic
Materials
ETF
Schedule
of
Investments
(continued)
April
30,
2023
59
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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Materials
Select
Sector
Index
.........................................................
23
06/16/23
$
1,971
$
43,776
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)
.............
$
—
$
—
$
43,776
$
—
$
—
$
—
$
43,776
(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
..................................
$
—
$
—
$
(
577,961
)
$
—
$
—
$
—
$
(
577,961
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
58,347
$
—
$
—
$
—
$
58,347
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,968,448
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Basic
Materials
ETF
60
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
913,250,159
‌
$
—
‌
$
—
‌
$
913,250,159
‌
Short-Term
Securities
Money
Market
Funds
......................................
8,734,717
‌
—
‌
—
‌
8,734,717
‌
$
921,984,876
‌
$
—
‌
$
—
‌
$
921,984,876
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
43,776
‌
$
—
‌
$
—
‌
$
43,776
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Consumer
Discretionary
ETF
Schedule
of
Investments
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
61
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Automobile
Components
 — 
1
.1
%
Aptiv
PLC
(a)
.............................
38,537
$
3,963,916
BorgWarner,
Inc.
.........................
33,263
1,600,948
Gentex
Corp.
...........................
33,486
923,879
Lear
Corp.
.............................
8,382
1,070,046
QuantumScape
Corp.
,
Class
A
(a)
(b)
.............
36,740
257,180
7,815,969
a
Automobiles
 — 
9
.2
%
Ford
Motor
Co.
..........................
562,256
6,679,601
General
Motors
Co.
.......................
198,418
6,555,731
Harley-Davidson,
Inc.
......................
19,174
711,356
Lucid
Group,
Inc.
(a)
(b)
.......................
82,776
657,242
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
74,071
949,590
Tesla,
Inc.
(a)
.............................
291,230
47,852,001
Thor
Industries,
Inc.
.......................
7,356
581,271
63,986,792
a
Broadline
Retail
 — 
15
.3
%
Amazon.com,
Inc.
(a)
.......................
945,708
99,724,909
eBay,
Inc.
..............................
77,401
3,593,728
Etsy,
Inc.
(a)
(b)
............................
17,821
1,800,456
Kohl's
Corp.
............................
15,670
345,210
Macy's,
Inc.
............................
38,405
627,538
Nordstrom,
Inc.
..........................
16,066
248,380
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
8,893
580,268
106,920,489
a
Commercial
Services
&
Supplies
 — 
1
.0
%
Copart,
Inc.
(a)
...........................
60,762
4,803,236
Driven
Brands
Holdings,
Inc.
(a)
(b)
...............
8,928
274,090
Ritchie
Bros
Auctioneers,
Inc.
................
10,019
572,987
Rollins,
Inc.
.............................
33,021
1,395,137
7,045,450
a
Consumer
Staples
Distribution
&
Retail
 — 
11
.5
%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
19,096
1,458,361
Costco
Wholesale
Corp.
....................
55,449
27,903,046
Dollar
General
Corp.
......................
32,151
7,120,160
Dollar
Tree,
Inc.
(a)
.........................
29,763
4,574,871
Target
Corp.
............................
66,081
10,424,278
Walmart,
Inc.
............................
188,442
28,449,089
79,929,805
a
Distributors
 — 
1
.1
%
Genuine
Parts
Co.
........................
19,792
3,331,192
LKQ
Corp.
.............................
35,630
2,056,920
Pool
Corp.
.............................
5,422
1,904,857
7,292,969
a
Diversified
Consumer
Services
 — 
0
.5
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
8,194
623,727
Grand
Canyon
Education,
Inc.
(a)
...............
4,369
518,600
H&R
Block,
Inc.
..........................
21,682
735,237
Mister
Car
Wash,
Inc.
(a)
(b)
....................
11,113
98,017
Service
Corp.
International
..................
21,318
1,496,310
3,471,891
a
Entertainment
 — 
11
.3
%
Activision
Blizzard,
Inc.
(a)
....................
110,801
8,610,346
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
73,703
405,366
Electronic
Arts,
Inc.
.......................
38,962
4,959,083
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
A
(a)
.
2,956
191,490
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
28,598
2,064,489
Security
Shares
Value
a
Entertainment
(continued)
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
22,229
$
1,506,682
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
2,656
532,528
Netflix,
Inc.
(a)
............................
62,460
20,607,428
Playtika
Holding
Corp.
(a)
....................
12,755
127,550
ROBLOX
Corp.
,
Class
A
(a)
...................
63,771
2,270,248
Spotify
Technology
SA
(a)
(b)
...................
19,953
2,665,721
Take-Two
Interactive
Software,
Inc.
(a)
............
23,555
2,927,651
Walt
Disney
Co.
(The)
(a)
....................
259,979
26,647,847
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
336,297
4,577,002
World
Wrestling
Entertainment,
Inc.
,
Class
A
(b)
.....
6,136
657,595
78,751,026
a
Ground
Transportation
 — 
1
.5
%
Avis
Budget
Group,
Inc.
(a)
...................
3,638
642,725
Hertz
Global
Holdings,
Inc.
(a)
.................
25,973
433,230
Lyft,
Inc.
,
Class
A
(a)
........................
46,458
476,195
Uber
Technologies,
Inc.
(a)
...................
273,781
8,500,900
U-Haul
Holding
Co.
.......................
1,244
75,959
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
11,542
624,422
10,753,431
a
Hotels,
Restaurants
&
Leisure
 — 
17
.8
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.....................
53,517
6,404,379
Aramark
...............................
33,520
1,163,144
Booking
Holdings,
Inc.
(a)
....................
5,538
14,876,785
Boyd
Gaming
Corp.
.......................
10,882
755,211
Caesars
Entertainment,
Inc.
(a)
................
29,238
1,324,189
Carnival
Corp.
(a)
(b)
.........................
139,040
1,280,559
Chipotle
Mexican
Grill,
Inc.
(a)
.................
3,919
8,103,003
Choice
Hotels
International,
Inc.
...............
4,585
584,679
Churchill
Downs,
Inc.
......................
5,087
1,488,100
Darden
Restaurants,
Inc.
...................
17,452
2,651,482
Domino's
Pizza,
Inc.
.......................
5,029
1,596,557
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
50,440
1,105,140
Expedia
Group,
Inc.
(a)
......................
21,020
1,975,039
Hilton
Worldwide
Holdings,
Inc.
...............
37,418
5,388,940
Hyatt
Hotels
Corp.
,
Class
A
(a)
.................
6,747
771,182
Las
Vegas
Sands
Corp.
(a)
...................
47,149
3,010,464
Marriott
International,
Inc.
,
Class
A
.............
37,857
6,410,704
Marriott
Vacations
Worldwide
Corp.
.............
5,326
716,667
McDonald's
Corp.
........................
97,944
28,966,938
MGM
Resorts
International
..................
45,130
2,027,240
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
59,601
795,673
Penn
Entertainment,
Inc.
(a)
(b)
.................
22,018
655,916
Planet
Fitness,
Inc.
,
Class
A
(a)
................
11,893
988,784
Royal
Caribbean
Cruises
Ltd.
(a)
(b)
..............
31,393
2,054,044
Six
Flags
Entertainment
Corp.
(a)
...............
10,668
258,912
Starbucks
Corp.
..........................
163,613
18,699,330
Travel
+
Leisure
Co.
.......................
11,368
435,053
Vail
Resorts,
Inc.
.........................
5,735
1,379,382
Wendy's
Co.
(The)
........................
24,303
537,096
Wyndham
Hotels
&
Resorts,
Inc.
..............
12,370
843,882
Wynn
Resorts
Ltd.
(a)
.......................
14,857
1,697,858
Yum!
Brands,
Inc.
........................
40,203
5,651,738
124,598,070
a
Household
Durables
 — 
2
.9
%
DR
Horton,
Inc.
..........................
44,980
4,939,704
Garmin
Ltd.
.............................
21,976
2,157,384
Leggett
&
Platt,
Inc.
.......................
18,965
612,759
Lennar
Corp.
,
Class
A
......................
35,745
4,032,393
Lennar
Corp.
,
Class
B
.....................
2,079
203,368
Newell
Brands,
Inc.
.......................
53,800
653,670
NVR,
Inc.
(a)
.............................
416
2,429,440
PulteGroup,
Inc.
.........................
32,305
2,169,281
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Consumer
Discretionary
ETF
(Percentages
shown
are
based
on
Net
Assets)
62
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Household
Durables
(continued)
Tempur
Sealy
International,
Inc.
...............
23,700
$
888,039
Toll
Brothers,
Inc.
.........................
15,713
1,004,218
Whirlpool
Corp.
..........................
7,601
1,061,023
20,151,279
a
Interactive
Media
&
Services
 — 
0
.0
%
TripAdvisor,
Inc.
(a)
........................
14,628
259,355
a
Leisure
Products
 — 
0
.5
%
Hasbro,
Inc.
............................
18,727
1,109,013
Mattel,
Inc.
(a)
............................
50,096
901,728
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
43,924
390,045
Polaris,
Inc.
.............................
7,845
852,359
YETI
Holdings,
Inc.
(a)
(b)
.....................
12,289
484,801
3,737,946
a
Media
 — 
2
.4
%
Fox
Corp.
,
Class
A
,
NVS
....................
41,573
1,382,718
Fox
Corp.
,
Class
B
........................
19,878
607,074
Interpublic
Group
of
Companies,
Inc.
(The)
.......
55,305
1,976,048
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
(a)
....
10,745
301,934
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
22,053
616,161
New
York
Times
Co.
(The)
,
Class
A
.............
23,142
919,895
News
Corp.
,
Class
A
,
NVS
..................
54,140
953,405
News
Corp.
,
Class
B
......................
16,944
300,756
Nexstar
Media
Group,
Inc.
...................
5,164
895,696
Omnicom
Group,
Inc.
......................
28,573
2,587,857
Paramount
Global
,
Class
A
(b)
.................
1,115
29,503
Paramount
Global
,
Class
B
,
NVS
..............
82,198
1,917,679
Sirius
XM
Holdings,
Inc.
(b)
...................
100,013
380,049
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
62,557
4,024,917
16,893,692
a
Passenger
Airlines
 — 
1
.5
%
Alaska
Air
Group,
Inc.
(a)
.....................
17,833
775,022
American
Airlines
Group,
Inc.
(a)
(b)
..............
92,052
1,255,589
Copa
Holdings
SA
,
Class
A
,
NVS
..............
4,044
365,254
Delta
Air
Lines,
Inc.
(a)
......................
91,253
3,130,891
JetBlue
Airways
Corp.
(a)
....................
45,826
327,198
Southwest
Airlines
Co.
.....................
84,417
2,556,991
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
46,493
2,036,393
10,447,338
a
Personal
Care
Products
 — 
1
.2
%
Coty,
Inc.
,
Class
A
(a)
.......................
50,076
594,402
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
32,736
8,076,626
8,671,028
a
Specialty
Retail
 — 
15
.6
%
Advance
Auto
Parts,
Inc.
....................
8,441
1,059,599
AutoNation,
Inc.
(a)
(b)
.......................
4,805
632,818
AutoZone,
Inc.
(a)
.........................
2,674
7,121,691
Bath
&
Body
Works,
Inc.
....................
32,610
1,144,611
Best
Buy
Co.,
Inc.
........................
28,178
2,099,825
Burlington
Stores,
Inc.
(a)
....................
9,253
1,784,071
CarMax,
Inc.
(a)
(b)
..........................
22,500
1,575,675
Carvana
Co.
,
Class
A
(a)
(b)
....................
14,312
99,325
Dick's
Sporting
Goods,
Inc.
..................
7,576
1,098,596
Five
Below,
Inc.
(a)
.........................
7,777
1,534,869
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.........
14,709
1,461,192
GameStop
Corp.
,
Class
A
(a)
(b)
.................
38,261
738,055
Gap,
Inc.
(The)
..........................
27,930
268,128
Home
Depot,
Inc.
(The)
....................
105,512
31,710,576
Leslie's,
Inc.
(a)
(b)
..........................
24,988
271,120
Lithia
Motors,
Inc.
........................
3,863
853,298
Lowe's
Companies,
Inc.
....................
86,321
17,940,093
Security
Shares
Value
a
Specialty
Retail
(continued)
O'Reilly
Automotive,
Inc.
(a)
...................
8,838
$
8,107,186
Penske
Automotive
Group,
Inc.
(b)
..............
3,675
509,281
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
11,339
112,936
RH
(a)
.................................
2,590
660,787
Ross
Stores,
Inc.
.........................
48,604
5,187,505
TJX
Companies,
Inc.
(The)
..................
165,603
13,052,828
Tractor
Supply
Co.
........................
15,738
3,751,939
Ulta
Beauty,
Inc.
(a)
........................
7,185
3,962,025
Victoria's
Secret
&
Co.
(a)
(b)
...................
11,562
358,538
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
11,238
391,420
Williams-Sonoma,
Inc.
.....................
9,437
1,142,254
108,630,241
a
Textiles,
Apparel
&
Luxury
Goods
 — 
5
.3
%
Capri
Holdings
Ltd.
(a)
......................
17,473
725,130
Carter's,
Inc.
............................
5,321
371,246
Columbia
Sportswear
Co.
(b)
..................
5,130
428,560
Deckers
Outdoor
Corp.
(a)
....................
3,755
1,799,922
Hanesbrands,
Inc.
........................
50,051
262,267
Lululemon
Athletica,
Inc.
(a)
...................
15,925
6,050,385
Nike,
Inc.
,
Class
B
........................
171,649
21,751,361
PVH
Corp.
.............................
8,986
771,089
Ralph
Lauren
Corp.
,
Class
A
.................
5,775
662,912
Skechers
USA,
Inc.
,
Class
A
(a)
................
19,064
1,014,014
Tapestry,
Inc.
............................
33,658
1,373,583
Under
Armour,
Inc.
,
Class
A
(a)
(b)
...............
27,069
240,102
Under
Armour,
Inc.
,
Class
C
(a)
................
27,214
218,801
VF
Corp.
..............................
49,824
1,171,362
36,840,734
a
Trading
Companies
&
Distributors
 — 
0
.1
%
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
6,342
936,967
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
830,358,636
)
................................
697,134,472
a
Short-Term
Securities
Money
Market
Funds
 — 
3
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
23,586,580
23,593,656
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
1,197,915
1,197,915
a
Total
Short-Term
Securities — 3.5%
(Cost:
$
24,783,234
)
.................................
24,791,571
Total
Investments
—
103.3%
(Cost:
$
855,141,870
)
................................
721,926,043
Liabilities
in
Excess
of
Other
Assets
—
(
3
.3
)
%
...............
(
23,326,112
)
Net
Assets
—
100.0%
.................................
$
698,599,931
(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
Discretionary
ETF
Schedule
of
Investments
(continued)
April
30,
2023
63
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
26,606,180
‌
$
—
‌
$
(
3,059,634
)
(a)
$
47,735
‌
$
(
625
)
$
23,593,656
‌
23,586,580
‌
$
479,047
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
620,000
‌
577,915
(a)
—
‌
—
‌
—
‌
1,197,915
‌
1,197,915
‌
31,095
‌
1
‌
$
47,735
‌
$
(
625
)
$
24,791,571
‌
$
510,142
‌
$
1
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
Communication
Services
Select
Sector
Index
...........................................
2
06/16/23
$
158
$
9,345
E-Mini
S&P
Consumer
Discretionary
Select
Sector
Index
...........................................
6
06/16/23
900
38,057
E-Mini
S&P
MidCap
400
Index
.............................................................
1
06/16/23
250
3,067
$
50,469
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)
.............
$
—
$
—
$
50,469
$
—
$
—
$
—
$
50,469
(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
.................................
$
—
$
—
$
(
139,842
)
$
—
$
—
$
—
$
(
139,842
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
92,479
$
—
$
—
$
—
$
92,479
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Consumer
Discretionary
ETF
64
2023
iShares
Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,044,059
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
697,134,472
‌
$
—
‌
$
—
‌
$
697,134,472
‌
Short-Term
Securities
Money
Market
Funds
......................................
24,791,571
‌
—
‌
—
‌
24,791,571
‌
$
721,926,043
‌
$
—
‌
$
—
‌
$
721,926,043
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
50,469
‌
$
—
‌
$
—
‌
$
50,469
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Consumer
Staples
ETF
Schedule
of
Investments
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
65
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Beverages
 — 
29
.0
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
.......
8,198
$
2,602,947
Brown-Forman
Corp.
,
Class
A
................
39,479
2,600,876
Brown-Forman
Corp.
,
Class
B
,
NVS
............
159,362
10,372,873
Coca-Cola
Co.
(The)
......................
3,111,055
199,574,178
Constellation
Brands,
Inc.
,
Class
A
.............
131,608
30,200,088
Keurig
Dr
Pepper,
Inc.
.....................
744,841
24,356,300
Molson
Coors
Beverage
Co.
,
Class
B
...........
151,989
9,040,306
Monster
Beverage
Corp.
(a)
...................
636,188
35,626,528
PepsiCo,
Inc.
...........................
1,101,083
210,185,734
524,559,830
a
Chemicals
 — 
2
.1
%
Corteva,
Inc.
............................
621,324
37,975,323
a
Consumer
Staples
Distribution
&
Retail
 — 
6
.2
%
Albertsons
Companies,
Inc.
,
Class
A
............
202,245
4,226,920
Casey's
General
Stores,
Inc.
.................
32,209
7,370,063
Grocery
Outlet
Holding
Corp.
(a)
(b)
...............
76,568
2,280,195
Kroger
Co.
(The)
.........................
569,473
27,693,472
Performance
Food
Group
Co.
(a)
(b)
..............
132,079
8,280,033
Sysco
Corp.
............................
441,217
33,858,993
U.S.
Foods
Holding
Corp.
(a)
..................
175,002
6,720,077
Walgreens
Boots
Alliance,
Inc.
................
623,109
21,964,592
112,394,345
a
Food
Products
 — 
20
.5
%
Archer-Daniels-Midland
Co.
..................
475,018
37,089,405
Bunge
Ltd.
.............................
120,009
11,232,842
Campbell
Soup
Co.
.......................
168,313
9,139,396
Conagra
Brands,
Inc.
......................
408,743
15,515,884
Darling
Ingredients,
Inc.
(a)
...................
138,951
8,277,311
Flowers
Foods,
Inc.
.......................
162,700
4,475,877
Freshpet,
Inc.
(a)
(b)
.........................
39,444
2,720,453
General
Mills,
Inc.
........................
512,360
45,410,467
Hershey
Co.
(The)
........................
126,761
34,613,359
Hormel
Foods
Corp.
.......................
248,939
10,067,093
Ingredion,
Inc.
...........................
56,844
6,035,128
J
M
Smucker
Co.
(The)
.....................
89,525
13,823,555
Kellogg
Co.
.............................
221,398
15,446,939
Kraft
Heinz
Co.
(The)
......................
606,996
23,836,733
Lamb
Weston
Holdings,
Inc.
.................
125,172
13,995,481
McCormick
&
Co.,
Inc.
,
NVS
.................
217,682
19,123,364
Mondelez
International,
Inc.
,
Class
A
............
1,040,520
79,828,694
Pilgrim's
Pride
Corp.
(a)
.....................
40,402
921,570
Post
Holdings,
Inc.
(a)
(b)
......................
46,813
4,236,108
Seaboard
Corp.
..........................
220
867,035
Security
Shares
Value
a
Food
Products
(continued)
Tyson
Foods,
Inc.
,
Class
A
..................
241,605
$
15,097,897
371,754,591
a
Health
Care
Providers
&
Services
 — 
7
.5
%
AmerisourceBergen
Corp.
...................
141,581
23,622,790
CVS
Health
Corp.
........................
951,208
69,733,058
McKesson
Corp.
.........................
119,065
43,368,236
136,724,084
a
Household
Products
 — 
23
.9
%
Church
&
Dwight
Co.,
Inc.
...................
210,854
20,478,140
Clorox
Co.
(The)
.........................
107,007
17,722,499
Colgate-Palmolive
Co.
.....................
698,970
55,777,806
Kimberly-Clark
Corp.
......................
292,358
42,359,751
Procter
&
Gamble
Co.
(The)
.................
1,870,896
292,570,716
Reynolds
Consumer
Products,
Inc.
.............
47,134
1,321,166
Spectrum
Brands
Holdings,
Inc.
...............
34,587
2,300,036
432,530,114
a
Personal
Care
Products
 — 
0
.0
%
Olaplex
Holdings,
Inc.
(a)
(b)
...................
108,690
402,153
a
Tobacco
 — 
10
.5
%
Altria
Group,
Inc.
.........................
1,385,374
65,819,119
Philip
Morris
International,
Inc.
................
1,246,771
124,639,697
190,458,816
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,744,756,145
)
...............................
1,806,799,256
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
4,944,516
4,945,999
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
2,141,939
2,141,939
a
Total
Short-Term
Securities — 0.4%
(Cost:
$
7,087,083
)
..................................
7,087,938
Total
Investments
—
100.1%
(Cost:
$
1,751,843,228
)
...............................
1,813,887,194
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
2,507,628
)
Net
Assets
—
100.0%
.................................
$
1,811,379,566
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Consumer
Staples
ETF
66
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,356,847
‌
$
570,345
(a)
$
—
‌
$
19,235
‌
$
(
428
)
$
4,945,999
‌
4,944,516
‌
$
52,633
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,290,000
‌
—
‌
(
148,061
)
(a)
—
‌
—
‌
2,141,939
‌
2,141,939
‌
73,555
‌
2
‌
$
19,235
‌
$
(
428
)
$
7,087,938
‌
$
126,188
‌
$
2
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Consumer
Staples
Select
Sector
Index
..................................................
56
06/16/23
$
4,383
$
125,492
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)
.............
$
—
$
—
$
125,492
$
—
$
—
$
—
$
125,492
(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
..................................
$
—
$
—
$
257,955
$
—
$
—
$
—
$
257,955
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
153,975
$
—
$
—
$
—
$
153,975
iShares
®
U.S.
Consumer
Staples
ETF
Schedule
of
Investments
(continued)
April
30,
2023
67
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
4,859,160
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,806,799,256
‌
$
—
‌
$
—
‌
$
1,806,799,256
‌
Short-Term
Securities
Money
Market
Funds
......................................
7,087,938
‌
—
‌
—
‌
7,087,938
‌
$
1,813,887,194
‌
$
—
‌
$
—
‌
$
1,813,887,194
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
125,492
‌
$
—
‌
$
—
‌
$
125,492
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Energy
ETF
(Percentages
shown
are
based
on
Net
Assets)
68
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Electrical
Equipment
 — 
0
.4
%
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
235,265
$
2,039,748
Plug
Power,
Inc.
(a)
(b)
.......................
482,807
4,359,747
6,399,495
a
Energy
Equipment
&
Services
 — 
8
.0
%
Baker
Hughes
Co.
,
Class
A
..................
876,922
25,641,199
Halliburton
Co.
..........................
836,597
27,398,552
NOV,
Inc.
..............................
364,664
6,108,122
Schlumberger
Ltd.
........................
1,308,771
64,587,849
123,735,722
a
Oil,
Gas
&
Consumable
Fuels
 — 
88
.9
%
Antero
Midstream
Corp.
....................
312,527
3,362,791
Antero
Resources
Corp.
(a)
(b)
..................
263,603
6,060,233
APA
Corp.
.............................
298,254
10,990,660
Cheniere
Energy,
Inc.
......................
231,771
35,460,963
Chesapeake
Energy
Corp.
..................
112,767
9,323,576
Chevron
Corp.
...........................
1,503,530
253,465,087
ConocoPhillips
..........................
998,783
102,764,783
Coterra
Energy,
Inc.
.......................
730,674
18,705,254
Devon
Energy
Corp.
.......................
605,659
32,360,360
Diamondback
Energy,
Inc.
...................
166,695
23,704,029
DT
Midstream,
Inc.
........................
90,085
4,438,488
Enviva,
Inc.
.............................
28,712
617,308
EOG
Resources,
Inc.
......................
542,275
64,785,594
EQT
Corp.
.............................
343,066
11,952,419
Exxon
Mobil
Corp.
........................
3,169,270
375,051,412
Hess
Corp.
.............................
262,191
38,033,426
HF
Sinclair
Corp.
.........................
125,379
5,530,468
Kinder
Morgan,
Inc.
,
Class
P
.................
1,850,621
31,738,150
Marathon
Oil
Corp.
........................
589,406
14,240,049
Marathon
Petroleum
Corp.
..................
420,885
51,347,970
New
Fortress
Energy,
Inc.
,
Class
A
.............
51,146
1,549,212
Occidental
Petroleum
Corp.
..................
738,201
45,421,508
ONEOK,
Inc.
............................
413,904
27,073,461
Ovintiv,
Inc.
.............................
228,596
8,247,744
PDC
Energy,
Inc.
.........................
81,628
5,309,901
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Phillips
66
..............................
433,635
$
42,929,865
Pioneer
Natural
Resources
Co.
...............
221,062
48,092,038
Range
Resources
Corp.
....................
218,884
5,789,482
Southwestern
Energy
Co.
(a)
(b)
.................
1,022,854
5,308,612
Targa
Resources
Corp.
.....................
210,362
15,888,642
Texas
Pacific
Land
Corp.
....................
5,316
7,855,187
Valero
Energy
Corp.
.......................
357,672
41,014,248
Vitesse
Energy,
Inc.
.......................
23,138
425,739
Williams
Companies,
Inc.
(The)
...............
1,134,229
34,321,770
1,383,160,429
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.5
%
Enphase
Energy,
Inc.
(a)
(b)
....................
121,853
20,008,263
First
Solar,
Inc.
(a)
(b)
........................
98,887
18,054,788
38,063,051
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,227,294,904
)
...............................
1,551,358,697
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
11,916,037
11,919,612
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
2,781,854
2,781,854
a
Total
Short-Term
Securities — 0.9%
(Cost:
$
14,696,737
)
.................................
14,701,466
Total
Investments
—
100.7%
(Cost:
$
1,241,991,641
)
...............................
1,566,060,163
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
10,947,949
)
Net
Assets
—
100.0%
.................................
$
1,555,112,214
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
31,791,528
$
—
$
(
19,906,404
)
(a)
$
37,204
$
(
2,716
)
$
11,919,612
11,916,037
$
167,395
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
7,030,000
—
(
4,248,146
)
(a)
—
—
2,781,854
2,781,854
85,545
2
$
37,204
$
(
2,716
)
$
14,701,466
$
252,940
$
2
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Energy
ETF
Schedule
of
Investments
(continued)
April
30,
2023
69
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
40
06/16/23
$
3,580
$
158,009
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)
.............
$
—
$
—
$
158,009
$
—
$
—
$
—
$
158,009
(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
..................................
$
—
$
—
$
876,214
$
—
$
—
$
—
$
876,214
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
289,642
$
—
$
—
$
—
$
289,642
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,709,850
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Energy
ETF
70
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,551,358,697
‌
$
—
‌
$
—
‌
$
1,551,358,697
‌
Short-Term
Securities
Money
Market
Funds
......................................
14,701,466
‌
—
‌
—
‌
14,701,466
‌
$
1,566,060,163
‌
$
—
‌
$
—
‌
$
1,566,060,163
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
158,009
‌
$
—
‌
$
—
‌
$
158,009
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Financial
Services
ETF
Schedule
of
Investments
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
71
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Banks
 — 
36
.2
%
Bank
of
America
Corp.
.....................
2,479,919
$
72,612,028
Bank
OZK
.............................
39,445
1,408,975
BOK
Financial
Corp.
.......................
10,351
868,138
Citigroup,
Inc.
...........................
688,191
32,393,150
Citizens
Financial
Group,
Inc.
................
174,731
5,406,177
Comerica,
Inc.
...........................
46,464
2,015,144
Commerce
Bancshares,
Inc.
.................
40,553
2,264,885
Cullen/Frost
Bankers,
Inc.
...................
22,963
2,531,671
East
West
Bancorp,
Inc.
....................
50,212
2,595,458
Fifth
Third
Bancorp
.......................
242,897
6,363,901
First
Citizens
BancShares,
Inc.
,
Class
A
..........
4,228
4,258,357
First
Financial
Bankshares,
Inc.
...............
46,052
1,347,482
First
Horizon
Corp.
........................
190,668
3,346,223
First
Republic
Bank
(a)
......................
66,280
232,643
FNB
Corp.
.............................
128,623
1,476,592
Glacier
Bancorp,
Inc.
......................
39,553
1,314,346
Home
BancShares,
Inc.
....................
67,707
1,473,981
Huntington
Bancshares,
Inc.
.................
513,015
5,745,768
JPMorgan
Chase
&
Co.
....................
1,042,208
144,074,834
KeyCorp
...............................
332,054
3,738,928
M&T
Bank
Corp.
.........................
60,156
7,567,625
New
York
Community
Bancorp,
Inc.
............
241,686
2,583,623
Pinnacle
Financial
Partners,
Inc.
...............
27,350
1,483,191
PNC
Financial
Services
Group,
Inc.
(The)
........
142,481
18,558,150
Popular,
Inc.
............................
25,626
1,537,816
Prosperity
Bancshares,
Inc.
..................
32,396
2,028,638
Regions
Financial
Corp.
....................
331,999
6,062,302
SouthState
Corp.
.........................
26,855
1,852,458
Synovus
Financial
Corp.
....................
52,046
1,603,017
Truist
Financial
Corp.
......................
471,441
15,359,548
U.S.
Bancorp
...........................
495,027
16,969,526
UMB
Financial
Corp.
......................
15,610
992,952
United
Bankshares,
Inc.
....................
47,944
1,588,385
Valley
National
Bancorp
....................
150,137
1,408,285
Webster
Financial
Corp.
....................
62,072
2,315,286
Wells
Fargo
&
Co.
........................
1,353,920
53,818,320
Western
Alliance
Bancorp
...................
38,635
1,434,131
Wintrust
Financial
Corp.
....................
21,558
1,473,921
Zions
Bancorp
NA
(a)
.......................
53,081
1,478,837
435,584,692
a
Capital
Markets
 — 
35
.0
%
Affiliated
Managers
Group,
Inc.
...............
13,364
1,929,494
Ameriprise
Financial,
Inc.
...................
37,414
11,415,760
Ares
Management
Corp.
,
Class
A
..............
55,519
4,862,909
Bank
of
New
York
Mellon
Corp.
(The)
...........
261,346
11,130,726
BlackRock,
Inc.
(b)
.........................
53,210
35,714,552
Blackstone,
Inc.
,
NVS
......................
252,371
22,544,301
Blue
Owl
Capital,
Inc.
,
Class
A
................
127,038
1,430,448
Carlyle
Group,
Inc.
(The)
....................
77,951
2,364,254
Cboe
Global
Markets,
Inc.
...................
37,637
5,257,889
Charles
Schwab
Corp.
(The)
.................
541,964
28,312,199
CME
Group,
Inc.
,
Class
A
...................
127,816
23,744,378
Coinbase
Global,
Inc.
,
Class
A
(a)
(c)
..............
56,653
3,047,365
FactSet
Research
Systems,
Inc.
...............
13,572
5,587,457
Federated
Hermes,
Inc.
,
Class
B
..............
30,358
1,256,518
Franklin
Resources,
Inc.
....................
101,736
2,734,664
Goldman
Sachs
Group,
Inc.
(The)
.............
120,322
41,323,388
Houlihan
Lokey,
Inc.
,
Class
A
.................
17,998
1,644,657
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
36,642
2,852,580
Intercontinental
Exchange,
Inc.
...............
198,567
21,629,903
Invesco
Ltd.
............................
162,083
2,776,482
Security
Shares
Value
a
Capital
Markets
(continued)
Janus
Henderson
Group
PLC
................
47,017
$
1,220,091
Jefferies
Financial
Group,
Inc.
................
64,524
2,066,704
KKR
&
Co.,
Inc.
..........................
204,997
10,879,191
Lazard
Ltd.
,
Class
A
.......................
40,007
1,252,219
LPL
Financial
Holdings,
Inc.
..................
28,175
5,884,067
MarketAxess
Holdings,
Inc.
..................
13,353
4,251,195
Moody's
Corp.
...........................
55,980
17,528,457
Morgan
Stanley
..........................
464,217
41,765,603
Morningstar,
Inc.
.........................
8,957
1,597,123
MSCI,
Inc.
,
Class
A
.......................
28,411
13,706,887
Nasdaq,
Inc.
............................
120,485
6,671,254
Northern
Trust
Corp.
.......................
74,082
5,790,249
Raymond
James
Financial,
Inc.
...............
68,890
6,236,612
Robinhood
Markets,
Inc.
,
Class
A
(a)
(c)
............
182,808
1,617,851
S&P
Global,
Inc.
.........................
116,969
42,410,620
SEI
Investments
Co.
.......................
36,175
2,131,069
State
Street
Corp.
........................
124,013
8,961,179
Stifel
Financial
Corp.
......................
37,571
2,253,133
T
Rowe
Price
Group,
Inc.
...................
79,697
8,952,364
TPG,
Inc.
,
Class
A
........................
18,561
537,712
Tradeweb
Markets,
Inc.
,
Class
A
...............
39,559
2,785,349
Virtu
Financial,
Inc.
,
Class
A
..................
33,492
671,515
420,730,368
a
Consumer
Finance
 — 
5
.9
%
Ally
Financial,
Inc.
........................
107,004
2,822,766
American
Express
Co.
.....................
211,538
34,129,541
Capital
One
Financial
Corp.
..................
135,482
13,182,399
Credit
Acceptance
Corp.
(a)
(c)
..................
2,151
1,052,914
Discover
Financial
Services
..................
94,869
9,816,095
FirstCash
Holdings,
Inc.
....................
13,380
1,378,541
OneMain
Holdings,
Inc.
.....................
43,086
1,653,210
SLM
Corp.
.............................
85,820
1,289,016
SoFi
Technologies,
Inc.
(a)
(c)
...................
293,156
1,826,362
Synchrony
Financial
.......................
155,464
4,587,743
71,738,587
a
Financial
Services
 — 
22
.2
%
Apollo
Global
Management,
Inc.
...............
154,538
9,796,164
Equitable
Holdings,
Inc.
....................
122,754
3,190,376
Essent
Group
Ltd.
........................
38,634
1,640,786
Mastercard,
Inc.
,
Class
A
(a)
..................
299,785
113,927,294
MGIC
Investment
Corp.
....................
106,661
1,586,049
Radian
Group,
Inc.
........................
57,425
1,393,705
Rocket
Companies,
Inc.
,
Class
A
(a)
(c)
............
44,454
396,085
TFS
Financial
Corp.
.......................
17,776
214,023
UWM
Holdings
Corp.
,
Class
A
(a)
...............
35,393
212,358
Visa,
Inc.
,
Class
A
........................
577,369
134,371,087
266,727,927
a
Insurance
 — 
0
.3
%
Fidelity
National
Financial,
Inc.
................
97,173
3,448,670
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
1,419,706,945
)
...............................
1,198,230,244
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Financial
Services
ETF
(Percentages
shown
are
based
on
Net
Assets)
72
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(b)
(d)
(e)
.....................
10,170,704
$
10,173,755
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(b)
(d)
............................
1,545,343
1,545,343
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
11,717,512
)
.................................
11,719,098
Total
Investments
—
100.6%
(Cost:
$
1,431,424,457
)
...............................
1,209,949,342
Liabilities
in
Excess
of
Other
Assets
—
(
0
.6
)
%
...............
(
7,592,290
)
Net
Assets
—
100.0%
.................................
$
1,202,357,052
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Non-income
producing
security.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,001,069
$
4,163,973
(a)
$
—
$
8,729
$
(
16
)
$
10,173,755
10,170,704
$
162,939
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,879,000
—
(
333,657
)
(a)
—
—
1,545,343
1,545,343
71,463
1
BlackRock,
Inc.
..
50,069,976
9,754,809
(
26,359,165
)
1,779,827
469,105
35,714,552
53,210
1,207,955
—
$
1,788,556
$
469,089
$
47,433,650
$
1,442,357
$
1
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financials
Select
Sector
Index
........................................................
39
06/16/23
$
4,004
$
122,539
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)
.............
$
—
$
—
$
122,539
$
—
$
—
$
—
$
122,539
iShares
®
U.S.
Financial
Services
ETF
Schedule
of
Investments
(continued)
April
30,
2023
73
Schedule
of
Investments
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(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
..................................
$
—
$
—
$
(
631,966
)
$
—
$
—
$
—
$
(
631,966
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
498,067
$
—
$
—
$
—
$
498,067
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
4,319,422
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,198,230,244
‌
$
—
‌
$
—
‌
$
1,198,230,244
‌
Short-Term
Securities
Money
Market
Funds
......................................
11,719,098
‌
—
‌
—
‌
11,719,098
‌
$
1,209,949,342
‌
$
—
‌
$
—
‌
$
1,209,949,342
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
122,539
‌
$
—
‌
$
—
‌
$
122,539
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Financials
ETF
(Percentages
shown
are
based
on
Net
Assets)
74
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Banks
 — 
29
.1
%
Bank
of
America
Corp.
.....................
2,755,850
$
80,691,288
Bank
of
Hawaii
Corp.
......................
18,750
908,063
Bank
OZK
.............................
53,506
1,911,234
BOK
Financial
Corp.
.......................
13,918
1,167,303
Citigroup,
Inc.
...........................
924,353
43,509,296
Citizens
Financial
Group,
Inc.
................
233,134
7,213,166
Columbia
Banking
System,
Inc.
...............
99,037
2,115,430
Comerica,
Inc.
...........................
62,444
2,708,196
Commerce
Bancshares,
Inc.
.................
54,336
3,034,666
Cullen/Frost
Bankers,
Inc.
...................
27,877
3,073,439
East
West
Bancorp,
Inc.
....................
67,570
3,492,693
Fifth
Third
Bancorp
.......................
325,269
8,522,048
First
Citizens
BancShares,
Inc.
,
Class
A
..........
5,241
5,278,630
First
Hawaiian,
Inc.
.......................
61,232
1,170,144
First
Horizon
Corp.
........................
252,744
4,435,657
First
Republic
Bank
(a)
......................
88,873
311,944
FNB
Corp.
.............................
171,239
1,965,824
Huntington
Bancshares,
Inc.
.................
685,165
7,673,848
JPMorgan
Chase
&
Co.
....................
1,223,802
169,178,389
KeyCorp
...............................
443,764
4,996,783
M&T
Bank
Corp.
.........................
82,068
10,324,155
New
York
Community
Bancorp,
Inc.
............
319,928
3,420,030
PacWest
Bancorp
........................
55,856
566,939
Pinnacle
Financial
Partners,
Inc.
...............
35,858
1,944,579
PNC
Financial
Services
Group,
Inc.
(The)
........
192,225
25,037,306
Popular,
Inc.
............................
33,689
2,021,677
Prosperity
Bancshares,
Inc.
..................
41,861
2,621,336
Regions
Financial
Corp.
....................
446,232
8,148,196
Synovus
Financial
Corp.
....................
68,868
2,121,134
Truist
Financial
Corp.
......................
634,737
20,679,732
U.S.
Bancorp
...........................
660,254
22,633,507
Webster
Financial
Corp.
....................
82,591
3,080,644
Wells
Fargo
&
Co.
........................
1,772,619
70,461,605
Western
Alliance
Bancorp
...................
50,619
1,878,977
Wintrust
Financial
Corp.
....................
28,662
1,959,621
Zions
Bancorp
NA
........................
70,420
1,961,901
532,219,380
a
Capital
Markets
 — 
30
.3
%
Affiliated
Managers
Group,
Inc.
...............
17,870
2,580,071
Ameriprise
Financial,
Inc.
...................
50,185
15,312,447
Ares
Management
Corp.
,
Class
A
..............
73,230
6,414,216
Bank
of
New
York
Mellon
Corp.
(The)
...........
350,478
14,926,858
BlackRock,
Inc.
(b)
.........................
70,826
47,538,411
Blackstone,
Inc.
,
NVS
......................
338,750
30,260,537
Blue
Owl
Capital,
Inc.
,
Class
A
................
201,784
2,272,088
Carlyle
Group,
Inc.
(The)
....................
98,945
3,001,002
Cboe
Global
Markets,
Inc.
...................
50,501
7,054,990
Charles
Schwab
Corp.
(The)
.................
725,818
37,916,732
CME
Group,
Inc.
,
Class
A
...................
171,243
31,811,812
Coinbase
Global,
Inc.
,
Class
A
(a)
(c)
..............
76,257
4,101,864
Evercore,
Inc.
,
Class
A
.....................
17,388
1,983,449
FactSet
Research
Systems,
Inc.
...............
18,120
7,459,823
Franklin
Resources,
Inc.
....................
136,330
3,664,550
Goldman
Sachs
Group,
Inc.
(The)
.............
156,622
53,790,260
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
44,361
3,453,504
Intercontinental
Exchange,
Inc.
...............
263,468
28,699,569
Invesco
Ltd.
............................
178,455
3,056,934
Janus
Henderson
Group
PLC
................
65,102
1,689,397
Jefferies
Financial
Group,
Inc.
................
94,561
3,028,789
KKR
&
Co.,
Inc.
..........................
272,874
14,481,423
Lazard
Ltd.
,
Class
A
.......................
39,660
1,241,358
Security
Shares
Value
a
Capital
Markets
(continued)
LPL
Financial
Holdings,
Inc.
..................
37,974
$
7,930,490
MarketAxess
Holdings,
Inc.
..................
17,718
5,640,880
Moody's
Corp.
...........................
76,297
23,890,117
Morgan
Stanley
..........................
588,712
52,966,419
Morningstar,
Inc.
(a)
........................
11,888
2,119,749
MSCI,
Inc.
,
Class
A
.......................
37,069
17,883,939
Nasdaq,
Inc.
............................
164,137
9,088,266
Northern
Trust
Corp.
.......................
98,129
7,669,763
Raymond
James
Financial,
Inc.
...............
92,929
8,412,862
Robinhood
Markets,
Inc.
,
Class
A
(a)
(c)
............
273,140
2,417,289
S&P
Global,
Inc.
.........................
153,650
55,710,417
SEI
Investments
Co.
.......................
49,154
2,895,662
State
Street
Corp.
........................
166,412
12,024,931
Stifel
Financial
Corp.
......................
48,806
2,926,896
T
Rowe
Price
Group,
Inc.
...................
104,970
11,791,280
Tradeweb
Markets,
Inc.
,
Class
A
...............
51,447
3,622,383
Virtu
Financial,
Inc.
,
Class
A
..................
45,307
908,405
553,639,832
a
Consumer
Finance
 — 
1
.4
%
Ally
Financial,
Inc.
........................
142,556
3,760,627
Credit
Acceptance
Corp.
(a)
(c)
..................
3,179
1,556,121
Discover
Financial
Services
..................
127,246
13,166,144
OneMain
Holdings,
Inc.
.....................
54,904
2,106,666
SLM
Corp.
.............................
114,631
1,721,758
SoFi
Technologies,
Inc.
(a)
(c)
...................
385,287
2,400,338
Upstart
Holdings,
Inc.
(a)
(c)
....................
34,180
475,102
25,186,756
a
Financial
Services
 — 
14
.7
%
Apollo
Global
Management,
Inc.
...............
230,713
14,624,897
Berkshire
Hathaway,
Inc.
,
Class
B
(c)
............
741,183
243,515,675
Equitable
Holdings,
Inc.
....................
175,812
4,569,354
MGIC
Investment
Corp.
....................
140,308
2,086,380
Rocket
Companies,
Inc.
,
Class
A
(a)
(c)
............
54,735
487,689
TFS
Financial
Corp.
.......................
25,089
302,071
UWM
Holdings
Corp.
,
Class
A
(a)
...............
48,021
288,126
Voya
Financial,
Inc.
.......................
46,502
3,556,473
269,430,665
a
Insurance
 — 
23
.1
%
Aflac,
Inc.
..............................
291,111
20,334,103
Allstate
Corp.
(The)
.......................
126,118
14,599,420
American
Financial
Group,
Inc.
...............
32,292
3,963,197
American
International
Group,
Inc.
.............
354,760
18,816,470
Aon
PLC
,
Class
A
........................
97,823
31,810,083
Arch
Capital
Group
Ltd.
(c)
...................
168,964
12,684,128
Arthur
J
Gallagher
&
Co.
....................
99,265
20,653,076
Assurant,
Inc.
...........................
25,785
3,174,907
Assured
Guaranty
Ltd.
.....................
27,583
1,485,896
Axis
Capital
Holdings
Ltd.
...................
37,220
2,104,419
Brighthouse
Financial,
Inc.
(c)
.................
32,464
1,434,909
Brown
&
Brown,
Inc.
.......................
112,868
7,267,571
Chubb
Ltd.
.............................
198,448
39,999,179
Cincinnati
Financial
Corp.
...................
73,133
7,784,277
CNA
Financial
Corp.
.......................
13,226
514,624
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
11,983
2,604,265
Everest
Re
Group
Ltd.
.....................
18,580
7,023,240
F&G
Annuities
&
Life,
Inc.
...................
8,813
161,542
Fidelity
National
Financial,
Inc.
................
125,884
4,467,623
First
American
Financial
Corp.
................
49,126
2,830,149
Globe
Life,
Inc.
..........................
42,713
4,635,215
Hanover
Insurance
Group,
Inc.
(The)
...........
16,929
2,024,031
Hartford
Financial
Services
Group,
Inc.
(The)
......
151,470
10,752,855
Kemper
Corp.
...........................
30,405
1,479,203
iShares
®
U.S.
Financials
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
75
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Insurance
(continued)
Lincoln
National
Corp.
.....................
81,217
$
1,764,846
Loews
Corp.
............................
92,855
5,345,662
Markel
Corp.
(a)
(c)
..........................
6,307
8,631,319
Marsh
&
McLennan
Companies,
Inc.
............
236,518
42,618,179
MetLife,
Inc.
............................
315,380
19,342,255
Old
Republic
International
Corp.
...............
133,407
3,371,195
Primerica,
Inc.
...........................
17,520
3,197,575
Principal
Financial
Group,
Inc.
................
115,597
8,633,940
Progressive
Corp.
(The)
....................
278,766
38,023,682
Prudential
Financial,
Inc.
....................
175,706
15,286,422
Reinsurance
Group
of
America,
Inc.
............
31,913
4,541,858
RenaissanceRe
Holdings
Ltd.
................
20,564
4,429,691
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(c)
.........
39,372
1,608,740
Travelers
Companies,
Inc.
(The)
...............
111,665
20,226,998
Unum
Group
............................
94,659
3,994,610
W
R
Berkley
Corp.
........................
98,299
5,791,777
White
Mountains
Insurance
Group
Ltd.
..........
1,194
1,709,975
Willis
Towers
Watson
PLC
...................
51,355
11,893,818
423,016,924
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.6
%
AGNC
Investment
Corp.
....................
272,730
2,702,754
Annaly
Capital
Management,
Inc.
..............
223,258
4,460,695
Rithm
Capital
Corp.
.......................
207,250
1,691,160
Starwood
Property
Trust,
Inc.
.................
142,326
2,546,212
11,400,821
a
Security
Shares
Value
a
Professional
Services
 — 
0
.5
%
Broadridge
Financial
Solutions,
Inc.
............
55,664
$
8,094,102
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
2,014,088,269
)
...............................
1,822,988,480
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(b)
(d)
(e)
.....................
10,404,664
10,407,784
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(b)
(d)
............................
2,803,006
2,803,006
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
13,206,321
)
.................................
13,210,790
Total
Investments
—
100.4%
(Cost:
$
2,027,294,590
)
...............................
1,836,199,270
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
7,223,589
)
Net
Assets
—
100.0%
.................................
$
1,828,975,681
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Non-income
producing
security.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,990,720
$
5,412,508
(a)
$
—
$
1,537
$
3,019
$
10,407,784
10,404,664
$
319,563
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
4,063,000
—
(
1,259,994
)
(a)
—
—
2,803,006
2,803,006
139,604
3
BlackRock,
Inc.
..
48,395,209
14,241,578
(
18,788,125
)
(
1,210,576
)
4,900,325
47,538,411
70,826
1,513,209
—
$
(
1,209,039
)
$
4,903,344
$
60,749,201
$
1,972,376
$
3
(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
........................................................
55
06/16/23
$
5,647
$
147,606
E-Mini
S&P
MidCap
400
Index
.............................................................
1
06/16/23
250
828
$
148,434
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Financials
ETF
76
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
148,434
$
—
$
—
$
—
$
148,434
(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
.................................
$
—
$
—
$
(
819,746
)
$
—
$
—
$
—
$
(
819,746
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
556,432
$
—
$
—
$
—
$
556,432
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
6,971,396
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,822,988,480
‌
$
—
‌
$
—
‌
$
1,822,988,480
‌
Short-Term
Securities
Money
Market
Funds
......................................
13,210,790
‌
—
‌
—
‌
13,210,790
‌
$
1,836,199,270
‌
$
—
‌
$
—
‌
$
1,836,199,270
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
148,434
‌
$
—
‌
$
—
‌
$
148,434
‌
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
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
77
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Biotechnology
 — 
17
.8
%
AbbVie,
Inc.
............................
1,106,525
$
167,218,058
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
76,908
15,320,074
Amgen,
Inc.
............................
334,318
80,149,397
Biogen,
Inc.
(a)
...........................
89,680
27,283,346
BioMarin
Pharmaceutical,
Inc.
(a)
...............
115,524
11,094,925
Exact
Sciences
Corp.
(a)
(b)
....................
109,093
6,989,589
Exelixis,
Inc.
(a)
...........................
200,239
3,664,374
Gilead
Sciences,
Inc.
......................
785,922
64,610,648
Horizon
Therapeutics
PLC
(a)
.................
138,295
15,372,872
Incyte
Corp.
(a)
...........................
113,923
8,477,010
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
88,385
3,126,177
Mirati
Therapeutics,
Inc.
(a)
(b)
..................
27,958
1,238,819
Moderna,
Inc.
(a)
(b)
.........................
207,724
27,604,442
Natera,
Inc.
(a)
...........................
61,199
3,104,013
Neurocrine
Biosciences,
Inc.
(a)
................
59,966
6,058,965
Novavax,
Inc.
(a)
(b)
.........................
53,929
413,635
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
64,892
52,029,757
Sarepta
Therapeutics,
Inc.
(a)
(b)
................
52,745
6,475,504
Seagen,
Inc.
(a)
...........................
85,056
17,011,200
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
41,689
1,820,559
United
Therapeutics
Corp.
(a)
..................
27,840
6,406,819
Vertex
Pharmaceuticals,
Inc.
(a)
................
160,088
54,546,784
580,016,967
a
Chemicals
 — 
0
.0
%
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
545,475
665,480
a
Health
Care
Equipment
&
Supplies
 — 
21
.4
%
Abbott
Laboratories
.......................
1,073,591
118,599,598
Align
Technology,
Inc.
(a)
.....................
49,019
15,945,881
Baxter
International,
Inc.
....................
314,495
14,995,122
Becton
Dickinson
&
Co.
....................
177,759
46,983,481
Boston
Scientific
Corp.
(a)
....................
893,283
46,557,910
Cooper
Companies,
Inc.
(The)
................
30,424
11,605,235
Dentsply
Sirona,
Inc.
......................
133,765
5,608,766
Dexcom,
Inc.
(a)
..........................
241,112
29,256,530
Edwards
Lifesciences
Corp.
(a)
................
386,635
34,016,147
Enovis
Corp.
(a)
...........................
31,597
1,840,525
Envista
Holdings
Corp.
(a)
....................
101,595
3,910,392
GE
HealthCare
Technologies,
Inc.
(a)
............
228,669
18,599,937
Globus
Medical,
Inc.
,
Class
A
(a)
...............
48,437
2,816,127
Hologic,
Inc.
(a)
...........................
152,291
13,098,549
ICU
Medical,
Inc.
(a)
(b)
.......................
12,669
2,396,215
IDEXX
Laboratories,
Inc.
(a)
...................
51,425
25,309,328
Insulet
Corp.
(a)
...........................
43,085
13,702,753
Integra
LifeSciences
Holdings
Corp.
(a)
...........
45,525
2,518,443
Intuitive
Surgical,
Inc.
(a)
.....................
220,552
66,434,673
Masimo
Corp.
(a)
..........................
29,726
5,622,376
Medtronic
PLC
..........................
836,818
76,108,597
Novocure
Ltd.
(a)
(b)
.........................
64,423
4,245,476
Penumbra,
Inc.
(a)
(b)
........................
22,258
6,323,943
QuidelOrtho
Corp.
(a)
.......................
30,434
2,737,538
ResMed,
Inc.
...........................
90,419
21,787,362
STERIS
PLC
............................
62,490
11,782,490
Stryker
Corp.
...........................
219,957
65,910,115
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
39,835
1,576,669
Teleflex,
Inc.
............................
29,304
7,985,926
Zimmer
Biomet
Holdings,
Inc.
................
131,078
18,146,438
696,422,542
a
Health
Care
Providers
&
Services
 — 
18
.4
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
55,586
4,018,312
agilon
health,
Inc.
(a)
(b)
......................
118,459
2,875,000
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Amedisys,
Inc.
(a)
.........................
20,095
$
1,613,628
Cardinal
Health,
Inc.
.......................
160,918
13,211,368
Centene
Corp.
(a)
.........................
342,827
23,631,065
Chemed
Corp.
...........................
9,112
5,022,990
Cigna
Group
(The)
........................
183,444
46,464,531
DaVita,
Inc.
(a)
............................
34,850
3,149,046
Elevance
Health,
Inc.
......................
150,920
70,728,658
Encompass
Health
Corp.
...................
61,305
3,932,716
Enhabit,
Inc.
(a)
...........................
30,652
375,487
Guardant
Health,
Inc.
(a)
.....................
60,750
1,370,520
HCA
Healthcare,
Inc.
......................
135,065
38,808,226
Henry
Schein,
Inc.
(a)
.......................
84,697
6,844,364
Humana,
Inc.
...........................
79,136
41,980,857
Laboratory
Corp.
of
America
Holdings
...........
55,421
12,564,495
Molina
Healthcare,
Inc.
(a)
....................
35,766
10,654,334
Oak
Street
Health,
Inc.
(a)
(b)
...................
72,705
2,833,314
Premier,
Inc.
,
Class
A
......................
73,611
2,453,455
Quest
Diagnostics,
Inc.
.....................
69,272
9,615,646
Tenet
Healthcare
Corp.
(a)
....................
66,351
4,864,855
UnitedHealth
Group,
Inc.
....................
585,628
288,181,682
Universal
Health
Services,
Inc.
,
Class
B
.........
38,885
5,846,360
601,040,909
a
Health
Care
Technology
 — 
0
.7
%
Certara,
Inc.
(a)
...........................
72,554
1,753,630
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
70,033
2,573,713
Teladoc
Health,
Inc.
(a)
(b)
.....................
100,239
2,659,341
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
87,202
15,616,134
22,602,818
a
Life
Sciences
Tools
&
Services
 — 
11
.6
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
57,688
3,024,582
Agilent
Technologies,
Inc.
...................
185,070
25,064,030
Avantor,
Inc.
(a)
...........................
381,904
7,439,490
Azenta,
Inc.
(a)
...........................
42,769
1,860,024
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
13,351
6,018,497
Bio-Techne
Corp.
.........................
97,129
7,758,665
Bruker
Corp.
............................
67,157
5,314,134
Charles
River
Laboratories
International,
Inc.
(a)
.....
31,476
5,984,217
Danaher
Corp.
..........................
405,292
96,017,728
Illumina,
Inc.
(a)
...........................
98,362
20,219,293
IQVIA
Holdings,
Inc.
(a)
......................
116,083
21,850,303
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
69,165
953,785
PerkinElmer,
Inc.
.........................
79,000
10,308,710
QIAGEN
NV
(a)
...........................
141,530
6,313,653
Repligen
Corp.
(a)
(b)
........................
34,511
5,232,903
Sotera
Health
Co.
(a)
.......................
61,382
1,029,376
Syneos
Health,
Inc.
,
Class
A
(a)
................
64,031
2,513,857
Thermo
Fisher
Scientific,
Inc.
.................
244,972
135,934,963
West
Pharmaceutical
Services,
Inc.
............
46,335
16,738,055
379,576,265
a
Pharmaceuticals
 — 
29
.9
%
Bristol-Myers
Squibb
Co.
....................
1,333,394
89,030,717
Catalent,
Inc.
(a)
..........................
111,876
5,607,225
Elanco
Animal
Health,
Inc.
(a)
..................
277,592
2,628,796
Eli
Lilly
&
Co.
...........................
527,548
208,835,151
Jazz
Pharmaceuticals
PLC
(a)
.................
38,591
5,420,878
Johnson
&
Johnson
.......................
1,647,749
269,736,511
Merck
&
Co.,
Inc.
.........................
1,583,836
182,885,543
Organon
&
Co.
..........................
158,578
3,905,776
Perrigo
Co.
PLC
.........................
84,045
3,125,634
Pfizer,
Inc.
.............................
3,538,660
137,618,487
Royalty
Pharma
PLC
,
Class
A
................
232,217
8,162,428
Viatris,
Inc.
.............................
756,544
7,058,556
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Healthcare
ETF
(Percentages
shown
are
based
on
Net
Assets)
78
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Pharmaceuticals
(continued)
Zoetis,
Inc.
,
Class
A
.......................
294,772
$
51,815,022
975,830,724
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
2,934,618,692
)
...............................
3,256,155,705
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
45,913,298
45,927,072
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
3,447,581
3,447,581
a
Total
Short-Term
Securities — 1.5%
(Cost:
$
49,355,364
)
.................................
49,374,653
Total
Investments
—
101.3%
(Cost:
$
2,983,974,056
)
...............................
3,305,530,358
Liabilities
in
Excess
of
Other
Assets
—
(
1
.3
)
%
...............
(
43,537,822
)
Net
Assets
—
100.0%
.................................
$
3,261,992,536
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
40,415,625
‌
$
5,500,234
(a)
$
—
‌
$
7,488
‌
$
3,725
‌
$
45,927,072
‌
45,913,298
‌
$
167,349
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
2,957,000
‌
490,581
(a)
—
‌
—
‌
—
‌
3,447,581
‌
3,447,581
‌
132,826
‌
3
‌
$
7,488
‌
$
3,725
‌
$
49,374,653
‌
$
300,175
‌
$
3
‌
(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
Select
Sector
Index
.......................................................
41
06/16/23
$
5,555
$
129,523
iShares
®
U.S.
Healthcare
ETF
Schedule
of
Investments
(continued)
April
30,
2023
79
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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
129,523
$
—
$
—
$
—
$
129,523
(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
.................................
$
—
$
—
$
(
353,702
)
$
—
$
—
$
—
$
(
353,702
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
291,304
$
—
$
—
$
—
$
291,304
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
7,407,845
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,256,155,705
‌
$
—
‌
$
—
‌
$
3,256,155,705
‌
Short-Term
Securities
Money
Market
Funds
......................................
49,374,653
‌
—
‌
—
‌
49,374,653
‌
$
3,305,530,358
‌
$
—
‌
$
—
‌
$
3,305,530,358
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
129,523
‌
$
—
‌
$
—
‌
$
129,523
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
80
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
13
.4
%
Axon
Enterprise,
Inc.
(a)
.....................
16,162
$
3,405,495
Boeing
Co.
(The)
(a)
........................
132,876
27,476,099
BWX
Technologies,
Inc.
....................
21,825
1,409,459
Curtiss-Wright
Corp.
.......................
9,154
1,554,624
General
Dynamics
Corp.
....................
58,327
12,735,117
HEICO
Corp.
...........................
10,806
1,822,324
HEICO
Corp.
,
Class
A
......................
18,925
2,540,303
Howmet
Aerospace,
Inc.
....................
88,801
3,932,996
Huntington
Ingalls
Industries,
Inc.
..............
9,447
1,905,082
L3Harris
Technologies,
Inc.
..................
45,537
8,886,546
Lockheed
Martin
Corp.
.....................
54,607
25,362,221
Mercury
Systems,
Inc.
(a)
....................
11,678
556,690
Northrop
Grumman
Corp.
...................
34,565
15,943,798
Raytheon
Technologies
Corp.
................
352,492
35,213,951
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
........
25,149
748,434
Textron,
Inc.
............................
49,930
3,342,314
TransDigm
Group,
Inc.
.....................
12,305
9,413,325
Woodward,
Inc.
..........................
13,913
1,335,926
157,584,704
a
Air
Freight
&
Logistics
 — 
4
.5
%
CH
Robinson
Worldwide,
Inc.
................
27,858
2,810,036
Expeditors
International
of
Washington,
Inc.
.......
37,973
4,322,846
FedEx
Corp.
............................
56,052
12,767,525
GXO
Logistics,
Inc.
(a)
......................
25,316
1,345,039
United
Parcel
Service,
Inc.
,
Class
B
............
176,287
31,698,166
52,943,612
a
Building
Products
 — 
4
.5
%
A
O
Smith
Corp.
.........................
30,046
2,051,841
Advanced
Drainage
Systems,
Inc.
(b)
............
14,948
1,281,343
Allegion
PLC
............................
21,034
2,323,836
Armstrong
World
Industries,
Inc.
...............
10,814
742,489
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
..............
26,836
728,329
Builders
FirstSource,
Inc.
(a)
..................
34,770
3,295,153
Carlisle
Companies,
Inc.
....................
12,319
2,659,056
Carrier
Global
Corp.
.......................
200,257
8,374,748
Fortune
Brands
Innovations,
Inc.
..............
30,600
1,979,514
Hayward
Holdings,
Inc.
(a)
(b)
...................
15,636
188,257
Johnson
Controls
International
PLC
............
165,059
9,877,131
Lennox
International,
Inc.
...................
7,638
2,153,229
Masco
Corp.
............................
54,080
2,893,821
Masterbrand,
Inc.
(a)
.......................
30,522
246,313
Owens
Corning
..........................
22,404
2,392,971
Trane
Technologies
PLC
....................
55,058
10,230,327
Trex
Co.,
Inc.
(a)
..........................
26,311
1,438,159
52,856,517
a
Chemicals
 — 
2
.8
%
Axalta
Coating
Systems
Ltd.
(a)
................
52,841
1,668,190
DuPont
de
Nemours,
Inc.
...................
109,898
7,662,088
PPG
Industries,
Inc.
.......................
56,461
7,919,220
RPM
International,
Inc.
.....................
30,633
2,512,825
Sherwin-Williams
Co.
(The)
..................
57,340
13,620,544
33,382,867
a
Commercial
Services
&
Supplies
 — 
1
.1
%
Cintas
Corp.
............................
20,742
9,453,581
MSA
Safety,
Inc.
.........................
8,850
1,148,288
Tetra
Tech,
Inc.
..........................
12,567
1,738,896
12,340,765
a
Security
Shares
Value
a
Construction
&
Engineering
 — 
1
.3
%
AECOM
...............................
31,607
$
2,624,961
MasTec,
Inc.
(a)
...........................
14,644
1,300,534
MDU
Resources
Group,
Inc.
.................
48,410
1,414,540
Quanta
Services,
Inc.
(b)
.....................
34,088
5,782,688
Valmont
Industries,
Inc.
.....................
5,030
1,461,517
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
48,817
2,216,292
14,800,532
a
Construction
Materials
 — 
1
.1
%
Eagle
Materials,
Inc.
.......................
8,584
1,272,234
Martin
Marietta
Materials,
Inc.
................
14,896
5,410,227
Vulcan
Materials
Co.
......................
31,714
5,553,756
12,236,217
a
Consumer
Finance
 — 
3
.0
%
American
Express
Co.
.....................
142,674
23,019,023
Capital
One
Financial
Corp.
..................
91,248
8,878,430
Synchrony
Financial
.......................
104,164
3,073,880
34,971,333
a
Containers
&
Packaging
 — 
2
.1
%
Amcor
PLC
.............................
356,010
3,905,430
AptarGroup,
Inc.
.........................
15,651
1,854,800
Ardagh
Group
SA
,
Class
A
..................
5,329
35,598
Ardagh
Metal
Packaging
SA
.................
36,021
146,966
Ball
Corp.
..............................
73,818
3,925,641
Berry
Global
Group,
Inc.
....................
29,164
1,685,971
Crown
Holdings,
Inc.
......................
27,508
2,359,636
Graphic
Packaging
Holding
Co.
...............
73,469
1,811,746
Packaging
Corp.
of
America
.................
21,904
2,962,735
Sealed
Air
Corp.
.........................
34,910
1,675,331
Silgan
Holdings,
Inc.
.......................
20,067
988,500
Sonoco
Products
Co.
......................
23,279
1,411,173
Westrock
Co.
...........................
60,495
1,810,615
24,574,142
a
Diversified
Consumer
Services
 — 
0
.0
%
ADT,
Inc.
..............................
49,328
330,498
a
Electrical
Equipment
 — 
4
.6
%
Acuity
Brands,
Inc.
........................
7,667
1,206,632
AMETEK,
Inc.
...........................
55,207
7,614,702
Eaton
Corp.
PLC
.........................
95,706
15,994,387
Emerson
Electric
Co.
......................
136,187
11,338,930
Generac
Holdings,
Inc.
(a)
....................
14,901
1,523,180
Hubbell,
Inc.
............................
12,807
3,449,181
nVent
Electric
PLC
........................
39,519
1,657,032
Regal
Rexnord
Corp.
......................
15,628
2,034,140
Rockwell
Automation,
Inc.
...................
27,520
7,799,443
Sensata
Technologies
Holding
PLC
............
36,176
1,571,847
54,189,474
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.8
%
Cognex
Corp.
...........................
41,523
1,980,232
Keysight
Technologies,
Inc.
(a)
.................
42,942
6,211,131
Littelfuse,
Inc.
...........................
5,778
1,399,663
Teledyne
Technologies,
Inc.
(a)
.................
11,089
4,595,282
Trimble,
Inc.
(a)
...........................
59,100
2,783,610
Vontier
Corp.
............................
37,801
1,025,541
Zebra
Technologies
Corp.
,
Class
A
(a)
............
12,349
3,556,882
21,552,341
a
Financial
Services
 — 
20
.5
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
53,092
523,487
Block,
Inc.
,
Class
A
(a)
......................
128,473
7,809,874
Euronet
Worldwide,
Inc.
(a)
...................
11,279
1,249,036
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
81
Schedule
of
Investments
Security
Shares
Value
a
Financial
Services
(continued)
Fidelity
National
Information
Services,
Inc.
........
142,097
$
8,343,936
Fiserv,
Inc.
(a)
............................
141,164
17,238,948
FleetCor
Technologies,
Inc.
(a)
(b)
................
17,191
3,677,499
Global
Payments,
Inc.
.....................
62,558
7,050,912
Jack
Henry
&
Associates,
Inc.
................
17,421
2,845,546
Mastercard,
Inc.
,
Class
A
....................
204,059
77,548,542
PayPal
Holdings,
Inc.
(a)
.....................
273,313
20,771,788
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
12,116
821,101
Visa,
Inc.
,
Class
A
........................
389,823
90,723,507
Western
Union
Co.
(The)
...................
70,856
774,456
WEX,
Inc.
(a)
.............................
10,446
1,852,598
241,231,230
a
Ground
Transportation
 — 
6
.2
%
CSX
Corp.
.............................
503,635
15,431,377
JB
Hunt
Transport
Services,
Inc.
..............
19,715
3,455,842
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
37,448
2,109,071
Landstar
System,
Inc.
......................
8,540
1,503,296
Norfolk
Southern
Corp.
.....................
54,496
11,064,323
Old
Dominion
Freight
Line,
Inc.
...............
23,798
7,624,641
RXO,
Inc.
(a)
.............................
27,260
493,133
Ryder
System,
Inc.
........................
11,610
919,048
Schneider
National,
Inc.
,
Class
B
..............
13,108
343,036
Union
Pacific
Corp.
.......................
147,382
28,842,658
XPO,
Inc.
(a)
(b)
............................
24,590
1,086,386
72,872,811
a
Household
Durables
 — 
0
.3
%
Mohawk
Industries,
Inc.
(a)
...................
12,594
1,333,704
TopBuild
Corp.
(a)
.........................
7,639
1,722,442
3,056,146
a
Industrial
Conglomerates
 — 
6
.1
%
3M
Co.
................................
132,191
14,041,328
General
Electric
Co.
.......................
259,895
25,721,808
Honeywell
International,
Inc.
.................
161,617
32,297,541
72,060,677
a
IT
Services
 — 
3
.6
%
Accenture
PLC
,
Class
A
....................
151,952
42,590,626
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
17,278
1,465,002
a
Life
Sciences
Tools
&
Services
 — 
1
.0
%
Mettler-Toledo
International,
Inc.
(a)
.............
5,270
7,860,205
Waters
Corp.
(a)
..........................
14,142
4,247,691
12,107,896
a
Machinery
 — 
14
.1
%
AGCO
Corp.
............................
14,907
1,847,574
Allison
Transmission
Holdings,
Inc.
.............
22,101
1,078,308
Caterpillar,
Inc.
..........................
124,791
27,304,271
Crane
Co.
(a)
............................
11,270
812,229
Crane
NXT
Co.
..........................
11,270
533,747
Cummins,
Inc.
...........................
33,770
7,937,301
Deere
&
Co.
............................
65,113
24,614,016
Donaldson
Co.,
Inc.
.......................
29,155
1,852,800
Dover
Corp.
............................
33,547
4,903,229
Esab
Corp.
.............................
13,602
793,813
Flowserve
Corp.
.........................
31,063
1,037,194
Fortive
Corp.
............................
84,835
5,352,240
Gates
Industrial
Corp.
PLC
(a)
.................
26,060
351,028
Graco,
Inc.
.............................
40,285
3,194,198
IDEX
Corp.
.............................
18,184
3,751,723
Illinois
Tool
Works,
Inc.
.....................
73,278
17,728,879
Security
Shares
Value
a
Machinery
(continued)
Ingersoll
Rand,
Inc.
.......................
97,317
$
5,549,015
ITT,
Inc.
...............................
19,946
1,684,240
Lincoln
Electric
Holdings,
Inc.
................
13,386
2,246,171
Middleby
Corp.
(The)
(a)
.....................
12,778
1,800,165
Nordson
Corp.
...........................
13,729
2,969,720
Oshkosh
Corp.
..........................
15,688
1,200,446
Otis
Worldwide
Corp.
......................
99,897
8,521,214
PACCAR,
Inc.
...........................
122,622
9,158,637
Parker-Hannifin
Corp.
......................
30,666
9,962,770
Pentair
PLC
............................
39,294
2,282,196
Snap-on,
Inc.
...........................
12,574
3,261,821
Stanley
Black
&
Decker,
Inc.
.................
35,448
3,060,580
Toro
Co.
(The)
...........................
25,048
2,611,504
Westinghouse
Air
Brake
Technologies
Corp.
.......
43,337
4,232,725
Xylem,
Inc.
.............................
42,884
4,453,075
166,086,829
a
Marine
Transportation
 — 
0
.1
%
Kirby
Corp.
(a)
............................
14,278
1,025,731
a
Paper
&
Forest
Products
 — 
0
.1
%
Louisiana-Pacific
Corp.
.....................
17,084
1,020,598
a
Professional
Services
 — 
5
.2
%
Automatic
Data
Processing,
Inc.
...............
100,132
22,029,040
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
31,383
3,003,981
Equifax,
Inc.
............................
29,121
6,068,234
FTI
Consulting,
Inc.
(a)
......................
8,043
1,451,761
Genpact
Ltd.
............................
42,830
1,908,077
Jacobs
Solutions,
Inc.
......................
30,124
3,478,117
ManpowerGroup,
Inc.
......................
12,061
913,138
Paychex,
Inc.
...........................
77,290
8,491,079
Paylocity
Holding
Corp.
(a)
...................
9,640
1,863,316
Robert
Half
International,
Inc.
.................
25,387
1,853,251
TransUnion
.............................
46,196
3,178,747
Verisk
Analytics,
Inc.
.......................
37,216
7,223,998
61,462,739
a
Semiconductors
&
Semiconductor
Equipment
 — 
0
.1
%
MKS
Instruments,
Inc.
.....................
13,754
1,153,548
a
Software
 — 
0
.5
%
BILL
Holdings,
Inc.
(a)
.......................
23,746
1,823,930
Fair
Isaac
Corp.
(a)
.........................
5,810
4,229,390
6,053,320
a
Trading
Companies
&
Distributors
 — 
1
.7
%
Air
Lease
Corp.
,
Class
A
....................
24,953
1,003,610
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
................
17,602
458,708
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
11,122
1,009,099
United
Rentals,
Inc.
.......................
16,730
6,041,370
Watsco,
Inc.
............................
7,872
2,726,704
WESCO
International,
Inc.
...................
10,669
1,536,336
WW
Grainger,
Inc.
........................
10,795
7,508,678
20,284,505
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,230,697,740
)
...............................
1,174,234,660
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
82
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
9,933,886
$
9,936,866
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
1,899,968
1,899,968
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
11,833,158
)
.................................
11,836,834
Total
Investments
—
100.8%
(Cost:
$
1,242,530,898
)
...............................
1,186,071,494
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
9,388,517
)
Net
Assets
—
100.0%
.................................
$
1,176,682,977
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
17,893,851
$
—
$
(
7,990,507
)
(a)
$
33,940
$
(
418
)
$
9,936,866
9,933,886
$
84,751
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
2,472,000
—
(
572,032
)
(a)
—
—
1,899,968
1,899,968
51,545
1
$
33,940
$
(
418
)
$
11,836,834
$
136,296
$
1
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Select
Sector
Index
.........................................................
21
06/16/23
$
2,125
$
15,360
E-Mini
Technology
Select
Sector
Index
.......................................................
1
06/16/23
153
2,248
$
17,608
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)
.............
$
—
$
—
$
17,608
$
—
$
—
$
—
$
17,608
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(continued)
April
30,
2023
83
Schedule
of
Investments
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
(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
..................................
$
—
$
—
$
(
116,338
)
$
—
$
—
$
—
$
(
116,338
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
143,149
$
—
$
—
$
—
$
143,149
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,002,365
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,174,199,062
‌
$
35,598
‌
$
—
‌
$
1,174,234,660
‌
Short-Term
Securities
Money
Market
Funds
......................................
11,836,834
‌
—
‌
—
‌
11,836,834
‌
$
1,186,035,896
‌
$
35,598
‌
$
—
‌
$
1,186,071,494
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
17,608
‌
$
—
‌
$
—
‌
$
17,608
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Technology
ETF
(Percentages
shown
are
based
on
Net
Assets)
84
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Communications
Equipment
 — 
0
.1
%
F5,
Inc.
(a)
..............................
76,849
$
10,325,432
a
Electrical
Equipment
 — 
0
.1
%
Vertiv
Holdings
Co.
,
Class
A
.................
390,156
5,821,128
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.6
%
Amphenol
Corp.
,
Class
A
...................
755,893
57,047,245
Arrow
Electronics,
Inc.
(a)
....................
74,886
8,569,205
Avnet,
Inc.
.............................
118,025
4,869,711
CDW
Corp.
.............................
174,506
29,594,472
Coherent
Corp.
(a)
(b)
........................
153,776
5,249,913
Corning,
Inc.
............................
949,574
31,544,848
IPG
Photonics
Corp.
.......................
42,456
4,881,591
Jabil,
Inc.
..............................
167,333
13,077,074
National
Instruments
Corp.
..................
169,046
9,843,549
TD
SYNNEX
Corp.
........................
60,549
5,391,283
170,068,891
a
Financial
Services
 — 
0
.1
%
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
330,183
6,009,331
a
Health
Care
Technology
 — 
0
.0
%
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
..........
43,684
467,419
a
Hotels,
Restaurants
&
Leisure
 — 
0
.2
%
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
322,481
19,732,612
a
Interactive
Media
&
Services
 — 
14
.8
%
Alphabet,
Inc.
,
Class
A
(a)
....................
5,210,102
559,252,349
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
4,530,847
490,328,262
IAC,
Inc.
(a)
(b)
............................
98,982
5,124,298
Match
Group,
Inc.
(a)
.......................
359,729
13,274,000
Meta
Platforms,
Inc.
,
Class
A
(a)
................
1,951,840
469,066,189
Pinterest,
Inc.
,
Class
A
(a)
....................
766,556
17,630,788
ZoomInfo
Technologies,
Inc.
(a)
................
354,606
7,769,417
1,562,445,303
a
IT
Services
 — 
4
.3
%
Akamai
Technologies,
Inc.
(a)
..................
199,873
16,383,590
Amdocs
Ltd.
............................
153,768
14,031,330
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
364,980
17,172,309
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
662,413
39,552,680
DXC
Technology
Co.
(a)
(b)
....................
296,922
7,081,590
EPAM
Systems,
Inc.
(a)
......................
70,794
19,995,057
Gartner,
Inc.
(a)
...........................
99,106
29,975,601
Globant
SA
(a)
............................
52,500
8,235,675
GoDaddy,
Inc.
,
Class
A
(a)
....................
201,916
15,281,003
International
Business
Machines
Corp.
..........
1,162,604
146,964,772
Kyndryl
Holdings,
Inc.
(a)
.....................
260,627
3,768,666
MongoDB,
Inc.
,
Class
A
(a)
(b)
..................
85,620
20,545,375
Okta,
Inc.
,
Class
A
(a)
.......................
195,196
13,376,782
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
400,328
59,280,570
Thoughtworks
Holding,
Inc.
(a)
.................
111,146
692,440
Twilio,
Inc.
,
Class
A
(a)
......................
224,759
11,824,571
VeriSign,
Inc.
(a)
..........................
119,774
26,565,873
Wix.com
Ltd.
(a)
(b)
.........................
71,204
6,211,125
456,939,009
a
Professional
Services
 — 
1
.0
%
CACI
International,
Inc.
,
Class
A
(a)
(b)
............
29,932
9,378,294
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
176,602
11,210,695
Clarivate
PLC
(a)
(b)
.........................
610,943
5,412,955
Concentrix
Corp.
.........................
54,687
5,277,842
Dun
&
Bradstreet
Holdings,
Inc.
...............
320,051
3,574,970
Security
Shares
Value
a
Professional
Services
(continued)
KBR,
Inc.
..............................
176,389
$
10,006,548
Leidos
Holdings,
Inc.
......................
175,858
16,400,517
Paycom
Software,
Inc.
(a)
(b)
...................
66,045
19,177,487
Paycor
HCM,
Inc.
(a)
(b)
......................
78,499
1,844,727
Science
Applications
International
Corp.
.........
71,344
7,279,228
SS&C
Technologies
Holdings,
Inc.
.............
284,787
16,671,431
106,234,694
a
Semiconductors
&
Semiconductor
Equipment
 — 
21
.4
%
Advanced
Micro
Devices,
Inc.
(a)
...............
2,086,604
186,479,799
Allegro
MicroSystems,
Inc.
(a)
(b)
................
86,669
3,100,150
Analog
Devices,
Inc.
.......................
653,125
117,484,125
Applied
Materials,
Inc.
.....................
1,087,077
122,872,313
Broadcom,
Inc.
..........................
449,933
281,883,024
Cirrus
Logic,
Inc.
(a)
........................
70,669
6,062,694
Entegris,
Inc.
............................
191,443
14,342,910
GlobalFoundries,
Inc.
(a)
(b)
....................
81,910
4,816,308
Intel
Corp.
.............................
5,348,671
166,129,721
KLA
Corp.
..............................
178,846
69,131,133
Lam
Research
Corp.
......................
174,112
91,248,617
Lattice
Semiconductor
Corp.
(a)
................
175,067
13,952,840
Marvell
Technology,
Inc.
....................
1,095,434
43,247,734
Microchip
Technology,
Inc.
...................
687,058
50,148,363
Micron
Technology,
Inc.
.....................
1,402,507
90,265,351
Monolithic
Power
Systems,
Inc.
...............
59,155
27,327,835
NVIDIA
Corp.
...........................
1,806,919
501,401,953
ON
Semiconductor
Corp.
(a)
..................
559,978
40,296,017
Qorvo,
Inc.
(a)
............................
128,497
11,832,004
QUALCOMM,
Inc.
........................
1,447,556
169,074,541
Skyworks
Solutions,
Inc.
....................
204,693
21,676,989
Teradyne,
Inc.
...........................
202,084
18,466,436
Texas
Instruments,
Inc.
.....................
1,172,330
196,013,576
Universal
Display
Corp.
....................
56,096
7,486,572
Wolfspeed,
Inc.
(a)
(b)
........................
158,881
7,395,911
2,262,136,916
a
Software
 — 
35
.4
%
Adobe,
Inc.
(a)
............................
590,663
223,010,722
Alteryx,
Inc.
,
Class
A
(a)
.....................
78,057
3,210,484
ANSYS,
Inc.
(a)
...........................
112,184
35,216,801
AppLovin
Corp.
,
Class
A
(a)
(b)
..................
280,292
4,764,964
Aspen
Technology,
Inc.
(a)
....................
34,845
6,167,565
Atlassian
Corp.
,
Class
A
(a)
(b)
..................
187,839
27,736,307
Autodesk,
Inc.
(a)
(b)
.........................
280,997
54,735,406
Bentley
Systems,
Inc.
,
Class
B
................
217,554
9,259,098
Black
Knight,
Inc.
(a)
........................
199,428
10,896,746
Cadence
Design
Systems,
Inc.
(a)
..............
352,087
73,744,622
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
226,304
1,964,319
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
158,464
3,486,208
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
278,080
33,383,504
Datadog,
Inc.
,
Class
A
(a)
....................
342,635
23,086,746
DocuSign,
Inc.
(a)
.........................
254,866
12,600,575
Dolby
Laboratories,
Inc.
,
Class
A
..............
76,264
6,382,534
DoubleVerify
Holdings,
Inc.
(a)
(b)
................
109,391
3,218,283
Dropbox,
Inc.
,
Class
A
(a)
....................
344,505
7,007,232
Dynatrace,
Inc.
(a)
.........................
279,223
11,805,548
Elastic
NV
(a)
............................
99,007
5,668,151
Five9,
Inc.
(a)
............................
90,660
5,878,394
Fortinet,
Inc.
(a)
...........................
832,856
52,511,571
Gen
Digital,
Inc.
..........................
705,977
12,474,614
Guidewire
Software,
Inc.
(a)
...................
105,807
8,061,435
HubSpot,
Inc.
(a)
..........................
59,700
25,130,715
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
50,044
773,680
Intuit,
Inc.
..............................
356,004
158,047,976
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(continued)
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
85
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
Jamf
Holding
Corp.
(a)
(b)
.....................
83,382
$
1,577,587
Manhattan
Associates,
Inc.
(a)
(b)
................
80,010
13,256,057
Microsoft
Corp.
..........................
6,186,868
1,900,977,062
nCino,
Inc.
(a)
(b)
...........................
90,060
2,227,184
NCR
Corp.
(a)
(b)
...........................
166,883
3,719,822
New
Relic,
Inc.
(a)
.........................
69,260
4,950,012
Nutanix,
Inc.
,
Class
A
(a)
.....................
296,374
7,107,049
Oracle
Corp.
............................
1,974,738
187,047,183
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
2,374,154
18,399,694
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
383,985
70,061,903
Pegasystems,
Inc.
........................
52,804
2,408,919
Procore
Technologies,
Inc.
(a)
(b)
................
92,210
4,924,936
PTC,
Inc.
(a)
(b)
............................
137,478
17,293,358
RingCentral,
Inc.
,
Class
A
(a)
..................
111,745
3,079,692
Roper
Technologies,
Inc.
....................
136,310
61,991,062
Salesforce,
Inc.
(a)
.........................
1,243,293
246,632,032
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
249,563
4,010,477
ServiceNow,
Inc.
(a)
........................
261,926
120,334,043
Smartsheet,
Inc.
,
Class
A
(a)
(b)
.................
163,997
6,702,557
Splunk,
Inc.
(a)
(b)
..........................
210,044
18,114,195
Synopsys,
Inc.
(a)
.........................
196,813
73,080,603
Teradata
Corp.
(a)
(b)
........................
131,631
5,095,436
Tyler
Technologies,
Inc.
(a)
...................
53,037
20,102,614
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
486,316
6,847,329
Unity
Software,
Inc.
(a)
(b)
.....................
304,546
8,213,606
VMware,
Inc.
,
Class
A
(a)
....................
275,812
34,484,774
Workday,
Inc.
,
Class
A
(a)
....................
257,871
48,000,108
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
(b)
.....
317,095
19,479,146
Zscaler,
Inc.
(a)
(b)
..........................
108,906
9,812,431
3,740,155,071
a
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
 — 
20
.9
%
Apple,
Inc.
.............................
12,296,655
$
2,086,496,420
Dell
Technologies,
Inc.
,
Class
C
...............
304,730
13,252,708
Hewlett
Packard
Enterprise
Co.
...............
1,658,844
23,754,646
HP,
Inc.
...............................
1,268,168
37,677,271
NetApp,
Inc.
............................
280,489
17,639,953
Pure
Storage,
Inc.
,
Class
A
(a)
.................
367,966
8,400,664
Western
Digital
Corp.
(a)
.....................
410,215
14,127,805
2,201,349,467
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
8,915,452,331
)
...............................
10,541,685,273
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
172,302,630
172,354,320
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
12,704,612
12,704,612
a
Total
Short-Term
Securities — 1.8%
(Cost:
$
185,012,910
)
................................
185,058,932
Total
Investments
—
101.7%
(Cost:
$
9,100,465,241
)
...............................
10,726,744,205
Liabilities
in
Excess
of
Other
Assets
—
(
1
.7
)
%
...............
(
174,426,923
)
Net
Assets
—
100.0%
.................................
$
10,552,317,282
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
119,017,767
$
53,248,651
(a)
$
—
$
40,784
$
47,118
$
172,354,320
172,302,630
$
427,380
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
6,440,000
6,264,612
(a)
—
—
—
12,704,612
12,704,612
328,919
9
$
40,784
$
47,118
$
185,058,932
$
756,299
$
9
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Technology
ETF
86
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
Communication
Services
Select
Sector
Index
...........................................
24
06/16/23
$
1,892
$
137,485
E-Mini
Technology
Select
Sector
Index
.......................................................
53
06/16/23
8,098
367,898
$
505,383
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)
.............
$
—
$
—
$
505,383
$
—
$
—
$
—
$
505,383
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
65,701
$
—
$
—
$
—
$
65,701
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
843,782
$
—
$
—
$
—
$
843,782
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,029,283
a
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(continued)
April
30,
2023
87
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
.........................................
$
10,541,685,273
‌
$
—
‌
$
—
‌
$
10,541,685,273
‌
Short-Term
Securities
Money
Market
Funds
......................................
185,058,932
‌
—
‌
—
‌
185,058,932
‌
$
10,726,744,205
‌
$
—
‌
$
—
‌
$
10,726,744,205
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
505,383
‌
$
—
‌
$
—
‌
$
505,383
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
U.S.
Transportation
ETF
(Percentages
shown
are
based
on
Net
Assets)
88
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
 — 
31
.5
%
Air
Transport
Services
Group,
Inc.
(a)
............
86,654
$
1,759,943
CH
Robinson
Worldwide,
Inc.
................
178,161
17,971,100
Expeditors
International
of
Washington,
Inc.
.......
241,436
27,485,074
FedEx
Corp.
............................
173,450
39,508,441
Forward
Air
Corp.
........................
40,362
4,258,595
GXO
Logistics,
Inc.
(a)
(b)
.....................
179,718
9,548,417
Hub
Group,
Inc.
,
Class
A
(a)
...................
49,587
3,738,860
United
Parcel
Service,
Inc.
,
Class
B
............
860,495
154,725,606
258,996,036
a
Ground
Transportation
 — 
52
.4
%
ArcBest
Corp.
...........................
36,832
3,476,941
Avis
Budget
Group,
Inc.
(a)
...................
37,730
6,665,759
CSX
Corp.
.............................
1,289,595
39,513,191
Daseke,
Inc.
(a)
...........................
92,416
755,963
Heartland
Express,
Inc.
(b)
...................
71,696
1,038,158
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
244,834
4,083,831
JB
Hunt
Transport
Services,
Inc.
..............
126,015
22,089,169
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
243,292
13,702,205
Landstar
System,
Inc.
(b)
.....................
54,420
9,579,553
Lyft,
Inc.
,
Class
A
(a)
........................
488,186
5,003,906
Marten
Transport
Ltd.
......................
87,935
1,775,408
Norfolk
Southern
Corp.
.....................
189,054
38,383,634
Old
Dominion
Freight
Line,
Inc.
...............
111,667
35,776,990
RXO,
Inc.
(a)
(b)
............................
176,998
3,201,894
Ryder
System,
Inc.
........................
76,192
6,031,359
Saia,
Inc.
(a)
(b)
............................
40,080
11,934,622
Schneider
National,
Inc.
,
Class
B
..............
56,657
1,482,714
Uber
Technologies,
Inc.
(a)
...................
2,351,510
73,014,385
U-Haul
Holding
Co.
.......................
15,109
922,555
Union
Pacific
Corp.
.......................
721,430
141,183,851
Werner
Enterprises,
Inc.
....................
89,285
4,033,003
XPO,
Inc.
(a)
.............................
174,321
7,701,502
431,350,593
a
Marine
Transportation
 — 
1
.5
%
Eagle
Bulk
Shipping,
Inc.
...................
14,877
665,299
Genco
Shipping
&
Trading
Ltd.
................
57,411
884,703
Kirby
Corp.
(a)
............................
90,814
6,524,078
Security
Shares
Value
a
Marine
Transportation
(continued)
Matson,
Inc.
............................
57,392
$
3,904,378
11,978,458
a
Passenger
Airlines
 — 
14
.5
%
Alaska
Air
Group,
Inc.
(a)
.....................
193,220
8,397,341
Allegiant
Travel
Co.
(a)
......................
23,815
2,474,617
American
Airlines
Group,
Inc.
(a)
(b)
..............
985,093
13,436,669
Delta
Air
Lines,
Inc.
(a)
......................
972,205
33,356,354
Frontier
Group
Holdings,
Inc.
(a)
................
57,820
548,712
Hawaiian
Holdings,
Inc.
(a)
(b)
..................
79,837
665,042
JetBlue
Airways
Corp.
(a)
(b)
...................
492,168
3,514,079
Joby
Aviation,
Inc.
(a)
(b)
......................
446,327
1,932,596
SkyWest,
Inc.
(a)
..........................
77,194
2,184,590
Southwest
Airlines
Co.
.....................
901,375
27,302,649
Spirit
Airlines,
Inc.
........................
166,028
2,839,079
Sun
Country
Airlines
Holdings,
Inc.
(a)
............
50,154
989,538
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
496,418
21,743,108
119,384,374
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
983,116,427
)
................................
821,709,461
a
Short-Term
Securities
Money
Market
Funds
 — 
3
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
23,877,439
23,884,603
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
951,661
951,661
a
Total
Short-Term
Securities — 3.0%
(Cost:
$
24,822,444
)
.................................
24,836,264
Total
Investments
—
102.9%
(Cost:
$
1,007,938,871
)
...............................
846,545,725
Liabilities
in
Excess
of
Other
Assets
—
(
2
.9
)
%
...............
(
24,014,957
)
Net
Assets
—
100.0%
.................................
$
822,530,768
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
60,502,490
$
—
$
(
36,636,633
)
(a)
$
23,333
$
(
4,587
)
$
23,884,603
23,877,439
$
156,955
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
990,000
—
(
38,339
)
(a)
—
—
951,661
951,661
31,658
—
$
23,333
$
(
4,587
)
$
24,836,264
$
188,613
$
—
iShares
®
U.S.
Transportation
ETF
Schedule
of
Investments
(continued)
April
30,
2023
89
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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Select
Sector
Index
.........................................................
7
06/16/23
$
708
$
23,379
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)
.............
$
—
$
—
$
23,379
$
—
$
—
$
—
$
23,379
(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
..................................
$
—
$
—
$
(
410,835
)
$
—
$
—
$
—
$
(
410,835
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
42,761
$
—
$
—
$
—
$
42,761
Futures
contracts
Average
notional
valu
e
of
contracts
—
long
...................................................................................
$
910,080
a
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Transportation
ETF
90
2023
iShares
Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
821,709,461
‌
$
—
‌
$
—
‌
$
821,709,461
‌
Short-Term
Securities
Money
Market
Funds
......................................
24,836,264
‌
—
‌
—
‌
24,836,264
‌
$
846,545,725
‌
$
—
‌
$
—
‌
$
846,545,725
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
23,379
‌
$
—
‌
$
—
‌
$
23,379
‌
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
April
30,
2023
(Percentages
shown
are
based
on
Net
Assets)
91
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Commercial
Services
&
Supplies
 — 
9
.3
%
Clean
Harbors,
Inc.
(a)
......................
43,580
$
6,326,073
Republic
Services,
Inc.
.....................
176,291
25,495,204
Stericycle,
Inc.
(a)
(b)
........................
78,232
3,571,291
Waste
Management,
Inc.
....................
350,933
58,272,425
93,664,993
a
Electric
Utilities
 — 
57
.4
%
Alliant
Energy
Corp.
.......................
214,246
11,813,524
American
Electric
Power
Co.,
Inc.
..............
439,767
40,643,266
Avangrid,
Inc.
...........................
60,497
2,435,609
Constellation
Energy
Corp.
..................
279,153
21,606,442
Duke
Energy
Corp.
.......................
658,733
65,135,519
Edison
International
.......................
321,405
23,655,408
Entergy
Corp.
...........................
173,533
18,668,680
Evergy,
Inc.
.............................
190,006
11,801,273
Eversource
Energy
.......................
294,597
22,863,673
Exelon
Corp.
............................
849,201
36,040,090
FirstEnergy
Corp.
........................
464,196
18,475,001
Hawaiian
Electric
Industries,
Inc.
..............
92,851
3,640,688
IDACORP,
Inc.
..........................
43,046
4,783,272
NextEra
Energy,
Inc.
......................
1,699,170
130,207,397
NRG
Energy,
Inc.
.........................
181,428
6,199,395
OGE
Energy
Corp.
........................
170,713
6,408,566
PG&E
Corp.
(a)
(b)
..........................
1,407,417
24,080,905
Pinnacle
West
Capital
Corp.
.................
96,489
7,570,527
PPL
Corp.
.............................
629,978
18,092,968
Southern
Co.
(The)
.......................
930,302
68,423,712
Xcel
Energy,
Inc.
.........................
466,231
32,594,209
575,140,124
a
Electrical
Equipment
 — 
0
.4
%
Sunrun,
Inc.
(a)
(b)
..........................
177,778
3,740,449
a
Gas
Utilities
 — 
2
.4
%
Atmos
Energy
Corp.
.......................
121,466
13,864,129
National
Fuel
Gas
Co.
.....................
74,813
4,182,047
UGI
Corp.
..............................
178,989
6,064,147
24,110,323
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
2
.5
%
AES
Corp.
(The)
.........................
570,238
13,491,831
Brookfield
Renewable
Corp.
,
Class
A
...........
108,994
3,641,490
Security
Shares
Value
a
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Vistra
Corp.
............................
335,770
$
8,011,472
25,144,793
a
Multi-Utilities
 — 
24
.5
%
Ameren
Corp.
...........................
220,011
19,574,379
CenterPoint
Energy,
Inc.
....................
538,600
16,411,142
CMS
Energy
Corp.
........................
247,478
15,407,980
Consolidated
Edison,
Inc.
...................
303,387
29,874,518
Dominion
Energy,
Inc.
......................
711,952
40,680,937
DTE
Energy
Co.
.........................
164,909
18,537,421
NiSource,
Inc.
...........................
347,041
9,876,787
Public
Service
Enterprise
Group,
Inc.
...........
425,672
26,902,470
Sempra
Energy
..........................
269,071
41,837,850
WEC
Energy
Group,
Inc.
....................
269,783
25,945,031
245,048,515
a
Water
Utilities
 — 
3
.3
%
American
Water
Works
Co.,
Inc.
...............
164,942
24,452,652
Essential
Utilities,
Inc.
......................
197,766
8,444,608
32,897,260
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
984,555,462
)
................................
999,746,457
a
Short-Term
Securities
Money
Market
Funds
 — 
3
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.02
%
(c)
(d)
(e)
......................
28,249,951
28,258,427
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.75
%
(c)
(d)
............................
1,350,795
1,350,795
a
Total
Short-Term
Securities — 3.0%
(Cost:
$
29,609,211
)
.................................
29,609,222
Total
Investments
—
102.8%
(Cost:
$
1,014,164,673
)
...............................
1,029,355,679
Liabilities
in
Excess
of
Other
Assets
—
(
2
.8
)
%
...............
(
27,806,798
)
Net
Assets
—
100.0%
.................................
$
1,001,548,881
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
U.S.
Utilities
ETF
92
2023
iShares
Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
April
30,
2023
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
04/30/23
  Shares
Held
at
04/30/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
460,950
$
27,793,554
(a)
$
—
$
3,912
$
11
$
28,258,427
28,249,951
$
19,583
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,712,000
—
(
361,205
)
(a)
—
—
1,350,795
1,350,795
46,874
1
$
3,912
$
11
$
29,609,222
$
66,457
$
1
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Utilities
Select
Sector
Index
..........................................................
24
06/16/23
$
1,677
$
39,537
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
39,537
$
—
$
—
$
—
$
39,537
(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
..................................
$
—
$
—
$
(
33,984
)
$
—
$
—
$
—
$
(
33,984
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
50,473
$
—
$
—
$
—
$
50,473
iShares
®
U.S.
Utilities
ETF
Schedule
of
Investments
(continued)
April
30,
2023
93
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,721,620
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
999,746,457
‌
$
—
‌
$
—
‌
$
999,746,457
‌
Short-Term
Securities
Money
Market
Funds
......................................
29,609,222
‌
—
‌
—
‌
29,609,222
‌
$
1,029,355,679
‌
$
—
‌
$
—
‌
$
1,029,355,679
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
39,537
‌
$
—
‌
$
—
‌
$
39,537
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
94
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
April
30,
2023
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)
.....................................
$
1,546,606,588
‌
$
3,504,345,085
‌
$
3,246,335,656
‌
$
913,250,159
‌
Investments,
at
value
—
affiliated
(c)
........................................
34,427,891
‌
46,755,751
‌
31,312,696
‌
8,734,717
‌
Cash
............................................................
151,404
‌
373,981
‌
227,339
‌
25,760
‌
Cash
pledged:
Futures
contracts
..................................................
159,000
‌
702,000
‌
361,000
‌
118,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
24,971
‌
19,600
‌
21,517
‌
1,456
‌
Capital
shares
sold
.................................................
—
‌
—
‌
—
‌
14,865
‌
Dividends
—
unaffiliated
.............................................
1,180,830
‌
3,209,702
‌
3,261,825
‌
1,076,047
‌
Dividends
—
affiliated
...............................................
8,749
‌
35,760
‌
22,308
‌
4,278
‌
Interest
—
unaffiliated
...............................................
225
‌
512
‌
519
‌
671
‌
Variation
margin
on
futures
contracts
.....................................
24,948
‌
107,725
‌
54,573
‌
21,390
‌
Total
assets
.......................................................
1,582,584,606
‌
3,555,550,116
‌
3,281,597,433
‌
923,247,343
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
28,311,830
‌
18,362,047
‌
20,904,692
‌
7,515,197
‌
Payables:
Capital
shares
redeemed
.............................................
—
‌
—
‌
—
‌
14,865
‌
Investment
advisory
fees
.............................................
252,994
‌
722,834
‌
664,913
‌
276,220
‌
Total
liabilities
......................................................
28,564,824
‌
19,084,881
‌
21,569,605
‌
7,806,282
‌
NET
ASSETS
......................................................
$
1,554,019,782
‌
$
3,536,465,235
‌
$
3,260,027,828
‌
$
915,441,061
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
917,392,646
‌
$
3,120,545,376
‌
$
3,426,557,113
‌
$
1,174,005,154
‌
Accumulated
earnings
(loss)
............................................
636,627,136
‌
415,919,859
‌
(
166,529,285
)
(
258,564,093
)
NET
ASSETS
......................................................
$
1,554,019,782
‌
$
3,536,465,235
‌
$
3,260,027,828
‌
$
915,441,061
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
15,350,000
‌
45,150,000
‌
36,900,000
‌
7,000,000
‌
Net
asset
value
.....................................................
$
101.24
‌
$
78.33
‌
$
88.35
‌
$
130.78
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
27,655,791
‌
$
17,893,813
‌
$
20,035,957
‌
$
7,263,321
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
867,679,273
‌
$
2,992,090,992
‌
$
3,231,526,152
‌
$
972,770,618
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
32,932,270
‌
$
45,297,587
‌
$
29,998,938
‌
$
8,731,031
‌
95
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
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)
.....................................
$
697,134,472
‌
$
1,806,799,256
‌
$
1,551,358,697
‌
$
1,162,515,692
‌
Investments,
at
value
—
affiliated
(c)
........................................
24,791,571
‌
7,087,938
‌
14,701,466
‌
47,433,650
‌
Cash
............................................................
34,520
‌
1,453,408
‌
10,730
‌
46,875
‌
Cash
pledged:
Futures
contracts
..................................................
102,000
‌
215,000
‌
230,000
‌
223,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
59,551
‌
656
‌
10,731
‌
19,524
‌
Capital
shares
sold
.................................................
11,881
‌
—
‌
—
‌
—
‌
Dividends
—
unaffiliated
.............................................
230,894
‌
3,371,664
‌
1,169,186
‌
2,632,910
‌
Dividends
—
affiliated
...............................................
4,612
‌
7,988
‌
7,393
‌
5,496
‌
Interest
—
unaffiliated
...............................................
42
‌
875
‌
499
‌
261
‌
Due
from
broker
...................................................
—
‌
14,980
‌
—
‌
—
‌
Variation
margin
on
futures
contracts
.....................................
5,565
‌
20,160
‌
39,074
‌
40,628
‌
Total
assets
.......................................................
722,375,108
‌
1,818,971,925
‌
1,567,527,776
‌
1,212,918,036
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
23,543,862
‌
4,937,414
‌
11,895,013
‌
10,173,040
‌
Payables:
Investments
purchased
..............................................
—
‌
2,076,506
‌
—
‌
—
‌
Investment
advisory
fees
.............................................
231,315
‌
578,439
‌
520,549
‌
387,944
‌
Total
liabilities
......................................................
23,775,177
‌
7,592,359
‌
12,415,562
‌
10,560,984
‌
NET
ASSETS
......................................................
$
698,599,931
‌
$
1,811,379,566
‌
$
1,555,112,214
‌
$
1,202,357,052
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,002,013,781
‌
$
1,794,381,160
‌
$
1,617,133,891
‌
$
1,527,023,645
‌
Accumulated
earnings
(loss)
............................................
(
303,413,850
)
16,998,406
‌
(
62,021,677
)
(
324,666,593
)
NET
ASSETS
......................................................
$
698,599,931
‌
$
1,811,379,566
‌
$
1,555,112,214
‌
$
1,202,357,052
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
10,850,000
‌
8,750,000
‌
34,900,000
‌
7,800,000
‌
Net
asset
value
.....................................................
$
64.39
‌
$
207.01
‌
$
44.56
‌
$
154.15
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
23,471,800
‌
$
4,848,334
‌
$
11,657,745
‌
$
9,843,281
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
830,358,636
‌
$
1,744,756,145
‌
$
1,227,294,904
‌
$
1,375,622,211
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
24,783,234
‌
$
7,087,083
‌
$
14,696,737
‌
$
55,802,246
‌
96
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
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)
.....................................
$
1,775,450,069
‌
$
3,256,155,705
‌
$
1,174,234,660
‌
$
10,541,685,273
‌
Investments,
at
value
—
affiliated
(c)
........................................
60,749,201
‌
49,374,653
‌
11,836,834
‌
185,058,932
‌
Cash
............................................................
53,219
‌
27,880
‌
44,628
‌
320,745
‌
Cash
pledged:
Futures
contracts
..................................................
360,000
‌
248,999
‌
137,000
‌
642,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
50,163
‌
21,385
‌
2,147
‌
40,895
‌
Dividends
—
unaffiliated
.............................................
3,328,490
‌
3,082,400
‌
720,642
‌
127,688
‌
Dividends
—
affiliated
...............................................
14,488
‌
14,269
‌
6,980
‌
45,556
‌
Interest
—
unaffiliated
...............................................
347
‌
540
‌
106
‌
349
‌
Variation
margin
on
futures
contracts
.....................................
59,648
‌
41,410
‌
20,130
‌
104,550
‌
Total
assets
.......................................................
1,840,065,625
‌
3,308,967,241
‌
1,187,003,127
‌
10,728,025,988
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
10,407,787
‌
45,907,389
‌
9,919,382
‌
172,313,100
‌
Payables:
Capital
shares
redeemed
.............................................
87,104
‌
—
‌
15,819
‌
—
‌
Investment
advisory
fees
.............................................
595,053
‌
1,067,316
‌
384,949
‌
3,395,606
‌
Total
liabilities
......................................................
11,089,944
‌
46,974,705
‌
10,320,150
‌
175,708,706
‌
NET
ASSETS
......................................................
$
1,828,975,681
‌
$
3,261,992,536
‌
$
1,176,682,977
‌
$
10,552,317,282
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
2,176,682,632
‌
$
3,046,072,954
‌
$
1,334,995,944
‌
$
9,211,659,703
‌
Accumulated
earnings
(loss)
............................................
(
347,706,951
)
215,919,582
‌
(
158,312,967
)
1,340,657,579
‌
NET
ASSETS
......................................................
$
1,828,975,681
‌
$
3,261,992,536
‌
$
1,176,682,977
‌
$
10,552,317,282
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
25,000,000
‌
11,600,000
‌
11,800,000
‌
113,400,000
‌
Net
asset
value
.....................................................
$
73.16
‌
$
281.21
‌
$
99.72
‌
$
93.05
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
10,010,835
‌
$
45,481,536
‌
$
9,777,924
‌
$
167,183,080
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
1,955,576,201
‌
$
2,934,618,692
‌
$
1,230,697,740
‌
$
8,915,452,331
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
71,718,389
‌
$
49,355,364
‌
$
11,833,158
‌
$
185,012,910
‌
97
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
821,709,461
‌
$
999,746,457
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
24,836,264
‌
29,609,222
‌
Cash
...........................................................................................
9,656
‌
15,833
‌
Cash
pledged:
Futures
contracts
.................................................................................
43,000
‌
85,000
‌
Receivables:
Investments
sold
.................................................................................
2,806,595
‌
—
‌
Securities
lending
income
—
affiliated
...................................................................
8,487
‌
3,501
‌
Capital
shares
sold
................................................................................
44,264
‌
—
‌
Dividends
—
unaffiliated
............................................................................
10,942
‌
669,036
‌
Dividends
—
affiliated
..............................................................................
3,624
‌
5,691
‌
Interest
—
unaffiliated
..............................................................................
29
‌
75
‌
Variation
margin
on
futures
contracts
....................................................................
6,160
‌
—
‌
Total
assets
......................................................................................
849,478,482
‌
1,030,134,815
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
23,907,190
‌
28,254,165
‌
Payables:
Investments
purchased
.............................................................................
2,774,639
‌
—
‌
Capital
shares
redeemed
............................................................................
11,066
‌
—
‌
Investment
advisory
fees
............................................................................
254,819
‌
329,032
‌
Variation
margin
on
futures
contracts
....................................................................
—
‌
2,737
‌
Total
liabilities
.....................................................................................
26,947,714
‌
28,585,934
‌
NET
ASSETS
.....................................................................................
$
822,530,768
‌
$
1,001,548,881
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
1,099,081,574
‌
$
1,052,252,769
‌
Accumulated
loss
..................................................................................
(
276,550,806
)
(
50,703,888
)
NET
ASSETS
.....................................................................................
$
822,530,768
‌
$
1,001,548,881
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
3,700,000
‌
11,750,000
‌
Net
asset
value
....................................................................................
$
222.31
‌
$
85.24
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
25,410,451
‌
$
27,575,351
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
983,116,427
‌
$
984,555,462
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
24,822,444
‌
$
29,609,211
‌
98
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
Year
Ended
April
30,
2023
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
............................................
$
24,780,750
‌
$
58,178,969
‌
$
58,085,031
‌
$
21,691,991
‌
Dividends
—
affiliated
..............................................
187,021
‌
851,507
‌
1,310,271
‌
38,138
‌
Interest
—
unaffiliated
..............................................
2,736
‌
6,179
‌
20,197
‌
1,640
‌
Securities
lending
income
—
affiliated
—
net
...............................
228,160
‌
315,977
‌
368,152
‌
33,808
‌
Foreign
taxes
withheld
.............................................
(
6,789
)
(
27,265
)
(
33,526
)
(
7,994
)
Total
investment
income
..............................................
25,191,878
‌
59,325,367
‌
59,750,125
‌
21,757,583
‌
EXPENSES
Investment
advisory
...............................................
3,002,563
‌
8,967,945
‌
8,288,004
‌
3,502,939
‌
Total
expenses
....................................................
3,002,563
‌
8,967,945
‌
8,288,004
‌
3,502,939
‌
Net
investment
income
...............................................
22,189,315
‌
50,357,422
‌
51,462,121
‌
18,254,644
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
11,537,363
)
(
31,390,489
)
(
99,832,116
)
(
76,019,582
)
Investments
—
affiliated
...........................................
(
12,365
)
(
144,513
)
(
5,520,575
)
9,155
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
2
‌
7
‌
5
‌
1
‌
Futures
contracts
...............................................
(
378,187
)
(
381,539
)
(
858,705
)
(
577,961
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
74,637,290
‌
241,711,642
‌
115,517,800
‌
13,972,529
‌
In-kind
redemptions
—
affiliated
(a)
....................................
211,507
‌
1,407,106
‌
2,374,897
‌
—
‌
62,920,884
‌
211,202,214
‌
11,681,306
‌
(
62,615,858
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
63,846,050
)
(
230,448,472
)
(
51,001,132
)
(
46,897,276
)
Investments
—
affiliated
...........................................
89,040
‌
338,171
‌
7,766,797
‌
3,686
‌
Futures
contracts
...............................................
272,728
‌
973,048
‌
599,604
‌
58,347
‌
(
63,484,282
)
(
229,137,253
)
(
42,634,731
)
(
46,835,243
)
Net
realized
and
unrealized
loss
.........................................
(
563,398
)
(
17,935,039
)
(
30,953,425
)
(
109,451,101
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
21,625,917
‌
$
32,422,383
‌
$
20,508,696
‌
$
(
91,196,457
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
99
Statements
of
Operations
(continued)
Year
Ended
April
30,
2023
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
............................................
$
7,279,699
‌
$
45,424,024
‌
$
85,739,092
‌
$
32,274,777
‌
Dividends
—
affiliated
..............................................
31,095
‌
73,555
‌
85,545
‌
1,279,418
‌
Interest
—
unaffiliated
..............................................
3,171
‌
11,268
‌
4,346
‌
2,270
‌
Securities
lending
income
—
affiliated
—
net
...............................
479,047
‌
52,633
‌
167,395
‌
162,939
‌
Foreign
taxes
withheld
.............................................
—
‌
—
‌
—
‌
(
6,909
)
Total
investment
income
..............................................
7,793,012
‌
45,561,480
‌
85,996,378
‌
33,712,495
‌
EXPENSES
Investment
advisory
...............................................
2,898,039
‌
6,369,639
‌
9,073,117
‌
5,802,877
‌
Total
expenses
....................................................
2,898,039
‌
6,369,639
‌
9,073,117
‌
5,802,877
‌
Net
investment
income
...............................................
4,894,973
‌
39,191,841
‌
76,923,261
‌
27,909,618
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
72,318,735
)
(
15,897,161
)
(
11,590,621
)
(
39,910,025
)
Investments
—
affiliated
...........................................
47,735
‌
19,235
‌
37,204
‌
(
313,770
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
1
‌
2
‌
2
‌
1
‌
Futures
contracts
...............................................
(
139,842
)
257,955
‌
876,214
‌
(
631,966
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
10,750,074
‌
66,732,486
‌
872,955,188
‌
53,663,877
‌
In-kind
redemptions
—
affiliated
(a)
....................................
—
‌
—
‌
—
‌
2,102,326
‌
(
61,660,767
)
51,112,517
‌
862,277,987
‌
14,910,443
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
18,565,157
‌
(
28,466,787
)
(
570,318,388
)
(
119,654,895
)
Investments
—
affiliated
...........................................
(
625
)
(
428
)
(
2,716
)
469,089
‌
Futures
contracts
...............................................
92,479
‌
153,975
‌
289,642
‌
498,067
‌
18,657,011
‌
(
28,313,240
)
(
570,031,462
)
(
118,687,739
)
Net
realized
and
unrealized
gain
(loss)
....................................
(
43,003,756
)
22,799,277
‌
292,246,525
‌
(
103,777,296
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
(
38,108,783
)
$
61,991,118
‌
$
369,169,786
‌
$
(
75,867,678
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
100
2023
iShares
Annual
Report
to
Shareholders
Statements
of
Operations
(continued)
Year
Ended
April
30,
2023
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
............................................
$
44,805,139
‌
$
48,784,402
‌
$
17,492,701
‌
$
66,862,631
‌
Dividends
—
affiliated
..............................................
1,652,813
‌
132,826
‌
51,545
‌
328,919
‌
Interest
—
unaffiliated
..............................................
16,913
‌
4,682
‌
1,581
‌
12,261
‌
Securities
lending
income
—
affiliated
—
net
...............................
319,563
‌
167,349
‌
84,751
‌
427,380
‌
Foreign
taxes
withheld
.............................................
(
8,535
)
—
‌
(
2,098
)
(
29,388
)
Total
investment
income
..............................................
46,785,893
‌
49,089,259
‌
17,628,480
‌
67,601,803
‌
EXPENSES
Investment
advisory
...............................................
7,992,273
‌
12,444,707
‌
4,656,703
‌
31,250,714
‌
Total
expenses
....................................................
7,992,273
‌
12,444,707
‌
4,656,703
‌
31,250,714
‌
Net
investment
income
...............................................
38,793,620
‌
36,644,552
‌
12,971,777
‌
36,351,089
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
77,184,603
)
(
14,759,178
)
(
17,643,889
)
(
188,632,115
)
Investments
—
affiliated
...........................................
(
1,370,334
)
7,488
‌
33,940
‌
40,784
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
3
‌
3
‌
1
‌
9
‌
Futures
contracts
...............................................
(
819,746
)
(
353,702
)
(
116,338
)
65,701
‌
In-kind
redemptions
—
unaffiliated
(a)
...................................
55,708,355
‌
132,490,461
‌
62,107,703
‌
511,675,934
‌
In-kind
redemptions
—
affiliated
(a)
....................................
161,295
‌
—
‌
—
‌
—
‌
(
23,505,030
)
117,385,072
‌
44,381,417
‌
323,150,313
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
63,041,658
)
(
33,137,849
)
(
41,323,513
)
460,778,056
‌
Investments
—
affiliated
...........................................
4,903,344
‌
3,725
‌
(
418
)
47,118
‌
Futures
contracts
...............................................
556,432
‌
291,304
‌
143,149
‌
843,782
‌
(
57,581,882
)
(
32,842,820
)
(
41,180,782
)
461,668,956
‌
Net
realized
and
unrealized
gain
(loss)
....................................
(
81,086,912
)
84,542,252
‌
3,200,635
‌
784,819,269
‌
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
(
42,293,292
)
$
121,186,804
‌
$
16,172,412
‌
$
821,170,358
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
101
Statements
of
Operations
(continued)
Year
Ended
April
30,
2023
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
14,316,366
‌
$
27,274,735
‌
Dividends
—
affiliated
..............................................................................
31,658
‌
46,874
‌
Interest
—
unaffiliated
..............................................................................
813
‌
1,636
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
156,955
‌
19,583
‌
Foreign
taxes
withheld
.............................................................................
—
‌
(
20,962
)
Total
investment
income
..............................................................................
14,505,792
‌
27,321,866
‌
EXPENSES
Investment
advisory
...............................................................................
3,289,432
‌
4,012,314
‌
Total
expenses
....................................................................................
3,289,432
‌
4,012,314
‌
Net
investment
income
...............................................................................
11,216,360
‌
23,309,552
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
33,529,364
)
(
3,282,730
)
Investments
—
affiliated
...........................................................................
23,333
‌
3,912
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................................................
—
‌
1
‌
Futures
contracts
...............................................................................
(
410,835
)
(
33,984
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
(
21,638,280
)
43,994,779
‌
(
55,555,146
)
40,681,978
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
42,402,480
)
(
65,048,620
)
Investments
—
affiliated
...........................................................................
(
4,587
)
11
‌
Futures
contracts
...............................................................................
42,761
‌
50,473
‌
(
42,364,306
)
(
64,998,136
)
Net
realized
and
unrealized
loss
.........................................................................
(
97,919,452
)
(
24,316,158
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
86,703,092
)
$
(
1,006,606
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
102
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
22,189,315
‌
$
19,037,512
‌
$
50,357,422
‌
$
39,114,060
‌
Net
realized
gain
.............................................
62,920,884
‌
73,031,487
‌
211,202,214
‌
199,779,878
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
63,484,282
)
(
135,465,859
)
(
229,137,253
)
(
328,578,348
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
21,625,917
‌
(
43,396,860
)
32,422,383
‌
(
89,684,410
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
22,417,559
)
(
18,957,187
)
(
50,565,891
)
(
39,133,562
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
4,614,827
)
8,199,868
‌
(
59,105,660
)
633,066,989
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
5,406,469
)
(
54,154,179
)
(
77,249,168
)
504,249,017
‌
Beginning
of
year
...............................................
1,559,426,251
‌
1,613,580,430
‌
3,613,714,403
‌
3,109,465,386
‌
End
of
year
...................................................
$
1,554,019,782
‌
$
1,559,426,251
‌
$
3,536,465,235
‌
$
3,613,714,403
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
103
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
51,462,121
‌
$
42,956,098
‌
$
18,254,644
‌
$
14,636,599
‌
Net
realized
gain
(loss)
.........................................
11,681,306
‌
334,495,226
‌
(
62,615,858
)
123,620,508
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
42,634,731
)
(
555,738,306
)
(
46,835,243
)
(
93,530,036
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
20,508,696
‌
(
178,286,982
)
(
91,196,457
)
44,727,071
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
50,432,428
)
(
43,477,209
)
(
18,732,865
)
(
13,985,668
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
372,694,673
)
826,479,467
‌
(
100,955,756
)
316,101,233
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
402,618,405
)
604,715,276
‌
(
210,885,078
)
346,842,636
‌
Beginning
of
year
...............................................
3,662,646,233
‌
3,057,930,957
‌
1,126,326,139
‌
779,483,503
‌
End
of
year
...................................................
$
3,260,027,828
‌
$
3,662,646,233
‌
$
915,441,061
‌
$
1,126,326,139
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
104
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
4,894,973
‌
$
5,281,075
‌
$
39,191,841
‌
$
15,447,986
‌
Net
realized
gain
(loss)
.........................................
(
61,660,767
)
375,899,658
‌
51,112,517
‌
123,499,256
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
18,657,011
‌
(
549,426,537
)
(
28,313,240
)
(
28,423,614
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
38,108,783
)
(
168,245,804
)
61,991,118
‌
110,523,628
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
4,983,461
)
(
5,634,523
)
(
36,324,935
)
(
13,054,119
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
115,173,704
)
(
552,919,725
)
650,759,054
‌
345,936,728
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
158,265,948
)
(
726,800,052
)
676,425,237
‌
443,406,237
‌
Beginning
of
year
...............................................
856,865,879
‌
1,583,665,931
‌
1,134,954,329
‌
691,548,092
‌
End
of
year
...................................................
$
698,599,931
‌
$
856,865,879
‌
$
1,811,379,566
‌
$
1,134,954,329
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
105
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
76,923,261
‌
$
89,420,483
‌
$
27,909,618
‌
$
35,975,249
‌
Net
realized
gain
.............................................
862,277,987
‌
42,606,614
‌
14,910,443
‌
119,902,551
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
570,031,462
)
1,040,590,620
‌
(
118,687,739
)
(
394,690,665
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
369,169,786
‌
1,172,617,717
‌
(
75,867,678
)
(
238,812,865
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
81,833,379
)
(
92,818,427
)
(
30,227,687
)
(
34,305,475
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
2,285,005,157
)
370,522,917
‌
(
720,578,894
)
666,824,707
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
1,997,668,750
)
1,450,322,207
‌
(
826,674,259
)
393,706,367
‌
Beginning
of
year
...............................................
3,552,780,964
‌
2,102,458,757
‌
2,029,031,311
‌
1,635,324,944
‌
End
of
year
...................................................
$
1,555,112,214
‌
$
3,552,780,964
‌
$
1,202,357,052
‌
$
2,029,031,311
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
106
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
38,793,620
‌
$
34,107,926
‌
$
36,644,552
‌
$
29,784,855
‌
Net
realized
gain
(loss)
.........................................
(
23,505,030
)
270,944,230
‌
117,385,072
‌
246,745,700
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
57,581,882
)
(
411,469,851
)
(
32,842,820
)
(
175,109,337
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
42,293,292
)
(
106,417,695
)
121,186,804
‌
101,421,218
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
37,169,793
)
(
33,553,578
)
(
36,619,957
)
(
29,723,391
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
191,510,087
)
(
113,282,168
)
350,643,267
‌
190,045,697
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
270,973,172
)
(
253,253,441
)
435,210,114
‌
261,743,524
‌
Beginning
of
year
...............................................
2,099,948,853
‌
2,353,202,294
‌
2,826,782,422
‌
2,565,038,898
‌
End
of
year
...................................................
$
1,828,975,681
‌
$
2,099,948,853
‌
$
3,261,992,536
‌
$
2,826,782,422
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
107
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
12,971,777
‌
$
13,236,270
‌
$
36,351,089
‌
$
20,748,046
‌
Net
realized
gain
.............................................
44,381,417
‌
232,088,818
‌
323,150,313
‌
1,677,115,088
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
41,180,782
)
(
409,382,465
)
461,668,956
‌
(
2,050,780,033
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
16,172,412
‌
(
164,057,377
)
821,170,358
‌
(
352,916,899
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
12,823,027
)
(
13,540,660
)
(
41,892,148
)
(
25,450,503
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
75,758,298
)
(
271,270,619
)
2,434,605,506
‌
459,545,739
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
72,408,913
)
(
448,868,656
)
3,213,883,716
‌
81,178,337
‌
Beginning
of
year
...............................................
1,249,091,890
‌
1,697,960,546
‌
7,338,433,566
‌
7,257,255,229
‌
End
of
year
...................................................
$
1,176,682,977
‌
$
1,249,091,890
‌
$
10,552,317,282
‌
$
7,338,433,566
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
108
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
11,216,360
‌
$
13,777,334
‌
$
23,309,552
‌
$
20,046,136
‌
Net
realized
gain
(loss)
.........................................
(
55,555,146
)
334,381,771
‌
40,681,978
‌
(
4,380,587
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
42,364,306
)
(
518,965,588
)
(
64,998,136
)
55,725,844
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
86,703,092
)
(
170,806,483
)
(
1,006,606
)
71,391,393
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
11,528,316
)
(
14,205,923
)
(
24,453,499
)
(
20,890,534
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
257,513,837
)
(
781,017,714
)
56,018,765
‌
98,397,603
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
355,745,245
)
(
966,030,120
)
30,558,660
‌
148,898,462
‌
Beginning
of
year
...............................................
1,178,276,013
‌
2,144,306,133
‌
970,990,221
‌
822,091,759
‌
End
of
year
...................................................
$
822,530,768
‌
$
1,178,276,013
‌
$
1,001,548,881
‌
$
970,990,221
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
109
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
101.26
‌
$
105.12
‌
$
71.50
‌
$
73.44
‌
$
66.25
‌
Net
investment
income
(b)
...............................
1
.43
‌
1
.23
‌
1
.19
‌
1
.28
‌
1
.20
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
0
.01
)
(
3
.87
)
33.68
‌
(
1
.75
)
7
.23
‌
Net
increase
(decrease)
from
investment
operations
..............
1
.42
‌
(
2
.64
)
34.87
‌
(
0
.47
)
8
.43
‌
Distributions
from
net
investment
income
(d)
.....................
(
1
.44
)
(
1
.22
)
(
1
.25
)
(
1
.47
)
(
1
.24
)
Net
asset
value,
end
of
year
.............................
$
101.24
‌
$
101.26
‌
$
105.12
‌
$
71.50
‌
$
73.44
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
1
.50
%
(
2
.61
)
%
49.18
%
(
0
.63
)
%
12.89
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.20
%
0
.20
%
0
.20
%
0
.20
%
0
.20
%
Net
investment
income
..................................
1
.48
%
1
.11
%
1
.35
%
1
.72
%
1
.74
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,554,020
‌
$
1,559,426
‌
$
1,613,580
‌
$
1,158,276
‌
$
1,241,141
‌
Portfolio
turnover
rate
(g)
..................................
4
%
4
%
4
%
4
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
110
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
..........................
$
78.64
‌
$
80.24
‌
$
55.03
‌
$
54.88
‌
$
49.07
‌
Net
investment
income
(b)
................................
1
.05
‌
0
.92
‌
0
.86
‌
0
.90
‌
0
.83
‌
Net
realized
and
unrealized
gain
(loss)
(c)
......................
(
0
.31
)
(
1
.61
)
25.19
‌
0
.14
‌
5
.82
‌
Net
increase
(decrease)
from
investment
operations
...............
0
.74
‌
(
0
.69
)
26.05
‌
1
.04
‌
6
.65
‌
Distributions
from
net
investment
income
(d)
......................
(
1
.05
)
(
0
.91
)
(
0
.84
)
(
0
.89
)
(
0
.84
)
Net
asset
value,
end
of
year
..............................
$
78.33
‌
$
78.64
‌
$
80.24
‌
$
55.03
‌
$
54.88
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
1
.03
%
(
0
.95
)
%
47.69
%
1
.95
%
13.70
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.28
%
Total
expenses
after
fees
waived
............................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
...................................
1
.40
%
1
.07
%
1
.27
%
1
.61
%
1
.61
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
3,536,465
‌
$
3,613,714
‌
$
3,109,465
‌
$
1,793,824
‌
$
1,415,953
‌
Portfolio
turnover
rate
(g)
...................................
4
%
6
%
5
%
6
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
111
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
..........................
$
88.58
‌
$
92.11
‌
$
61.68
‌
$
61.08
‌
$
55.42
‌
Net
investment
income
(b)
................................
1
.32
‌
1
.09
‌
1
.03
‌
1
.00
‌
0
.98
‌
Net
realized
and
unrealized
gain
(loss)
(c)
......................
(
0
.26
)
(
3
.54
)
30.38
‌
0
.65
‌
5
.62
‌
Net
increase
(decrease)
from
investment
operations
...............
1
.06
‌
(
2
.45
)
31.41
‌
1
.65
‌
6
.60
‌
Distributions
from
net
investment
income
(d)
......................
(
1
.29
)
(
1
.08
)
(
0
.98
)
(
1
.05
)
(
0
.94
)
Net
asset
value,
end
of
year
..............................
$
88.35
‌
$
88.58
‌
$
92.11
‌
$
61.68
‌
$
61.08
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
1
.30
%
(
2
.77
)
%
51.29
%
2
.76
%
12.07
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.28
%
Total
expenses
after
fees
waived
............................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
...................................
1
.55
%
1
.11
%
1
.31
%
1
.61
%
1
.71
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
3,260,028
‌
$
3,662,646
‌
$
3,057,931
‌
$
1,289,055
‌
$
1,001,715
‌
Portfolio
turnover
rate
(g)
...................................
18
%
19
%
27
%
13
%
21
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
112
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
.........................
$
140.79
‌
$
131.01
‌
$
81.27
‌
$
94.03
‌
$
97.37
‌
Net
investment
income
(a)
...............................
2
.65
‌
2
.16
‌
1
.78
‌
1
.65
‌
1
.63
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
9
.96
)
9
.70
‌
49.62
‌
(
12.42
)
(
3
.49
)
Net
increase
(decrease)
from
investment
operations
..............
(
7
.31
)
11.86
‌
51.40
‌
(
10.77
)
(
1
.86
)
Distributions
from
net
investment
income
(c)
.....................
(
2
.70
)
(
2
.08
)
(
1
.66
)
(
1
.99
)
(
1
.48
)
Net
asset
value,
end
of
year
.............................
$
130.78
‌
$
140.79
‌
$
131.01
‌
$
81.27
‌
$
94.03
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
5
.07
)
%
9
.13
%
63.81
%
(
11.59
)
%
(
1
.89
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.42
%
Net
investment
income
..................................
2
.09
%
1
.60
%
1
.64
%
1
.83
%
1
.71
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
915,441
‌
$
1,126,326
‌
$
779,484
‌
$
256,007
‌
$
423,128
‌
Portfolio
turnover
rate
(f)
..................................
30
%
47
%
28
%
11
%
28
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
113
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
66.68
‌
$
78.01
‌
$
51.17
‌
$
54.31
‌
$
46.36
‌
Net
investment
income
(b)
...............................
0
.42
‌
0
.31
‌
0
.44
‌
0
.52
‌
0
.40
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
2
.28
)
(
11.31
)
26.82
‌
(
3
.11
)
7
.94
‌
Net
increase
(decrease)
from
investment
operations
..............
(
1
.86
)
(
11.00
)
27.26
‌
(
2
.59
)
8
.34
‌
Distributions
from
net
investment
income
(d)
.....................
(
0
.43
)
(
0
.33
)
(
0
.42
)
(
0
.55
)
(
0
.39
)
Net
asset
value,
end
of
year
.............................
$
64.39
‌
$
66.68
‌
$
78.01
‌
$
51.17
‌
$
54.31
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
2
.75
)
%
(
14.16
)
%
53.48
%
(
4
.79
)
%
18.09
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.42
%
Net
investment
income
..................................
0
.68
%
0
.39
%
0
.67
%
0
.96
%
0
.81
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
698,600
‌
$
856,866
‌
$
1,583,666
‌
$
798,171
‌
$
934,120
‌
Portfolio
turnover
rate
(g)
..................................
27
%
45
%
20
%
31
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
114
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
..........................
$
206.36
‌
$
181.99
‌
$
119.38
‌
$
123.43
‌
$
114.08
‌
Net
investment
income
(a)
................................
4
.86
‌
3
.80
‌
2
.44
‌
2
.77
‌
3
.04
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
0
.27
‌
23.80
‌
62.57
‌
(
3
.83
)
9
.24
‌
Net
increase
(decrease)
from
investment
operations
...............
5
.13
‌
27.60
‌
65.01
‌
(
1
.06
)
12.28
‌
Distributions
from
net
investment
income
(c)
......................
(
4
.48
)
(
3
.23
)
(
2
.40
)
(
2
.99
)
(
2
.93
)
Net
asset
value,
end
of
year
..............................
$
207.01
‌
$
206.36
‌
$
181.99
‌
$
119.38
‌
$
123.43
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
2
.65
%
15.33
%
54.87
%
(
0
.86
)
%
10.95
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.42
%
Net
investment
income
...................................
2
.46
%
1
.99
%
1
.57
%
2
.22
%
2
.61
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,811,380
‌
$
1,134,954
‌
$
691,548
‌
$
471,555
‌
$
469,043
‌
Portfolio
turnover
rate
(f)
...................................
6
%
33
%
4
%
5
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
115
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
.........................
$
39.92
‌
$
26.40
‌
$
20.06
‌
$
35.96
‌
$
40.47
‌
Net
investment
income
(a)
...............................
1
.49
‌
1
.07
‌
0
.80
‌
1
.02
‌
0
.89
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
4
.77
‌
13.56
‌
6
.36
‌
(
14.81
)
(
4
.43
)
Net
increase
(decrease)
from
investment
operations
..............
6
.26
‌
14.63
‌
7
.16
‌
(
13.79
)
(
3
.54
)
Distributions
from
net
investment
income
(c)
.....................
(
1
.62
)
(
1
.11
)
(
0
.82
)
(
2
.11
)
(
0
.97
)
Net
asset
value,
end
of
year
.............................
$
44.56
‌
$
39.92
‌
$
26.40
‌
$
20.06
‌
$
35.96
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
15.97
%
56.56
%
37.20
%
(
39.91
)
%
(
8
.83
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
3
.40
%
3
.38
%
3
.62
%
3
.42
%
2
.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,555,112
‌
$
3,552,781
‌
$
2,102,459
‌
$
459,456
‌
$
789,226
‌
Portfolio
turnover
rate
(f)
..................................
11
%
17
%
15
%
12
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
116
2023
iShares
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
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
.........................
$
162.97
‌
$
182.72
‌
$
115.36
‌
$
136.07
‌
$
130.98
‌
Net
investment
income
(a)
...............................
3
.06
‌
2
.76
‌
2
.52
‌
2
.58
‌
2
.17
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
8
.49
)
(
19.91
)
67.20
‌
(
20.69
)
5
.12
‌
Net
increase
(decrease)
from
investment
operations
..............
(
5
.43
)
(
17.15
)
69.72
‌
(
18.11
)
7
.29
‌
Distributions
from
net
investment
income
(c)
.....................
(
3
.39
)
(
2
.60
)
(
2
.36
)
(
2
.60
)
(
2
.20
)
Net
asset
value,
end
of
year
.............................
$
154.15
‌
$
162.97
‌
$
182.72
‌
$
115.36
‌
$
136.07
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
3
.29
)
%
(
9
.57
)
%
61.14
%
(
13.46
)
%
5
.72
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.93
%
1
.46
%
1
.85
%
1
.90
%
1
.68
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,202,357
‌
$
2,029,031
‌
$
1,635,325
‌
$
865,166
‌
$
1,435,523
‌
Portfolio
turnover
rate
(f)
..................................
4
%
5
%
7
%
7
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
117
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
75.81
‌
$
80.18
‌
$
53.39
‌
$
62.97
‌
$
58.86
‌
Net
investment
income
(b)
...............................
1
.45
‌
1
.20
‌
1
.09
‌
1
.17
‌
1
.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
2
.71
)
(
4
.38
)
26.76
‌
(
9
.55
)
4
.16
‌
Net
increase
(decrease)
from
investment
operations
..............
(
1
.26
)
(
3
.18
)
27.85
‌
(
8
.38
)
5
.20
‌
Distributions
from
net
investment
income
(d)
.....................
(
1
.39
)
(
1
.19
)
(
1
.06
)
(
1
.20
)
(
1
.09
)
Net
asset
value,
end
of
year
.............................
$
73.16
‌
$
75.81
‌
$
80.18
‌
$
53.39
‌
$
62.97
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
1
.62
)
%
(
4
.11
)
%
52.80
%
(
13.47
)
%
9
.01
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.94
%
1
.42
%
1
.72
%
1
.85
%
1
.75
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,828,976
‌
$
2,099,949
‌
$
2,353,202
‌
$
1,233,235
‌
$
1,693,736
‌
Portfolio
turnover
rate
(g)
..................................
14
%
24
%
9
%
6
%
8
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
118
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
..........................
$
273.12
‌
$
263.08
‌
$
212.48
‌
$
188.15
‌
$
173.95
‌
Net
investment
income
(a)
................................
3
.22
‌
2
.89
‌
2
.65
‌
2
.49
‌
2
.26
‌
Net
realized
and
unrealized
gain
(b)
..........................
8
.08
‌
10.00
‌
50.86
‌
24.38
‌
15.50
‌
Net
increase
from
investment
operations
.......................
11.30
‌
12.89
‌
53.51
‌
26.87
‌
17.76
‌
Distributions
from
net
investment
income
(c)
......................
(
3
.21
)
(
2
.85
)
(
2
.91
)
(
2
.54
)
(
3
.56
)
Net
asset
value,
end
of
year
..............................
$
281.21
‌
$
273.12
‌
$
263.08
‌
$
212.48
‌
$
188.15
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
4
.21
%
4
.86
%
25.40
%
14.44
%
10.27
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.43
%
Net
investment
income
...................................
1
.18
%
1
.03
%
1
.13
%
1
.25
%
1
.19
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
3,261,993
‌
$
2,826,782
‌
$
2,565,039
‌
$
2,432,933
‌
$
2,097,818
‌
Portfolio
turnover
rate
(f)
...................................
3
%
7
%
6
%
5
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
119
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
97.59
‌
$
110.26
‌
$
68.98
‌
$
79.12
‌
$
70.80
‌
Net
investment
income
(b)
...............................
1
.07
‌
0
.89
‌
0
.90
‌
1
.03
‌
0
.95
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
2
.09
‌
(
12.64
)
41.28
‌
(
10.11
)
8
.39
‌
Net
increase
(decrease)
from
investment
operations
..............
3
.16
‌
(
11.75
)
42.18
‌
(
9
.08
)
9
.34
‌
Distributions
from
net
investment
income
(d)
.....................
(
1
.03
)
(
0
.92
)
(
0
.90
)
(
1
.06
)
(
1
.02
)
Net
asset
value,
end
of
year
.............................
$
99.72
‌
$
97.59
‌
$
110.26
‌
$
68.98
‌
$
79.12
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
3
.32
%
(
10.75
)
%
61.51
%
(
11.57
)
%
13.34
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.11
%
0
.81
%
0
.99
%
1
.32
%
1
.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,176,683
‌
$
1,249,092
‌
$
1,697,961
‌
$
682,848
‌
$
941,547
‌
Portfolio
turnover
rate
(g)
..................................
4
%
26
%
5
%
4
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
120
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Technology
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
..........................
$
89.60
‌
$
92.98
‌
$
58.58
‌
$
50.85
‌
$
41.99
‌
Net
investment
income
(b)
................................
0
.39
‌
0
.25
‌
0
.37
‌
0
.48
‌
0
.40
‌
Net
realized
and
unrealized
gain
(loss)
(c)
......................
3
.50
‌
(
3
.33
)
34.42
‌
7
.75
‌
8
.84
‌
Net
increase
(decrease)
from
investment
operations
...............
3
.89
‌
(
3
.08
)
34.79
‌
8
.23
‌
9
.24
‌
Distributions
from
net
investment
income
(d)
......................
(
0
.44
)
(
0
.30
)
(
0
.39
)
(
0
.50
)
(
0
.38
)
Net
asset
value,
end
of
year
..............................
$
93.05
‌
$
89.60
‌
$
92.98
‌
$
58.58
‌
$
50.85
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
.................................
4
.41
%
(
3
.35
)
%
59.56
%
16.34
%
22.10
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
........................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.42
%
Net
investment
income
...................................
0
.46
%
0
.24
%
0
.47
%
0
.89
%
0
.87
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
10,552,317
‌
$
7,338,434
‌
$
7,257,255
‌
$
4,862,141
‌
$
4,271,433
‌
Portfolio
turnover
rate
(g)
...................................
10
%
13
%
12
%
16
%
19
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
121
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Net
asset
value,
beginning
of
year
.........................
$
242.94
‌
$
269.72
‌
$
149.76
‌
$
195.07
‌
$
187.76
‌
Net
investment
income
(a)
...............................
3
.06
‌
2
.08
‌
1
.95
‌
2
.55
‌
2
.12
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
(
20.60
)
(
26.68
)
119.89
‌
(
45.09
)
7
.34
‌
Net
increase
(decrease)
from
investment
operations
..............
(
17.54
)
(
24.60
)
121.84
‌
(
42.54
)
9
.46
‌
Distributions
from
net
investment
income
(c)
.....................
(
3
.09
)
(
2
.18
)
(
1
.88
)
(
2
.77
)
(
2
.15
)
Net
asset
value,
end
of
year
.............................
$
222.31
‌
$
242.94
‌
$
269.72
‌
$
149.76
‌
$
195.07
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
(
7
.18
)
%
(
9
.18
)
%
81.75
%
(
21.92
)
%
5
.12
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.42
%
0
.42
%
Net
investment
income
..................................
1
.37
%
0
.80
%
0
.90
%
1
.40
%
1
.11
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
822,531
‌
$
1,178,276
‌
$
2,144,306
‌
$
456,765
‌
$
575,444
‌
Portfolio
turnover
rate
(f)
..................................
13
%
72
%
80
%
35
%
17
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
122
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Utilities
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.........................
$
87.48
‌
$
82.62
‌
$
71.20
‌
$
74.36
‌
$
65.22
‌
Net
investment
income
(b)
...............................
2
.00
‌
1
.98
‌
2
.10
‌
2
.10
‌
2
.02
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....................
(
2
.15
)
4
.95
‌
11.60
‌
(
3
.06
)
9
.06
‌
Net
increase
(decrease)
from
investment
operations
..............
(
0
.15
)
6
.93
‌
13.70
‌
(
0
.96
)
11.08
‌
Distributions
from
net
investment
income
(d)
.....................
(
2
.09
)
(
2
.07
)
(
2
.28
)
(
2
.20
)
(
1
.94
)
Net
asset
value,
end
of
year
.............................
$
85.24
‌
$
87.48
‌
$
82.62
‌
$
71.20
‌
$
74.36
‌
Total
Return
(e)
–
–
–
–
–
Based
on
net
asset
value
................................
(
0
.15
)
%
8
.52
%
19.66
%
(
1
.39
)
%
17.29
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
Total
expenses
.......................................
0
.40
%
0
.39
%
0
.41
%
0
.43
%
0
.43
%
Net
investment
income
..................................
2
.33
%
2
.35
%
2
.78
%
2
.70
%
2
.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
1,001,549
‌
$
970,990
‌
$
822,092
‌
$
875,673
‌
$
810,455
‌
Portfolio
turnover
rate
(g)
..................................
3
%
14
%
5
%
4
%
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
123
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
April
30,
2023,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
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
(continued)
124
2023
iShares
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
(
continued)
125
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
...............................................
$
3,502,180‌
$
(3,502,180‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
403,042‌
(403,042‌)
—‌
—‌
BNP
Paribas
SA
.................................................
4,371,659‌
(4,371,659‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
739,318‌
(739,318‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
303,560‌
(303,560‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,723,831‌
(2,723,831‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,563,629‌
(2,563,629‌)
—‌
—‌
HSBC
Bank
PLC
................................................
28,509‌
(28,509‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,342,330‌
(2,342,330‌)
—‌
—‌
Jefferies
LLC
...................................................
774‌
(774‌)
—‌
—‌
Morgan
Stanley
.................................................
3,332,949‌
(3,332,949‌)
—‌
—‌
National
Financial
Services
LLC
......................................
202,407‌
(202,407‌)
—‌
—‌
Natixis
SA
.....................................................
695,146‌
(695,146‌)
—‌
—‌
Nomura
Securities
International,
Inc.
...................................
80,342‌
(80,342‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
1,025,936‌
(1,025,936‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
642,873‌
(642,873‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
2,622,089‌
(2,622,089‌)
—‌
—‌
UBS
AG
......................................................
1,973,028‌
(1,945,068‌)
—‌
27,960‌
Wells
Fargo
Bank
NA
.............................................
102,189‌
(101,149‌)
—‌
1,040‌
$
27,655,791‌
$
(27,626,791‌)
$
—‌
$
29,000‌
a
MSCI
KLD
400
Social
Barclays
Bank
PLC
...............................................
936,669‌
(936,669‌)
—‌
—‌
BNP
Paribas
SA
.................................................
727,740‌
(727,740‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
3,457,045‌
(3,457,045‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
521,730‌
(521,730‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
4,000,306‌
(4,000,306‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,169,049‌
(1,169,049‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
171,052‌
(171,052‌)
—‌
—‌
Jefferies
LLC
...................................................
3,871‌
(3,871‌)
—‌
—‌
Morgan
Stanley
.................................................
1,452,024‌
(1,452,024‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
2,184,969‌
(2,184,969‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
3,269,358‌
(3,257,550‌)
—‌
11,808‌
$
17,893,813‌
$
(17,882,005‌)
$
—‌
$
11,808‌
a
MSCI
USA
ESG
Select
Barclays
Capital,
Inc.
.............................................
2,157,939‌
(2,157,939‌)
—‌
—‌
BNP
Paribas
SA
.................................................
250,618‌
(250,618‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
4,201,297‌
(4,201,297‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,968,390‌
(1,968,390‌)
—‌
—‌
HSBC
Bank
PLC
................................................
6,808,576‌
(6,808,576‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
794,413‌
(794,413‌)
—‌
—‌
Morgan
Stanley
.................................................
1,611,220‌
(1,611,220‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
55,842‌
(55,842‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
2,187,662‌
(2,187,662‌)
—‌
—‌
$
20,035,957‌
$
(20,035,957‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(continued)
126
2023
iShares
Annual
Report
to
Shareholders
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Basic
Materials
Citigroup
Global
Markets,
Inc.
........................................
$
5,990,924‌
$
(5,990,924‌)
$
—‌
$
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,272,397‌
(1,272,397‌)
—‌
—‌
$
7,263,321‌
$
(7,263,321‌)
$
—‌
$
—‌
a
U.S.
Consumer
Discretionary
Barclays
Bank
PLC
...............................................
510,025‌
(510,025‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
5,085,804‌
(5,014,724‌)
—‌
71,080‌
BNP
Paribas
SA
.................................................
818,544‌
(818,544‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
144,037‌
(144,037‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
419,955‌
(419,955‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
487,797‌
(487,797‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
4,011,329‌
(4,011,329‌)
—‌
—‌
HSBC
Bank
PLC
................................................
1,000,430‌
(1,000,430‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
4,263,466‌
(4,262,187‌)
—‌
1,279‌
Jefferies
LLC
...................................................
35,483‌
(35,483‌)
—‌
—‌
Morgan
Stanley
.................................................
730,637‌
(730,637‌)
—‌
—‌
National
Financial
Services
LLC
......................................
11,264‌
(11,264‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
178,106‌
(177,158‌)
—‌
948‌
Scotia
Capital
(USA),
Inc.
..........................................
624,774‌
(624,774‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
3,023,367‌
(3,023,367‌)
—‌
—‌
UBS
AG
......................................................
1,592,195‌
(1,545,953‌)
—‌
46,242‌
Wells
Fargo
Bank
NA
.............................................
534,400‌
(534,400‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
187‌
(187‌)
—‌
—‌
$
23,471,800‌
$
(23,352,251‌)
$
—‌
$
119,549‌
a
U.S.
Consumer
Staples
BNP
Paribas
SA
.................................................
328‌
(328‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,040,068‌
(1,040,068‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
3,274,216‌
(3,274,216‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
68,970‌
(68,970‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
181,391‌
(181,391‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
13,794‌
(13,794‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
269,567‌
(269,262‌)
—‌
305‌
$
4,848,334‌
$
(4,848,029‌)
$
—‌
$
305‌
a
U.S.
Energy
Barclays
Capital,
Inc.
.............................................
65,987‌
(65,987‌)
—‌
—‌
BNP
Paribas
SA
.................................................
6,476‌
(6,476‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
3,426,669‌
(3,426,669‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
706,359‌
(706,359‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
698,562‌
(698,562‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,802,469‌
(1,802,469‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
20,062‌
(20,062‌)
—‌
—‌
Jefferies
LLC
...................................................
200,838‌
(200,838‌)
—‌
—‌
Morgan
Stanley
.................................................
3,437,399‌
(3,437,399‌)
—‌
—‌
National
Financial
Services
LLC
......................................
235,373‌
(235,373‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
79,627‌
(79,627‌)
—‌
—‌
UBS
Securities
LLC
..............................................
316,845‌
(316,845‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
659,813‌
(647,085‌)
—‌
12,728‌
Wells
Fargo
Securities
LLC
.........................................
1,266‌
(1,266‌)
—‌
—‌
$
11,657,745‌
$
(11,645,017‌)
$
—‌
$
12,728‌
a
Notes
to
Financial
Statements
(
continued)
127
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
...............................................
$
22,082‌
$
(22,082‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
1,177,785‌
(1,177,785‌)
—‌
—‌
BNP
Paribas
SA
.................................................
9,762‌
(9,762‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
347,406‌
(347,406‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,430,027‌
(1,430,027‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
463,472‌
(463,472‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,869,925‌
(1,869,925‌)
—‌
—‌
Morgan
Stanley
.................................................
947,319‌
(947,319‌)
—‌
—‌
National
Financial
Services
LLC
......................................
1,032,056‌
(1,032,056‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
2,242,177‌
(2,242,177‌)
—‌
—‌
UBS
Securities
LLC
..............................................
301,270‌
(299,841‌)
—‌
1,429‌
$
9,843,281‌
$
(9,841,852‌)
$
—‌
$
1,429‌
a
U.S.
Financials
Barclays
Bank
PLC
...............................................
141,095‌
(138,573‌)
—‌
2,522‌
Barclays
Capital,
Inc.
.............................................
207,680‌
(207,680‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
4,127,376‌
(4,127,376‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
3,079,614‌
(3,079,614‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
744,772‌
(743,029‌)
—‌
1,743‌
J.P.
Morgan
Securities
LLC
.........................................
345,464‌
(345,464‌)
—‌
—‌
Morgan
Stanley
.................................................
1,248,716‌
(1,248,716‌)
—‌
—‌
National
Financial
Services
LLC
......................................
18,779‌
(18,779‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
24,057‌
(24,057‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
73,057‌
(73,057‌)
—‌
—‌
UBS
AG
......................................................
225‌
(225‌)
—‌
—‌
$
10,010,835‌
$
(10,006,570‌)
$
—‌
$
4,265‌
a
U.S.
Healthcare
Barclays
Bank
PLC
...............................................
228,732‌
(228,732‌)
—‌
—‌
BNP
Paribas
SA
.................................................
19,420‌
(19,420‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
157,173‌
(157,173‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
12,281‌
(12,281‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
6,113,278‌
(6,113,278‌)
—‌
—‌
HSBC
Bank
PLC
................................................
104,204‌
(104,204‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
28,496,555‌
(28,496,555‌)
—‌
—‌
Jefferies
LLC
...................................................
7,225‌
(7,225‌)
—‌
—‌
Morgan
Stanley
.................................................
3,839,732‌
(3,839,732‌)
—‌
—‌
National
Financial
Services
LLC
......................................
547,837‌
(547,837‌)
—‌
—‌
Natixis
SA
.....................................................
67,374‌
(67,374‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
1,925,005‌
(1,925,005‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
1,591,156‌
(1,591,156‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
217,949‌
(217,949‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
2,153,615‌
(2,153,615‌)
—‌
—‌
$
45,481,536‌
$
(45,481,536‌)
$
—‌
$
—‌
a
U.S.
Industrials
Barclays
Bank
PLC
...............................................
4,640,841‌
(4,640,841‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
5,400‌
(5,400‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
3,392,800‌
(3,392,800‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,652‌
(2,652‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
187,149‌
(187,149‌)
—‌
—‌
Morgan
Stanley
.................................................
544,945‌
(544,945‌)
—‌
—‌
Natixis
SA
.....................................................
787,284‌
(785,555‌)
—‌
1,729‌
State
Street
Bank
&
Trust
Co.
........................................
213,510‌
(213,510‌)
—‌
—‌
UBS
AG
......................................................
3,343‌
(3,343‌)
—‌
—‌
$
9,777,924‌
$
(9,776,195‌)
$
—‌
$
1,729‌
a
Notes
to
Financial
Statements
(continued)
128
2023
iShares
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
...............................................
$
8,756,664‌
$
(8,756,664‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
1,214,838‌
(1,214,838‌)
—‌
—‌
BNP
Paribas
SA
.................................................
31,471,212‌
(31,255,062‌)
—‌
216,150‌
BofA
Securities,
Inc.
..............................................
1,475,379‌
(1,475,379‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
4,381,630‌
(4,381,630‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
8,907,904‌
(8,907,904‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
43,120,380‌
(43,120,380‌)
—‌
—‌
HSBC
Bank
PLC
................................................
929,632‌
(929,632‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
10,332,939‌
(10,332,939‌)
—‌
—‌
Jefferies
LLC
...................................................
964‌
(964‌)
—‌
—‌
Morgan
Stanley
.................................................
21,065,161‌
(21,065,161‌)
—‌
—‌
National
Financial
Services
LLC
......................................
25,648‌
(25,648‌)
—‌
—‌
Natixis
SA
.....................................................
6,448,200‌
(6,448,200‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
109,250‌
(109,250‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
15,484‌
(15,484‌)
—‌
—‌
UBS
AG
......................................................
25,707,189‌
(25,707,189‌)
—‌
—‌
Wells
Fargo
Bank
NA
.............................................
1,885,332‌
(1,885,332‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
1,335,274‌
(1,312,014‌)
—‌
23,260‌
$
167,183,080‌
$
(166,943,670‌)
$
—‌
$
239,410‌
a
U.S.
Transportation
Barclays
Bank
PLC
...............................................
905,338‌
(887,782‌)
—‌
17,556‌
BNP
Paribas
SA
.................................................
2,147,823‌
(2,120,804‌)
—‌
27,019‌
BofA
Securities,
Inc.
..............................................
180,778‌
(177,272‌)
—‌
3,506‌
Citadel
Clearing
LLC
..............................................
33,363‌
(32,379‌)
—‌
984‌
Citigroup
Global
Markets,
Inc.
........................................
1,604,526‌
(1,565,917‌)
—‌
38,609‌
Goldman
Sachs
&
Co.
LLC
.........................................
3,921,463‌
(3,489,490‌)
—‌
431,973‌
HSBC
Bank
PLC
................................................
176,030‌
(176,030‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
211,925‌
(209,554‌)
—‌
2,371‌
Morgan
Stanley
.................................................
5,485,547‌
(5,330,644‌)
—‌
154,903‌
National
Financial
Services
LLC
......................................
44,887‌
(44,887‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
20,586‌
(20,543‌)
—‌
43‌
Scotia
Capital
(USA),
Inc.
..........................................
7,399,585‌
(6,585,310‌)
—‌
814,275‌
SG
Americas
Securities
LLC
........................................
34,986‌
(33,569‌)
—‌
1,417‌
UBS
AG
......................................................
2,433,165‌
(2,398,443‌)
—‌
34,722‌
Wells
Fargo
Bank
NA
.............................................
810,449‌
(808,355‌)
—‌
2,094‌
$
25,410,451‌
$
(23,880,979‌)
$
—‌
$
1,529,472‌
a
U.S.
Utilities
Barclays
Bank
PLC
...............................................
23,840,082‌
(23,840,082‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
665,748‌
(665,748‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
31,728‌
(31,728‌)
—‌
—‌
Morgan
Stanley
.................................................
23,165‌
(23,165‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
32,229‌
(32,229‌)
—‌
—‌
UBS
AG
......................................................
2,982,399‌
(2,982,399‌)
—‌
—‌
$
27,575,351‌
$
(27,575,351‌)
$
—‌
$
—‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
April
30,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(
continued)
129
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. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Dow
Jones
U.S.
.
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0.20%
MSCI
KLD
400
Social
.
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0.25
MSCI
USA
ESG
Select
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.
0.25
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
.
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.
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
.
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.
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
.
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.
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
.
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.
.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
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.
.
0.3300
Over
$50
billion,
up
to
and
including
$60
billion
.
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.
0.3100
Over
$60
billion
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0.2945
Notes
to
Financial
Statements
(continued)
130
2023
iShares
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 year
ended April
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
April
30,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
April
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
Dow
Jones
U.S.
.....................................................................................................
$
63,721
‌
MSCI
KLD
400
Social
.................................................................................................
85,203
‌
MSCI
USA
ESG
Select
................................................................................................
104,263
‌
U.S.
Basic
Materials
..................................................................................................
13,593
‌
U.S.
Consumer
Discretionary
............................................................................................
123,614
‌
U.S.
Consumer
Staples
...............................................................................................
16,199
‌
U.S.
Energy
.......................................................................................................
52,534
‌
U.S.
Financial
Services
................................................................................................
43,216
‌
U.S.
Financials
.....................................................................................................
80,707
‌
U.S.
Healthcare
.....................................................................................................
58,909
‌
U.S.
Industrials
.....................................................................................................
31,575
‌
U.S.
Technology
....................................................................................................
159,820
‌
U.S.
Transportation
..................................................................................................
53,428
‌
U.S.
Utilities
.......................................................................................................
7,862
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Dow
Jones
U.S.
.................................................................
$
8,791,123
‌
$
5,568,316
‌
$
(3,395,728
)
MSCI
KLD
400
Social
.............................................................
40,032,877
‌
49,685,565
‌
(7,539,092
)
MSCI
USA
ESG
Select
............................................................
92,933,139
‌
175,842,555
‌
(32,504,648
)
U.S.
Basic
Materials
..............................................................
26,546,286
‌
96,608,412
‌
(26,707,127
)
U.S.
Consumer
Discretionary
........................................................
59,832,401
‌
81,403,403
‌
(46,511,892
)
U.S.
Consumer
Staples
...........................................................
40,677,696
‌
33,145,266
‌
(8,428,252
)
U.S.
Energy
...................................................................
141,646,442
‌
98,857,866
‌
(23,601,752
)
U.S.
Financial
Services
............................................................
7,428,759
‌
5,800,735
‌
(6,555,546
)
U.S.
Financials
.................................................................
90,880,390
‌
82,233,544
‌
(23,520,160
)
U.S.
Healthcare
.................................................................
25,496,701
‌
22,022,721
‌
(9,354,797
)
U.S.
Industrials
.................................................................
16,800,517
‌
13,305,196
‌
(10,405,979
)
U.S.
Technology
................................................................
347,967,587
‌
148,091,335
‌
(72,965,341
)
U.S.
Transportation
..............................................................
34,838,273
‌
28,410,292
‌
(11,891,234
)
U.S.
Utilities
...................................................................
3,033,428
‌
4,936,482
‌
(291,683
)
iShares
ETF
Purchases
‌
Sales
‌
Dow
Jones
U.S.
...................................................................................
$
54,676,862
$
55,257,560
MSCI
KLD
400
Social
...............................................................................
145,984,478
154,122,369
MSCI
USA
ESG
Select
..............................................................................
609,420,533
611,083,530
U.S.
Basic
Materials
................................................................................
267,099,218
266,926,948
U.S.
Consumer
Discretionary
..........................................................................
198,622,506
199,845,178
U.S.
Consumer
Staples
.............................................................................
94,421,287
91,112,461
U.S.
Energy
.....................................................................................
257,258,012
303,839,551
Notes
to
Financial
Statements
(
continued)
131
Notes
to
Financial
Statements
For
the year
ended
April
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
April
30,
2023,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
‌
Sales
‌
U.S.
Financial
Services
..............................................................................
$
57,521,524
$
59,876,525
U.S.
Financials
...................................................................................
271,389,242
270,412,059
U.S.
Healthcare
...................................................................................
93,008,648
92,977,354
U.S.
Industrials
...................................................................................
41,298,342
40,613,688
U.S.
Technology
..................................................................................
801,155,887
808,491,238
U.S.
Transportation
................................................................................
112,202,983
113,994,143
U.S.
Utilities
.....................................................................................
35,007,133
34,019,208
iShares
ETF
In-kind
Purchases
In-kind
Sales
Dow
Jones
U.S.
...................................................................................
$
107,360,614
‌
$
111,909,380
‌
MSCI
KLD
400
Social
...............................................................................
471,355,285
‌
529,879,781
‌
MSCI
USA
ESG
Select
..............................................................................
166,050,855
‌
536,754,633
‌
U.S.
Basic
Materials
................................................................................
489,658,716
‌
590,712,301
‌
U.S.
Consumer
Discretionary
..........................................................................
259,490,369
‌
374,257,324
‌
U.S.
Consumer
Staples
.............................................................................
1,029,338,671
‌
380,411,900
‌
U.S.
Energy
.....................................................................................
208,903,954
‌
2,445,880,093
‌
U.S.
Financial
Services
..............................................................................
247,979,968
‌
966,531,848
‌
U.S.
Financials
...................................................................................
371,772,393
‌
560,773,618
‌
U.S.
Healthcare
...................................................................................
739,577,856
‌
389,634,608
‌
U.S.
Industrials
...................................................................................
351,474,211
‌
427,230,426
‌
U.S.
Technology
..................................................................................
3,560,096,555
‌
1,130,394,829
‌
U.S.
Transportation
................................................................................
1,369,598,962
‌
1,626,148,813
‌
U.S.
Utilities
.....................................................................................
317,983,363
‌
262,761,134
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Dow
Jones
U.S.
..................................................................................
$
73,987,659
‌
$
(73,987,659
)
MSCI
KLD
400
Social
..............................................................................
242,518,747
‌
(242,518,747
)
MSCI
USA
ESG
Select
.............................................................................
117,079,595
‌
(117,079,595
)
U.S.
Basic
Materials
...............................................................................
11,954,840
‌
(11,954,840
)
U.S.
Consumer
Discretionary
.........................................................................
9,551,569
‌
(9,551,569
)
U.S.
Consumer
Staples
............................................................................
65,908,207
‌
(65,908,207
)
U.S.
Energy
....................................................................................
851,787,271
‌
(851,787,271
)
U.S.
Financial
Services
.............................................................................
51,663,871
‌
(51,663,871
)
U.S.
Financials
..................................................................................
54,285,386
‌
(54,285,386
)
U.S.
Healthcare
..................................................................................
131,838,187
‌
(131,838,187
)
U.S.
Industrials
..................................................................................
61,010,932
‌
(61,010,932
)
U.S.
Technology
.................................................................................
498,666,013
‌
(498,666,013
)
U.S.
Transportation
...............................................................................
(22,410,438
)
22,410,438
‌
U.S.
Utilities
....................................................................................
42,097,265
‌
(42,097,265
)
Notes
to
Financial
Statements
(continued)
132
2023
iShares
Annual
Report
to
Shareholders
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2023,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
iShares
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Dow
Jones
U.S.
Ordinary
income
..........................................................................................
$
22,417,559
‌
$
18,957,187
‌
MSCI
KLD
400
Social
Ordinary
income
..........................................................................................
$
50,565,891
‌
$
39,133,562
‌
MSCI
USA
ESG
Select
Ordinary
income
..........................................................................................
$
50,432,428
‌
$
43,477,209
‌
U.S.
Basic
Materials
Ordinary
income
..........................................................................................
$
18,732,865
‌
$
13,985,668
‌
U.S.
Consumer
Discretionary
Ordinary
income
..........................................................................................
$
4,983,461
‌
$
5,634,523
‌
U.S.
Consumer
Staples
Ordinary
income
..........................................................................................
$
36,324,935
‌
$
13,054,119
‌
U.S.
Energy
Ordinary
income
..........................................................................................
$
81,833,379
‌
$
92,818,427
‌
U.S.
Financial
Services
Ordinary
income
..........................................................................................
$
30,227,687
‌
$
34,305,475
‌
U.S.
Financials
Ordinary
income
..........................................................................................
$
37,169,793
‌
$
33,553,578
‌
U.S.
Healthcare
Ordinary
income
..........................................................................................
$
36,619,957
‌
$
29,723,391
‌
U.S.
Industrials
Ordinary
income
..........................................................................................
$
12,823,027
‌
$
13,540,660
‌
U.S.
Technology
Ordinary
income
..........................................................................................
$
41,892,148
‌
$
25,450,503
‌
U.S.
Transportation
Ordinary
income
..........................................................................................
$
11,528,316
‌
$
14,205,923
‌
U.S.
Utilities
Ordinary
income
..........................................................................................
$
24,453,499
‌
$
20,890,534
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Dow
Jones
U.S.
..............................................
$
1,076,529
‌
$
(30,839,238
)
$
666,389,845
‌
$
636,627,136
‌
MSCI
KLD
400
Social
..........................................
2,690,865
‌
(91,800,344
)
505,029,338
‌
415,919,859
‌
MSCI
USA
ESG
Select
.........................................
2,446,381
‌
(179,223,100
)
10,247,434
‌
(166,529,285
)
U.S.
Basic
Materials
...........................................
1,080,247
‌
(198,446,653
)
(61,197,687
)
(258,564,093
)
U.S.
Consumer
Discretionary
.....................................
152,343
‌
(149,227,126
)
(154,339,067
)
(303,413,850
)
U.S.
Consumer
Staples
........................................
6,441,247
‌
(48,544,041
)
59,101,200
‌
16,998,406
‌
U.S.
Energy
................................................
—
‌
(331,961,361
)
269,939,684
‌
(62,021,677
)
U.S.
Financial
Services
.........................................
1,795,425
‌
(99,709,694
)
(226,752,324
)
(324,666,593
)
U.S.
Financials
..............................................
3,173,902
‌
(153,418,300
)
(197,462,553
)
(347,706,951
)
U.S.
Healthcare
..............................................
2,456,386
‌
(94,696,127
)
308,159,323
‌
215,919,582
‌
U.S.
Industrials
..............................................
502,951
‌
(98,298,834
)
(60,517,084
)
(158,312,967
)
U.S.
Technology
.............................................
—
‌
(257,358,718
)
1,598,016,297
‌
1,340,657,579
‌
U.S.
Transportation
...........................................
—
‌
(111,822,593
)
(164,728,213
)
(276,550,806
)
U.S.
Utilities
................................................
—
‌
(60,714,978
)
10,011,090
‌
(50,703,888
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income
and
the
characterization
of
corporate
actions.
Notes
to
Financial
Statements
(
continued)
133
Notes
to
Financial
Statements
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
April
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Dow
Jones
U.S.
...............................................
$
914,644,634
‌
$
747,191,472
‌
$
(80,801,627
)
$
666,389,845
‌
MSCI
KLD
400
Social
...........................................
3,046,071,498
‌
710,484,052
‌
(205,454,714
)
505,029,338
‌
MSCI
USA
ESG
Select
..........................................
3,267,400,918
‌
323,781,726
‌
(313,534,292
)
10,247,434
‌
U.S.
Basic
Materials
............................................
983,182,563
‌
47,234,316
‌
(108,432,003
)
(61,197,687
)
U.S.
Consumer
Discretionary
......................................
876,265,110
‌
33,435,730
‌
(187,774,797
)
(154,339,067
)
U.S.
Consumer
Staples
.........................................
1,754,785,994
‌
125,228,819
‌
(66,127,619
)
59,101,200
‌
U.S.
Energy
.................................................
1,296,120,479
‌
319,370,412
‌
(49,430,728
)
269,939,684
‌
U.S.
Financial
Services
..........................................
1,436,701,666
‌
17,979,616
‌
(244,731,940
)
(226,752,324
)
U.S.
Financials
...............................................
2,033,661,823
‌
95,341,236
‌
(292,803,789
)
(197,462,553
)
U.S.
Healthcare
...............................................
2,997,371,035
‌
515,273,866
‌
(207,114,543
)
308,159,323
‌
U.S.
Industrials
...............................................
1,246,588,578
‌
78,319,694
‌
(138,836,778
)
(60,517,084
)
U.S.
Technology
..............................................
9,128,727,908
‌
2,258,838,626
‌
(660,822,329
)
1,598,016,297
‌
U.S.
Transportation
............................................
1,011,273,938
‌
981,951
‌
(165,710,164
)
(164,728,213
)
U.S.
Utilities
.................................................
1,019,344,589
‌
56,990,895
‌
(46,979,805
)
10,011,090
‌
Notes
to
Financial
Statements
(continued)
134
2023
iShares
Annual
Report
to
Shareholders
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which the
Funds
invest.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
‌
Year
Ended
04/30/23
‌
Year
Ended
04/30/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
Dow
Jones
U.S.
Shares
sold
...............................................
1,100,000
‌
$
107,689,293
‌
950,000
‌
$
106,366,538
‌
Shares
redeemed
...........................................
(1,150,000
)
(112,304,120
)
(900,000
)
(98,166,670
)
(50,000
)
$
(4,614,827
)
50,000
‌
$
8,199,868
‌
MSCI
KLD
400
Social
Shares
sold
...............................................
6,350,000
‌
$
474,063,009
‌
12,250,000
‌
$
1,063,484,498
‌
Shares
redeemed
...........................................
(7,150,000
)
(533,168,669
)
(5,050,000
)
(430,417,509
)
(800,000
)
$
(59,105,660
)
7,200,000
‌
$
633,066,989
‌
MSCI
USA
ESG
Select
Shares
sold
...............................................
1,950,000
‌
$
166,937,116
‌
19,200,000
‌
$
1,922,860,020
‌
Shares
redeemed
...........................................
(6,400,000
)
(539,631,789
)
(11,050,000
)
(1,096,380,553
)
(4,450,000
)
$
(372,694,673
)
8,150,000
‌
$
826,479,467
‌
U.S.
Basic
Materials
Shares
sold
...............................................
3,800,000
‌
$
491,041,308
‌
9,000,000
‌
$
1,248,095,764
‌
Shares
redeemed
...........................................
(4,800,000
)
(591,997,064
)
(6,950,000
)
(931,994,531
)
(1,000,000
)
$
(100,955,756
)
2,050,000
‌
$
316,101,233
‌
U.S.
Consumer
Discretionary
Shares
sold
...............................................
4,150,000
‌
$
259,930,616
‌
11,850,000
‌
$
940,860,027
‌
Shares
redeemed
...........................................
(6,150,000
)
(375,104,320
)
(19,300,000
)
(1,493,779,752
)
(2,000,000
)
$
(115,173,704
)
(7,450,000
)
$
(552,919,725
)
U.S.
Consumer
Staples
Shares
sold
...............................................
5,200,000
‌
$
1,032,324,835
‌
3,300,000
‌
$
644,584,135
‌
Shares
redeemed
...........................................
(1,950,000
)
(381,565,781
)
(1,600,000
)
(298,647,407
)
3,250,000
‌
$
650,759,054
‌
1,700,000
‌
$
345,936,728
‌
Notes
to
Financial
Statements
(
continued)
135
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/23
Year
Ended
04/30/22
iShares
ETF
Shares
Amount
Shares
Amount
U.S.
Energy
Shares
sold
...............................................
4,850,000
‌
$
213,444,323
‌
46,850,000
‌
$
1,499,858,858
‌
Shares
redeemed
...........................................
(58,950,000
)
(2,498,449,480
)
(37,500,000
)
(1,129,335,941
)
(54,100,000
)
$
(2,285,005,157
)
9,350,000
‌
$
370,522,917
‌
U.S.
Financial
Services
Shares
sold
...............................................
1,600,000
‌
$
249,836,623
‌
6,200,000
‌
$
1,168,479,105
‌
Shares
redeemed
...........................................
(6,250,000
)
(970,415,517
)
(2,700,000
)
(501,654,398
)
(4,650,000
)
$
(720,578,894
)
3,500,000
‌
$
666,824,707
‌
U.S.
Financials
Shares
sold
...............................................
5,000,000
‌
$
374,275,199
‌
17,000,000
‌
$
1,427,665,055
‌
Shares
redeemed
...........................................
(7,700,000
)
(565,785,286
)
(18,650,000
)
(1,540,947,223
)
(2,700,000
)
$
(191,510,087
)
(1,650,000
)
$
(113,282,168
)
U.S.
Healthcare
Shares
sold
...............................................
2,700,000
‌
$
741,128,167
‌
3,250,000
‌
$
931,265,158
‌
Shares
redeemed
...........................................
(1,450,000
)
(390,484,900
)
(2,650,000
)
(741,219,461
)
1,250,000
‌
$
350,643,267
‌
600,000
‌
$
190,045,697
‌
U.S.
Industrials
Shares
sold
...............................................
3,600,000
‌
$
352,415,178
‌
5,050,000
‌
$
558,646,697
‌
Shares
redeemed
...........................................
(4,600,000
)
(428,173,476
)
(7,650,000
)
(829,917,316
)
(1,000,000
)
$
(75,758,298
)
(2,600,000
)
$
(271,270,619
)
U.S.
Technology
Shares
sold
...............................................
45,200,000
‌
$
3,566,859,827
‌
33,200,000
‌
$
3,442,394,913
‌
Shares
redeemed
...........................................
(13,700,000
)
(1,132,254,321
)
(29,350,000
)
(2,982,849,174
)
31,500,000
‌
$
2,434,605,506
‌
3,850,000
‌
$
459,545,739
‌
U.S.
Transportation
Shares
sold
...............................................
6,150,000
‌
$
1,374,660,180
‌
6,900,000
‌
$
1,790,270,650
‌
Shares
redeemed
...........................................
(7,300,000
)
(1,632,174,017
)
(10,000,000
)
(2,571,288,364
)
(1,150,000
)
$
(257,513,837
)
(3,100,000
)
$
(781,017,714
)
U.S.
Utilities
Shares
sold
...............................................
3,700,000
‌
$
319,041,354
‌
1,700,000
‌
$
145,456,356
‌
Shares
redeemed
...........................................
(3,050,000
)
(263,022,589
)
(550,000
)
(47,058,753
)
650,000
‌
$
56,018,765
‌
1,150,000
‌
$
98,397,603
‌
Report
of
Independent
Registered
Public
Accounting
Firm
136
2023
iShares
Annual
Report
to
Shareholders
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the fourteen funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(fourteen
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
April
30,
2023,
the
related
statements
of
operations
for
the
year
ended
April
30,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
April
30,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
21,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
    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
    iShares
U.S.
Utilities
ETF
Important
Tax
Information
(unaudited)
137
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
April
30,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Dow
Jones
U.S.
......................................................................................................
$
23,551,646‌
MSCI
KLD
400
Social
..................................................................................................
54,975,727‌
MSCI
USA
ESG
Select
.................................................................................................
54,522,877‌
U.S.
Basic
Materials
...................................................................................................
21,455,213‌
U.S.
Consumer
Discretionary
.............................................................................................
7,255,858‌
U.S.
Consumer
Staples
................................................................................................
45,089,069‌
U.S.
Energy
........................................................................................................
89,334,678‌
U.S.
Financial
Services
.................................................................................................
33,747,347‌
U.S.
Financials
......................................................................................................
44,618,627‌
U.S.
Healthcare
......................................................................................................
48,575,098‌
U.S.
Industrials
......................................................................................................
17,211,056‌
U.S.
Technology
.....................................................................................................
67,935,773‌
U.S.
Transportation
...................................................................................................
14,396,138‌
U.S.
Utilities
........................................................................................................
27,331,171‌
iShares
ETF
Qualified
Business
Income
Dow
Jones
U.S.
......................................................................................................
$
777,846‌
MSCI
KLD
400
Social
..................................................................................................
1,833,384‌
MSCI
USA
ESG
Select
.................................................................................................
1,519,593‌
U.S.
Financials
......................................................................................................
491,956‌
iShares
ETF
Dividends-Received
Deduction
Dow
Jones
U.S.
......................................................................................................
100.00‌
%
MSCI
KLD
400
Social
..................................................................................................
100.00‌
MSCI
USA
ESG
Select
.................................................................................................
100.00‌
U.S.
Basic
Materials
...................................................................................................
87.37‌
U.S.
Consumer
Discretionary
.............................................................................................
100.00‌
U.S.
Consumer
Staples
................................................................................................
100.00‌
U.S.
Energy
........................................................................................................
100.00‌
U.S.
Financial
Services
.................................................................................................
100.00‌
U.S.
Financials
......................................................................................................
100.00‌
U.S.
Healthcare
......................................................................................................
100.00‌
U.S.
Industrials
......................................................................................................
100.00‌
U.S.
Technology
.....................................................................................................
100.00‌
U.S.
Transportation
...................................................................................................
100.00‌
U.S.
Utilities
........................................................................................................
100.00‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
138
2023
iShares
Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
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
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
139
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
April
30,
2023
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Dow
Jones
U.S.
(a)
..................
$
1
.420905
‌
$
—
‌
$
0
.015142
‌
$
1
.436047
‌
99
%
—
%
1
%
100
%
MSCI
KLD
400
Social
(a)
...............
1
.040251
‌
—
‌
0
.005188
‌
1
.045439
‌
100
—
—
(b)
100
MSCI
USA
ESG
Select
(a)
..............
1
.274461
‌
—
‌
0
.015254
‌
1
.289715
‌
99
—
1
100
U.S.
Consumer
Discretionary
(a)
..........
0
.431092
‌
—
‌
0
.001451
‌
0
.432543
‌
100
—
—
(b)
100
U.S.
Consumer
Staples
..............
4
.482183
‌
—
‌
—
‌
4
.482183
‌
100
—
—
100
U.S.
Energy
......................
1
.618692
‌
—
‌
—
‌
1
.618692
‌
100
—
—
100
U.S.
Financials
....................
1
.389103
‌
—
‌
—
‌
1
.389103
‌
100
—
—
100
U.S.
Healthcare
....................
3
.206891
‌
—
‌
—
‌
3
.206891
‌
100
—
—
100
U.S.
Technology
(a)
..................
0
.411289
‌
—
‌
0
.026608
‌
0
.437897
‌
94
—
6
100
U.S.
Utilities
(a)
.....................
2
.086963
‌
—
‌
0
.000001
‌
2
.086964
‌
100
—
—
(b)
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
(b)
Rounds
to
less
than
1%.
Trustee
and
Officer
Information
(unaudited)
140
2023
iShares
Annual
Report
to
Shareholders
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”). 
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each
Trustee also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
380
funds
as
of
April
30,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards, New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-
2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(
continued)
141
Trustee
and
Officer
Information
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(
continued
)
General
Information
142
2023
iShares
Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
143
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-AR-401-0423
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.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
 
Item 2.   Code of Ethics.
 
The registrant
has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.
The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
 
Item 3.   Audit Committee Financial Expert.
 
The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
 
Item 4.   Principal Accountant Fees and Services.
 
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the fourteen series of the registrant for which the fiscal year-end is April 30, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.
 
(a)
    
Audit Fees
– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $177,800 for the fiscal year ended
April 30, 2022
and $186,200 for the fiscal year ended April 30, 2023.
 
(b)
   
Audit-Related Fees
– There were no fees billed for the fiscal years end
ed April 30, 2022
and April 30, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
 
(c)
    
Tax Fees
– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $135,800 for the fiscal year ended
April 30, 2022
and $135,800 for the fiscal year ended April 30, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.
 
(d)
   
All Other Fees
– There were no other fees billed in each of the fiscal years end
ed April 30, 2022 and April 30, 2023
for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
 
(e)
    
(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
 
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
 
(f)
     
Not Applicable
 
(g)
   
The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $135,800 for the fiscal year ended
April 30, 2022
and $135,800 for the fiscal year ended April 30, 2023.
 
 
(h)
   
The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
 
(i)
     
Not Applicable
 
(j)
     
Not Applicable
 
Item 5.   Audit Committee of Listed Registrants
 
(a)
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.
 
(b)     Not applicable.
 
Item 6.   Investments.
 
(a)
    
Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
 
(b)
   
Not applicable.
 
Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
                Not applicable to the registrant.
 
Item 8.   Portfolio Managers of Closed-End Management Investment Companies.
 
               
Not applicable to the registrant.
 
Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
                Not applicable to the registrant.
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
               
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
 
Item 11. Controls and Procedures.
 
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
 
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
               
Not applicable to the registrant.
 
Item 13. Exhibits.
 
 
 
      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
 
(a)
    
(4) Change in Registrant’s independent public accountant – Not Applicable.
 

 
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares Trust
 
 
 
By: /s/ Dominik Rohe
 
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
June 21, 2023
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By: /s/ Dominik Rohe
 
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
June 21, 2023
 
 
 
By: /s/
Trent Walker
 
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
June 21, 2023