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:	August 31, 2023
Date of reporting period:	August 31, 2023

Item 1.   Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

August

31,

2023

iShares

Trust

iShares

ESG

Aware

MSCI

USA

ETF

|

ESGU

|

NASDAQ

iShares

ESG

Aware

MSCI

USA

Growth

ETF

|

EGUS

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

|

ESML

|

Cboe

BZX

iShares

ESG

Aware

MSCI

USA

Value

ETF

|

EVUS

|

Cboe

BZX

iShares

ESG

MSCI

USA

Leaders

ETF

|

SUSL

|

NASDAQ

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

|

PABU

|

NASDAQ

2023

Annual

Report

Dear

Shareholder,

Despite

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

August

31,

2023,

the

resilience

of

the

U.S.

economy

in

the

face

of

ever

tighter

financial

conditions

provided

an

encouraging

backdrop

for

investors.

While

inflation

was

near

multi-decade

highs

at

the

beginning

of

the

period,

it

declined

precipitously

as

commodity

prices

dropped.

Labor

shortages

also

moderated,

although

wages

continued

to

grow

and

unemployment

rates

reached

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

Equity

returns

were

solid,

as

the

durability

of

consumer

sentiment

eased

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

Most

major

classes

of

equities

rose,

as

large-capitalization

U.S.

stocks

and

developed

market

equities

advanced

strongly.

However,

small-capitalization

U.S.

stocks

and

emerging

market

equities

posted

more

modest

gains.

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

bond

prices

fared

significantly

better

than

investment-grade

bonds

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

seven

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

its

June

2023

meeting,

the

first

time

it

paused

its

tightening

in

the

current

cycle,

before

again

raising

rates

in

July

2023.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

to

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

in

the

near

term

as

growth

trends

for

emerging

markets

appear

brighter.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

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

August

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.50%

15.94%

U.S.

small

cap

equities

(Russell

2000

®

Index)

0.99

4.65

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

4.75

17.92

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

3.62

1.25

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.47

4.25

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.11

(4.71)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

0.95

(1.19)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

1.04

1.70

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

4.55

7.19

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

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

17

Disclosure

of

Expenses

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

17

Schedules

of

Investments

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

18

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

53

Statements

of

Operations

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

55

Statements

of

Changes

in

Net

Assets

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

57

Financial

Highlights

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

60

Notes

to

Financial

Statements

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

66

Report

of

Independent

Registered

Public

Accounting

Firm

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

75

Important

Tax

Information

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

76

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

77

Supplemental

Information

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

81

Trustee

and

Officer

Information

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

83

General

Information

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

85

Glossary

of

Terms

Used

in

this

Report

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

86

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended

August

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

14.76%.

Economic

strength

in

the

face

of

tightening

monetary

conditions

drove

investor

optimism

surrounding

the

resilience

of

the

domestic

economy.

Meanwhile,

decelerating

inflation

alleviated

concerns

related

to

potential

overheating

and

led

investors

to

anticipate

an

end

to

monetary

tightening.

Nonetheless,

investors

watched

the

economy

closely

for

the

impact

of

higher

interest

rates,

and

several

bank

failures

in

early

2023

highlighted

the

potential

second-order

effects

of

tight

monetary

conditions.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity

into

the

banking

system,

and

equity

prices

recovered.

As

the

reporting

period

began,

inflation,

which

surged

in

the

aftermath

of

the

coronavirus

pandemic,

stood

near

multi-decade

highs.

However,

the

inflation

rate

declined

substantially

thereafter,

although

it

remained

higher

than

pre-pandemic

levels.

Lower

energy

costs

and

the

resolution

of

supply

chain

disruptions

helped

ease

inflation,

as

the

cost

of

transportation

and

shipping

moderated

significantly.

The

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

seven

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

decelerated

as

the

Fed

twice

lowered

the

increment

of

increase

before

pausing

entirely

in

June

2023,

the

first

time

it

declined

to

act

since

the

tightening

cycle

began.

However,

the

Fed

then

raised

interest

rates

again

at

its

July

2023

meeting

and

stated

that

it

will

continue

to

monitor

economic

data.

The

Fed

also

continued

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.

Despite

the

tightening

financial

conditions,

the

U.S.

economy

demonstrated

continued

strength.

The

economy

returned

to

growth

in

the

third

quarter

of

2022

and

showed

robust,

if

slightly

slower,

growth

thereafter.

Consumers

powered

the

economy,

increasing

their

spending

in

both

nominal

and

inflation-adjusted

terms.

A

strong

labor

market

bolstered

spending,

as

unemployment

remained

low,

and

the

number

of

employed

persons

reached

an

all-time

high.

Tightness

in

the

labor

market

drove

higher

wages,

although

wage

growth

slowed

as

the

reporting

period

continued.

Despite

a

divided

government,

the

U.S.

Congress

was

able

to

strike

a

deal

in

May

2023

to

raise

the

debt

ceiling,

averting

a

potential

government

default.

While

that

deal

enacted

modest

spending

cuts,

government

spending

rose

overall,

and

several

significant

investment

bills

also

passed.

These

included

the

CHIPS

Act,

which

encouraged

the

building

of

semiconductor

capacity

in

the

U.S.,

and

the

Inflation

Reduction

Act,

which

provided

subsidies

for

various

climate-related

initiatives.

These

new

incentives

helped

drive

a

sharp

increase

in

factory

construction

during

the

reporting

period.

In

this

environment,

corporate

profits

remained

solid,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

higher

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023

before

rebounding

slightly

in

the

second

quarter

of

2023.

The

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

further

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

®

ESG

Aware

MSCI

USA

ETF

5

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

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

identified

by

the

index

provider

while

exhibiting

risk

and

return

characteristics

similar

to

those

of

the

parent

index,

as

represented

by

the

MSCI

USA

Extended

ESG

Focus

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

December

1,

2016.

The

first

day

of

secondary

market

trading

was

December

2,

2016.

Index

performance

through

May

31,

2018

reflects

the

performance

of

the

MSCI

USA

ESG

Focus

Index.

Index

performance

beginning

on

June

1,

2018

reflects

the

performance

of

the

MSCI

USA

Extended

ESG

Focus

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

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

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

14.57

%

10.87

%

13.12

%

14.57

%

67.55

%

129.90

%

Fund

Market

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

14.45

10.86

13.12

–

%

14.45

67.47

129.86

Index

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

14.74

11.04

13.33

14.74

68.84

132.63

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,138.00

‌

$

0.81

‌

$

1,000.00

‌

$

1,024.45

‌

$

0.77

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

ESG

Aware

MSCI

USA

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

stocks

of

large-

and

mid-cap

U.S.

companies

with

a

tilt

towards

favorable

ESG

characteristics

advanced

significantly,

driven

primarily

by

gains

in

the

information

technology

sector.

While

companies

in

the

sector

were

negatively

impacted

by

rising

interest

rates,

the

pace

of

interest

rate

increases

slowed

as

the

reporting

period

continued,

and

investor

optimism

surrounding

new

developments

in

artificial

intelligence

(“AI”)

applications

boosted

stocks

in

the

sector.

The

semiconductors

and

semiconductor

equipment

industry

were

the

leading

source

of

strength

within

the

sector

as

the

segment.

Generative

AI

is

computationally

intensive,

and

the

strong

interest

in

the

area

benefited

companies

that

manufacture

specialty

chips

that

can

be

used

for

these

applications.

Similarly,

the

software

and

services

industry

also

advanced

in

the

Index,

driven

by

strength

among

systems

software

companies

buoyed

by

the

growth

potential

of

AI.

The

communication

services

sector

was

another

notable

contributor

to

the

Index’s

performance,

helped

by

aggressive

cost-cutting

in

the

interactive

media

and

services

industry.

There

were

only

two

sectors

which

posted

negative

returns

for

the

quarter

in

the

Index:

utilities

and

real

estate.

In

terms

of

relative

performance,

the

Index

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index,

though

it

tracked

the

broader

market

relatively

closely.

the

Index

balances

seeking

similar

risk

and

return

to

the

broad

market

while

tilting

towards

companies

with

favorable

ESG

characteristics.

This

resulted

in

similar

sector

weightings

relative

to

the

broad

market

for

the

period.

Security

selection

was

the

primary

cause

of

the

Index’s

underperformance

with

stock

selection

in

both

the

financials

sector

and

communications

services

sector

being

the

largest

detractors.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

29.3‌

%

Health

Care

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

13.2‌

Financials

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

11.0‌

Consumer

Discretionary

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

10.3‌

Industrials

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

9.6‌

Communication

Services

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

7.9‌

Consumer

Staples

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

6.8‌

Energy

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

4.4‌

Real

Estate

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

2.7‌

Materials

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

2.6‌

Utilities

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

2.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

7.2‌

%

Microsoft

Corp.

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

6.0‌

Amazon.com,

Inc.

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

3.2‌

NVIDIA

Corp.

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

3.2‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.6‌

Tesla,

Inc.

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

1.9‌

Meta

Platforms,

Inc.,

Class

A

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

1.5‌

UnitedHealth

Group,

Inc.

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

1.2‌

Eli

Lilly

&

Co.

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

1.2‌

Alphabet,

Inc.,

Class

A

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

1.1‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

7

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

growth

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as represented

by

the

MSCI

USA

Growth

Extended

ESG

Focus

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

January

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

Cumulative

Total

Returns

Since

Inception

Fund

NAV

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

23.72

%

Fund

Market

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

–

%

23.77

Index

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

23.92

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,256.00

‌

$

1.02

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.92

‌

0.18

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

8

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

stocks

of

large-

and

mid-cap

U.S.

companies

with

growth

characteristics

as

well

as

a

tilt

towards

favorable

ESG

characteristics

advanced

significantly

for

the

reporting

period.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return.

While

companies

in

the

sector

were

negatively

impacted

by

rising

interest

rates,

the

pace

of

interest

rate

increases

slowed

as

the

reporting

period

continued,

and

investor

optimism

surrounding

new

developments

in

artificial

intelligence

(“AI”)

applications

boosted

stocks

in

the

sector.

The

semiconductors

and

semiconductor

equipment

industry

were

a

leading

source

of

strength

within

the

sector.

Generative

AI

is

computationally

intensive,

and

the

strong

interest

in

the

area

benefited

companies

that

manufacture

specialty

microchips

that

can

be

used

for

these

applications.

New

AI-powered

products

in

the

application

software

industry

also

supported

gains.

The

communication

services

sector

was

another

meaningful

contributor

to

the

Index’s

performance,

helped

by

aggressive

cost-cutting

in

the

interactive

media

and

services

industry.

Consumer

discretionary

stocks

further

contributed

to

the

Index’s

performance,

as

cost

savings

and

improved

operations

efficiency

bolstered

the

broadline

retail

industry.

In

the

automobiles

industry,

price

cuts

helped

drive

strong

sales

of

electric

vehicles.

Real

estate

was

the

only

sector

to

post

negative

returns

within

the

Index

for

the

period.

In

terms

of

relative

performance,

the

Index

was

nearly

in

line

with

the

broader

market,

as

represented

by

the

MSCI

USA

Growth

Index.

The

Index

balances

seeking

similar

risk

and

return

to

the

broad

market

while

tilting

towards

companies

with

favorable

ESG

characteristics.

This

resulted

in

similar

sector

weightings

relative

to

the

broad

market

for

the

period.

Security

selection

was

the

primary

cause

of

the

Index’s

slight

outperformance.

Specifically,

stock

selection

in

the

information

technology

sector

as

well

as

the

consumer

staples

sector

benefited

the

Index’s

relative

return.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

44.2‌

%

Consumer

Discretionary

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

13.5‌

Communication

Services

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

11.3‌

Health

Care

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

10.2‌

Industrials

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

6.6‌

Financials

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

6.2‌

Consumer

Staples

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

2.5‌

Energy

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

2.0‌

Real

Estate

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

2.0‌

Materials

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

1.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

13.2‌

%

Microsoft

Corp.

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

11.3‌

NVIDIA

Corp.

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

5.9‌

Amazon.com,

Inc.

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

5.9‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.6‌

Tesla,

Inc.

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

3.4‌

Alphabet,

Inc.,

Class

A

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

3.2‌

Meta

Platforms,

Inc.,

Class

A

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

2.6‌

Eli

Lilly

&

Co.

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

2.2‌

Visa,

Inc.,

Class

A

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

1.9‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

9

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

optimized

index

designed

to

produce

investment

results

comparable

to

a

capitalization

weighted

index

of

small-capitalization

U.S.

companies,

while

reflecting

a

higher

allocation

to

those

companies

with

favorable

environmental,

social

and

governance

(“ESG”)

profiles

(as

determined

by

the

index

provider),

as

represented

by

the

MSCI

USA

Small

Cap

Extended

ESG

Focus

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

April

10,

2018.

The

first

day

of

secondary

market

trading

was

April

12,

2018.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

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

7.75

%

5.85

%

7.86

%

7.75

%

32.91

%

50.39

%

Fund

Market

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

7.69

5.83

7.86

–

%

7.69

32.75

50.43

Index

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

7.75

5.94

7.97

7.75

33.43

51.19

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,009.80

‌

$

0.86

‌

$

1,000.00

‌

$

1,024.35

‌

$

0.87

‌

0.17

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

10

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

U.S.

small-capitalization

stocks

with

a

little

towards

favorable

ESG

characteristics

advanced

for

the

reporting

period.

The

industrials

sector

contributed

the

most

to

the

Index’s

performance,

as

the

strong

economy

and

government

investment

drove

a

large

increase

in

construction

of

new

manufacturing

capacity.

Supply

chain

improvements

and

strong

demand

for

commercial

machinery,

such

as

landscaping

equipment,

bolstered

sales

and

profits

in

the

machinery

industry.

Meanwhile,

the

construction

and

engineering

industry

benefited

from

construction

projects

to

build

new

facilities

for

semiconductor

production,

data

centers,

and

electric

vehicle

manufacturing.

Increased

revenue

from

cloud

services

drove

gains

in

the

aerospace

and

defense

industry.

The

information

technology

sector

also

contributed

to

the

Index’s

return,

led

by

the

electronic

equipment

and

instruments

industry.

Strong

commercial

and

residential

demand

for

advanced

products

used

in

water

metering

drove

higher

earnings

in

the

industry,

and

the

acquisition

of

a

smart

water

technology

company

bolstered

sales

growth.

The

software

industry

also

advanced

amid

robust

demand

for

cloud-based

supply

chain

platforms.

In

terms

of

relative

performance,

the

Index

slightly

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Small

Cap

Index,

while

tracking

it

relatively

closely.

The

Index

balances

seeking

similar

risk

and

return

to

the

broad

market

while

tilting

towards

companies

with

favorable

ESG

characteristics.

This

resulted

in

similar

sector

weightings

relative

to

the

broad

market

for

the

period,

with

a

small

overweight

to

the

information

technology

and

industrials

sectors

and

an

underweight

to

the

financials

sector

helped

boost

returns

slightly.

Stock

selection

in

the

consumer

discretionary

and

utilities

sectors

detracted

from

the

Index’s

relative

return.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Industrials

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

19.9‌

%

Financials

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

14.2‌

Consumer

Discretionary

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

13.9‌

Health

Care

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

13.6‌

Information

Technology

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

13.3‌

Real

Estate

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

6.5‌

Energy

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

5.5‌

Materials

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

5.0‌

Consumer

Staples

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

3.5‌

Utilities

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

2.5‌

Communication

Services

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

2.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Federal

Realty

Investment

Trust

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

0.6‌

%

Flex

Ltd.

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

0.4‌

EMCOR

Group,

Inc.

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

0.4‌

KBR,

Inc.

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

0.4‌

Oshkosh

Corp.

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

0.4‌

Casey's

General

Stores,

Inc.

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

0.4‌

Janus

Henderson

Group

PLC

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

0.4‌

Ingredion,

Inc.

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

0.3‌

Williams-Sonoma,

Inc.

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

0.3‌

TechnipFMC

PLC

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

0.3‌

      aaa

aa

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

11

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

Aware

MSCI

USA Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

equities

that

exhibit

value

characteristics

as

well

as

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Value

Extended

ESG Focus

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

January

31,

2023.

The

first

day

of

secondary

market

trading

was

February

2,

2023.

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

Cumulative

Total

Returns

Since

Inception

Fund

NAV

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

(1.38

)%

Fund

Market

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

–

%

(1.36

)

Index

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

(1.28

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,025.70

‌

$

0.92

‌

$

1,000.00

‌

$

1,024.30

‌

$

0.92

‌

0.18

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

12

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

stocks

of

large-

and

mid-cap

U.S.

companies

with

value

characteristics,

as

well

as

a

tilt

towards

favorable

ESG

characteristics,

declined

for

the

reporting

period.

The

financials

sector

detracted

the

most

from

the

Index’s

return,

primarily

the

banking

industry.

Bank

stocks

were

pressured

by

a

series

of

regional

bank

failures

in

March

and

May

2023,

which

raised

concerns

among

investors

about

the

health

of

the

U.S.

banking

system.

Stocks

in

the

healthcare

sector

also

detracted

from

the

Index’s

return.

Declining

revenues

from

pandemic-related

services,

such

as

vaccinations

and

testing,

pressured

earnings

in

the

healthcare

providers

and

services

industry.

On

the

upside,

the

information

technology

sector

contributed

positively

to

the

Index’s

performance,

as

new

developments

in

artificial

intelligence

(“AI”)

applications

boosted

stocks

in

the

sector.

The

semiconductors

and

semiconductor

equipment

industry

gained,

as

increased

demand

for

microchips

used

in

AI

and

data

centers

drove

higher

revenues

and

earnings.

In

terms

of

relative

performance,

the

Index

underperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Value

Index.

The

Index

balances

seeking

similar

risk

and

return

to

the

broad

market

while

tilting

towards

companies

with

favorable

ESG

characteristics.

This

resulted

in

similar

sector

weightings

relative

to

the

broad

market

for

the

period.

Security

selection

was

the

primary

cause

of

the

Index’s

underperformance

with

stock,

with

stocks

within

the

both

the

financials

sand

consumer

staples

sectors

being

detracting

from

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Health

Care

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

17.1‌

%

Financials

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

15.9‌

Industrials

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

13.2‌

Information

Technology

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

13.2‌

Consumer

Staples

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

11.4‌

Energy

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

7.1‌

Consumer

Discretionary

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

5.4‌

Materials

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

4.8‌

Utilities

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

4.6‌

Real

Estate

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

4.3‌

Communication

Services

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

3.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

2.7‌

%

JPMorgan

Chase

&

Co.

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

2.3‌

Coca-Cola

Co.

(The)

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

2.3‌

Home

Depot,

Inc.

(The)

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

2.1‌

Procter

&

Gamble

Co.

(The)

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

1.9‌

Broadcom,

Inc.

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

1.8‌

Johnson

&

Johnson

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

1.8‌

Merck

&

Co.,

Inc.

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

1.7‌

PepsiCo,

Inc.

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

1.7‌

Chevron

Corp.

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

1.5‌

      aaa

aa

iShares

®

ESG

MSCI

USA

Leaders

ETF

13

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

MSCI

USA

Leaders

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

of

companies

with

high

environmental,

social,

and

governance

performance

relative

to

their

sector

peers,

as

determined

by

the

index

provider,

as

represented

by

the

MSCI

USA

Extended

ESG

Leaders

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

May

7,

2019.

The

first

day

of

secondary

market

trading

was

May

9,

2019.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

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

18.66

%

13.43

%

18.66

%

72.36

%

Fund

Market

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

18.64

13.45

–

%

18.64

72.48

Index

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

18.79

13.56

18.79

73.06

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,165.10

‌

$

0.55

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

ESG

MSCI

USA

Leaders

ETF

14

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

large-

and

mid-capitalization

U.S.

stocks

with

high

ESG

characteristics

relative

to

their

sector

peers

advanced

significantly.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return.

While

companies

in

the

sector

were

negatively

impacted

by

rising

interest

rates,

the

pace

of

interest

rate

increases

slowed

as

the

reporting

period

continued,

and

investor

optimism

surrounding

developments

in

artificial

intelligence

(“AI”)

applications

supported

the

sector.

The

semiconductors

and

semiconductor

equipment

industry

were

the

leading

source

of

strength

within

the

sector,

as

the

potential

for

growth

in

AI

buoyed

the

industry.

The

software

and

services

industry

also

advanced,

driven

by

strength

among

systems

software

companies.

The

healthcare

sector

also

contributed

to

the

Index’s

return,

as

the

development

of

a

promising

drug

for

the

treatment

of

obesity

and

diabetes

buoyed

the

pharmaceuticals

industry.

In

terms

of

relative

performance,

the

Index

outperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

The

Index

seeks

to

achieve

higher

exposure

to

ESG

Leaders

relative

to

the

broader

market

while

excluding

companies

with

an

MSCI

ESG

rating

of

‘B’

and

below.

During

the

period,

the

Index

held

an

overweight

to

the

utilities

sectors

which

boosted

returns

relative

to

the

broader

market.

Stocks

selection

within

both

the

information

technology

and

healthcare

sectors

also

helped

to

boost

the

Index’s

relative

performance

for

the

period.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

28.8‌

%

Health

Care

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

12.9‌

Financials

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

11.9‌

Consumer

Discretionary

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

11.3‌

Communication

Services

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

10.6‌

Industrials

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

9.4‌

Consumer

Staples

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

6.3‌

Materials

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

2.8‌

Real

Estate

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

2.5‌

Energy

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

2.4‌

Utilities

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

1.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

11.4‌

%

NVIDIA

Corp.

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

6.0‌

Alphabet,

Inc.,

Class

A

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

4.0‌

Tesla,

Inc.

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

3.6‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.6‌

Eli

Lilly

&

Co.

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

2.2‌

Visa,

Inc.,

Class

A

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

2.0‌

Johnson

&

Johnson

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

1.9‌

Procter

&

Gamble

Co.

(The)

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

1.8‌

Mastercard,

Inc.,

Class

A

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

1.7‌

      aaa

aa

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

15

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

that

is

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement

by,

in

aggregate,

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low-carbon

economy,

as

represented

by

the

MSCI

USA

Climate

Paris

Aligned

Benchmark

Extended

Select

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

February

8,

2022.

The

first

day

of

secondary

market

trading

was

February

10,

2022.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

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

16.13

%

0.35

%

16.13

%

0.55

%

Fund

Market

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

16.10

0.39

–

%

16.10

0.61

Index

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

16.20

0.41

16.20

0.64

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,160.00

‌

$

0.54

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

August

31,

2023

(continued)

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

16

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Management

Commentary

The

2015

Paris

climate

accords

set

emissions

goals

for

its

196

signatories

with

the

goal

of

limiting

climate

change

to

well

below

2

degrees

Celsius

above

pre-industrial

levels

and

preferably

below

1.5

degrees.

In

2021,

the

U.S.

rejoined

the

Paris

Agreement

after

having

withdrawn

from

it

in

2020.

As

the

global

economy

continued

to

recover

from

the

effects

of

the

coronavirus

pandemic,

rising

economic

activity

drove

an

increase

in

energy

use,

and

global

carbon

emissions

grew

by

0.9%

in

2022.

However,

this

represented

a

significant

slowdown

from

the

prior

year’s

sharp

increase

as

the

global

economy

continued

to

normalize,

and

emissions

growth

trailed

global

economic

growth.

In

this

environment,

an

index

of

U.S.

large-

and

mid-capitalization

stocks

that

is

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement

advanced

for

the

reporting

period.

The

information

technology

sector

contributed

significantly

to

the

Index’s

return,

led

by

the

software

industry.

Enthusiasm

surrounding

artificial

intelligence

(“AI”)

helped

boost

returns

for

not

only

the

software

industry

but

also

the

semiconductors

and

semiconductor

equipment

industry’s.

The

communication

services

sector

provided

an

additional

boost

to

returns,

as

aggressive

cost-cutting

in

the

interactive

media

and

services

industry

bolstered

the

segment.

In

terms

of

relative

performance,

the

Index

was

nearly

in

line

with

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

The

Index’s

selection

process

aims

to

provide

exposure

to

a

portfolio

of

companies

designed

to

be

compatible

with

the

objectives

of

the

Paris

Agreement.

During

the

period,

the

Index’s

positioning

in

the

energy

sector

detracted

from

relative

performance.

Additionally,

the

Index’s

overweight

to

the

real

estate

sector

detracted

from

performance

as

the

sector

underperformed

the

broader

market.

With

respect

to

positive

contributors

stock

selection

in

healthcare

and

positioning

in

utilities

served

as

positive

contributors

to

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

32.7‌

%

Health

Care

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

16.2‌

Consumer

Discretionary

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

12.9‌

Financials

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

12.6‌

Communication

Services

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

7.7‌

Real

Estate

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

7.2‌

Industrials

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

6.0‌

Materials

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

1.9‌

Consumer

Staples

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

1.7‌

Utilities

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

1.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

8.8‌

%

Microsoft

Corp.

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

6.9‌

NVIDIA

Corp.

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

3.9‌

Amazon.com,

Inc.

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

3.2‌

Tesla,

Inc.

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

2.8‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.4‌

Meta

Platforms,

Inc.,

Class

A

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

1.9‌

Eli

Lilly

&

Co.

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

1.9‌

Sherwin-Williams

Co.

(The)

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

1.8‌

Visa,

Inc.,

Class

A

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

1.7‌

      aaa

aa

About

Fund

Performance

17

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.2

%

Axon

Enterprise,

Inc.

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

82,400

$

17,543,784

Huntington

Ingalls

Industries,

Inc.

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

144,102

31,748,553

L3Harris

Technologies,

Inc.

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

177,867

31,676,334

RTX

Corp.

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

853,871

73,467,061

154,435,732

a

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

(a)

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

196,590

17,777,634

Expeditors

International

of

Washington,

Inc.

.......

300,889

35,116,755

FedEx

Corp.

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

54,485

14,221,674

United

Parcel

Service,

Inc.

,

Class

B

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

169,432

28,701,781

95,817,844

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(b)

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

188,062

19,078,890

a

Automobiles

 — 

2

.0

%

Rivian

Automotive,

Inc.

,

Class

A

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

585,801

13,315,257

Tesla,

Inc.

(b)

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

917,599

236,813,950

250,129,207

a

Banks

 — 

2

.7

%

Bank

of

America

Corp.

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

2,630,521

75,417,037

Citigroup,

Inc.

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

760,854

31,415,662

Huntington

Bancshares,

Inc.

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

1,381,038

15,315,711

JPMorgan

Chase

&

Co.

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

924,732

135,316,034

PNC

Financial

Services

Group,

Inc.

(The)

........

238,045

28,739,173

Regions

Financial

Corp.

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

1,212,933

22,245,191

Truist

Financial

Corp.

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

433,794

13,252,407

U.S.

Bancorp

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

384,451

14,043,995

Wells

Fargo

&

Co.

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

305,774

12,625,408

348,370,618

a

Beverages

 — 

2

.2

%

Coca-Cola

Co.

(The)

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

2,378,962

142,333,296

Keurig

Dr

Pepper,

Inc.

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

587,195

19,759,112

Molson

Coors

Beverage

Co.

,

Class

B

...........

290,903

18,469,432

PepsiCo,

Inc.

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

579,445

103,094,854

283,656,694

a

Biotechnology

 — 

2

.3

%

AbbVie,

Inc.

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

474,770

69,772,199

Alnylam

Pharmaceuticals,

Inc.

(b)

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

65,755

13,007,654

Amgen,

Inc.

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

205,859

52,769,896

Biogen,

Inc.

(b)

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

77,687

20,770,396

Exact

Sciences

Corp.

(b)

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

150,827

12,619,695

Gilead

Sciences,

Inc.

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

873,457

66,801,992

Horizon

Therapeutics

PLC

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

117,491

13,245,935

Regeneron

Pharmaceuticals,

Inc.

(b)

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

31,988

26,437,762

Vertex

Pharmaceuticals,

Inc.

(b)

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

73,502

25,603,687

301,029,216

a

Broadline

Retail

 — 

3

.3

%

Amazon.com,

Inc.

(b)

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

2,936,135

405,215,991

MercadoLibre,

Inc.

(b)

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

15,792

21,672,309

426,888,300

a

Building

Products

 — 

1

.4

%

Allegion

PLC

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

115,508

13,145,966

Carrier

Global

Corp.

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

439,560

25,252,722

Fortune

Brands

Innovations,

Inc.

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

335,204

23,135,780

Johnson

Controls

International

PLC

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

692,157

40,878,792

Lennox

International,

Inc.

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

53,626

20,206,813

Owens

Corning

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

98,754

14,211,688

Security

Shares

Value

a

Building

Products

(continued)

Trane

Technologies

PLC

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

222,150

$

45,598,509

182,430,270

a

Capital

Markets

 — 

2

.9

%

Ameriprise

Financial,

Inc.

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

70,233

23,709,256

Bank

of

New

York

Mellon

Corp.

(The)

...........

713,313

32,006,354

BlackRock,

Inc.

(c)

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

31,175

21,839,335

Charles

Schwab

Corp.

(The)

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

420,037

24,845,189

FactSet

Research

Systems,

Inc.

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

38,475

16,790,875

Goldman

Sachs

Group,

Inc.

(The)

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

126,130

41,334,062

Intercontinental

Exchange,

Inc.

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

109,818

12,957,426

Invesco

Ltd.

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

827,895

13,180,088

Moody's

Corp.

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

81,453

27,433,370

Morgan

Stanley

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

777,409

66,196,376

Nasdaq,

Inc.

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

448,066

23,514,504

S&P

Global,

Inc.

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

145,030

56,686,426

State

Street

Corp.

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

211,194

14,517,476

375,010,737

a

Chemicals

 — 

1

.7

%

Dow,

Inc.

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

468,508

25,561,796

DuPont

de

Nemours,

Inc.

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

165,974

12,761,741

Ecolab,

Inc.

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

267,664

49,199,320

International

Flavors

&

Fragrances,

Inc.

..........

203,310

14,323,189

Linde

PLC

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

138,014

53,416,939

LyondellBasell

Industries

NV

,

Class

A

...........

214,581

21,194,165

PPG

Industries,

Inc.

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

165,452

23,454,476

Sherwin-Williams

Co.

(The)

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

45,926

12,479,013

212,390,639

a

Commercial

Services

&

Supplies

 — 

0

.1

%

Cintas

Corp.

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

25,294

12,752,476

a

Communications

Equipment

 — 

0

.8

%

Arista

Networks,

Inc.

(b)

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

86,812

16,948,307

Cisco

Systems,

Inc.

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

1,352,441

77,562,491

Motorola

Solutions,

Inc.

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

44,766

12,694,295

107,205,093

a

Construction

&

Engineering

 — 

0

.2

%

Quanta

Services,

Inc.

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

105,881

22,221,245

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

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

28,702

12,812,860

a

Consumer

Finance

 — 

0

.6

%

American

Express

Co.

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

285,472

45,101,722

Discover

Financial

Services

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

137,104

12,348,957

Synchrony

Financial

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

688,876

22,236,917

79,687,596

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.1

%

Costco

Wholesale

Corp.

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

146,274

80,345,383

Kroger

Co.

(The)

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

489,409

22,703,683

Sysco

Corp.

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

174,626

12,162,701

Target

Corp.

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

233,293

29,523,229

144,734,996

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

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

1,313,287

12,791,415

Avery

Dennison

Corp.

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

80,804

15,221,858

Ball

Corp.

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

233,992

12,740,864

40,754,137

a

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Distributors

 — 

0

.4

%

LKQ

Corp.

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

694,845

$

36,500,208

Pool

Corp.

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

35,441

12,957,229

49,457,437

a

Diversified

Telecommunication

Services

 — 

0

.7

%

AT&T,

Inc.

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

1,945,757

28,777,746

Verizon

Communications,

Inc.

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

1,617,258

56,571,685

85,349,431

a

Electric

Utilities

 — 

0

.9

%

Eversource

Energy

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

573,601

36,607,216

Exelon

Corp.

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

642,031

25,758,284

NextEra

Energy,

Inc.

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

855,702

57,160,893

119,526,393

a

Electrical

Equipment

 — 

0

.3

%

Eaton

Corp.

PLC

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

107,265

24,710,638

Rockwell

Automation,

Inc.

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

42,399

13,231,880

37,942,518

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.4

%

Keysight

Technologies,

Inc.

(b)

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

281,755

37,557,942

Trimble,

Inc.

(b)

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

234,895

12,869,897

50,427,839

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

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

601,657

21,773,967

Schlumberger

Ltd.

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

600,393

35,399,171

57,173,138

a

Entertainment

 — 

1

.2

%

Activision

Blizzard,

Inc.

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

136,847

12,588,555

Electronic

Arts,

Inc.

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

149,663

17,956,567

Netflix,

Inc.

(b)

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

123,801

53,690,018

Walt

Disney

Co.

(The)

(b)

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

717,456

60,036,718

Warner

Bros

Discovery,

Inc.

,

Series

A

...........

981,004

12,890,393

157,162,251

a

Financial

Services

 — 

2

.9

%

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

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

138,318

49,822,144

Fidelity

National

Information

Services,

Inc.

........

347,370

19,404,088

Fiserv,

Inc.

(b)

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

229,206

27,823,316

Mastercard,

Inc.

,

Class

A

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

297,414

122,724,913

PayPal

Holdings,

Inc.

(a)

(b)

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

294,076

18,382,691

Visa,

Inc.

,

Class

A

(a)

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

541,297

132,985,847

371,142,999

a

Food

Products

 — 

1

.9

%

Archer-Daniels-Midland

Co.

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

275,758

21,867,609

Bunge

Ltd.

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

241,501

27,608,394

Campbell

Soup

Co.

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

295,080

12,304,836

Conagra

Brands,

Inc.

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

416,616

12,448,486

Darling

Ingredients,

Inc.

(a)

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

196,737

12,150,477

General

Mills,

Inc.

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

715,677

48,422,706

Hormel

Foods

Corp.

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

318,820

12,303,264

Kellogg

Co.

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

866,701

52,886,095

Kraft

Heinz

Co.

(The)

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

504,349

16,688,908

Lamb

Weston

Holdings,

Inc.

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

131,346

12,794,414

McCormick

&

Co.,

Inc.

,

NVS

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

183,420

15,055,114

244,530,303

a

Ground

Transportation

 — 

0

.9

%

CSX

Corp.

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

404,116

12,204,303

JB

Hunt

Transport

Services,

Inc.

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

84,455

15,867,405

Norfolk

Southern

Corp.

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

59,071

12,110,146

Old

Dominion

Freight

Line,

Inc.

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

30,798

13,162,141

Uber

Technologies,

Inc.

(b)

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

613,376

28,969,749

Security

Shares

Value

a

Ground

Transportation

(continued)

Union

Pacific

Corp.

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

133,004

$

29,336,692

111,650,436

a

Health

Care

Equipment

&

Supplies

 — 

2

.3

%

Abbott

Laboratories

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

530,142

54,551,612

Becton

Dickinson

&

Co.

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

47,464

13,263,815

Cooper

Companies,

Inc.

(The)

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

72,939

26,986,701

Dexcom,

Inc.

(a)

(b)

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

124,487

12,570,697

Edwards

Lifesciences

Corp.

(b)

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

349,061

26,692,695

Hologic,

Inc.

(b)

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

164,985

12,330,979

IDEXX

Laboratories,

Inc.

(b)

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

79,241

40,524,640

Insulet

Corp.

(b)

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

63,152

12,106,870

Intuitive

Surgical,

Inc.

(b)

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

101,992

31,890,858

Medtronic

PLC

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

152,074

12,394,031

STERIS

PLC

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

57,582

13,220,251

Stryker

Corp.

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

44,926

12,738,767

Zimmer

Biomet

Holdings,

Inc.

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

264,211

31,472,814

300,744,730

a

Health

Care

Providers

&

Services

 — 

2

.9

%

Cigna

Group

(The)

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

133,145

36,782,638

CVS

Health

Corp.

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

240,292

15,659,830

DaVita,

Inc.

(b)

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

121,807

12,475,473

Elevance

Health,

Inc.

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

104,197

46,056,116

HCA

Healthcare,

Inc.

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

87,821

24,352,763

Humana,

Inc.

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

29,373

13,559,458

Laboratory

Corp.

of

America

Holdings

...........

83,270

17,328,487

McKesson

Corp.

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

39,168

16,149,750

Molina

Healthcare,

Inc.

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

38,780

12,026,453

Quest

Diagnostics,

Inc.

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

176,442

23,202,123

UnitedHealth

Group,

Inc.

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

330,816

157,660,289

375,253,380

a

Health

Care

REITs

 — 

0

.2

%

Welltower,

Inc.

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

294,292

24,390,921

a

Hotels,

Restaurants

&

Leisure

 — 

1

.7

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

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

100,075

13,164,866

Aramark

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

340,042

12,642,762

Booking

Holdings,

Inc.

(b)

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

14,575

45,255,813

Caesars

Entertainment,

Inc.

(b)

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

241,947

13,369,991

Chipotle

Mexican

Grill,

Inc.

(b)

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

8,348

16,083,591

Hilton

Worldwide

Holdings,

Inc.

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

104,580

15,545,817

Las

Vegas

Sands

Corp.

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

234,163

12,846,182

McDonald's

Corp.

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

74,221

20,867,234

Starbucks

Corp.

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

458,407

44,667,178

Vail

Resorts,

Inc.

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

97,585

22,085,437

216,528,871

a

Household

Durables

 — 

0

.1

%

DR

Horton,

Inc.

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

107,082

12,744,900

a

Household

Products

 — 

1

.5

%

Church

&

Dwight

Co.,

Inc.

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

285,079

27,587,095

Clorox

Co.

(The)

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

104,662

16,374,370

Kimberly-Clark

Corp.

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

272,374

35,089,942

Procter

&

Gamble

Co.

(The)

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

739,331

114,108,347

193,159,754

a

Industrial

Conglomerates

 — 

1

.0

%

3M

Co.

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

382,190

40,768,207

General

Electric

Co.

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

349,576

40,012,469

Honeywell

International,

Inc.

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

232,538

43,703,192

124,483,868

a

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

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

468,374

$

58,172,051

a

Insurance

 — 

1

.8

%

Arch

Capital

Group

Ltd.

(b)

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

165,556

12,724,634

Chubb

Ltd.

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

62,062

12,466,394

Hartford

Financial

Services

Group,

Inc.

(The)

......

200,818

14,422,749

Marsh

&

McLennan

Companies,

Inc.

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

179,637

35,027,419

MetLife,

Inc.

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

436,146

27,625,488

Progressive

Corp.

(The)

(a)

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

259,035

34,573,401

Prudential

Financial,

Inc.

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

634,210

60,040,661

Travelers

Companies,

Inc.

(The)

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

220,928

35,620,221

232,500,967

a

Interactive

Media

&

Services

 — 

5

.3

%

Alphabet,

Inc.

,

Class

A

(b)

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

1,062,509

144,681,851

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

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

2,405,767

330,432,097

Meta

Platforms,

Inc.

,

Class

A

(b)

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

646,942

191,423,668

ZoomInfo

Technologies,

Inc.

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

707,185

12,743,474

679,281,090

a

IT

Services

 — 

1

.6

%

Accenture

PLC

,

Class

A

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

221,113

71,589,756

Akamai

Technologies,

Inc.

(b)

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

123,356

12,963,482

Gartner,

Inc.

(b)

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

37,269

13,032,224

International

Business

Machines

Corp.

..........

411,494

60,419,664

MongoDB,

Inc.

,

Class

A

(b)

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

39,494

15,059,062

Snowflake,

Inc.

,

Class

A

(b)

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

84,572

13,265,118

Twilio,

Inc.

,

Class

A

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

204,907

13,054,625

199,383,931

a

Leisure

Products

 — 

0

.2

%

Hasbro,

Inc.

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

313,958

22,604,976

a

Life

Sciences

Tools

&

Services

 — 

1

.4

%

Agilent

Technologies,

Inc.

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

125,975

15,251,793

Avantor,

Inc.

(a)

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

564,484

12,221,079

Danaher

Corp.

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

288,195

76,371,675

Mettler-Toledo

International,

Inc.

(b)

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

10,611

12,876,236

Thermo

Fisher

Scientific,

Inc.

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

67,810

37,776,951

Waters

Corp.

(b)

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

58,314

16,374,571

West

Pharmaceutical

Services,

Inc.

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

35,462

14,429,488

185,301,793

a

Machinery

 — 

1

.9

%

Caterpillar,

Inc.

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

140,573

39,519,288

Cummins,

Inc.

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

153,387

35,285,146

Deere

&

Co.

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

97,952

40,252,395

Dover

Corp.

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

102,501

15,200,898

Fortive

Corp.

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

162,287

12,796,330

Graco,

Inc.

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

164,249

12,965,816

IDEX

Corp.

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

66,095

14,963,908

Ingersoll

Rand,

Inc.

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

208,525

14,515,425

Pentair

PLC

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

548,851

38,562,271

Xylem,

Inc.

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

240,900

24,942,786

249,004,263

a

Media

 — 

0

.7

%

Comcast

Corp.

,

Class

A

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

1,058,284

49,485,360

Fox

Corp.

,

Class

B

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

409,026

12,483,474

Interpublic

Group

of

Companies,

Inc.

(The)

.......

420,179

13,702,037

Paramount

Global

,

Class

B

,

NVS

(a)

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

847,681

12,791,506

88,462,377

a

Metals

&

Mining

 — 

0

.5

%

Freeport-McMoRan,

Inc.

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

377,555

15,068,220

Newmont

Corp.

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

359,815

14,183,907

Security

Shares

Value

a

Metals

&

Mining

(continued)

Nucor

Corp.

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

122,725

$

21,120,973

Steel

Dynamics,

Inc.

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

119,486

12,736,013

63,109,113

a

Multi-Utilities

 — 

1

.0

%

CMS

Energy

Corp.

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

406,825

22,859,497

Consolidated

Edison,

Inc.

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

439,845

39,128,611

Public

Service

Enterprise

Group,

Inc.

...........

1,033,195

63,107,551

125,095,659

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.0

%

Cheniere

Energy,

Inc.

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

175,612

28,659,878

Chevron

Corp.

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

507,771

81,801,908

ConocoPhillips

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

515,465

61,355,799

EQT

Corp.

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

278,543

12,038,629

Exxon

Mobil

Corp.

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

962,256

106,993,245

Hess

Corp.

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

422,304

65,245,968

Marathon

Petroleum

Corp.

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

86,872

12,402,715

Occidental

Petroleum

Corp.

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

194,753

12,228,541

ONEOK,

Inc.

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

584,747

38,125,504

Ovintiv,

Inc.

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

421,739

19,804,863

Phillips

66

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

218,407

24,933,343

Pioneer

Natural

Resources

Co.

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

117,002

27,838,286

Valero

Energy

Corp.

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

116,335

15,111,917

506,540,596

a

Pharmaceuticals

 — 

4

.0

%

Bristol-Myers

Squibb

Co.

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

639,363

39,416,729

Eli

Lilly

&

Co.

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

275,193

152,511,961

Johnson

&

Johnson

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

620,849

100,378,866

Merck

&

Co.,

Inc.

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

969,089

105,611,319

Pfizer,

Inc.

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

1,601,357

56,656,011

Zoetis,

Inc.

,

Class

A

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

323,250

61,582,357

516,157,243

a

Professional

Services

 — 

1

.2

%

Automatic

Data

Processing,

Inc.

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

331,350

84,365,023

Broadridge

Financial

Solutions,

Inc.

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

154,575

28,783,411

Ceridian

HCM

Holding,

Inc.

(b)

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

177,788

12,893,186

Paychex,

Inc.

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

102,969

12,585,901

Paylocity

Holding

Corp.

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

63,990

12,829,995

151,457,516

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(b)

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

387,349

32,944,032

a

Residential

REITs

 — 

0

.1

%

AvalonBay

Communities,

Inc.

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

69,883

12,845,893

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.5

%

Advanced

Micro

Devices,

Inc.

(b)

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

547,360

57,866,899

Applied

Materials,

Inc.

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

325,414

49,710,243

Broadcom,

Inc.

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

116,923

107,907,068

First

Solar,

Inc.

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

68,299

12,916,707

Intel

Corp.

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

1,535,905

53,971,702

Lam

Research

Corp.

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

79,380

55,756,512

Marvell

Technology,

Inc.

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

322,111

18,762,966

Micron

Technology,

Inc.

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

292,866

20,483,048

NVIDIA

Corp.

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

819,415

404,422,273

NXP

Semiconductors

NV

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

214,067

44,037,863

ON

Semiconductor

Corp.

(a)

(b)

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

133,396

13,134,170

QUALCOMM,

Inc.

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

257,870

29,533,851

Texas

Instruments,

Inc.

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

536,386

90,145,031

958,648,333

a

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Software

 — 

11

.1

%

Adobe,

Inc.

(a)

(b)

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

181,583

$

101,566,635

ANSYS,

Inc.

(b)

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

54,472

17,369,487

Atlassian

Corp.

,

Class

A

(a)

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

69,535

14,189,312

Autodesk,

Inc.

(b)

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

169,932

37,714,708

Cadence

Design

Systems,

Inc.

(b)

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

123,757

29,756,133

Fair

Isaac

Corp.

(b)

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

14,679

13,278,477

Gen

Digital,

Inc.

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

596,873

12,086,678

HubSpot,

Inc.

(b)

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

26,771

14,630,887

Intuit,

Inc.

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

123,304

66,807,340

Microsoft

Corp.

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

2,338,457

766,452,666

Oracle

Corp.

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

517,135

62,257,883

Palo

Alto

Networks,

Inc.

(a)

(b)

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

113,765

27,679,024

PTC,

Inc.

(b)

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

100,487

14,788,672

Roper

Technologies,

Inc.

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

28,230

14,088,464

Salesforce,

Inc.

(b)

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

362,724

80,328,857

ServiceNow,

Inc.

(a)

(b)

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

77,577

45,679,665

Splunk,

Inc.

(b)

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

125,860

15,261,784

Synopsys,

Inc.

(b)

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

74,084

33,996,407

VMware,

Inc.

,

Class

A

(b)

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

150,555

25,410,673

Workday,

Inc.

,

Class

A

(b)

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

148,171

36,227,809

1,429,571,561

a

Specialized

REITs

 — 

1

.7

%

American

Tower

Corp.

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

242,244

43,923,682

Crown

Castle,

Inc.

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

441,262

44,346,831

Digital

Realty

Trust,

Inc.

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

161,810

21,313,613

Equinix,

Inc.

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

62,111

48,532,293

Iron

Mountain,

Inc.

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

270,480

17,186,299

SBA

Communications

Corp.

,

Class

A

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

74,884

16,813,705

Weyerhaeuser

Co.

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

636,767

20,854,119

212,970,542

a

Specialty

Retail

 — 

2

.1

%

AutoZone,

Inc.

(b)

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

5,066

12,823,718

Best

Buy

Co.,

Inc.

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

288,288

22,039,618

Home

Depot,

Inc.

(The)

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

389,493

128,649,538

Lowe's

Companies,

Inc.

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

231,122

53,268,999

TJX

Companies,

Inc.

(The)

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

213,642

19,757,612

Tractor

Supply

Co.

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

80,117

17,505,564

Ulta

Beauty,

Inc.

(b)

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

27,713

11,501,726

265,546,775

a

Technology

Hardware,

Storage

&

Peripherals

 — 

7

.7

%

Apple,

Inc.

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

4,882,725

917,317,545

Hewlett

Packard

Enterprise

Co.

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

1,678,899

28,524,494

HP,

Inc.

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

396,949

11,793,355

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Seagate

Technology

Holdings

PLC

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

189,996

$

13,449,817

Western

Digital

Corp.

(b)

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

308,665

13,889,925

984,975,136

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Deckers

Outdoor

Corp.

(b)

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

30,271

16,016,083

Lululemon

Athletica,

Inc.

(b)

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

36,430

13,889,302

Nike,

Inc.

,

Class

B

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

198,240

20,162,991

50,068,376

a

Trading

Companies

&

Distributors

 — 

0

.6

%

Ferguson

PLC

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

250,437

40,460,602

United

Rentals,

Inc.

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

27,428

13,070,539

WW

Grainger,

Inc.

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

39,733

28,374,924

81,906,065

a

Water

Utilities

 — 

0

.3

%

American

Water

Works

Co.,

Inc.

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

90,331

12,532,523

Essential

Utilities,

Inc.

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

527,067

19,448,772

31,981,295

a

Total

Long-Term

Investments — 99.3%

(Cost:

$

12,257,019,319

)

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

12,739,605,302

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.0

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(c)

(d)

(e)

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

51,488,362

51,503,808

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

68,480,952

68,480,952

a

Total

Short-Term

Securities — 1.0%

(Cost:

$

119,978,270

)

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

119,984,760

Total

Investments

—

100.3%

(Cost:

$

12,376,997,589

)

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

12,859,590,062

Liabilities

in

Excess

of

Other

Assets

—

(

0

.3

)

%

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

(

34,762,930

)

Net

Assets

—

100.0%

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

$

12,824,827,132

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

ETF

22

2023

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

182,787,820

‌

$

—

‌

$

(

131,249,379

)

(a)

$

57,421

‌

$

(

92,054

)

$

51,503,808

‌

51,488,362

‌

$

539,682

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

92,176,498

‌

—

‌

(

23,695,546

)

(a)

—

‌

—

‌

68,480,952

‌

68,480,952

‌

2,966,964

‌

56

‌

BlackRock,

Inc.

..

117,271,979

‌

6,014,812

‌

(

104,078,215

)

(

8,537,368

)

11,168,127

‌

21,839,335

‌

31,175

‌

2,086,770

‌

—

‌

$

(

8,479,947

)

$

11,076,073

‌

$

141,824,095

‌

$

5,593,416

‌

$

56

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

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

357

09/15/23

$

80,611

$

1,728,506

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)

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

$

—

$

—

$

1,728,506

$

—

$

—

$

—

$

1,728,506

(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

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

$

—

$

—

$

4,327,353

$

—

$

—

$

—

$

4,327,353

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

2,881,881

$

—

$

—

$

—

$

2,881,881

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

23

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

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

$

96,349,119

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

12,739,605,302

‌

$

—

‌

$

—

‌

$

12,739,605,302

‌

Short-Term

Securities

Money

Market

Funds

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

119,984,760

‌

—

‌

—

‌

119,984,760

‌

$

12,859,590,062

‌

$

—

‌

$

—

‌

$

12,859,590,062

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

1,728,506

‌

$

—

‌

$

—

‌

$

1,728,506

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.3%

Axon

Enterprise,

Inc.

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

62

$

13,200

a

Automobile

Components

 — 0.3%

Aptiv

PLC

(a)

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

168

17,044

a

Automobiles

 — 3.4%

Tesla,

Inc.

(a)

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

665

171,623

a

Biotechnology

 — 1.0%

Alnylam

Pharmaceuticals,

Inc.

(a)

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

38

7,517

Exact

Sciences

Corp.

(a)

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

59

4,936

Horizon

Therapeutics

PLC

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

77

8,681

Incyte

Corp.

(a)

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

74

4,775

Moderna,

Inc.

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

43

4,862

Regeneron

Pharmaceuticals,

Inc.

(a)

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

6

4,959

Vertex

Pharmaceuticals,

Inc.

(a)

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

46

16,024

51,754

a

Broadline

Retail

 — 6.2%

Amazon.com,

Inc.

(a)

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

2,139

295,203

MercadoLibre,

Inc.

(a)

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

10

13,724

308,927

a

Building

Products

 — 0.6%

Builders

FirstSource,

Inc.

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

36

5,222

Lennox

International,

Inc.

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

72

27,130

32,352

a

Capital

Markets

 — 1.9%

Ameriprise

Financial,

Inc.

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

24

8,102

FactSet

Research

Systems,

Inc.

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

29

12,656

MarketAxess

Holdings,

Inc.

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

20

4,819

Moody's

Corp.

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

33

11,114

Nasdaq,

Inc.

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

369

19,365

S&P

Global,

Inc.

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

99

38,695

94,751

a

Chemicals

 — 0.9%

Ecolab,

Inc.

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

226

41,541

Sherwin-Williams

Co.

(The)

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

18

4,891

46,432

a

Communications

Equipment

 — 0.2%

Arista

Networks,

Inc.

(a)

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

54

10,542

a

Construction

&

Engineering

 — 0.4%

Quanta

Services,

Inc.

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

91

19,098

a

Consumer

Staples

Distribution

&

Retail

 — 1.1%

Costco

Wholesale

Corp.

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

91

49,985

Sysco

Corp.

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

68

4,736

54,721

a

Containers

&

Packaging

 — 0.3%

Avery

Dennison

Corp.

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

76

14,317

a

Distributors

 — 0.2%

Pool

Corp.

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

23

8,409

a

Electronic

Equipment,

Instruments

&

Components

 — 0.8%

Keysight

Technologies,

Inc.

(a)

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

307

40,923

a

Security

Shares

Value

a

Energy

Equipment

&

Services

 — 0.6%

Baker

Hughes

Co.,

Class

A

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

154

$

5,573

Schlumberger

Ltd.

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

390

22,995

28,568

a

Entertainment

 — 1.7%

Netflix,

Inc.

(a)

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

78

33,827

Walt

Disney

Co.

(The)

(a)

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

560

46,861

Warner

Bros

Discovery,

Inc.,

Series

A

...........

381

5,006

85,694

a

Financial

Services

 — 3.9%

Mastercard,

Inc.,

Class

A

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

218

89,956

PayPal

Holdings,

Inc.

(a)

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

198

12,377

Visa,

Inc.,

Class

A

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

384

94,341

196,674

a

Food

Products

 — 0.5%

Darling

Ingredients,

Inc.

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

147

9,078

Hershey

Co.

(The)

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

22

4,727

Lamb

Weston

Holdings,

Inc.

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

119

11,592

25,397

a

Ground

Transportation

 — 1.2%

JB

Hunt

Transport

Services,

Inc.

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

95

17,849

Old

Dominion

Freight

Line,

Inc.

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

12

5,128

Uber

Technologies,

Inc.

(a)

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

413

19,506

Union

Pacific

Corp.

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

79

17,425

59,908

a

Health

Care

Equipment

&

Supplies

 — 2.2%

Cooper

Companies,

Inc.

(The)

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

61

22,569

Dexcom,

Inc.

(a)

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

56

5,655

Edwards

Lifesciences

Corp.

(a)

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

217

16,594

Hologic,

Inc.

(a)

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

118

8,819

IDEXX

Laboratories,

Inc.

(a)

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

74

37,844

Insulet

Corp.

(a)

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

25

4,793

Intuitive

Surgical,

Inc.

(a)

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

48

15,009

111,283

a

Health

Care

Providers

&

Services

 — 1.6%

DaVita,

Inc.

(a)

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

124

12,700

Elevance

Health,

Inc.

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

88

38,897

HCA

Healthcare,

Inc.

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

44

12,201

McKesson

Corp.

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

19

7,834

Molina

Healthcare,

Inc.

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

24

7,443

79,075

a

Hotels,

Restaurants

&

Leisure

 — 1.9%

Booking

Holdings,

Inc.

(a)

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

11

34,155

Caesars

Entertainment,

Inc.

(a)

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

146

8,068

Chipotle

Mexican

Grill,

Inc.

(a)

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

4

7,707

Hilton

Worldwide

Holdings,

Inc.

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

36

5,351

Las

Vegas

Sands

Corp.

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

91

4,992

Starbucks

Corp.

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

351

34,202

94,475

a

Household

Products

 — 0.9%

Church

&

Dwight

Co.,

Inc.

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

300

29,031

Clorox

Co.

(The)

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

114

17,835

46,866

a

Industrial

Conglomerates

 — 0.2%

General

Electric

Co.

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

94

10,759

a

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Insurance

 — 0.4%

Marsh

&

McLennan

Companies,

Inc.

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

26

$

5,070

Progressive

Corp.

(The)

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

118

15,749

20,819

a

Interactive

Media

&

Services

 — 9.6%

Alphabet,

Inc.,

Class

A

(a)

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

1,163

158,366

Alphabet,

Inc.,

Class

C,

NVS

(a)

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

1,333

183,087

Meta

Platforms,

Inc.,

Class

A

(a)

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

445

131,671

ZoomInfo

Technologies,

Inc.

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

514

9,263

482,387

a

IT

Services

 — 1.3%

Accenture

PLC,

Class

A

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

83

26,873

Gartner,

Inc.

(a)

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

21

7,343

MongoDB,

Inc.,

Class

A

(a)

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

31

11,820

Okta,

Inc.,

Class

A

(a)

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

66

5,512

Snowflake,

Inc.,

Class

A

(a)

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

53

8,313

Twilio,

Inc.,

Class

A

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

108

6,881

66,742

a

Life

Sciences

Tools

&

Services

 — 2.1%

Agilent

Technologies,

Inc.

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

103

12,470

Danaher

Corp.

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

156

41,340

Mettler-Toledo

International,

Inc.

(a)

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

8

9,708

Repligen

Corp.

(a)(b)

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

30

5,217

Thermo

Fisher

Scientific,

Inc.

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

17

9,471

Waters

Corp.

(a)

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

67

18,814

West

Pharmaceutical

Services,

Inc.

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

20

8,138

105,158

a

Machinery

 — 1.1%

Deere

&

Co.

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

70

28,766

Graco,

Inc.

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

77

6,078

IDEX

Corp.

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

57

12,905

Toro

Co.

(The)

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

49

5,014

52,763

a

Metals

&

Mining

 — 0.3%

Nucor

Corp.

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

46

7,917

Steel

Dynamics,

Inc.

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

46

4,903

12,820

a

Oil,

Gas

&

Consumable

Fuels

 — 1.5%

Cheniere

Energy,

Inc.

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

132

21,542

Hess

Corp.

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

275

42,488

Ovintiv,

Inc.

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

197

9,251

73,281

a

Pharmaceuticals

 — 3.2%

Eli

Lilly

&

Co.

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

195

108,069

Zoetis,

Inc.,

Class

A

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

286

54,486

162,555

a

Professional

Services

 — 2.3%

Automatic

Data

Processing,

Inc.

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

298

75,874

Broadridge

Financial

Solutions,

Inc.

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

110

20,483

Ceridian

HCM

Holding,

Inc.

(a)

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

98

7,107

Paylocity

Holding

Corp.

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

25

5,013

Robert

Half,

Inc.

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

64

4,733

113,210

a

Real

Estate

Management

&

Development

 — 0.6%

CBRE

Group,

Inc.,

Class

A

(a)

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

374

31,809

a

Semiconductors

&

Semiconductor

Equipment

 — 8.3%

Advanced

Micro

Devices,

Inc.

(a)

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

384

40,597

Applied

Materials,

Inc.

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

181

27,650

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Enphase

Energy,

Inc.

(a)

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

37

$

4,682

First

Solar,

Inc.

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

37

6,997

NVIDIA

Corp.

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

602

297,117

NXP

Semiconductors

NV

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

170

34,972

ON

Semiconductor

Corp.

(a)

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

51

5,021

417,036

a

Software

 — 20.4%

Adobe,

Inc.

(a)

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

142

79,426

ANSYS,

Inc.

(a)

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

47

14,987

Atlassian

Corp.,

Class

A

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

55

11,223

Autodesk,

Inc.

(a)

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

165

36,620

Black

Knight,

Inc.

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

65

4,924

Cadence

Design

Systems,

Inc.

(a)

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

87

20,918

Fair

Isaac

Corp.

(a)

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

6

5,428

HubSpot,

Inc.

(a)

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

19

10,384

Intuit,

Inc.

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

96

52,014

Microsoft

Corp.

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

1,737

569,319

Oracle

Corp.

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

94

11,317

Palo

Alto

Networks,

Inc.

(a)

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

80

19,464

PTC,

Inc.

(a)

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

87

12,804

Salesforce,

Inc.

(a)

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

266

58,908

ServiceNow,

Inc.

(a)

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

53

31,208

Splunk,

Inc.

(a)

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

53

6,427

Synopsys,

Inc.

(a)

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

54

24,780

VMware,

Inc.,

Class

A

(a)

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

122

20,591

Workday,

Inc.,

Class

A

(a)

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

131

32,030

1,022,772

a

Specialized

REITs

 — 1.3%

American

Tower

Corp.

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

105

19,038

Equinix,

Inc.

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

44

34,381

SBA

Communications

Corp.,

Class

A

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

64

14,370

67,789

a

Specialty

Retail

 — 0.9%

AutoZone,

Inc.

(a)

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

2

5,063

Burlington

Stores,

Inc.

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

42

6,815

Tractor

Supply

Co.

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

85

18,572

Ulta

Beauty,

Inc.

(a)

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

32

13,281

43,731

a

Technology

Hardware,

Storage

&

Peripherals

 — 13.1%

Apple,

Inc.

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

3,512

659,799

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.6%

Deckers

Outdoor

Corp.

(a)

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

27

14,285

Lululemon

Athletica,

Inc.

(a)

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

25

9,532

Nike,

Inc.,

Class

B

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

83

8,442

32,259

a

Trading

Companies

&

Distributors

 — 0.6%

United

Rentals,

Inc.

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

11

5,242

WW

Grainger,

Inc.

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

34

24,281

29,523

a

Total

Long-Term

Investments — 99.9%

(Cost:

$4,040,237)

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

5,017,245

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

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.

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0.2%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.52%

(c)(d)(e)

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

4,210

$

4,212

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

(c)(d)

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

6,805

6,805

a

Total

Short-Term

Securities — 0.2%

(Cost:

$11,016)

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

11,017

Total

Investments

—

100.1%

(Cost:

$4,051,253)

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

5,028,262

Liabilities

in

Excess

of

Other

Assets

—

(0.1)%

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

(7,469)

Net

Assets

—

100.0%

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

$

5,020,793

(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

period

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

01/31/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

4,236

(b)

$

—

$

(25

)

$

1

$

4,212

4,210

$

15

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

—

6,805

(b)

—

—

—

6,805

6,805

127

—

$

(25

)

$

1

$

11,017

$

142

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

5,017,245

‌

$

—

‌

$

—

‌

$

5,017,245

‌

Short-Term

Securities

Money

Market

Funds

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

11,017

‌

—

‌

—

‌

11,017

‌

$

5,028,262

‌

$

—

‌

$

—

‌

$

5,028,262

‌

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.6

%

AeroVironment,

Inc.

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

9,400

$

912,082

BWX

Technologies,

Inc.

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

46,922

3,460,967

Curtiss-Wright

Corp.

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

17,017

3,539,366

Ducommun,

Inc.

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

15,821

719,381

Hexcel

Corp.

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

48,689

3,568,904

Kaman

Corp.

,

Class

A

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

32,223

722,762

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

57,043

917,822

Leonardo

DRS,

Inc.

(a)

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

42,821

733,096

Mercury

Systems,

Inc.

(a)

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

37,566

1,474,465

Moog,

Inc.

,

Class

A

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

21,344

2,479,319

Rocket

Lab

USA,

Inc.

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

117,850

743,633

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

........

31,841

678,850

V2X,

Inc.

(a)

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

19,338

972,895

Woodward,

Inc.

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

16,458

2,129,171

23,052,713

a

Air

Freight

&

Logistics

 — 

0

.3

%

GXO

Logistics,

Inc.

(a)

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

47,891

3,063,587

Hub

Group,

Inc.

,

Class

A

(b)

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

8,892

693,932

3,757,519

a

Automobile

Components

 — 

1

.1

%

Adient

PLC

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

17,886

700,595

American

Axle

&

Manufacturing

Holdings,

Inc.

.....

95,289

719,432

Autoliv,

Inc.

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

8,965

874,984

Dana,

Inc.

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

62,721

1,010,435

Dorman

Products,

Inc.

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

8,536

704,305

Fox

Factory

Holding

Corp.

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

10,698

1,185,445

Gentherm,

Inc.

(b)

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

17,851

1,074,809

Goodyear

Tire

&

Rubber

Co.

(The)

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

60,681

783,392

LCI

Industries

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

17,642

2,210,190

Luminar

Technologies,

Inc.

,

Class

A

(a)

...........

117,704

677,975

Modine

Manufacturing

Co.

(a)

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

31,605

1,504,082

QuantumScape

Corp.

,

Class

A

(a)

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

99,004

706,889

Visteon

Corp.

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

15,209

2,118,157

XPEL,

Inc.

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

11,787

981,857

15,252,547

a

Automobiles

 — 

0

.6

%

Fisker,

Inc.

,

Class

A

(a)

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

121,333

712,225

Harley-Davidson,

Inc.

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

91,967

3,103,886

Thor

Industries,

Inc.

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

22,802

2,390,106

Winnebago

Industries,

Inc.

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

26,824

1,739,536

7,945,753

a

Banks

 — 

6

.1

%

Amalgamated

Financial

Corp.

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

63,233

1,133,135

Ameris

Bancorp

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

26,395

1,075,596

Associated

Banc-Corp.

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

76,718

1,329,523

Atlantic

Union

Bankshares

Corp.

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

60,544

1,797,551

Banc

of

California,

Inc.

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

62,792

786,784

Bancorp,

Inc.

(The)

(b)

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

28,777

1,056,404

Bank

of

Hawaii

Corp.

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

25,147

1,351,400

Bank

OZK

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

69,426

2,788,842

Banner

Corp.

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

36,335

1,582,389

Berkshire

Hills

Bancorp,

Inc.

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

28,124

587,792

BOK

Financial

Corp.

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

12,263

1,019,178

Byline

Bancorp,

Inc.

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

40,293

853,406

Cadence

Bank

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

69,173

1,582,678

Cambridge

Bancorp

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

15,000

798,150

Camden

National

Corp.

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

25,783

845,425

Central

Pacific

Financial

Corp.

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

25,237

428,272

Columbia

Banking

System,

Inc.

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

103,189

2,113,311

Security

Shares

Value

a

Banks

(continued)

Comerica,

Inc.

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

63,445

$

3,052,339

Community

Bank

System,

Inc.

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

20,089

955,232

Cullen/Frost

Bankers,

Inc.

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

12,041

1,138,236

Customers

Bancorp,

Inc.

(b)

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

19,425

682,595

East

West

Bancorp,

Inc.

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

67,918

3,758,582

Eastern

Bankshares,

Inc.

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

61,686

830,294

Enterprise

Financial

Services

Corp.

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

29,636

1,147,210

First

BanCorp

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

63,548

880,775

First

Financial

Bancorp

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

53,466

1,111,023

First

Financial

Bankshares,

Inc.

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

31,813

913,669

First

Hawaiian,

Inc.

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

85,127

1,609,752

First

Interstate

BancSystem,

Inc.

,

Class

A

........

82,127

2,127,911

FNB

Corp.

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

130,932

1,522,739

Fulton

Financial

Corp.

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

103,079

1,374,043

Glacier

Bancorp,

Inc.

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

96,127

2,903,997

Hancock

Whitney

Corp.

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

50,862

2,098,057

Hanmi

Financial

Corp.

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

40,735

705,530

Independent

Bank

Corp.

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

59,866

1,756,073

International

Bancshares

Corp.

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

22,937

1,027,119

National

Bank

Holdings

Corp.

,

Class

A

..........

21,142

666,819

NBT

Bancorp,

Inc.

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

23,129

796,100

New

York

Community

Bancorp,

Inc.

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

161,991

1,989,249

OceanFirst

Financial

Corp.

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

49,801

840,143

Old

National

Bancorp

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

179,164

2,734,043

Pinnacle

Financial

Partners,

Inc.

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

41,158

2,739,476

Popular,

Inc.

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

18,772

1,281,752

Provident

Financial

Services,

Inc.

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

28,411

468,213

Renasant

Corp.

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

32,913

916,627

Sandy

Spring

Bancorp,

Inc.

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

41,431

921,425

ServisFirst

Bancshares,

Inc.

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

14,912

835,668

SouthState

Corp.

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

30,915

2,235,154

Synovus

Financial

Corp.

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

114,959

3,559,131

Texas

Capital

Bancshares,

Inc.

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

15,993

998,603

UMB

Financial

Corp.

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

40,077

2,533,267

United

Bankshares,

Inc.

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

47,610

1,432,109

United

Community

Banks,

Inc.

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

34,109

920,943

Valley

National

Bancorp

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

245,600

2,254,608

Veritex

Holdings,

Inc.

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

38,145

717,507

Western

Alliance

Bancorp

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

43,987

2,199,790

Wintrust

Financial

Corp.

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

12,188

945,911

WSFS

Financial

Corp.

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

11,214

440,710

Zions

Bancorp

NA

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

82,529

2,929,780

86,082,040

a

Beverages

 — 

0

.3

%

Celsius

Holdings,

Inc.

(a)

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

16,080

3,152,323

MGP

Ingredients,

Inc.

(a)

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

6,279

752,852

3,905,175

a

Biotechnology

 — 

4

.4

%

89Bio,

Inc.

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

40,972

702,260

ACADIA

Pharmaceuticals,

Inc.

(b)

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

27,069

731,404

Akero

Therapeutics,

Inc.

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

15,026

745,740

Alector,

Inc.

(b)

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

98,195

535,163

Alkermes

PLC

(b)

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

56,584

1,651,687

AnaptysBio,

Inc.

(a)

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

34,422

677,425

Anavex

Life

Sciences

Corp.

(a)

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

84,118

664,532

Apellis

Pharmaceuticals,

Inc.

(a)

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

24,286

1,025,112

Arcellx,

Inc.

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

19,371

694,257

Arcturus

Therapeutics

Holdings,

Inc.

(a)

...........

21,964

666,607

Arcutis

Biotherapeutics,

Inc.

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

94,314

805,442

Arrowhead

Pharmaceuticals,

Inc.

(b)

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

29,823

824,308

Aurinia

Pharmaceuticals,

Inc.

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

71,609

649,494

Beam

Therapeutics,

Inc.

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

29,405

681,608

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Biotechnology

(continued)

Biohaven

Ltd.

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

42,350

$

774,581

Blueprint

Medicines

Corp.

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

13,487

672,462

Bridgebio

Pharma,

Inc.

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

25,136

751,818

Celldex

Therapeutics,

Inc.

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

22,697

633,246

Cerevel

Therapeutics

Holdings,

Inc.

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

31,339

742,734

Crinetics

Pharmaceuticals,

Inc.

(a)

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

42,606

737,936

CRISPR

Therapeutics

AG

(a)

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

33,758

1,688,238

Cytokinetics,

Inc.

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

32,720

1,143,237

Denali

Therapeutics,

Inc.

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

43,418

1,002,522

Dynavax

Technologies

Corp.

(a)

(b)

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

47,164

677,275

Editas

Medicine,

Inc.

(a)

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

80,370

716,097

Exelixis,

Inc.

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

70,849

1,586,309

Geron

Corp.

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

259,609

630,850

Halozyme

Therapeutics,

Inc.

(b)

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

47,145

2,006,491

Ideaya

Biosciences,

Inc.

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

38,067

1,117,647

ImmunoGen,

Inc.

(a)

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

67,777

1,073,588

Immunovant,

Inc.

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

33,051

750,588

Insmed,

Inc.

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

34,478

754,723

Intellia

Therapeutics,

Inc.

(b)

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

31,243

1,170,988

Ionis

Pharmaceuticals,

Inc.

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

17,786

716,242

Iovance

Biotherapeutics,

Inc.

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

109,341

660,420

Karuna

Therapeutics,

Inc.

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

12,127

2,276,966

Keros

Therapeutics,

Inc.

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

19,211

674,498

Krystal

Biotech,

Inc.

(a)

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

7,597

945,675

Kura

Oncology,

Inc.

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

62,942

625,014

Kymera

Therapeutics,

Inc.

(a)

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

33,801

644,923

Madrigal

Pharmaceuticals,

Inc.

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

3,771

678,780

MannKind

Corp.

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

142,328

656,132

Merus

NV

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

31,866

712,842

Mirati

Therapeutics,

Inc.

(b)

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

19,407

721,940

Morphic

Holding,

Inc.

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

12,570

692,356

Myriad

Genetics,

Inc.

(b)

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

38,823

692,991

Natera,

Inc.

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

27,897

1,638,391

Nurix

Therapeutics,

Inc.

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

80,530

684,505

Point

Biopharma

Global,

Inc.

(a)

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

83,081

661,325

Protagonist

Therapeutics,

Inc.

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

35,022

694,136

Prothena

Corp.

PLC

(b)

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

23,324

1,231,974

PTC

Therapeutics,

Inc.

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

17,584

694,568

Recursion

Pharmaceuticals,

Inc.

,

Class

A

.........

77,676

675,781

Replimune

Group,

Inc.

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

34,720

708,982

Revolution

Medicines,

Inc.

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

23,454

796,732

Rhythm

Pharmaceuticals,

Inc.

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

1,118

29,079

Rocket

Pharmaceuticals,

Inc.

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

43,467

680,259

Roivant

Sciences,

Ltd.

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

100,491

1,162,681

Sarepta

Therapeutics,

Inc.

(a)

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

25,728

3,113,345

SpringWorks

Therapeutics,

Inc.

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

24,679

695,454

Syndax

Pharmaceuticals,

Inc.

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

37,150

687,647

Ultragenyx

Pharmaceutical,

Inc.

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

29,559

1,087,476

Vaxcyte,

Inc.

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

32,257

1,674,783

Verve

Therapeutics,

Inc.

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

49,131

632,316

Viking

Therapeutics,

Inc.

(a)

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

47,962

662,355

Vir

Biotechnology,

Inc.

(b)

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

54,979

696,034

Viridian

Therapeutics,

Inc.

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

34,478

626,465

Xencor,

Inc.

(a)

(b)

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

31,176

685,248

Xenon

Pharmaceuticals,

Inc.

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

29,545

1,151,664

Zentalis

Pharmaceuticals,

Inc.

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

26,893

714,278

62,470,626

a

Broadline

Retail

 — 

0

.3

%

Kohl's

Corp.

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

34,960

931,334

Macy's,

Inc.

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

133,149

1,628,412

Nordstrom,

Inc.

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

51,198

830,432

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

13,701

1,056,073

4,446,251

a

Security

Shares

Value

a

Building

Products

 — 

1

.5

%

AAON,

Inc.

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

35,415

$

2,233,270

Advanced

Drainage

Systems,

Inc.

(a)

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

29,582

3,791,229

Armstrong

World

Industries,

Inc.

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

29,786

2,281,310

AZEK

Co.,

Inc.

(The)

,

Class

A

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

47,776

1,624,862

AZZ,

Inc.

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

25,864

1,269,922

Gibraltar

Industries,

Inc.

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

9,745

731,167

Hayward

Holdings,

Inc.

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

49,115

726,902

JELD-WEN

Holding,

Inc.

(b)

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

47,283

713,028

Masonite

International

Corp.

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

6,678

685,897

Resideo

Technologies,

Inc.

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

109,498

1,846,136

Simpson

Manufacturing

Co.,

Inc.

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

9,538

1,523,791

Trex

Co.,

Inc.

(a)

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

35,894

2,561,755

UFP

Industries,

Inc.

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

7,898

824,156

Zurn

Elkay

Water

Solutions

Corp.

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

29,630

877,641

21,691,066

a

Capital

Markets

 — 

1

.7

%

Affiliated

Managers

Group,

Inc.

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

20,570

2,756,586

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

...

34,501

1,325,528

Donnelley

Financial

Solutions,

Inc.

(b)

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

26,866

1,323,688

Evercore,

Inc.

,

Class

A

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

7,776

1,089,029

Hamilton

Lane,

Inc.

,

Class

A

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

8,104

751,970

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

29,788

2,713,091

Janus

Henderson

Group

PLC

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

180,751

4,965,230

Jefferies

Financial

Group,

Inc.

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

31,461

1,122,843

Morningstar,

Inc.

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

10,680

2,484,916

PJT

Partners,

Inc.

,

Class

A

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

12,277

969,760

Stifel

Financial

Corp.

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

27,730

1,803,004

Victory

Capital

Holdings,

Inc.

,

Class

A

...........

23,226

799,439

Virtus

Investment

Partners,

Inc.

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

8,846

1,832,007

23,937,091

a

Chemicals

 — 

2

.0

%

Ashland,

Inc.

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

10,490

908,749

Avient

Corp.

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

33,740

1,353,311

Axalta

Coating

Systems

Ltd.

(b)

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

139,655

3,952,236

Balchem

Corp.

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

14,268

2,004,654

Cabot

Corp.

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

16,958

1,228,777

Chemours

Co.

(The)

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

55,460

1,886,749

Element

Solutions,

Inc.

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

34,783

717,225

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

........

411,663

963,291

Hawkins,

Inc.

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

19,447

1,209,409

HB

Fuller

Co.

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

16,154

1,171,650

Huntsman

Corp.

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

40,899

1,139,855

Innospec,

Inc.

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

17,284

1,856,647

Koppers

Holdings,

Inc.

.....................

44,572

1,706,662

Livent

Corp.

............................

58,229

1,250,177

Minerals

Technologies,

Inc.

..................

22,634

1,382,937

Orion

SA

..............................

34,688

784,643

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

13,810

782,475

Sensient

Technologies

Corp.

.................

15,790

972,822

Stepan

Co.

.............................

22,412

1,955,895

Trinseo

PLC

............................

58,813

619,301

Tronox

Holdings

PLC

......................

67,365

918,859

28,766,324

a

Commercial

Services

&

Supplies

 — 

1

.1

%

ABM

Industries,

Inc.

.......................

25,833

1,173,335

ACCO

Brands

Corp.

.......................

136,125

725,546

ACV

Auctions,

Inc.

,

Class

A

..................

43,360

728,882

Clean

Harbors,

Inc.

.......................

7,307

1,237,367

Deluxe

Corp.

............................

39,799

804,736

Healthcare

Services

Group,

Inc.

...............

58,349

673,931

HNI

Corp.

..............................

26,127

855,921

Interface,

Inc.

...........................

72,054

744,318

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Commercial

Services

&

Supplies

(continued)

Liquidity

Services,

Inc.

.....................

39,757

$

725,565

Matthews

International

Corp.

,

Class

A

...........

22,103

932,305

MillerKnoll,

Inc.

..........................

37,491

716,078

Montrose

Environmental

Group,

Inc.

............

18,031

693,112

MSA

Safety,

Inc.

.........................

12,325

2,251,531

OPENLANE,

Inc.

(a)

........................

76,845

1,199,550

Pitney

Bowes,

Inc.

........................

26,949

88,662

Tetra

Tech,

Inc.

..........................

9,300

1,463,355

VSE

Corp.

.............................

13,247

751,767

15,765,961

a

Communications

Equipment

 — 

0

.8

%

ADTRAN

Holdings,

Inc.

....................

85,963

734,984

Calix,

Inc.

..............................

24,967

1,161,215

Ciena

Corp.

............................

46,162

2,307,177

CommScope

Holding

Co.,

Inc.

................

204,534

683,143

Digi

International,

Inc.

......................

22,427

748,613

Extreme

Networks,

Inc.

.....................

24,128

662,314

Harmonic,

Inc.

...........................

87,984

939,669

Infinera

Corp.

(a)

..........................

174,320

815,818

Lumentum

Holdings,

Inc.

....................

24,908

1,348,270

Ribbon

Communications,

Inc.

................

240,946

713,200

Viasat,

Inc.

.............................

24,624

683,070

10,797,473

a

Construction

&

Engineering

 — 

2

.3

%

API

Group

Corp.

.........................

35,429

997,326

Arcosa,

Inc.

............................

19,107

1,494,550

Argan,

Inc.

.............................

19,717

837,578

Comfort

Systems

USA,

Inc.

..................

20,236

3,734,959

Dycom

Industries,

Inc.

.....................

10,342

1,033,476

EMCOR

Group,

Inc.

.......................

24,674

5,533,144

Fluor

Corp.

.............................

27,512

962,645

Granite

Construction,

Inc.

...................

22,694

937,035

Great

Lakes

Dredge

&

Dock

Corp.

.............

80,362

709,596

MasTec,

Inc.

............................

22,166

2,205,295

MDU

Resources

Group,

Inc.

.................

163,824

3,335,457

MYR

Group,

Inc.

(b)

........................

18,809

2,672,195

Primoris

Services

Corp.

....................

31,478

1,113,377

Sterling

Infrastructure,

Inc.

(a)

(b)

................

16,197

1,340,464

Valmont

Industries,

Inc.

.....................

7,630

1,934,205

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

......

96,086

3,941,448

32,782,750

a

Construction

Materials

 — 

0

.4

%

Knife

River

Corp.

.........................

24,868

1,279,707

Summit

Materials,

Inc.

,

Class

A

...............

103,694

3,879,193

5,158,900

a

Consumer

Finance

 — 

0

.8

%

Bread

Financial

Holdings,

Inc.

................

18,136

681,551

Credit

Acceptance

Corp.

(a)

...................

1,451

728,068

Encore

Capital

Group,

Inc.

..................

30,009

1,406,222

Green

Dot

Corp.

,

Class

A

(b)

..................

13,074

194,018

OneMain

Holdings,

Inc.

.....................

53,894

2,237,140

PRA

Group,

Inc.

.........................

35,466

690,878

PROG

Holdings,

Inc.

(b)

.....................

20,404

699,857

SLM

Corp.

.............................

117,597

1,674,581

SoFi

Technologies,

Inc.

.....................

259,634

2,248,430

Upstart

Holdings,

Inc.

(a)

.....................

20,728

666,820

11,227,565

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.4

%

Andersons,

Inc.

(The)

......................

19,947

1,024,478

BJ's

Wholesale

Club

Holdings,

Inc.

.............

48,415

3,262,687

Casey's

General

Stores,

Inc.

.................

20,965

5,124,056

Security

Shares

Value

a

Consumer

Staples

Distribution

&

Retail

(continued)

Grocery

Outlet

Holding

Corp.

(a)

................

24,473

$

754,992

PriceSmart,

Inc.

..........................

11,641

925,227

SpartanNash

Co.

.........................

32,268

702,152

Sprouts

Farmers

Market,

Inc.

(a)

(b)

..............

78,340

3,195,488

U.S.

Foods

Holding

Corp.

(b)

..................

108,636

4,392,153

United

Natural

Foods,

Inc.

(b)

..................

36,084

726,371

20,107,604

a

Containers

&

Packaging

 — 

1

.0

%

AptarGroup,

Inc.

.........................

28,973

3,840,661

Berry

Global

Group,

Inc.

....................

31,725

2,072,911

Graphic

Packaging

Holding

Co.

...............

171,267

3,808,978

Greif,

Inc.

,

Class

A

........................

10,579

767,930

Greif,

Inc.

,

Class

B

........................

12,810

954,729

Myers

Industries,

Inc.

......................

41,294

776,740

O-I

Glass,

Inc.

...........................

35,789

710,770

Sonoco

Products

Co.

......................

23,780

1,366,161

14,298,880

a

Diversified

Consumer

Services

 — 

1

.3

%

ADT,

Inc.

..............................

166,954

1,071,845

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

28,152

2,658,112

Carriage

Services,

Inc.

.....................

23,076

711,202

Chegg,

Inc.

.............................

112,962

1,153,342

Coursera,

Inc.

...........................

44,321

770,742

Duolingo,

Inc.

,

Class

A

.....................

7,095

1,044,100

European

Wax

Center,

Inc.

,

Class

A

............

42,634

740,126

Frontdoor,

Inc.

(b)

..........................

49,325

1,618,847

Grand

Canyon

Education,

Inc.

(b)

...............

8,027

941,166

H&R

Block,

Inc.

..........................

65,230

2,607,895

Rover

Group,

Inc.

,

Class

A

..................

109,520

741,450

Service

Corp.

International

..................

58,332

3,681,333

Stride,

Inc.

.............................

18,677

793,586

18,533,746

a

Diversified

REITs

 — 

0

.3

%

American

Assets

Trust,

Inc.

..................

35,252

754,745

Empire

State

Realty

Trust,

Inc.

,

Class

A

..........

125,960

1,099,631

Essential

Properties

Realty

Trust,

Inc.

...........

80,307

1,928,974

3,783,350

a

Diversified

Telecommunication

Services

 — 

0

.5

%

Cogent

Communications

Holdings,

Inc.

..........

14,279

1,007,812

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

54,575

874,291

Iridium

Communications,

Inc.

.................

56,940

2,787,213

Liberty

Latin

America,

Ltd.

,

Class

C

.............

79,162

709,292

Lumen

Technologies,

Inc.

...................

428,363

681,097

Radius

Global

Infrastructure,

Inc.

,

Class

A

........

73,665

1,099,082

7,158,787

a

Electric

Utilities

 — 

0

.1

%

Hawaiian

Electric

Industries,

Inc.

..............

142,910

2,003,598

a

Electrical

Equipment

 — 

2

.0

%

Acuity

Brands,

Inc.

........................

20,108

3,243,018

Array

Technologies,

Inc.

....................

56,774

1,411,969

Atkore,

Inc.

(b)

............................

18,449

2,840,593

Bloom

Energy

Corp.

,

Class

A

(a)

................

56,025

839,815

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

...........

98,260

703,542

Enovix

Corp.

(a)

...........................

49,312

679,519

FREYR

Battery

SA

(a)

......................

101,600

632,968

NEXTracker,

Inc.

,

Class

A

...................

18,818

792,614

nVent

Electric

PLC

........................

61,631

3,484,617

Plug

Power,

Inc.

(a)

........................

213,425

1,805,576

Regal

Rexnord

Corp.

(a)

.....................

23,523

3,815,195

Shoals

Technologies

Group,

Inc.

,

Class

A

........

49,797

980,005

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Electrical

Equipment

(continued)

Stem,

Inc.

(a)

.............................

135,141

$

687,868

SunPower

Corp.

(a)

........................

97,456

697,785

Sunrun,

Inc.

(a)

...........................

92,005

1,438,038

Vertiv

Holdings

Co.

,

Class

A

.................

103,555

4,079,031

28,132,153

a

Electronic

Equipment,

Instruments

&

Components

 — 

3

.5

%

Advanced

Energy

Industries,

Inc.

..............

14,646

1,729,253

Avnet,

Inc.

.............................

63,340

3,214,505

Badger

Meter,

Inc.

(a)

.......................

25,734

4,273,903

Belden,

Inc.

............................

17,873

1,678,275

Benchmark

Electronics,

Inc.

.................

61,596

1,585,481

Coherent

Corp.

..........................

47,065

1,771,056

CTS

Corp.

.............................

24,351

1,087,272

ePlus,

Inc.

(b)

............................

14,976

994,107

Fabrinet

...............................

8,658

1,391,947

Flex

Ltd.

...............................

200,840

5,541,176

Insight

Enterprises,

Inc.

(b)

...................

18,315

2,932,048

Itron,

Inc.

..............................

30,939

2,116,537

Kimball

Electronics,

Inc.

....................

42,489

1,282,743

Knowles

Corp.

(b)

.........................

48,733

781,190

Littelfuse,

Inc.

...........................

9,257

2,472,359

Methode

Electronics,

Inc.

...................

23,812

767,937

Mirion

Technologies,

Inc.

,

Class

A

..............

92,875

793,152

National

Instruments

Corp.

..................

48,778

2,907,169

Novanta,

Inc.

...........................

17,712

2,957,550

OSI

Systems,

Inc.

(b)

.......................

5,939

809,783

PAR

Technology

Corp.

(a)

....................

20,199

878,252

Plexus

Corp.

............................

21,689

2,202,518

Rogers

Corp.

...........................

9,949

1,437,730

ScanSource,

Inc.

.........................

25,961

851,002

Vontier

Corp.

............................

67,086

2,107,171

48,564,116

a

Energy

Equipment

&

Services

 — 

1

.9

%

Archrock,

Inc.

...........................

108,922

1,393,112

Cactus,

Inc.

,

Class

A

......................

28,727

1,532,298

ChampionX

Corp.

........................

91,470

3,301,152

Core

Laboratories,

Inc.

(a)

....................

48,544

1,166,998

Dril-Quip,

Inc.

...........................

32,053

884,022

Expro

Group

Holdings

NV

(b)

..................

50,220

1,180,672

Helix

Energy

Solutions

Group,

Inc.

(b)

............

72,703

737,209

Helmerich

&

Payne,

Inc.

....................

17,184

687,188

Noble

Corp.

PLC

,

Class

A

...................

22,220

1,171,883

NOV,

Inc.

..............................

163,651

3,457,946

Oceaneering

International,

Inc.

................

53,012

1,208,144

TechnipFMC

PLC

........................

232,126

4,419,679

Transocean,

Ltd.

(a)

........................

178,563

1,460,645

Valaris,

Ltd.

(b)

...........................

12,820

965,602

Weatherford

International

PLC

(b)

...............

27,968

2,475,727

26,042,277

a

Entertainment

 — 

0

.4

%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

......

57,673

723,796

Cinemark

Holdings,

Inc.

(a)

...................

39,873

649,133

Endeavor

Group

Holdings,

Inc.

,

Class

A

(a)

........

27,436

600,574

IMAX

Corp.

.............................

51,311

981,579

Lions

Gate

Entertainment

Corp.

,

Class

A

.........

96,012

760,415

World

Wrestling

Entertainment,

Inc.

,

Class

A

......

13,868

1,338,955

5,054,452

a

Financial

Services

 — 

2

.1

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

................

58,324

1,213,722

A-Mark

Precious

Metals,

Inc.

.................

19,659

670,765

AvidXchange

Holdings,

Inc.

..................

72,159

741,795

Security

Shares

Value

a

Financial

Services

(continued)

Essent

Group

Ltd.

........................

25,765

$

1,293,918

Euronet

Worldwide,

Inc.

....................

8,178

714,430

EVERTEC,

Inc.

..........................

21,759

861,004

Federal

Agricultural

Mortgage

Corp.

,

Class

C

......

7,609

1,280,747

Flywire

Corp.

...........................

31,624

1,093,558

Jackson

Financial,

Inc.

,

Class

A

...............

30,440

1,144,544

Marqeta,

Inc.

,

Class

A

......................

131,277

807,354

MGIC

Investment

Corp.

....................

171,392

3,013,071

Mr

Cooper

Group,

Inc.

(a)

(b)

...................

14,975

848,484

PennyMac

Financial

Services,

Inc.

.............

23,357

1,676,332

Radian

Group,

Inc.

........................

56,186

1,521,517

Remitly

Global,

Inc.

.......................

33,868

851,780

Rocket

Companies,

Inc.

,

Class

A

..............

68,876

735,596

Shift4

Payments,

Inc.

,

Class

A

................

12,871

730,944

Voya

Financial,

Inc.

.......................

50,184

3,496,821

Walker

&

Dunlop,

Inc.

......................

10,156

866,713

Western

Union

Co.

(The)

...................

144,163

1,780,413

WEX,

Inc.

..............................

21,435

4,205,118

29,548,626

a

Food

Products

 — 

1

.2

%

Cal-Maine

Foods,

Inc.

......................

14,782

706,432

Flowers

Foods,

Inc.

.......................

106,966

2,520,119

Fresh

Del

Monte

Produce,

Inc.

................

27,331

698,307

Freshpet,

Inc.

...........................

22,843

1,724,875

Hain

Celestial

Group,

Inc.

(The)

...............

101,299

1,072,756

Hostess

Brands,

Inc.

,

Class

A

................

36,533

1,040,460

Ingredion,

Inc.

...........................

45,462

4,678,494

Lancaster

Colony

Corp.

....................

3,703

611,699

Mission

Produce,

Inc.

(a)

.....................

70,226

668,551

Post

Holdings,

Inc.

(a)

(b)

......................

11,247

1,008,968

Simply

Good

Foods

Co.

(The)

................

20,311

732,821

TreeHouse

Foods,

Inc.

.....................

28,446

1,323,308

Vital

Farms,

Inc.

.........................

55,361

652,153

17,438,943

a

Gas

Utilities

 — 

1

.3

%

Chesapeake

Utilities

Corp.

..................

8,459

931,336

National

Fuel

Gas

Co.

.....................

39,628

2,129,609

New

Jersey

Resources

Corp.

.................

74,909

3,158,913

Northwest

Natural

Holding

Co.

................

38,612

1,516,679

ONE

Gas,

Inc.

...........................

48,656

3,526,100

Southwest

Gas

Holdings,

Inc.

................

30,016

1,858,891

Spire,

Inc.

..............................

30,912

1,805,570

UGI

Corp.

..............................

130,912

3,296,364

18,223,462

a

Ground

Transportation

 — 

1

.7

%

ArcBest

Corp.

...........................

13,451

1,420,291

Avis

Budget

Group,

Inc.

....................

9,254

1,974,711

Hertz

Global

Holdings,

Inc.

(a)

.................

64,468

1,092,733

Landstar

System,

Inc.

......................

22,285

4,229,916

Lyft,

Inc.

,

Class

A

(a)

........................

96,591

1,137,842

RXO,

Inc.

..............................

70,282

1,270,699

Ryder

System,

Inc.

........................

23,602

2,376,721

Saia,

Inc.

(a)

.............................

9,702

4,134,992

Schneider

National,

Inc.

,

Class

B

..............

39,559

1,143,651

Werner

Enterprises,

Inc.

....................

45,432

1,890,425

XPO,

Inc.

(a)

.............................

36,174

2,699,666

23,371,647

a

Health

Care

Equipment

&

Supplies

 — 

3

.3

%

Alphatec

Holdings,

Inc.

(a)

....................

46,818

765,474

AngioDynamics,

Inc.

.......................

80,795

648,784

Artivion,

Inc.

(b)

...........................

42,118

712,637

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

AtriCure,

Inc.

............................

22,221

$

1,003,278

CONMED

Corp.

(a)

........................

11,132

1,240,773

Embecta

Corp.

..........................

40,363

739,854

Enovis

Corp.

............................

17,183

962,935

Envista

Holdings

Corp.

.....................

58,113

1,860,778

Establishment

Labs

Holdings,

Inc.

.............

12,364

746,415

Glaukos

Corp.

(a)

..........................

19,791

1,487,096

Globus

Medical,

Inc.

,

Class

A

.................

14,858

803,818

Haemonetics

Corp.

(b)

......................

20,994

1,883,792

ICU

Medical,

Inc.

.........................

5,328

772,720

Inari

Medical,

Inc.

........................

22,421

1,493,687

Inspire

Medical

Systems,

Inc.

(b)

...............

8,950

2,030,576

Integer

Holdings

Corp.

(b)

....................

16,310

1,391,406

Integra

LifeSciences

Holdings

Corp.

............

33,181

1,411,520

iRhythm

Technologies,

Inc.

..................

8,063

833,472

Lantheus

Holdings,

Inc.

(b)

...................

22,220

1,520,737

LivaNova

PLC

...........................

14,810

822,695

Masimo

Corp.

...........................

6,162

704,193

Merit

Medical

Systems,

Inc.

(b)

.................

32,833

2,143,338

Neogen

Corp.

(b)

..........................

45,961

1,062,618

Novocure

Ltd.

...........................

34,191

754,253

Omnicell,

Inc.

...........................

21,938

1,247,395

OraSure

Technologies,

Inc.

..................

103,533

668,823

Orthofix

Medical,

Inc.

......................

36,869

780,148

Paragon

28,

Inc.

.........................

52,038

745,705

Penumbra,

Inc.

..........................

13,661

3,613,334

PROCEPT

BioRobotics

Corp.

................

22,265

759,459

QuidelOrtho

Corp.

(b)

.......................

16,599

1,367,094

RxSight,

Inc.

............................

22,969

666,331

Shockwave

Medical,

Inc.

....................

13,210

2,911,352

SI-BONE,

Inc.

(a)

..........................

32,106

734,585

Sight

Sciences,

Inc.

.......................

95,063

623,613

STAAR

Surgical

Co.

(a)

(b)

.....................

16,375

710,020

Tandem

Diabetes

Care,

Inc.

(b)

................

29,963

819,788

TransMedics

Group,

Inc.

....................

10,390

681,896

Treace

Medical

Concepts,

Inc.

................

44,691

694,945

UFP

Technologies,

Inc.

(b)

....................

4,356

765,393

Varex

Imaging

Corp.

.......................

35,542

699,111

46,285,841

a

Health

Care

Providers

&

Services

 — 

3

.2

%

Acadia

Healthcare

Co.,

Inc.

..................

41,187

3,175,518

Accolade,

Inc.

(a)

..........................

52,554

708,953

Addus

HomeCare

Corp.

(b)

...................

7,543

661,521

Agiliti,

Inc.

..............................

68,319

659,278

agilon

health,

Inc.

(a)

.......................

105,307

1,866,040

Amedisys,

Inc.

...........................

13,766

1,290,563

AMN

Healthcare

Services,

Inc.

(a)

(b)

.............

23,463

2,073,660

Apollo

Medical

Holdings,

Inc.

(a)

(b)

...............

18,423

697,495

Brookdale

Senior

Living,

Inc.

.................

169,718

721,302

Castle

Biosciences,

Inc.

....................

38,225

761,824

Chemed

Corp.

...........................

4,154

2,124,522

CorVel

Corp.

(b)

...........................

6,445

1,395,020

Cross

Country

Healthcare,

Inc.

(b)

..............

27,475

707,756

DocGo,

Inc.

............................

77,478

693,428

Encompass

Health

Corp.

...................

44,817

3,183,800

Enhabit,

Inc.

(a)

...........................

58,447

748,706

Ensign

Group,

Inc.

(The)

(a)

...................

24,084

2,413,698

Fulgent

Genetics,

Inc.

(b)

....................

22,436

735,003

Guardant

Health,

Inc.

......................

29,966

1,171,071

HealthEquity,

Inc.

.........................

26,763

1,807,841

ModivCare,

Inc.

(b)

.........................

17,676

567,400

National

Research

Corp.

....................

2,558

106,924

NeoGenomics,

Inc.

.......................

65,276

981,098

Option

Care

Health,

Inc.

(b)

...................

49,120

1,710,850

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Owens

&

Minor,

Inc.

(b)

......................

44,598

$

753,706

Patterson

Companies,

Inc.

..................

82,968

2,492,359

Premier,

Inc.

,

Class

A

......................

87,877

1,891,992

Privia

Health

Group,

Inc.

(a)

...................

43,676

1,146,495

Progyny,

Inc.

(b)

...........................

29,806

1,112,956

R1

RCM,

Inc.

...........................

93,235

1,607,371

RadNet,

Inc.

............................

23,543

786,572

Select

Medical

Holdings

Corp.

................

28,814

841,657

Surgery

Partners,

Inc.

(a)

....................

20,309

736,404

Tenet

Healthcare

Corp.

.....................

25,209

1,955,210

44,287,993

a

Health

Care

REITs

 — 

0

.6

%

Medical

Properties

Trust,

Inc.

.................

171,549

1,238,584

Omega

Healthcare

Investors,

Inc.

..............

105,684

3,362,865

Physicians

Realty

Trust

.....................

215,050

2,991,345

Sabra

Health

Care

REIT,

Inc.

.................

67,649

847,642

8,440,436

a

Health

Care

Technology

 — 

0

.4

%

Certara,

Inc.

............................

42,743

690,727

Doximity,

Inc.

,

Class

A

(a)

....................

29,567

704,877

NextGen

Healthcare,

Inc.

...................

43,570

793,410

Schrodinger,

Inc.

.........................

18,601

686,191

Teladoc

Health,

Inc.

(a)

(b)

.....................

74,229

1,680,544

Veradigm,

Inc.

...........................

54,932

734,990

5,290,739

a

Hotel

&

Resort

REITs

 — 

0

.4

%

DiamondRock

Hospitality

Co.

.................

90,512

729,527

Park

Hotels

&

Resorts,

Inc.

..................

85,617

1,098,466

Ryman

Hospitality

Properties,

Inc.

.............

24,268

2,063,508

Summit

Hotel

Properties,

Inc.

.................

123,253

716,100

Sunstone

Hotel

Investors,

Inc.

................

81,160

728,817

Xenia

Hotels

&

Resorts,

Inc.

.................

60,844

717,959

6,054,377

a

Hotels,

Restaurants

&

Leisure

 — 

2

.6

%

Accel

Entertainment,

Inc.

,

Class

A

.............

109,123

1,297,472

Bloomin'

Brands,

Inc.

......................

24,813

696,253

Boyd

Gaming

Corp.

.......................

23,757

1,588,631

Brinker

International,

Inc.

(a)

..................

32,275

1,056,361

Cheesecake

Factory,

Inc.

(The)

...............

22,285

709,777

Churchill

Downs,

Inc.

......................

18,859

2,362,656

Dine

Brands

Global,

Inc.

....................

13,843

758,320

Everi

Holdings,

Inc.

(b)

......................

94,213

1,362,320

Hilton

Grand

Vacations,

Inc.

..................

58,231

2,545,859

Jack

in

the

Box,

Inc.

.......................

8,584

689,896

Light

&

Wonder,

Inc.

.......................

27,479

2,106,815

Marriott

Vacations

Worldwide

Corp.

.............

16,772

1,822,949

Norwegian

Cruise

Line

Holdings

Ltd.

(b)

...........

136,504

2,261,871

Papa

John's

International,

Inc.

................

9,244

699,771

Penn

Entertainment,

Inc.

(a)

...................

30,615

725,269

Planet

Fitness,

Inc.

,

Class

A

.................

41,103

2,499,062

Playa

Hotels

&

Resorts

NV

..................

94,804

707,238

SeaWorld

Entertainment,

Inc.

................

21,134

1,029,226

Shake

Shack,

Inc.

,

Class

A

(a)

.................

11,122

778,540

Six

Flags

Entertainment

Corp.

................

31,464

722,413

Target

Hospitality

Corp.

.....................

44,425

706,357

Texas

Roadhouse,

Inc.

.....................

11,705

1,218,491

Travel

+

Leisure

Co.

.......................

43,454

1,746,851

Wendy's

Co.

(The)

........................

82,827

1,639,146

Wingstop,

Inc.

...........................

9,842

1,581,019

Wyndham

Hotels

&

Resorts,

Inc.

..............

32,966

2,485,307

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Xponential

Fitness,

Inc.

,

Class

A

...............

31,667

$

685,907

36,483,777

a

Household

Durables

 — 

2

.2

%

Beazer

Homes

USA,

Inc.

(b)

..................

24,212

709,654

Cavco

Industries,

Inc.

......................

2,614

730,665

Century

Communities,

Inc.

..................

20,230

1,502,077

Green

Brick

Partners,

Inc.

(a)

..................

14,332

708,861

Helen

of

Troy

Ltd.

........................

13,162

1,617,873

Installed

Building

Products,

Inc.

...............

6,816

986,480

iRobot

Corp.

............................

21,064

819,179

KB

Home

..............................

44,549

2,263,089

Leggett

&

Platt,

Inc.

.......................

81,793

2,306,563

LGI

Homes,

Inc.

(a)

........................

5,901

726,413

MDC

Holdings,

Inc.

.......................

16,295

773,198

Meritage

Homes

Corp.

.....................

17,076

2,374,247

Newell

Brands,

Inc.

.......................

134,939

1,427,655

Skyline

Champion

Corp.

....................

15,145

1,079,384

Sonos,

Inc.

(a)

(b)

...........................

84,413

1,163,211

Taylor

Morrison

Home

Corp.

(b)

................

39,566

1,875,428

Tempur

Sealy

International,

Inc.

...............

50,557

2,362,023

Toll

Brothers,

Inc.

.........................

25,902

2,122,151

TopBuild

Corp.

..........................

12,508

3,628,321

Tri

Pointe

Homes,

Inc.

(b)

....................

48,661

1,513,357

30,689,829

a

Household

Products

 — 

0

.2

%

Energizer

Holdings,

Inc.

....................

20,465

702,973

Spectrum

Brands

Holdings,

Inc.

...............

8,637

718,339

WD-40

Co.

.............................

4,223

907,396

2,328,708

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.5

%

Clearway

Energy,

Inc.

,

Class

A

................

29,880

700,387

Clearway

Energy,

Inc.

,

Class

C

...............

76,361

1,891,462

NextEra

Energy

Partners,

LP

.................

44,929

2,241,059

Ormat

Technologies,

Inc.

....................

25,263

1,918,472

Sunnova

Energy

International,

Inc.

(a)

(b)

...........

57,998

806,752

7,558,132

a

Industrial

REITs

 — 

0

.8

%

Americold

Realty

Trust,

Inc.

..................

75,380

2,536,537

EastGroup

Properties,

Inc.

..................

8,194

1,471,888

First

Industrial

Realty

Trust,

Inc.

...............

20,465

1,062,952

LXP

Industrial

Trust

.......................

79,018

775,957

Rexford

Industrial

Realty,

Inc.

................

78,938

4,220,815

STAG

Industrial,

Inc.

......................

32,309

1,180,248

11,248,397

a

Insurance

 — 

2

.9

%

Argo

Group

International

Holdings,

Ltd.

..........

35,746

1,063,444

Assured

Guaranty

Ltd.

.....................

16,081

946,206

Axis

Capital

Holdings

Ltd.

...................

46,184

2,533,654

BRP

Group,

Inc.

,

Class

A

...................

30,116

800,784

CNO

Financial

Group,

Inc.

...................

113,602

2,658,287

First

American

Financial

Corp.

................

46,689

2,879,778

Genworth

Financial,

Inc.

,

Class

A

(b)

.............

105,851

612,877

Hanover

Insurance

Group,

Inc.

(The)

...........

17,289

1,845,082

Horace

Mann

Educators

Corp.

................

23,179

664,310

Kemper

Corp.

...........................

17,211

808,401

Kinsale

Capital

Group,

Inc.

..................

7,237

2,884,885

Lincoln

National

Corp.

.....................

51,460

1,320,464

Palomar

Holdings,

Inc.

.....................

13,727

700,214

Primerica,

Inc.

...........................

15,754

3,165,924

ProAssurance

Corp.

.......................

46,004

813,351

Reinsurance

Group

of

America,

Inc.

............

22,802

3,160,813

Security

Shares

Value

a

Insurance

(continued)

RenaissanceRe

Holdings

Ltd.

................

16,129

$

3,030,478

RLI

Corp.

..............................

8,679

1,141,462

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

.........

29,108

1,419,015

Selective

Insurance

Group,

Inc.

...............

38,508

3,820,379

Stewart

Information

Services

Corp.

.............

4,373

202,557

Unum

Group

............................

62,199

3,059,569

White

Mountains

Insurance

Group

Ltd.

(a)

.........

683

1,085,075

40,617,009

a

Interactive

Media

&

Services

 — 

0

.3

%

Cars.com,

Inc.

...........................

36,596

683,979

Vimeo,

Inc.

.............................

176,936

704,205

Yelp,

Inc.

(b)

.............................

23,798

1,019,744

Ziff

Davis,

Inc.

(b)

..........................

28,310

1,886,862

4,294,790

a

IT

Services

 — 

0

.4

%

DigitalOcean

Holdings,

Inc.

(a)

.................

21,151

572,134

DXC

Technology

Co.

(a)

(b)

....................

96,938

2,010,494

Fastly,

Inc.

,

Class

A

(a)

......................

51,122

1,216,192

Kyndryl

Holdings,

Inc.

......................

69,878

1,179,541

Squarespace,

Inc.

,

Class

A

(b)

.................

22,265

671,290

5,649,651

a

Leisure

Products

 — 

0

.8

%

Brunswick

Corp.

.........................

27,055

2,140,591

Malibu

Boats,

Inc.

,

Class

A

..................

12,937

628,221

Mattel,

Inc.

(b)

............................

128,461

2,846,696

Peloton

Interactive,

Inc.

,

Class

A

(a)

.............

97,401

621,418

Polaris,

Inc.

.............................

13,544

1,518,147

Topgolf

Callaway

Brands

Corp.

(b)

..............

105,577

1,841,263

YETI

Holdings,

Inc.

.......................

39,719

1,983,964

11,580,300

a

Life

Sciences

Tools

&

Services

 — 

0

.8

%

10X

Genomics,

Inc.

,

Class

A

.................

24,359

1,263,014

Adaptive

Biotechnologies

Corp.

...............

107,576

728,290

Azenta,

Inc.

............................

24,676

1,392,467

Bruker

Corp.

............................

27,130

1,779,728

CryoPort,

Inc.

(b)

..........................

48,205

679,690

Fortrea

Holdings,

Inc.

(b)

.....................

41,456

1,142,113

Medpace

Holdings,

Inc.

(b)

...................

5,620

1,518,917

Pacific

Biosciences

of

California,

Inc.

(a)

..........

80,863

912,135

Sotera

Health

Co.

(a)

.......................

45,025

726,704

Syneos

Health,

Inc.

,

Class

A

.................

41,854

1,788,421

11,931,479

a

Machinery

 — 

4

.4

%

AGCO

Corp.

............................

23,637

3,061,701

Alamo

Group,

Inc.

........................

8,467

1,453,361

Allison

Transmission

Holdings,

Inc.

.............

51,141

3,091,474

Barnes

Group,

Inc.

........................

19,941

783,681

Chart

Industries,

Inc.

......................

16,459

2,972,166

CIRCOR

International,

Inc.

..................

12,291

684,486

Columbus

McKinnon

Corp.

..................

22,521

848,366

Crane

Co.

..............................

18,016

1,641,618

Donaldson

Co.,

Inc.

.......................

65,382

4,175,948

Energy

Recovery,

Inc.

......................

74,880

2,035,238

Enerpac

Tool

Group

Corp.

,

Class

A

.............

29,895

783,249

EnPro

Industries,

Inc.

......................

10,720

1,462,101

ESCO

Technologies,

Inc.

...................

10,328

1,105,199

Federal

Signal

Corp.

......................

35,102

2,139,467

Flowserve

Corp.

.........................

37,862

1,498,199

Franklin

Electric

Co.,

Inc.

...................

25,710

2,486,414

Gates

Industrial

Corp.

PLC

..................

60,048

737,390

Hillenbrand,

Inc.

.........................

26,030

1,260,893

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Machinery

(continued)

ITT,

Inc.

...............................

24,748

$

2,531,226

John

Bean

Technologies

Corp.

................

15,759

1,732,072

Lincoln

Electric

Holdings,

Inc.

................

14,738

2,836,476

Lindsay

Corp.

...........................

8,001

992,924

Luxfer

Holdings

PLC

......................

67,801

815,646

Manitowoc

Co.,

Inc.

(The)

...................

44,049

745,309

Middleby

Corp.

(The)

(a)

.....................

9,456

1,376,699

Mueller

Water

Products,

Inc.

,

Class

A

...........

160,878

2,271,597

Oshkosh

Corp.

..........................

49,698

5,160,143

Proto

Labs,

Inc.

..........................

24,546

724,107

SPX

Technologies,

Inc.

.....................

19,947

1,576,212

Tennant

Co.

............................

25,994

2,142,685

Terex

Corp.

.............................

15,564

943,334

Timken

Co.

(The)

.........................

8,954

684,265

Trinity

Industries,

Inc.

......................

31,863

798,805

Wabash

National

Corp.

.....................

36,200

816,310

Watts

Water

Technologies,

Inc.

,

Class

A

..........

18,155

3,427,119

61,795,880

a

Media

 — 

0

.8

%

Cable

One,

Inc.

..........................

3,310

2,153,386

EW

Scripps

Co.

(The)

,

Class

A

................

86,067

657,552

John

Wiley

&

Sons,

Inc.

,

Class

A

..............

19,855

737,812

Magnite,

Inc.

............................

84,979

701,077

New

York

Times

Co.

(The)

,

Class

A

.............

44,825

1,984,403

Nexstar

Media

Group,

Inc.

...................

8,921

1,452,339

TEGNA,

Inc.

............................

144,523

2,388,965

WideOpenWest,

Inc.

......................

91,770

743,337

10,818,871

a

Metals

&

Mining

 — 

1

.5

%

Alcoa

Corp.

.............................

58,863

1,770,599

ATI,

Inc.

...............................

43,933

1,991,483

Carpenter

Technology

Corp.

.................

13,827

865,985

Coeur

Mining,

Inc.

........................

280,965

677,126

Commercial

Metals

Co.

.....................

63,392

3,568,336

Compass

Minerals

International,

Inc.

............

23,348

703,942

Materion

Corp.

..........................

12,180

1,325,062

MP

Materials

Corp.

,

Class

A

.................

32,800

686,832

Olympic

Steel,

Inc.

........................

13,745

735,632

Royal

Gold,

Inc.

..........................

33,743

3,782,253

Ryerson

Holding

Corp.

.....................

23,001

716,251

Schnitzer

Steel

Industries,

Inc.

,

Class

A

..........

49,728

1,650,970

United

States

Steel

Corp.

...................

63,816

1,984,039

20,458,510

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.6

%

AGNC

Investment

Corp.

....................

168,188

1,666,743

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.........

54,835

1,207,467

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

................................

66,034

1,477,180

KKR

Real

Estate

Finance

Trust,

Inc.

............

63,515

794,573

Starwood

Property

Trust,

Inc.

.................

128,167

2,618,452

7,764,415

a

Multi-Utilities

 — 

0

.2

%

Avista

Corp.

............................

74,045

2,464,958

Unitil

Corp.

.............................

14,916

728,199

3,193,157

a

Office

REITs

 — 

1

.3

%

Brandywine

Realty

Trust

....................

185,079

925,395

Corporate

Office

Properties

Trust

..............

123,340

3,192,039

Cousins

Properties,

Inc.

....................

92,865

2,182,328

Douglas

Emmett,

Inc.

......................

93,818

1,282,492

Easterly

Government

Properties,

Inc.

...........

101,569

1,357,978

Security

Shares

Value

a

Office

REITs

(continued)

Highwoods

Properties,

Inc.

..................

91,471

$

2,179,754

Hudson

Pacific

Properties,

Inc.

................

118,710

808,415

JBG

SMITH

Properties

.....................

88,704

1,390,879

Kilroy

Realty

Corp.

........................

56,554

2,089,670

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

........

148,306

1,018,862

SL

Green

Realty

Corp.

.....................

23,513

923,120

Vornado

Realty

Trust

......................

32,593

782,884

18,133,816

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.6

%

Antero

Midstream

Corp.

....................

178,272

2,160,657

Antero

Resources

Corp.

....................

125,359

3,468,684

Berry

Corp.

.............................

88,691

760,082

California

Resources

Corp.

..................

23,952

1,337,480

Callon

Petroleum

Co.

(b)

.....................

20,841

817,592

Chord

Energy

Corp.

.......................

10,962

1,770,363

Civitas

Resources,

Inc.

.....................

21,365

1,756,630

Clean

Energy

Fuels

Corp.

(a)

(b)

.................

220,509

939,368

CNX

Resources

Corp.

(a)

....................

113,296

2,532,166

Delek

U.S.

Holdings,

Inc.

...................

39,962

1,029,021

Denbury,

Inc.

............................

17,174

1,572,795

DT

Midstream,

Inc.

........................

63,862

3,339,344

EnLink

Midstream

LLC

.....................

160,508

1,996,720

Enviva,

Inc.

.............................

66,128

608,378

Equitrans

Midstream

Corp.

..................

182,986

1,756,666

Excelerate

Energy,

Inc.

,

Class

A

...............

35,612

662,383

Green

Plains,

Inc.

(b)

.......................

13,938

432,635

Kinetik

Holdings,

Inc.

,

Class

A

................

32,902

1,155,189

Kosmos

Energy

Ltd.

.......................

343,908

2,503,650

Matador

Resources

Co.

....................

14,286

907,161

Murphy

Oil

Corp.

.........................

61,700

2,801,180

New

Fortress

Energy,

Inc.

,

Class

A

.............

24,069

747,102

Par

Pacific

Holdings,

Inc.

...................

28,087

964,788

PBF

Energy,

Inc.

,

Class

A

...................

38,290

1,795,418

Permian

Resources

Corp.

,

Class

A

.............

157,440

2,232,499

Range

Resources

Corp.

....................

107,847

3,492,086

SM

Energy

Co.

..........................

48,040

2,032,572

Southwestern

Energy

Co.

(b)

..................

470,569

3,190,458

Talos

Energy,

Inc.

........................

61,389

1,057,119

VAALCO

Energy,

Inc.

......................

145,140

600,880

World

Kinect

Corp.

........................

35,255

772,084

51,193,150

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

23,940

1,495,771

a

Passenger

Airlines

 — 

0

.3

%

Alaska

Air

Group,

Inc.

(b)

.....................

80,011

3,358,061

Joby

Aviation,

Inc.

........................

95,655

712,630

4,070,691

a

Personal

Care

Products

 — 

0

.4

%

BellRing

Brands,

Inc.

......................

26,910

1,116,765

Coty,

Inc.

,

Class

A

........................

93,994

1,086,571

Edgewell

Personal

Care

Co.

.................

20,038

772,665

elf

Beauty,

Inc.

..........................

13,420

1,861,488

Herbalife

Ltd

............................

43,753

657,170

5,494,659

a

Pharmaceuticals

 — 

1

.5

%

Aclaris

Therapeutics,

Inc.

...................

94,037

703,397

Amphastar

Pharmaceuticals,

Inc.

(b)

.............

12,595

671,439

Arvinas,

Inc.

............................

27,250

768,723

ATAI

Life

Sciences

NV

(a)

....................

421,393

644,731

Axsome

Therapeutics,

Inc.

(a)

.................

14,301

1,155,521

Cassava

Sciences,

Inc.

(a)

...................

40,860

856,834

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Pharmaceuticals

(continued)

Corcept

Therapeutics,

Inc.

(b)

.................

21,748

$

711,812

Cymabay

Therapeutics,

Inc.

.................

60,850

836,688

Elanco

Animal

Health,

Inc.

...................

167,663

2,045,489

Harmony

Biosciences

Holdings,

Inc.

(a)

(b)

..........

21,361

774,336

Intra-Cellular

Therapies,

Inc.

.................

31,649

1,757,152

NGM

Biopharmaceuticals,

Inc.

................

49,542

93,634

Nuvation

Bio,

Inc.

,

Class

A

...................

414,916

680,462

Organon

&

Co.

..........................

80,462

1,766,946

Perrigo

Co.

PLC

.........................

46,814

1,638,490

Pliant

Therapeutics,

Inc.

(a)

...................

39,994

675,099

Reata

Pharmaceuticals,

Inc.

,

Class

A

...........

10,342

1,747,798

Revance

Therapeutics,

Inc.

(a)

.................

38,736

682,916

Tarsus

Pharmaceuticals,

Inc.

.................

40,782

714,093

Tilray

Brands,

Inc.

(a)

.......................

278,942

825,668

Ventyx

Biosciences,

Inc.

(a)

...................

21,960

735,660

20,486,888

a

Professional

Services

 — 

2

.6

%

ASGN,

Inc.

.............................

29,025

2,384,694

CBIZ,

Inc.

..............................

13,073

733,526

Concentrix

Corp.

.........................

16,983

1,355,753

CSG

Systems

International,

Inc.

...............

36,124

1,961,895

ExlService

Holdings,

Inc.

(b)

..................

70,586

2,063,229

Exponent,

Inc.

...........................

7,678

689,945

First

Advantage

Corp.

......................

56,297

785,343

FTI

Consulting,

Inc.

.......................

17,367

3,227,136

Heidrick

&

Struggles

International,

Inc.

..........

27,133

718,753

Huron

Consulting

Group,

Inc.

.................

7,145

714,143

ICF

International,

Inc.

......................

14,809

2,000,104

Insperity,

Inc.

............................

11,763

1,191,945

KBR,

Inc.

..............................

86,117

5,297,918

Kelly

Services,

Inc.

,

Class

A

,

NVS

.............

54,660

1,010,663

Korn

Ferry

.............................

18,736

955,161

ManpowerGroup,

Inc.

......................

30,326

2,391,812

Maximus,

Inc.

...........................

10,804

873,179

NV5

Global,

Inc.

.........................

7,067

719,279

Paycor

HCM,

Inc.

........................

35,277

827,951

Sterling

Check

Corp.

(a)

.....................

48,314

673,497

TriNet

Group,

Inc.

(b)

.......................

24,774

2,748,180

TrueBlue,

Inc.

...........................

75,534

1,142,829

Upwork,

Inc.

............................

67,047

992,966

Verra

Mobility

Corp.

,

Class

A

.................

35,624

633,751

36,093,652

a

Real

Estate

Management

&

Development

 — 

0

.8

%

Anywhere

Real

Estate,

Inc.

(b)

.................

107,603

705,876

Cushman

&

Wakefield

PLC

..................

89,650

823,883

DigitalBridge

Group,

Inc.

....................

44,488

774,981

Howard

Hughes

Holdings,

Inc.

(a)

...............

26,979

2,121,898

Jones

Lang

LaSalle,

Inc.

....................

22,590

3,903,552

Marcus

&

Millichap,

Inc.

....................

23,025

766,733

Opendoor

Technologies,

Inc.

(b)

................

209,951

818,809

St.

Joe

Co.

(The)

.........................

11,337

699,946

10,615,678

a

Residential

REITs

 — 

0

.2

%

Elme

Communities

........................

74,668

1,148,394

Veris

Residential,

Inc.

......................

62,544

1,163,944

2,312,338

a

Retail

REITs

 — 

1

.5

%

Acadia

Realty

Trust

.......................

85,433

1,272,097

Brixmor

Property

Group,

Inc.

.................

114,721

2,521,568

Federal

Realty

Investment

Trust

...............

84,069

8,233,718

Kite

Realty

Group

Trust

.....................

52,246

1,179,192

Security

Shares

Value

a

Retail

REITs

(continued)

Macerich

Co.

(The)

.......................

138,174

$

1,615,254

NNN

REIT,

Inc.

..........................

78,264

3,082,819

Phillips

Edison

&

Co.,

Inc.

...................

36,192

1,225,461

SITE

Centers

Corp.

.......................

104,327

1,392,765

Tanger

Factory

Outlet

Centers,

Inc.

.............

29,530

686,573

21,209,447

a

Semiconductors

&

Semiconductor

Equipment

 — 

2

.1

%

Allegro

MicroSystems,

Inc.

(a)

.................

17,551

671,326

Ambarella,

Inc.

(b)

.........................

11,156

693,345

Axcelis

Technologies,

Inc.

(b)

..................

8,072

1,551,035

Cirrus

Logic,

Inc.

(a)

........................

36,518

2,995,937

Ichor

Holdings,

Ltd.

.......................

24,163

885,091

Kulicke

&

Soffa

Industries,

Inc.

................

43,562

2,253,462

MKS

Instruments,

Inc.

.....................

23,227

2,328,042

Onto

Innovation,

Inc.

(a)

.....................

28,111

3,906,867

PDF

Solutions,

Inc.

(a)

......................

26,112

948,910

Power

Integrations,

Inc.

....................

30,800

2,587,816

Rambus,

Inc.

...........................

53,515

3,021,992

Silicon

Laboratories,

Inc.

....................

14,221

1,917,844

SMART

Global

Holdings,

Inc.

.................

35,451

915,699

Synaptics,

Inc.

(b)

.........................

9,469

828,916

Universal

Display

Corp.

....................

14,001

2,276,003

Veeco

Instruments,

Inc.

....................

79,014

2,306,419

30,088,704

a

Software

 — 

6

.0

%

A10

Networks,

Inc.

........................

49,874

742,624

ACI

Worldwide,

Inc.

(b)

......................

72,681

1,764,695

Adeia,

Inc.

.............................

72,119

725,517

Agilysys,

Inc.

(a)

..........................

10,097

712,293

Altair

Engineering,

Inc.

,

Class

A

(a)

..............

28,080

1,866,758

Alteryx,

Inc.

,

Class

A

.......................

24,431

721,203

Appfolio,

Inc.

,

Class

A

......................

8,284

1,596,907

Appian

Corp.

,

Class

A

......................

14,935

727,334

AppLovin

Corp.

,

Class

A

(a)

...................

34,123

1,474,796

Asana,

Inc.

,

Class

A

(a)

......................

33,539

720,753

Aurora

Innovation,

Inc.

.....................

209,659

664,619

Blackbaud,

Inc.

..........................

21,609

1,644,661

BlackLine,

Inc.

...........................

27,088

1,626,905

Box,

Inc.

,

Class

A

(a)

.......................

76,517

2,026,170

Braze,

Inc.

,

Class

A

.......................

18,310

847,021

C3.ai,

Inc.

,

Class

A

(a)

......................

28,921

897,129

CCC

Intelligent

Solutions

Holdings,

Inc.

..........

66,897

715,798

Cerence,

Inc.

(a)

..........................

29,382

766,870

CommVault

Systems,

Inc.

(a)

(b)

.................

19,818

1,353,768

Dolby

Laboratories,

Inc.

,

Class

A

..............

42,224

3,566,661

DoubleVerify

Holdings,

Inc.

..................

58,914

1,991,882

E2open

Parent

Holdings,

Inc.

,

Class

A

...........

159,779

771,733

Elastic

NV

.............................

31,937

1,976,262

Envestnet,

Inc.

..........................

15,965

872,168

Everbridge,

Inc.

..........................

30,259

750,726

Five9,

Inc.

.............................

28,751

2,080,710

Freshworks,

Inc.

,

Class

A

...................

46,840

1,024,391

Gitlab,

Inc.

,

Class

A

.......................

25,939

1,228,730

Guidewire

Software,

Inc.

(a)

...................

41,587

3,594,364

HashiCorp,

Inc.

,

Class

A

....................

31,922

930,846

Intapp,

Inc.

.............................

19,731

722,352

InterDigital,

Inc.

..........................

14,024

1,216,021

Jamf

Holding

Corp.

(a)

......................

42,811

721,793

JFrog

Ltd.

..............................

29,672

851,290

LiveRamp

Holdings,

Inc.

....................

27,103

876,511

Marathon

Digital

Holdings,

Inc.

(a)

...............

62,245

782,420

MicroStrategy,

Inc.

,

Class

A

(a)

.................

3,385

1,210,239

Model

N,

Inc.

(a)

..........................

29,884

806,868

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

N-able,

Inc.

.............................

53,022

$

708,904

NCR

Corp.

.............................

42,025

1,292,689

New

Relic,

Inc.

..........................

23,747

2,021,107

Nutanix,

Inc.

,

Class

A

......................

89,709

2,789,950

PagerDuty,

Inc.

..........................

35,631

917,855

Pegasystems,

Inc.

(a)

.......................

18,570

922,186

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

...........

31,896

705,540

Procore

Technologies,

Inc.

..................

32,068

2,166,193

Progress

Software

Corp.

....................

43,761

2,662,419

PROS

Holdings,

Inc.

......................

24,401

875,020

Q2

Holdings,

Inc.

(a)

........................

21,578

742,499

Qualys,

Inc.

(a)

(b)

..........................

5,588

869,772

Rapid7,

Inc.

............................

17,634

888,577

RingCentral,

Inc.

,

Class

A

(a)

..................

36,587

1,131,636

SentinelOne,

Inc.

,

Class

A

(a)

..................

69,540

1,156,450

Smartsheet,

Inc.

,

Class

A

...................

42,424

1,770,353

Sprout

Social,

Inc.

,

Class

A

..................

17,613

943,000

SPS

Commerce,

Inc.

(b)

.....................

16,283

3,030,755

Tenable

Holdings,

Inc.

(b)

....................

38,505

1,746,972

Teradata

Corp.

(b)

.........................

48,238

2,231,972

Varonis

Systems,

Inc.

(a)

.....................

26,576

848,572

Verint

Systems,

Inc.

.......................

45,909

1,486,992

Workiva,

Inc.

,

Class

A

(a)

.....................

30,422

3,402,701

Xperi,

Inc.

..............................

64,966

766,599

Zuora,

Inc.

,

Class

A

.......................

92,681

844,324

84,494,825

a

Specialized

REITs

 — 

0

.7

%

CubeSmart

.............................

68,605

2,861,515

EPR

Properties

..........................

17,287

774,112

Outfront

Media,

Inc.

.......................

92,757

1,052,792

PotlatchDeltic

Corp.

.......................

37,625

1,778,157

Rayonier,

Inc.

...........................

21,817

652,328

Safehold,

Inc.

...........................

34,758

739,650

Uniti

Group,

Inc.

.........................

312,378

1,677,470

9,536,024

a

Specialty

Retail

 — 

3

.5

%

Aaron's

Co.,

Inc.

(The)

.....................

53,400

644,538

Abercrombie

&

Fitch

Co.

,

Class

A

..............

19,098

1,026,518

Advance

Auto

Parts,

Inc.

....................

18,574

1,278,263

American

Eagle

Outfitters,

Inc.

................

69,018

1,170,545

America's

Car-Mart,

Inc.

....................

6,557

729,860

Arko

Corp.

.............................

84,259

634,470

Asbury

Automotive

Group,

Inc.

(b)

...............

7,788

1,791,240

AutoNation,

Inc.

(a)

(b)

.......................

11,535

1,812,033

Boot

Barn

Holdings,

Inc.

....................

10,171

933,189

Carvana

Co.

,

Class

A

......................

27,275

1,373,296

Chico's

FAS,

Inc.

.........................

132,857

681,557

Five

Below,

Inc.

(a)

.........................

21,286

3,660,341

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

33,803

3,370,159

Foot

Locker,

Inc.

.........................

40,257

789,842

GameStop

Corp.

,

Class

A

(a)

..................

89,124

1,653,250

Gap,

Inc.

(The)

..........................

108,042

1,251,126

Genesco,

Inc.

...........................

22,924

785,835

Group

1

Automotive,

Inc.

(a)

...................

8,848

2,339,588

Hibbett,

Inc.

............................

16,373

758,234

Leslie's,

Inc.

............................

121,696

761,817

Lithia

Motors,

Inc.

........................

9,949

3,064,491

MarineMax,

Inc.

(b)

.........................

21,673

721,061

Monro,

Inc.

.............................

20,934

685,379

Murphy

USA,

Inc.

........................

9,758

3,099,531

National

Vision

Holdings,

Inc.

.................

38,481

704,587

ODP

Corp.

(The)

.........................

14,787

729,295

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

........

103,446

526,540

Security

Shares

Value

a

Specialty

Retail

(continued)

RH

(a)

.................................

3,439

$

1,255,888

Sally

Beauty

Holdings,

Inc.

(a)

.................

68,833

699,343

Signet

Jewelers

Ltd.

(a)

......................

19,104

1,432,800

Upbound

Group,

Inc.

......................

23,470

718,651

Valvoline,

Inc.

(a)

..........................

53,099

1,828,730

Victoria's

Secret

&

Co.

(b)

....................

34,800

667,464

Wayfair,

Inc.

,

Class

A

(a)

.....................

23,626

1,632,793

Williams-Sonoma,

Inc.

.....................

31,801

4,490,301

49,702,555

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.5

%

Avid

Technology,

Inc.

(b)

.....................

26,023

693,773

IonQ,

Inc.

..............................

50,111

861,408

Pure

Storage,

Inc.

,

Class

A

(b)

.................

95,701

3,501,700

Xerox

Holdings

Corp.

......................

83,185

1,321,810

6,378,691

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.4

%

Capri

Holdings

Ltd.

.......................

35,021

1,838,252

Carter's,

Inc.

............................

15,806

1,131,236

Columbia

Sportswear

Co.

...................

17,863

1,310,072

Crocs,

Inc.

.............................

23,940

2,330,320

Hanesbrands,

Inc.

........................

181,228

951,447

Kontoor

Brands,

Inc.

.......................

22,890

1,048,133

Levi

Strauss

&

Co.

,

Class

A

..................

48,999

674,716

Movado

Group,

Inc.

.......................

27,384

748,952

Oxford

Industries,

Inc.

.....................

6,899

696,730

PVH

Corp.

.............................

31,565

2,638,834

Ralph

Lauren

Corp.

,

Class

A

.................

7,765

905,632

Steven

Madden,

Ltd.

......................

42,038

1,450,311

Tapestry,

Inc.

............................

83,113

2,769,325

Under

Armour,

Inc.

,

Class

A

..................

92,953

710,161

19,204,121

a

Trading

Companies

&

Distributors

 — 

1

.9

%

Air

Lease

Corp.

,

Class

A

....................

31,325

1,276,807

Applied

Industrial

Technologies,

Inc.

............

7,888

1,217,671

Beacon

Roofing

Supply,

Inc.

(b)

................

20,532

1,639,480

Boise

Cascade

Co.

.......................

17,018

1,861,259

Core

&

Main,

Inc.

,

Class

A

(a)

..................

31,098

1,021,258

FTAI

Aviation,

Ltd.

........................

20,290

749,918

GATX

Corp.

............................

17,192

2,031,063

Herc

Holdings,

Inc.

........................

10,145

1,320,270

McGrath

RentCorp

........................

11,201

1,132,421

MRC

Global,

Inc.

.........................

76,285

710,976

NOW,

Inc.

(b)

............................

63,691

711,429

Rush

Enterprises,

Inc.

,

Class

A

...............

22,235

920,751

Rush

Enterprises,

Inc.

,

Class

B

...............

17,236

792,339

SiteOne

Landscape

Supply,

Inc.

(a)

..............

23,731

4,062,510

Triton

International,

Ltd.

,

Class

A

..............

32,320

2,711,971

Veritiv

Corp.

............................

7,993

1,345,462

WESCO

International,

Inc.

...................

22,438

3,631,590

27,137,175

a

Water

Utilities

 — 

0

.2

%

American

States

Water

Co.

..................

24,266

2,043,440

California

Water

Service

Group

...............

13,178

662,195

SJW

Group

.............................

12,415

816,410

3,522,045

a

Wireless

Telecommunication

Services

 — 

0

.2

%

Gogo,

Inc.

.............................

58,367

662,465

Shenandoah

Telecommunications

Co.

...........

30,952

703,849

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

36

2023

iShares

Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Wireless

Telecommunication

Services

(continued)

Telephone

and

Data

Systems,

Inc.

.............

50,849

$

1,092,745

2,459,059

a

Total

Common

Stocks — 99.7%

(Cost:

$

1,405,650,260

)

...............................

1,399,702,975

a

Rights

Biotechnology

 — 

0

.0

%

Chinook

Therapeutics,

Inc.

,

CVR

(Expires

01/01/26)

(c)

30,052

11,720

a

Total

Rights — 0.0%

(Cost:

$

–

)

........................................

11,720

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,405,650,260

)

...............................

1,399,714,695

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

8

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(d)

(e)

(f)

......................

109,763,585

$

109,796,514

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(d)

(e)

............................

5,304,286

5,304,286

a

Total

Short-Term

Securities — 8.2%

(Cost:

$

115,053,616

)

................................

115,100,800

Total

Investments

—

107.9%

(Cost:

$

1,520,703,876

)

...............................

1,514,815,495

Liabilities

in

Excess

of

Other

Assets

—

(

7

.9

)

%

...............

(

111,238,027

)

Net

Assets

—

100.0%

.................................

$

1,403,577,468

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

85,575,153

$

24,219,168

(a)

$

—

$

(

610

)

$

2,803

$

109,796,514

109,763,585

$

1,783,003

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

4,174,100

1,130,186

(a)

—

—

—

5,304,286

5,304,286

153,433

2

$

(

610

)

$

2,803

$

115,100,800

$

1,936,436

$

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

Russell

2000

Index

................................................................

29

09/15/23

$

2,757

$

16,021

E-Mini

S&P

MidCap

400

Index

.............................................................

4

09/15/23

1,059

18,759

$

34,780

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(continued)

August

31,

2023

37

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

34,780

$

—

$

—

$

—

$

34,780

(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

..................................

$

—

$

—

$

(

168,362

)

$

—

$

—

$

—

$

(

168,362

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

285,406

$

—

$

—

$

—

$

285,406

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

5,254,430

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,399,702,975

‌

$

—

‌

$

—

‌

$

1,399,702,975

‌

Rights

................................................

—

‌

—

‌

11,720

‌

11,720

‌

Short-Term

Securities

Money

Market

Funds

......................................

115,100,800

‌

—

‌

—

‌

115,100,800

‌

$

1,514,803,775

‌

$

—

‌

$

11,720

‌

$

1,514,815,495

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

34,780

‌

$

—

‌

$

—

‌

$

34,780

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.9%

Huntington

Ingalls

Industries,

Inc.

..............

73

$

16,083

L3Harris

Technologies,

Inc.

..................

88

15,672

RTX

Corp.

.............................

487

41,902

73,657

a

Air

Freight

&

Logistics

 — 1.6%

CH

Robinson

Worldwide,

Inc.

................

119

10,761

Expeditors

International

of

Washington,

Inc.

.......

182

21,241

FedEx

Corp.

............................

37

9,658

United

Parcel

Service,

Inc.,

Class

B

............

132

22,361

64,021

a

Automobile

Components

 — 0.1%

BorgWarner,

Inc.

.........................

98

3,994

a

Automobiles

 — 0.2%

Ford

Motor

Co.

..........................

329

3,991

Rivian

Automotive,

Inc.,

Class

A

(a)

..............

184

4,182

8,173

a

Banks

 — 5.7%

Bank

of

America

Corp.

.....................

1,730

49,599

Citigroup,

Inc.

...........................

479

19,778

Huntington

Bancshares,

Inc.

.................

871

9,659

JPMorgan

Chase

&

Co.

....................

615

89,993

PNC

Financial

Services

Group,

Inc.

(The)

........

148

17,868

Regions

Financial

Corp.

....................

804

14,745

Truist

Financial

Corp.

......................

187

5,713

U.S.

Bancorp

...........................

204

7,452

Wells

Fargo

&

Co.

........................

288

11,892

226,699

a

Beverages

 — 4.5%

Coca-Cola

Co.

(The)

......................

1,494

89,386

Keurig

Dr

Pepper,

Inc.

.....................

342

11,508

Molson

Coors

Beverage

Co.,

Class

B

...........

174

11,047

PepsiCo,

Inc.

...........................

377

67,076

179,017

a

Biotechnology

 — 3.6%

AbbVie,

Inc.

............................

320

47,027

Amgen,

Inc.

............................

131

33,581

Biogen,

Inc.

(b)

...........................

41

10,962

Exact

Sciences

Corp.

(b)

.....................

47

3,932

Gilead

Sciences,

Inc.

......................

510

39,005

Regeneron

Pharmaceuticals,

Inc.

(b)

.............

12

9,918

144,425

a

Building

Products

 — 2.7%

Allegion

PLC

............................

41

4,666

Carrier

Global

Corp.

.......................

282

16,201

Fortune

Brands

Innovations,

Inc.

..............

189

13,045

Johnson

Controls

International

PLC

............

417

24,628

Lennox

International,

Inc.

...................

30

11,304

Owens

Corning

..........................

59

8,491

Trane

Technologies

PLC

....................

144

29,557

107,892

a

Capital

Markets

 — 4.3%

Bank

of

New

York

Mellon

Corp.

(The)

...........

418

18,756

BlackRock,

Inc.

(c)

.........................

26

18,214

Charles

Schwab

Corp.

(The)

.................

161

9,523

CME

Group,

Inc.,

Class

A

...................

20

4,054

Goldman

Sachs

Group,

Inc.

(The)

.............

87

28,511

Security

Shares

Value

a

Capital

Markets

(continued)

Intercontinental

Exchange,

Inc.

...............

70

$

8,259

Invesco

Ltd.

............................

358

5,699

Moody's

Corp.

...........................

30

10,104

Morgan

Stanley

..........................

492

41,894

Nasdaq,

Inc.

............................

231

12,123

Northern

Trust

Corp.

.......................

51

3,880

State

Street

Corp.

........................

141

9,692

170,709

a

Chemicals

 — 3.0%

Air

Products

and

Chemicals,

Inc.

..............

13

3,841

Dow,

Inc.

..............................

271

14,786

DuPont

de

Nemours,

Inc.

...................

62

4,767

Ecolab,

Inc.

............................

134

24,631

International

Flavors

&

Fragrances,

Inc.

..........

110

7,749

Linde

PLC

.............................

96

37,156

LyondellBasell

Industries

NV,

Class

A

...........

127

12,544

PPG

Industries,

Inc.

.......................

100

14,176

119,650

a

Communications

Equipment

 — 1.5%

Cisco

Systems,

Inc.

.......................

939

53,852

Juniper

Networks,

Inc.

.....................

193

5,620

59,472

a

Construction

Materials

 — 0.2%

Martin

Marietta

Materials,

Inc.

................

15

6,696

a

Consumer

Finance

 — 1.2%

American

Express

Co.

.....................

178

28,122

Discover

Financial

Services

..................

91

8,197

Synchrony

Financial

.......................

369

11,911

48,230

a

Consumer

Staples

Distribution

&

Retail

 — 0.9%

Kroger

Co.

(The)

.........................

281

13,036

Target

Corp.

............................

141

17,843

Walgreens

Boots

Alliance,

Inc.

................

148

3,746

34,625

a

Containers

&

Packaging

 — 0.6%

Amcor

PLC

.............................

632

6,156

Avery

Dennison

Corp.

......................

43

8,100

Ball

Corp.

..............................

119

6,479

International

Paper

Co.

.....................

115

4,016

24,751

a

Distributors

 — 0.6%

LKQ

Corp.

.............................

413

21,695

a

Diversified

Telecommunication

Services

 — 1.3%

AT&T,

Inc.

..............................

1,186

17,541

Verizon

Communications,

Inc.

................

974

34,070

51,611

a

Electric

Utilities

 — 2.0%

Constellation

Energy

Corp.

..................

37

3,854

Eversource

Energy

.......................

341

21,763

Exelon

Corp.

............................

452

18,134

NextEra

Energy,

Inc.

......................

557

37,207

80,958

a

Electrical

Equipment

 — 0.7%

Eaton

Corp.

PLC

.........................

68

15,665

Emerson

Electric

Co.

......................

50

4,912

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Electrical

Equipment

(continued)

Rockwell

Automation,

Inc.

...................

22

$

6,866

27,443

a

Electronic

Equipment,

Instruments

&

Components

 — 0.3%

TE

Connectivity

Ltd.

.......................

31

4,104

Trimble,

Inc.

(b)

...........................

143

7,835

11,939

a

Energy

Equipment

&

Services

 — 0.3%

Baker

Hughes

Co.,

Class

A

..................

320

11,581

a

Entertainment

 — 0.4%

Activision

Blizzard,

Inc.

.....................

43

3,956

Electronic

Arts,

Inc.

.......................

105

12,598

16,554

a

Financial

Services

 — 1.9%

Berkshire

Hathaway,

Inc.,

Class

B

(b)

............

123

44,305

Fidelity

National

Information

Services,

Inc.

........

197

11,004

Fiserv,

Inc.

(b)

............................

149

18,087

73,396

a

Food

Products

 — 3.3%

Archer-Daniels-Midland

Co.

..................

185

14,671

Bunge

Ltd.

.............................

148

16,919

Campbell

Soup

Co.

.......................

93

3,878

Conagra

Brands,

Inc.

......................

190

5,677

General

Mills,

Inc.

........................

423

28,620

Hormel

Foods

Corp.

.......................

100

3,859

Kellogg

Co.

.............................

504

30,754

Kraft

Heinz

Co.

(The)

......................

299

9,894

McCormick

&

Co.,

Inc.,

NVS

.................

107

8,783

Mondelez

International,

Inc.,

Class

A

............

109

7,767

130,822

a

Ground

Transportation

 — 0.3%

CSX

Corp.

.............................

211

6,372

Norfolk

Southern

Corp.

.....................

22

4,510

10,882

a

Health

Care

Equipment

&

Supplies

 — 2.5%

Abbott

Laboratories

.......................

379

38,999

Baxter

International,

Inc.

....................

93

3,776

Becton

Dickinson

&

Co.

....................

45

12,575

Medtronic

PLC

..........................

146

11,899

STERIS

PLC

............................

49

11,250

Zimmer

Biomet

Holdings,

Inc.

................

182

21,680

100,179

a

Health

Care

Providers

&

Services

 — 4.9%

Centene

Corp.

(b)

.........................

61

3,761

Cigna

Group

(The)

........................

89

24,587

CVS

Health

Corp.

........................

194

12,643

HCA

Healthcare,

Inc.

......................

40

11,092

Humana,

Inc.

...........................

23

10,617

Laboratory

Corp.

of

America

Holdings

...........

56

11,654

Quest

Diagnostics,

Inc.

.....................

108

14,202

UnitedHealth

Group,

Inc.

....................

223

106,277

194,833

a

Health

Care

REITs

 — 0.6%

Healthpeak

Properties,

Inc.

..................

198

4,075

Ventas,

Inc.

............................

94

4,106

Welltower,

Inc.

...........................

199

16,493

24,674

a

Security

Shares

Value

a

Hotel

&

Resort

REITs

 — 0.1%

Host

Hotels

&

Resorts,

Inc.

..................

245

$

3,869

a

Hotels,

Restaurants

&

Leisure

 — 0.4%

Aramark

...............................

136

5,057

Vail

Resorts,

Inc.

.........................

54

12,221

17,278

a

Household

Durables

 — 0.2%

DR

Horton,

Inc.

..........................

51

6,070

a

Household

Products

 — 2.6%

Clorox

Co.

(The)

.........................

50

7,822

Kimberly-Clark

Corp.

......................

163

20,999

Procter

&

Gamble

Co.

(The)

.................

490

75,627

104,448

a

Industrial

Conglomerates

 — 1.5%

3M

Co.

................................

233

24,854

General

Electric

Co.

.......................

75

8,585

Honeywell

International,

Inc.

.................

144

27,063

60,502

a

Industrial

REITs

 — 1.0%

Prologis,

Inc.

............................

309

38,378

a

Insurance

 — 2.8%

Allstate

Corp.

(The)

.......................

37

3,989

Assurant,

Inc.

...........................

29

4,041

Chubb

Ltd.

.............................

48

9,642

Hartford

Financial

Services

Group,

Inc.

(The)

......

110

7,900

Marsh

&

McLennan

Companies,

Inc.

............

63

12,284

MetLife,

Inc.

............................

245

15,518

Prudential

Financial,

Inc.

....................

381

36,069

Travelers

Companies,

Inc.

(The)

...............

124

19,993

109,436

a

IT

Services

 — 2.0%

Accenture

PLC,

Class

A

....................

98

31,730

Akamai

Technologies,

Inc.

(b)

..................

47

4,939

International

Business

Machines

Corp.

..........

270

39,644

Twilio,

Inc.,

Class

A

.......................

64

4,077

80,390

a

Leisure

Products

 — 0.3%

Hasbro,

Inc.

............................

167

12,024

a

Life

Sciences

Tools

&

Services

 — 0.8%

Avantor,

Inc.

............................

280

6,062

Danaher

Corp.

..........................

95

25,175

31,237

a

Machinery

 — 3.3%

Caterpillar,

Inc.

..........................

96

26,988

Cummins,

Inc.

...........................

94

21,624

Dover

Corp.

............................

75

11,122

Fortive

Corp.

............................

101

7,964

Graco,

Inc.

.............................

56

4,421

IDEX

Corp.

.............................

37

8,377

Ingersoll

Rand,

Inc.

.......................

138

9,606

Pentair

PLC

............................

333

23,397

Xylem,

Inc.

.............................

146

15,117

128,616

a

Media

 — 1.2%

Comcast

Corp.,

Class

A

....................

681

31,844

Fox

Corp.,

Class

B

........................

145

4,425

Interpublic

Group

of

Companies,

Inc.

(The)

.......

246

8,022

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Media

(continued)

Paramount

Global,

Class

B,

NVS

..............

267

$

4,029

48,320

a

Metals

&

Mining

 — 0.9%

Freeport-McMoRan,

Inc.

....................

217

8,660

Newmont

Corp.

..........................

238

9,382

Nucor

Corp.

............................

60

10,326

Reliance

Steel

&

Aluminum

Co.

...............

15

4,274

Steel

Dynamics,

Inc.

.......................

40

4,264

36,906

a

Multi-Utilities

 — 2.0%

CMS

Energy

Corp.

........................

272

15,284

Consolidated

Edison,

Inc.

...................

279

24,820

Public

Service

Enterprise

Group,

Inc.

...........

652

39,824

79,928

a

Office

REITs

 — 0.1%

Boston

Properties,

Inc.

.....................

62

4,140

a

Oil,

Gas

&

Consumable

Fuels

 — 6.8%

Chevron

Corp.

...........................

368

59,285

ConocoPhillips

..........................

353

42,018

Diamondback

Energy,

Inc.

...................

26

3,946

EOG

Resources,

Inc.

......................

90

11,576

EQT

Corp.

.............................

143

6,180

Exxon

Mobil

Corp.

........................

409

45,477

Kinder

Morgan,

Inc.,

Class

P

.................

227

3,909

Marathon

Petroleum

Corp.

..................

38

5,425

Occidental

Petroleum

Corp.

..................

132

8,288

ONEOK,

Inc.

............................

385

25,102

Ovintiv,

Inc.

.............................

282

13,243

Phillips

66

..............................

137

15,640

Pioneer

Natural

Resources

Co.

...............

81

19,272

Valero

Energy

Corp.

.......................

77

10,002

269,363

a

Pharmaceuticals

 — 5.2%

Bristol-Myers

Squibb

Co.

....................

446

27,496

Johnson

&

Johnson

.......................

437

70,654

Merck

&

Co.,

Inc.

.........................

633

68,984

Pfizer,

Inc.

.............................

1,101

38,954

206,088

a

Professional

Services

 — 0.5%

Broadridge

Financial

Solutions,

Inc.

............

82

15,269

Leidos

Holdings,

Inc.

......................

40

3,901

19,170

a

Residential

REITs

 — 0.2%

AvalonBay

Communities,

Inc.

................

38

6,985

a

Retail

REITs

 — 0.1%

Regency

Centers

Corp.

....................

64

3,981

a

Semiconductors

&

Semiconductor

Equipment

 — 7.1%

Analog

Devices,

Inc.

.......................

39

7,089

Applied

Materials,

Inc.

.....................

85

12,985

Broadcom,

Inc.

..........................

79

72,908

First

Solar,

Inc.

..........................

21

3,971

Intel

Corp.

.............................

983

34,543

Lam

Research

Corp.

......................

43

30,203

Marvell

Technology,

Inc.

....................

194

11,300

Micron

Technology,

Inc.

.....................

186

13,009

NXP

Semiconductors

NV

...................

94

19,338

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

QUALCOMM,

Inc.

........................

177

$

20,272

Texas

Instruments,

Inc.

.....................

331

55,628

281,246

a

Software

 — 1.3%

Black

Knight,

Inc.

.........................

52

3,940

Gen

Digital,

Inc.

..........................

328

6,642

Oracle

Corp.

............................

242

29,134

Roper

Technologies,

Inc.

....................

24

11,977

51,693

a

Specialized

REITs

 — 2.2%

American

Tower

Corp.

.....................

117

21,214

Crown

Castle,

Inc.

........................

256

25,728

Digital

Realty

Trust,

Inc.

....................

103

13,567

Iron

Mountain,

Inc.

........................

190

12,073

Weyerhaeuser

Co.

........................

418

13,690

86,272

a

Specialty

Retail

 — 3.7%

Best

Buy

Co.,

Inc.

........................

166

12,691

Home

Depot,

Inc.

(The)

....................

249

82,245

Lowe's

Companies,

Inc.

....................

151

34,802

TJX

Companies,

Inc.

(The)

..................

164

15,167

144,905

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.9%

Hewlett

Packard

Enterprise

Co.

...............

1,128

19,165

HP,

Inc.

...............................

253

7,517

Seagate

Technology

Holdings

PLC

.............

60

4,247

Western

Digital

Corp.

(b)

.....................

97

4,365

35,294

a

Trading

Companies

&

Distributors

 — 0.8%

Ferguson

PLC

...........................

146

23,588

United

Rentals,

Inc.

.......................

14

6,671

30,259

a

Water

Utilities

 — 0.6%

American

Water

Works

Co.,

Inc.

...............

71

9,851

Essential

Utilities,

Inc.

......................

326

12,029

21,880

a

Total

Long-Term

Investments — 99.7%

(Cost:

$3,984,594)

..................................

3,947,256

a

Short-Term

Securities

Money

Market

Funds

 — 

0.2%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.52%

(c)(d)(e)

......................

4,258

4,259

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

(c)(d)

............................

4,698

4,698

a

Total

Short-Term

Securities — 0.2%

(Cost:

$8,957)

.....................................

8,957

Total

Investments

—

99.9%

(Cost:

$3,993,551)

..................................

3,956,213

Other

Assets

Less

Liabilities

—

0.1%

.....................

4,432

Net

Assets

—

100.0%

.................................

$

3,960,645

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(continued)

August

31,

2023

41

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.

(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

period

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

01/31/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

—

$

4,257

(b)

$

—

$

2

$

—

$

4,259

4,258

$

143

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

—

4,698

(b)

—

—

—

4,698

4,698

142

—

BlackRock,

Inc.

...

—

43,278

(21,181

)

(2,358

)

(1,525

)

18,214

26

290

—

$

(2,356

)

$

(1,525

)

$

27,171

$

575

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,947,256

‌

$

—

‌

$

—

‌

$

3,947,256

‌

Short-Term

Securities

Money

Market

Funds

......................................

8,957

‌

—

‌

—

‌

8,957

‌

$

3,956,213

‌

$

—

‌

$

—

‌

$

3,956,213

‌

Schedule

of

Investments

August

31,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

42

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.2

%

Axon

Enterprise,

Inc.

......................

3,914

$

833,330

L3Harris

Technologies,

Inc.

..................

10,544

1,877,781

2,711,111

a

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

................

6,476

585,625

Expeditors

International

of

Washington,

Inc.

.......

8,485

990,284

United

Parcel

Service,

Inc.

,

Class

B

............

40,419

6,846,979

8,422,888

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

.............................

15,775

1,600,374

BorgWarner,

Inc.

.........................

13,050

531,788

Lear

Corp.

.............................

3,292

474,344

2,606,506

a

Automobiles

 — 

3

.7

%

Rivian

Automotive,

Inc.

,

Class

A

(b)

..............

36,364

826,554

Tesla,

Inc.

(a)

.............................

159,081

41,055,624

41,882,178

a

Banks

 — 

1

.0

%

Citizens

Financial

Group,

Inc.

................

27,098

762,267

Huntington

Bancshares,

Inc.

.................

80,012

887,333

PNC

Financial

Services

Group,

Inc.

(The)

........

22,257

2,687,088

Regions

Financial

Corp.

....................

52,328

959,695

Truist

Financial

Corp.

......................

74,278

2,269,193

U.S.

Bancorp

...........................

85,488

3,122,877

Webster

Financial

Corp.

....................

9,803

415,745

11,104,198

a

Beverages

 — 

2

.6

%

Coca-Cola

Co.

(The)

......................

229,114

13,707,891

Keurig

Dr

Pepper,

Inc.

.....................

50,897

1,712,684

PepsiCo,

Inc.

...........................

76,769

13,658,740

29,079,315

a

Biotechnology

 — 

1

.3

%

Amgen,

Inc.

............................

29,798

7,638,419

Biogen,

Inc.

(a)

...........................

8,076

2,159,199

Gilead

Sciences,

Inc.

......................

69,562

5,320,102

15,117,720

a

Broadline

Retail

 — 

0

.4

%

eBay,

Inc.

..............................

29,664

1,328,354

MercadoLibre,

Inc.

(a)

.......................

2,520

3,458,347

4,786,701

a

Building

Products

 — 

1

.0

%

Allegion

PLC

............................

4,905

558,238

Builders

FirstSource,

Inc.

...................

7,148

1,036,746

Carrier

Global

Corp.

.......................

46,557

2,674,700

Fortune

Brands

Innovations,

Inc.

..............

7,066

487,695

Johnson

Controls

International

PLC

............

38,262

2,259,754

Lennox

International,

Inc.

...................

1,782

671,475

Masco

Corp.

............................

12,553

740,753

Owens

Corning

..........................

5,040

725,306

Trane

Technologies

PLC

....................

12,718

2,610,497

11,765,164

a

Capital

Markets

 — 

3

.9

%

Ameriprise

Financial,

Inc.

...................

5,824

1,966,066

Bank

of

New

York

Mellon

Corp.

(The)

...........

43,431

1,948,749

BlackRock,

Inc.

(c)

.........................

8,351

5,850,210

Cboe

Global

Markets,

Inc.

...................

5,888

881,493

Security

Shares

Value

a

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The)

.................

83,862

$

4,960,437

FactSet

Research

Systems,

Inc.

...............

2,135

931,735

Franklin

Resources,

Inc.

....................

16,587

443,536

Intercontinental

Exchange,

Inc.

...............

31,223

3,684,002

Invesco

Ltd.

............................

18,971

302,018

LPL

Financial

Holdings,

Inc.

..................

4,331

998,685

MarketAxess

Holdings,

Inc.

..................

2,101

506,194

Moody's

Corp.

...........................

9,210

3,101,928

Morgan

Stanley

..........................

69,854

5,948,068

Nasdaq,

Inc.

............................

19,059

1,000,216

Northern

Trust

Corp.

.......................

11,663

887,204

Raymond

James

Financial,

Inc.

...............

11,227

1,174,232

S&P

Global,

Inc.

.........................

18,292

7,149,611

State

Street

Corp.

........................

18,682

1,284,201

T

Rowe

Price

Group,

Inc.

...................

12,524

1,405,569

44,424,154

a

Chemicals

 — 

1

.9

%

Ecolab,

Inc.

............................

14,290

2,626,645

International

Flavors

&

Fragrances,

Inc.

..........

14,301

1,007,505

Linde

PLC

.............................

27,304

10,567,740

LyondellBasell

Industries

NV

,

Class

A

...........

14,611

1,443,129

PPG

Industries,

Inc.

.......................

13,129

1,861,167

Sherwin-Williams

Co.

(The)

..................

13,650

3,708,978

21,215,164

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

............................

5,112

2,577,317

Waste

Management,

Inc.

....................

22,687

3,556,868

6,134,185

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

7,364

646,191

Quanta

Services,

Inc.

......................

8,093

1,698,478

2,344,669

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

................

3,457

1,543,239

a

Consumer

Finance

 — 

0

.7

%

Ally

Financial,

Inc.

........................

15,187

420,528

American

Express

Co.

.....................

35,258

5,570,411

Discover

Financial

Services

..................

14,162

1,275,571

Synchrony

Financial

.......................

23,670

764,068

8,030,578

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.4

%

Kroger

Co.

(The)

.........................

38,026

1,764,026

Target

Corp.

............................

25,740

3,257,397

5,021,423

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

.............................

82,022

798,894

Avery

Dennison

Corp.

......................

4,509

849,405

Ball

Corp.

..............................

17,542

955,162

International

Paper

Co.

.....................

18,474

645,112

Westrock

Co.

...........................

14,284

467,230

3,715,803

a

Distributors

 — 

0

.3

%

Genuine

Parts

Co.

........................

7,906

1,215,390

LKQ

Corp.

.............................

14,906

783,012

Pool

Corp.

.............................

2,177

795,911

2,794,313

a

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 

0

.7

%

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

............

14,181

$

281,351

Verizon

Communications,

Inc.

................

234,447

8,200,956

8,482,307

a

Electric

Utilities

 — 

0

.4

%

Edison

International

.......................

21,374

1,471,600

Eversource

Energy

.......................

19,553

1,247,872

Exelon

Corp.

............................

55,498

2,226,580

4,946,052

a

Electrical

Equipment

 — 

0

.9

%

Eaton

Corp.

PLC

.........................

22,229

5,120,895

Emerson

Electric

Co.

......................

31,871

3,131,326

Generac

Holdings,

Inc.

.....................

3,412

405,380

Rockwell

Automation,

Inc.

...................

6,406

1,999,184

10,656,785

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.2

%

Keysight

Technologies,

Inc.

(a)

.................

9,947

1,325,935

Trimble,

Inc.

(a)

...........................

13,816

756,979

2,082,914

a

Energy

Equipment

&

Services

 — 

0

.8

%

Baker

Hughes

Co.

,

Class

A

..................

56,457

2,043,179

Halliburton

Co.

..........................

50,195

1,938,531

Schlumberger

Ltd.

........................

79,488

4,686,612

8,668,322

a

Entertainment

 — 

1

.0

%

Electronic

Arts,

Inc.

.......................

14,417

1,729,752

Take-Two

Interactive

Software,

Inc.

(b)

............

9,457

1,344,785

Walt

Disney

Co.

(The)

(a)

....................

101,905

8,527,411

11,601,948

a

Financial

Services

 — 

4

.2

%

Equitable

Holdings,

Inc.

....................

20,135

579,888

Fidelity

National

Information

Services,

Inc.

........

32,935

1,839,749

Fiserv,

Inc.

(a)

............................

34,426

4,178,972

Mastercard,

Inc.

,

Class

A

....................

47,194

19,474,132

Visa,

Inc.

,

Class

A

........................

90,245

22,171,392

48,244,133

a

Food

Products

 — 

0

.8

%

Bunge

Ltd.

.............................

8,411

961,546

Campbell

Soup

Co.

.......................

10,885

453,904

Conagra

Brands,

Inc.

......................

26,541

793,045

Darling

Ingredients,

Inc.

....................

8,821

544,785

General

Mills,

Inc.

........................

32,601

2,205,784

Hormel

Foods

Corp.

.......................

16,727

645,495

J

M

Smucker

Co.

(The)

.....................

5,691

824,910

Kellogg

Co.

.............................

15,210

928,114

Lamb

Weston

Holdings,

Inc.

.................

8,143

793,210

McCormick

&

Co.,

Inc.

,

NVS

.................

13,945

1,144,606

9,295,399

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

8,058

934,325

a

Ground

Transportation

 — 

1

.5

%

CSX

Corp.

.............................

114,237

3,449,957

JB

Hunt

Transport

Services,

Inc.

..............

4,637

871,200

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

9,014

494,147

Norfolk

Southern

Corp.

.....................

12,695

2,602,602

Old

Dominion

Freight

Line,

Inc.

...............

5,504

2,352,244

Union

Pacific

Corp.

.......................

34,001

7,499,601

17,269,751

a

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

 — 

1

.3

%

Align

Technology,

Inc.

(a)

.....................

4,054

$

1,500,548

Cooper

Companies,

Inc.

(The)

................

2,761

1,021,542

Dentsply

Sirona,

Inc.

......................

11,836

438,997

Dexcom,

Inc.

(a)

..........................

21,618

2,182,986

Edwards

Lifesciences

Corp.

(a)

................

33,815

2,585,833

Hologic,

Inc.

(a)

...........................

13,725

1,025,806

IDEXX

Laboratories,

Inc.

(a)

...................

4,625

2,365,271

Insulet

Corp.

(a)

...........................

3,854

738,850

STERIS

PLC

............................

5,502

1,263,204

Teleflex,

Inc.

............................

2,655

564,825

Zimmer

Biomet

Holdings,

Inc.

................

11,646

1,387,272

15,075,134

a

Health

Care

Providers

&

Services

 — 

1

.9

%

Cencora,

Inc.

...........................

9,641

1,696,623

Cigna

Group

(The)

........................

16,513

4,561,881

DaVita,

Inc.

(a)

............................

3,075

314,942

Elevance

Health,

Inc.

......................

13,220

5,843,372

HCA

Healthcare,

Inc.

......................

11,510

3,191,723

Humana,

Inc.

...........................

6,968

3,216,638

Laboratory

Corp.

of

America

Holdings

...........

4,978

1,035,922

Molina

Healthcare,

Inc.

.....................

3,251

1,008,200

Quest

Diagnostics,

Inc.

.....................

6,220

817,930

21,687,231

a

Health

Care

REITs

 — 

0

.3

%

Healthpeak

Properties,

Inc.

..................

30,505

627,793

Welltower,

Inc.

...........................

27,718

2,297,268

2,925,061

a

Hotels,

Restaurants

&

Leisure

 — 

2

.0

%

Aramark

...............................

13,807

513,344

Booking

Holdings,

Inc.

(a)

....................

2,060

6,396,362

Hilton

Worldwide

Holdings,

Inc.

...............

14,758

2,193,777

McDonald's

Corp.

........................

40,716

11,447,303

Vail

Resorts,

Inc.

.........................

2,249

508,994

Yum!

Brands,

Inc.

........................

15,578

2,015,482

23,075,262

a

Household

Durables

 — 

0

.2

%

NVR,

Inc.

..............................

180

1,147,919

PulteGroup,

Inc.

.........................

12,449

1,021,565

Whirlpool

Corp.

..........................

3,054

427,438

2,596,922

a

Household

Products

 — 

2

.5

%

Church

&

Dwight

Co.,

Inc.

...................

13,600

1,316,072

Clorox

Co.

(The)

.........................

6,894

1,078,566

Colgate-Palmolive

Co.

.....................

43,949

3,228,933

Kimberly-Clark

Corp.

......................

18,828

2,425,611

Procter

&

Gamble

Co.

(The)

.................

131,443

20,286,913

28,336,095

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

................................

30,766

3,281,809

a

Industrial

REITs

 — 

0

.6

%

Prologis,

Inc.

............................

51,500

6,396,300

a

Insurance

 — 

2

.0

%

Aflac,

Inc.

..............................

32,012

2,387,135

Allstate

Corp.

(The)

.......................

14,659

1,580,387

Arch

Capital

Group

Ltd.

(a)

...................

20,682

1,589,618

Assurant,

Inc.

...........................

2,965

413,113

Hartford

Financial

Services

Group,

Inc.

(The)

......

17,301

1,242,558

Marsh

&

McLennan

Companies,

Inc.

............

27,590

5,379,774

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

44

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Insurance

(continued)

Principal

Financial

Group,

Inc.

................

13,467

$

1,046,521

Progressive

Corp.

(The)

....................

32,641

4,356,594

Prudential

Financial,

Inc.

....................

20,330

1,924,641

Travelers

Companies,

Inc.

(The)

...............

12,891

2,078,416

Willis

Towers

Watson

PLC

...................

5,910

1,221,952

23,220,709

a

Interactive

Media

&

Services

 — 

7

.6

%

Alphabet,

Inc.

,

Class

A

(a)

....................

331,317

45,115,436

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

294,822

40,493,802

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

56,658

586,410

ZoomInfo

Technologies,

Inc.

.................

14,584

262,804

86,458,452

a

IT

Services

 — 

1

.9

%

Accenture

PLC

,

Class

A

....................

35,178

11,389,581

Akamai

Technologies,

Inc.

(a)

..................

8,488

892,004

Gartner,

Inc.

(a)

...........................

4,414

1,543,488

International

Business

Machines

Corp.

..........

50,640

7,435,471

Twilio,

Inc.

,

Class

A

.......................

9,589

610,915

21,871,459

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

............................

7,289

524,808

a

Life

Sciences

Tools

&

Services

 — 

1

.8

%

Agilent

Technologies,

Inc.

...................

16,454

1,992,086

Avantor,

Inc.

............................

37,706

816,335

Bio-Techne

Corp.

.........................

8,780

688,352

Danaher

Corp.

..........................

39,093

10,359,645

Illumina,

Inc.

(a)

...........................

8,826

1,458,232

Mettler-Toledo

International,

Inc.

(a)

.............

1,231

1,493,794

Repligen

Corp.

(a)

.........................

2,950

513,034

Waters

Corp.

(a)

..........................

3,279

920,743

West

Pharmaceutical

Services,

Inc.

............

4,147

1,687,414

19,929,635

a

Machinery

 — 

2

.2

%

Caterpillar,

Inc.

..........................

28,747

8,081,644

Cummins,

Inc.

...........................

7,895

1,816,166

Dover

Corp.

............................

7,769

1,152,143

Fortive

Corp.

............................

19,712

1,554,291

Graco,

Inc.

.............................

9,388

741,089

IDEX

Corp.

.............................

4,196

949,974

Illinois

Tool

Works,

Inc.

.....................

16,946

4,191,593

Ingersoll

Rand,

Inc.

.......................

22,604

1,573,465

Otis

Worldwide

Corp.

......................

23,048

1,971,756

Pentair

PLC

............................

9,198

646,252

Toro

Co.

(The)

...........................

5,857

599,288

Xylem,

Inc.

.............................

13,404

1,387,850

24,665,511

a

Media

 — 

1

.2

%

Comcast

Corp.

,

Class

A

....................

231,960

10,846,450

Fox

Corp.

,

Class

A

,

NVS

....................

15,005

496,066

Fox

Corp.

,

Class

B

........................

7,689

234,668

Interpublic

Group

of

Companies,

Inc.

(The)

.......

21,314

695,050

Omnicom

Group,

Inc.

......................

11,138

902,289

Sirius

XM

Holdings,

Inc.

(b)

...................

44,101

194,044

13,368,567

a

Metals

&

Mining

 — 

0

.5

%

Newmont

Corp.

..........................

44,320

1,747,094

Nucor

Corp.

............................

13,984

2,406,646

Security

Shares

Value

a

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

.......................

9,062

$

965,919

5,119,659

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

27,130

549,925

a

Multi-Utilities

 — 

0

.5

%

CMS

Energy

Corp.

........................

16,375

920,111

Consolidated

Edison,

Inc.

...................

19,326

1,719,241

Sempra

...............................

34,986

2,456,717

5,096,069

a

Office

REITs

 — 

0

.1

%

Boston

Properties,

Inc.

.....................

8,309

554,792

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.6

%

Cheniere

Energy,

Inc.

......................

13,545

2,210,544

HF

Sinclair

Corp.

.........................

8,629

475,372

Kinder

Morgan,

Inc.

,

Class

P

.................

112,479

1,936,888

Marathon

Petroleum

Corp.

..................

23,661

3,378,081

ONEOK,

Inc.

............................

24,875

1,621,850

Phillips

66

..............................

25,601

2,922,610

Targa

Resources

Corp.

.....................

11,974

1,032,758

Valero

Energy

Corp.

.......................

20,161

2,618,914

Williams

Companies,

Inc.

(The)

...............

68,065

2,350,284

18,547,301

a

Passenger

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

.......................

9,160

392,781

a

Pharmaceuticals

 — 

6

.6

%

Bristol-Myers

Squibb

Co.

....................

117,160

7,222,914

Eli

Lilly

&

Co.

...........................

44,998

24,937,892

Jazz

Pharmaceuticals

PLC

..................

3,579

513,085

Johnson

&

Johnson

.......................

134,277

21,709,905

Merck

&

Co.,

Inc.

.........................

141,507

15,421,433

Zoetis,

Inc.

,

Class

A

.......................

25,776

4,910,586

74,715,815

a

Professional

Services

 — 

1

.0

%

Automatic

Data

Processing,

Inc.

...............

23,026

5,862,650

Broadridge

Financial

Solutions,

Inc.

............

6,580

1,225,262

Ceridian

HCM

Holding,

Inc.

(a)

.................

8,266

599,450

Clarivate

PLC

(a)

..........................

18,852

140,070

Paychex,

Inc.

...........................

18,038

2,204,785

Paylocity

Holding

Corp.

.....................

2,490

499,245

Robert

Half,

Inc.

.........................

6,010

444,500

TransUnion

.............................

10,886

884,161

11,860,123

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

17,282

1,469,834

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.0

%

Applied

Materials,

Inc.

.....................

46,831

7,153,903

Intel

Corp.

.............................

232,608

8,173,845

Lam

Research

Corp.

......................

7,492

5,262,381

Marvell

Technology,

Inc.

....................

47,960

2,793,670

NVIDIA

Corp.

...........................

137,747

67,985,032

NXP

Semiconductors

NV

...................

14,500

2,982,940

Texas

Instruments,

Inc.

.....................

50,618

8,506,861

102,858,632

a

Software

 — 

17

.1

%

Adobe,

Inc.

(a)

............................

25,419

14,217,864

ANSYS,

Inc.

(a)

...........................

4,811

1,534,084

Autodesk,

Inc.

(a)

..........................

11,902

2,641,530

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

45

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

Black

Knight,

Inc.

.........................

8,848

$

670,325

Cadence

Design

Systems,

Inc.

(a)

..............

15,189

3,652,043

DocuSign,

Inc.

...........................

11,224

564,567

Fair

Isaac

Corp.

(a)

.........................

1,397

1,263,712

Gen

Digital,

Inc.

..........................

32,000

648,000

HubSpot,

Inc.

(a)

..........................

2,622

1,432,975

Intuit,

Inc.

..............................

15,619

8,462,530

Microsoft

Corp.

..........................

393,928

129,113,841

PTC,

Inc.

(a)

.............................

6,270

922,756

Salesforce,

Inc.

(a)

.........................

54,318

12,029,264

ServiceNow,

Inc.

(a)

........................

11,360

6,689,109

Splunk,

Inc.

(a)

...........................

8,773

1,063,814

Synopsys,

Inc.

(a)

.........................

8,493

3,897,353

VMware,

Inc.

,

Class

A

(a)

....................

13,200

2,227,896

Workday,

Inc.

,

Class

A

(a)

....................

11,488

2,808,816

Zscaler,

Inc.

(a)

...........................

4,882

761,836

194,602,315

a

Specialized

REITs

 — 

1

.5

%

American

Tower

Corp.

.....................

25,990

4,712,507

Crown

Castle,

Inc.

........................

24,185

2,430,593

Digital

Realty

Trust,

Inc.

....................

16,313

2,148,748

Equinix,

Inc.

............................

5,216

4,075,678

Iron

Mountain,

Inc.

........................

16,362

1,039,642

SBA

Communications

Corp.

,

Class

A

............

6,042

1,356,610

Weyerhaeuser

Co.

........................

40,839

1,337,477

17,101,255

a

Specialty

Retail

 — 

3

.4

%

AutoZone,

Inc.

(a)

.........................

1,013

2,564,237

Best

Buy

Co.,

Inc.

........................

10,852

829,635

Burlington

Stores,

Inc.

.....................

3,618

587,057

CarMax,

Inc.

(a)

(b)

..........................

8,823

720,663

Home

Depot,

Inc.

(The)

....................

56,068

18,519,260

Lowe's

Companies,

Inc.

....................

32,679

7,531,856

TJX

Companies,

Inc.

(The)

..................

64,076

5,925,749

Tractor

Supply

Co.

........................

6,110

1,335,035

Ulta

Beauty,

Inc.

(a)

........................

2,777

1,152,538

39,166,030

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.5

%

Hewlett

Packard

Enterprise

Co.

...............

71,647

1,217,282

HP,

Inc.

...............................

49,646

1,474,983

NetApp,

Inc.

............................

11,847

908,665

Seagate

Technology

Holdings

PLC

.............

10,267

726,801

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(a)

.....................

17,852

$

803,340

5,131,071

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.9

%

Deckers

Outdoor

Corp.

(a)

....................

1,459

771,942

Lululemon

Athletica,

Inc.

(a)

...................

6,461

2,463,321

Nike,

Inc.

,

Class

B

........................

68,711

6,988,596

VF

Corp.

..............................

18,050

356,668

10,580,527

a

Trading

Companies

&

Distributors

 — 

0

.6

%

Fastenal

Co.

............................

31,890

1,836,226

Ferguson

PLC

...........................

11,391

1,840,330

United

Rentals,

Inc.

.......................

3,852

1,835,632

WW

Grainger,

Inc.

........................

2,515

1,796,062

7,308,250

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

...............

10,804

1,498,947

Essential

Utilities,

Inc.

......................

14,007

516,858

2,015,805

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

1,078,768,617

)

...............................

1,135,364,384

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(c)

(d)

(e)

......................

1,149,977

1,150,322

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

............................

1,878,833

1,878,833

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

3,029,002

)

..................................

3,029,155

Total

Investments

—

99.9%

(Cost:

$

1,081,797,619

)

...............................

1,138,393,539

Other

Assets

Less

Liabilities

—

0

.1

%

.....................

912,981

Net

Assets

—

100.0%

.................................

$

1,139,306,520

(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)

August

31,

2023

iShares

®

ESG

MSCI

USA

Leaders

ETF

46

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

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

year

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

40,579,854

$

—

$

(

39,420,769

)

(a)

$

2,323

$

(

11,086

)

$

1,150,322

1,149,977

$

165,552

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,325,318

—

(

3,446,485

)

(a)

—

—

1,878,833

1,878,833

268,903

5

BlackRock,

Inc.

...

18,098,486

2,136,834

(

14,849,635

)

2,478,694

(

2,014,169

)

5,850,210

8,351

518,399

—

$

2,481,017

$

(

2,025,255

)

$

8,879,365

$

952,854

$

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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

15

09/15/23

$

3,387

$

34,415

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)

.............

$

—

$

—

$

34,415

$

—

$

—

$

—

$

34,415

(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

..................................

$

—

$

—

$

794,264

$

—

$

—

$

—

$

794,264

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

82,626

$

—

$

—

$

—

$

82,626

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(continued)

August

31,

2023

47

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,348,150

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,135,364,384

‌

$

—

‌

$

—

‌

$

1,135,364,384

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,029,155

‌

—

‌

—

‌

3,029,155

‌

$

1,138,393,539

‌

$

—

‌

$

—

‌

$

1,138,393,539

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

34,415

‌

$

—

‌

$

—

‌

$

34,415

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

August

31,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

48

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Axon

Enterprise,

Inc.

......................

15,565

$

3,313,944

L3Harris

Technologies,

Inc.

..................

9,735

1,733,706

5,047,650

a

Automobiles

 — 

3

.4

%

Lucid

Group,

Inc.

(a)

(b)

.......................

475,907

2,988,696

Rivian

Automotive,

Inc.

,

Class

A

(b)

..............

237,427

5,396,716

Tesla,

Inc.

(a)

.............................

162,138

41,844,575

50,229,987

a

Banks

 — 

1

.3

%

JPMorgan

Chase

&

Co.

....................

108,287

15,845,636

M&T

Bank

Corp.

.........................

8,900

1,112,945

U.S.

Bancorp

...........................

66,309

2,422,268

19,380,849

a

Beverages

 — 

1

.3

%

Brown-Forman

Corp.

,

Class

B

,

NVS

............

186,845

12,356,060

Keurig

Dr

Pepper,

Inc.

.....................

44,813

1,507,957

Monster

Beverage

Corp.

(a)

...................

84,705

4,862,914

18,726,931

a

Biotechnology

 — 

2

.0

%

AbbVie,

Inc.

............................

66,762

9,811,344

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

10,228

2,023,303

Amgen,

Inc.

............................

13,531

3,468,537

Biogen,

Inc.

(a)

...........................

6,748

1,804,145

BioMarin

Pharmaceutical,

Inc.

................

15,482

1,414,745

Exact

Sciences

Corp.

(a)

(b)

....................

7,960

666,013

Horizon

Therapeutics

PLC

...................

2,679

302,030

Moderna,

Inc.

(b)

..........................

11,354

1,283,797

Neurocrine

Biosciences,

Inc.

(a)

................

5,910

643,540

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

4,870

4,025,006

Seagen,

Inc.

(a)

...........................

4,669

962,141

Vertex

Pharmaceuticals,

Inc.

(a)

................

11,169

3,890,609

30,295,210

a

Broadline

Retail

 — 

3

.7

%

Amazon.com,

Inc.

(a)

.......................

346,258

47,787,067

eBay,

Inc.

..............................

53,205

2,382,520

Etsy,

Inc.

(a)

(b)

............................

13,876

1,020,857

MercadoLibre,

Inc.

(a)

.......................

2,908

3,990,823

55,181,267

a

Building

Products

 — 

0

.2

%

A

O

Smith

Corp.

.........................

9,427

683,458

Allegion

PLC

............................

10,403

1,183,965

Fortune

Brands

Innovations,

Inc.

..............

8,358

576,869

2,444,292

a

Capital

Markets

 — 

3

.8

%

Ameriprise

Financial,

Inc.

...................

1,700

573,886

Bank

of

New

York

Mellon

Corp.

(The)

...........

56,723

2,545,161

BlackRock,

Inc.

(c)

.........................

9,705

6,798,741

Cboe

Global

Markets,

Inc.

...................

10,446

1,563,871

Charles

Schwab

Corp.

(The)

.................

99,892

5,908,612

CME

Group,

Inc.

,

Class

A

...................

26,940

5,460,199

FactSet

Research

Systems,

Inc.

...............

3,996

1,743,894

Intercontinental

Exchange,

Inc.

...............

34,061

4,018,857

Invesco

Ltd.

............................

25,512

406,151

KKR

&

Co.,

Inc.

..........................

20,960

1,316,498

MarketAxess

Holdings,

Inc.

..................

3,075

740,860

Moody's

Corp.

...........................

19,538

6,580,398

Nasdaq,

Inc.

............................

30,280

1,589,094

Security

Shares

Value

a

Capital

Markets

(continued)

Northern

Trust

Corp.

.......................

17,448

$

1,327,269

Raymond

James

Financial,

Inc.

...............

2,511

262,625

S&P

Global,

Inc.

.........................

29,949

11,705,866

SEI

Investments

Co.

.......................

26,660

1,654,520

T

Rowe

Price

Group,

Inc.

...................

17,025

1,910,716

Tradeweb

Markets,

Inc.

,

Class

A

...............

2,883

249,178

56,356,396

a

Chemicals

 — 

1

.9

%

Albemarle

Corp.

.........................

4,403

874,920

International

Flavors

&

Fragrances,

Inc.

..........

1,837

129,417

Sherwin-Williams

Co.

(The)

..................

99,527

27,043,476

28,047,813

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

............................

7,463

3,762,621

Copart,

Inc.

(a)

...........................

49,937

2,238,676

Rollins,

Inc.

.............................

65,683

2,599,076

8,600,373

a

Communications

Equipment

 — 

1

.6

%

Cisco

Systems,

Inc.

.......................

222,787

12,776,835

Juniper

Networks,

Inc.

.....................

172,375

5,019,560

Motorola

Solutions,

Inc.

....................

20,460

5,801,842

23,598,237

a

Consumer

Finance

 — 

0

.4

%

American

Express

Co.

.....................

27,443

4,335,720

Discover

Financial

Services

..................

13,442

1,210,721

5,546,441

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.1

%

Dollar

General

Corp.

......................

13,201

1,828,338

a

Distributors

 — 

0

.0

%

Pool

Corp.

.............................

799

292,114

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

..........................

8,463

550,518

a

Electric

Utilities

 — 

1

.1

%

Edison

International

.......................

239,667

16,501,073

a

Electrical

Equipment

 — 

0

.6

%

AMETEK,

Inc.

...........................

17,751

2,831,462

Eaton

Corp.

PLC

.........................

10,229

2,356,455

Rockwell

Automation,

Inc.

...................

10,892

3,399,175

8,587,092

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.0

%

Amphenol

Corp.

,

Class

A

...................

20,892

1,846,435

CDW

Corp.

.............................

18,954

4,002,137

Cognex

Corp.

(b)

..........................

9,552

449,708

Keysight

Technologies,

Inc.

(a)

(b)

................

17,464

2,327,951

TE

Connectivity

Ltd.

.......................

6,080

804,931

Teledyne

Technologies,

Inc.

..................

8,020

3,354,766

Trimble,

Inc.

(a)

...........................

36,894

2,021,423

14,807,351

a

Entertainment

 — 

1

.3

%

Activision

Blizzard,

Inc.

.....................

32,764

3,013,960

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

15,906

1,094,174

Netflix,

Inc.

(a)

............................

18,622

8,075,989

Take-Two

Interactive

Software,

Inc.

.............

2,632

374,270

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

49

Schedule

of

Investments

Security

Shares

Value

a

Entertainment

(continued)

Walt

Disney

Co.

(The)

(a)

....................

76,645

$

6,413,654

18,972,047

a

Financial

Services

 — 

3

.9

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

22,378

8,060,556

Fidelity

National

Information

Services,

Inc.

........

11,284

630,324

Fiserv,

Inc.

(a)

............................

29,948

3,635,388

FleetCor

Technologies,

Inc.

(a)

.................

5,188

1,409,735

Global

Payments,

Inc.

.....................

11,484

1,454,908

Jack

Henry

&

Associates,

Inc.

................

1,279

200,522

Mastercard,

Inc.

,

Class

A

....................

34,740

14,335,114

PayPal

Holdings,

Inc.

(a)

.....................

37,510

2,344,750

Visa,

Inc.

,

Class

A

........................

103,533

25,435,987

57,507,284

a

Food

Products

 — 

0

.2

%

Darling

Ingredients,

Inc.

....................

24,362

1,504,597

Hershey

Co.

(The)

........................

5,450

1,170,987

2,675,584

a

Ground

Transportation

 — 

0

.7

%

Old

Dominion

Freight

Line,

Inc.

...............

9,061

3,872,400

Uber

Technologies,

Inc.

(a)

...................

18,057

852,832

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

37,460

1,994,370

Union

Pacific

Corp.

.......................

15,146

3,340,753

10,060,355

a

Health

Care

Equipment

&

Supplies

 — 

3

.3

%

Align

Technology,

Inc.

(a)

.....................

2,425

897,589

Baxter

International,

Inc.

....................

3,194

129,676

Becton

Dickinson

&

Co.

....................

8,809

2,461,675

Boston

Scientific

Corp.

(a)

....................

70,119

3,782,219

Cooper

Companies,

Inc.

(The)

................

4,806

1,778,172

Dexcom,

Inc.

(a)

(b)

.........................

17,885

1,806,027

Edwards

Lifesciences

Corp.

(a)

................

124,848

9,547,127

Hologic,

Inc.

(a)

...........................

20,454

1,528,732

IDEXX

Laboratories,

Inc.

(a)

(b)

.................

16,234

8,302,230

Insulet

Corp.

(a)

...........................

3,277

628,234

Intuitive

Surgical,

Inc.

(a)

.....................

13,432

4,199,918

Medtronic

PLC

..........................

68,110

5,550,965

ResMed,

Inc.

...........................

11,459

1,828,742

Stryker

Corp.

...........................

17,211

4,880,179

Teleflex,

Inc.

(b)

...........................

3,620

770,119

Zimmer

Biomet

Holdings,

Inc.

................

12,836

1,529,024

49,620,628

a

Health

Care

Providers

&

Services

 — 

1

.7

%

Elevance

Health,

Inc.

......................

10,699

4,729,065

Humana,

Inc.

...........................

6,215

2,869,030

Laboratory

Corp.

of

America

Holdings

...........

1,497

311,526

Molina

Healthcare,

Inc.

.....................

788

244,375

Quest

Diagnostics,

Inc.

.....................

3,681

484,051

UnitedHealth

Group,

Inc.

....................

35,520

16,928,122

25,566,169

a

Health

Care

REITs

 — 

0

.6

%

Healthpeak

Properties,

Inc.

..................

276,268

5,685,596

Ventas,

Inc.

............................

24,981

1,091,170

Welltower,

Inc.

...........................

30,938

2,564,141

9,340,907

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

6,463

1,348,828

a

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 

2

.7

%

Airbnb,

Inc.

,

Class

A

(a)

......................

22,834

$

3,003,813

Booking

Holdings,

Inc.

(a)

....................

1,061

3,294,437

Caesars

Entertainment,

Inc.

(a)

................

7,345

405,885

Chipotle

Mexican

Grill,

Inc.

(a)

.................

836

1,610,671

Hilton

Worldwide

Holdings,

Inc.

...............

7,463

1,109,375

Marriott

International,

Inc.

,

Class

A

.............

6,172

1,256,064

McDonald's

Corp.

........................

71,182

20,012,819

Starbucks

Corp.

..........................

58,032

5,654,638

Vail

Resorts,

Inc.

.........................

576

130,360

Wynn

Resorts

Ltd.

........................

4,288

434,717

Yum!

Brands,

Inc.

........................

24,901

3,221,691

40,134,470

a

Household

Durables

 — 

0

.3

%

Garmin

Ltd.

.............................

23,333

2,473,765

NVR,

Inc.

..............................

359

2,289,461

4,763,226

a

Household

Products

 — 

0

.1

%

Church

&

Dwight

Co.,

Inc.

...................

11,448

1,107,823

Clorox

Co.

(The)

.........................

2,486

388,935

1,496,758

a

Industrial

REITs

 — 

1

.1

%

Prologis,

Inc.

............................

138,421

17,191,888

a

Insurance

 — 

3

.2

%

Aflac,

Inc.

..............................

102,485

7,642,306

Allstate

Corp.

(The)

.......................

16,038

1,729,057

American

Financial

Group,

Inc.

...............

28,043

3,250,745

Arch

Capital

Group

Ltd.

(a)

...................

50,242

3,861,600

Arthur

J

Gallagher

&

Co.

....................

3,792

873,980

Brown

&

Brown,

Inc.

.......................

37,777

2,799,276

Chubb

Ltd.

.............................

26,774

5,378,093

Cincinnati

Financial

Corp.

...................

18,446

1,951,402

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

4,627

1,289,684

Globe

Life,

Inc.

..........................

8,938

997,213

Hartford

Financial

Services

Group,

Inc.

(The)

......

30,894

2,218,807

Markel

Group,

Inc.

(a)

.......................

1,886

2,789,243

Marsh

&

McLennan

Companies,

Inc.

............

28,575

5,571,839

MetLife,

Inc.

............................

37,578

2,380,191

Progressive

Corp.

(The)

....................

28,257

3,771,462

Willis

Towers

Watson

PLC

...................

8,599

1,777,929

48,282,827

a

Interactive

Media

&

Services

 — 

5

.4

%

Alphabet,

Inc.

,

Class

A

(a)

....................

102,503

13,957,833

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

262,628

36,071,956

Match

Group,

Inc.

(a)

(b)

......................

11,869

556,300

Meta

Platforms,

Inc.

,

Class

A

(a)

................

97,587

28,875,017

Pinterest,

Inc.

,

Class

A

(a)

....................

13,738

377,658

Snap,

Inc.

,

Class

A

,

NVS

(a)

(b)

.................

30,410

314,744

80,153,508

a

IT

Services

 — 

0

.6

%

Accenture

PLC

,

Class

A

....................

21,146

6,846,441

Gartner,

Inc.

(a)

...........................

888

310,516

International

Business

Machines

Corp.

..........

1,406

206,443

Okta,

Inc.

,

Class

A

(a)

.......................

3,183

265,812

Snowflake,

Inc.

,

Class

A

(a)

...................

882

138,342

VeriSign,

Inc.

(a)

..........................

9,108

1,892,551

9,660,105

a

Life

Sciences

Tools

&

Services

 — 

2

.6

%

Avantor,

Inc.

............................

6,567

142,176

Bio-Rad

Laboratories,

Inc.

,

Class

A

.............

2,088

835,618

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Bio-Techne

Corp.

.........................

56,331

$

4,416,350

Danaher

Corp.

..........................

26,855

7,116,575

Illumina,

Inc.

(a)

...........................

11,733

1,938,526

IQVIA

Holdings,

Inc.

(a)

......................

1,577

351,087

Mettler-Toledo

International,

Inc.

(a)

.............

3,035

3,682,912

Repligen

Corp.

(a)

.........................

8,874

1,543,277

Revvity,

Inc.

(b)

...........................

22,534

2,637,154

Thermo

Fisher

Scientific,

Inc.

.................

19,234

10,715,261

Waters

Corp.

(a)

(b)

.........................

1,452

407,722

West

Pharmaceutical

Services,

Inc.

............

10,922

4,444,162

38,230,820

a

Machinery

 — 

2

.3

%

Deere

&

Co.

............................

1,416

581,891

Fortive

Corp.

............................

59,695

4,706,951

IDEX

Corp.

.............................

22,307

5,050,305

Illinois

Tool

Works,

Inc.

.....................

22,644

5,600,993

Ingersoll

Rand,

Inc.

(b)

......................

24,947

1,736,561

Pentair

PLC

............................

43,379

3,047,809

Westinghouse

Air

Brake

Technologies

Corp.

.......

2,985

335,872

Xylem,

Inc.

.............................

133,893

13,863,281

34,923,663

a

Media

 — 

1

.0

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

6,424

2,814,483

Comcast

Corp.

,

Class

A

....................

104,912

4,905,685

Fox

Corp.

,

Class

A

,

NVS

....................

11,940

394,736

Fox

Corp.

,

Class

B

........................

19,097

582,841

Liberty

Broadband

Corp.

,

Class

C

,

NVS

..........

36,765

3,439,733

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

.....

37,327

912,272

Sirius

XM

Holdings,

Inc.

(b)

...................

338,079

1,487,548

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

12,367

989,731

15,527,029

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.0

%

Annaly

Capital

Management,

Inc.

..............

7,140

144,728

a

Personal

Care

Products

 — 

0

.0

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

4,603

738,920

a

Pharmaceuticals

 — 

6

.5

%

Bristol-Myers

Squibb

Co.

....................

99,210

6,116,296

Catalent,

Inc.

(a)

..........................

13,004

649,810

Eli

Lilly

&

Co.

...........................

50,002

27,711,108

Jazz

Pharmaceuticals

PLC

..................

9,978

1,430,446

Johnson

&

Johnson

.......................

85,843

13,879,096

Merck

&

Co.,

Inc.

.........................

130,675

14,240,962

Pfizer,

Inc.

.............................

272,786

9,651,169

Royalty

Pharma

PLC

......................

103,565

3,088,308

Zoetis,

Inc.

,

Class

A

.......................

101,782

19,390,489

96,157,684

a

Professional

Services

 — 

1

.0

%

Automatic

Data

Processing,

Inc.

...............

19,389

4,936,633

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

6,650

753,512

Equifax,

Inc.

............................

7,294

1,507,670

Paychex,

Inc.

...........................

33,486

4,092,994

Paycom

Software,

Inc.

.....................

597

176,020

Robert

Half,

Inc.

.........................

7,044

520,974

SS&C

Technologies

Holdings,

Inc.

.............

2,451

140,736

Verisk

Analytics,

Inc.

.......................

10,191

2,468,464

14,597,003

a

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CoStar

Group,

Inc.

(a)

.......................

34,801

$

2,853,334

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

3,719

193,983

3,047,317

a

Residential

REITs

 — 

0

.8

%

AvalonBay

Communities,

Inc.

................

41,548

7,637,353

Equity

Residential

........................

28,797

1,866,910

Essex

Property

Trust,

Inc.

...................

7,621

1,816,770

Sun

Communities,

Inc.

.....................

1,518

185,834

11,506,867

a

Retail

REITs

 — 

0

.6

%

Realty

Income

Corp.

.......................

85,878

4,812,603

Regency

Centers

Corp.

....................

28,490

1,772,078

Simon

Property

Group,

Inc.

..................

16,876

1,915,257

8,499,938

a

Semiconductors

&

Semiconductor

Equipment

 — 

8

.7

%

Advanced

Micro

Devices,

Inc.

(a)

...............

62,827

6,642,070

Analog

Devices,

Inc.

.......................

56,118

10,201,130

Broadcom,

Inc.

..........................

3,980

3,673,102

Enphase

Energy,

Inc.

(a)

.....................

56,400

7,136,292

First

Solar,

Inc.

..........................

48,439

9,160,784

Intel

Corp.

.............................

153,839

5,405,903

KLA

Corp.

..............................

5,795

2,908,337

Marvell

Technology,

Inc.

....................

78,004

4,543,733

NVIDIA

Corp.

...........................

118,723

58,595,737

QUALCOMM,

Inc.

........................

54,746

6,270,059

Skyworks

Solutions,

Inc.

....................

5,657

615,142

SolarEdge

Technologies,

Inc.

.................

23,544

3,827,548

Texas

Instruments,

Inc.

.....................

61,763

10,379,890

129,359,727

a

Software

 — 

11

.9

%

Adobe,

Inc.

(a)

............................

30,266

16,928,984

ANSYS,

Inc.

(a)

...........................

3,186

1,015,920

Autodesk,

Inc.

(a)

..........................

8,439

1,872,952

Fortinet,

Inc.

(a)

...........................

27,951

1,682,930

Intuit,

Inc.

..............................

21,249

11,512,921

Microsoft

Corp.

..........................

313,966

102,905,496

Oracle

Corp.

............................

77,091

9,280,986

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

12,834

3,122,512

Roper

Technologies,

Inc.

....................

5,506

2,747,824

Salesforce,

Inc.

(a)

.........................

41,143

9,111,529

ServiceNow,

Inc.

(a)

(b)

.......................

23,062

13,579,597

Splunk,

Inc.

(a)

...........................

8,294

1,005,730

Tyler

Technologies,

Inc.

(a)

...................

1,431

570,153

Workday,

Inc.

,

Class

A

(a)

....................

5,576

1,363,332

Zoom

Video

Communications,

Inc.

,

Class

A

.......

9,650

685,440

177,386,306

a

Specialized

REITs

 — 

3

.8

%

American

Tower

Corp.

.....................

21,596

3,915,787

Crown

Castle,

Inc.

........................

28,193

2,833,396

Digital

Realty

Trust,

Inc.

....................

158,020

20,814,394

Equinix,

Inc.

............................

12,257

9,577,375

Extra

Space

Storage,

Inc.

...................

11,303

1,454,470

Public

Storage

...........................

15,088

4,170,021

SBA

Communications

Corp.

,

Class

A

............

5,486

1,231,772

VICI

Properties,

Inc.

.......................

420,558

12,970,009

56,967,224

a

Specialty

Retail

 — 

2

.3

%

Burlington

Stores,

Inc.

.....................

4,580

743,151

Home

Depot,

Inc.

(The)

....................

43,938

14,512,721

Lowe's

Companies,

Inc.

....................

36,777

8,476,363

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

51

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Specialty

Retail

(continued)

O'Reilly

Automotive,

Inc.

(a)

...................

884

$

830,695

Ross

Stores,

Inc.

.........................

20,126

2,451,548

TJX

Companies,

Inc.

(The)

..................

66,087

6,111,726

Ulta

Beauty,

Inc.

(a)

(b)

.......................

3,638

1,509,879

34,636,083

a

Technology

Hardware,

Storage

&

Peripherals

 — 

8

.8

%

Apple,

Inc.

.............................

696,726

130,893,914

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Lululemon

Athletica,

Inc.

(a)

...................

14,121

5,383,772

Nike,

Inc.

,

Class

B

........................

18,131

1,844,104

7,227,876

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Fastenal

Co.

............................

58,369

3,360,887

WW

Grainger,

Inc.

........................

1,316

939,808

4,300,695

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,374,932,809

)

...............................

1,486,942,310

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(c)

(d)

(e)

......................

18,107,313

$

18,112,745

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

............................

2,674,081

2,674,081

a

Total

Short-Term

Securities — 1.4%

(Cost:

$

20,784,395

)

.................................

20,786,826

Total

Investments

—

101.2%

(Cost:

$

1,395,717,204

)

...............................

1,507,729,136

Liabilities

in

Excess

of

Other

Assets

—

(

1

.2

)

%

...............

(

17,955,311

)

Net

Assets

—

100.0%

.................................

$

1,489,773,825

(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

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

3,189,711

$

14,921,645

(a)

$

—

$

34

$

1,355

$

18,112,745

18,107,313

$

254,836

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

1,301,375

1,372,706

(a)

—

—

—

2,674,081

2,674,081

74,538

1

BlackRock,

Inc.

...

3,725,120

3,174,436

(

429,210

)

54,741

273,654

6,798,741

9,705

145,334

—

$

54,775

$

275,009

$

27,585,567

$

474,708

$

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

Health

Care

Select

Sector

Index

.......................................................

4

09/15/23

$

538

$

8,206

E-Mini

NASDAQ

100

Index

...............................................................

6

09/15/23

1,865

94,305

$

102,511

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

Paris-Aligned

Climate

MSCI

USA

ETF

52

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

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

102,511

$

—

$

—

$

—

$

102,511

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

392,486

$

—

$

—

$

—

$

392,486

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

102,511

$

—

$

—

$

—

$

102,511

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,110,296

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,486,942,310

$

—

$

—

$

1,486,942,310

Short-Term

Securities

Money

Market

Funds

......................................

20,786,826

—

—

20,786,826

$

1,507,729,136

$

—

$

—

$

1,507,729,136

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

102,511

$

—

$

—

$

102,511

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

53

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2023

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

12,717,765,967

‌

$

5,017,245

‌

$

1,399,714,695

‌

$

3,929,042

‌

Investments,

at

value

—

affiliated

(c)

........................................

141,824,095

‌

11,017

‌

115,100,800

‌

27,171

‌

Cash

............................................................

320,791

‌

—

‌

136

‌

2

‌

Cash

pledged:

Futures

contracts

..................................................

4,791,000

‌

—

‌

392,000

‌

—

‌

Receivables:

Investments

sold

..................................................

626,886,812

‌

245,471

‌

70,580,769

‌

202,114

‌

Securities

lending

income

—

affiliated

....................................

153,608

‌

1

‌

134,230

‌

142

‌

Capital

shares

sold

.................................................

33,387

‌

—

‌

71,493

‌

—

‌

Dividends

—

unaffiliated

.............................................

19,503,043

‌

2,595

‌

1,272,295

‌

10,071

‌

Dividends

—

affiliated

...............................................

286,618

‌

31

‌

15,529

‌

21

‌

Total

assets

.......................................................

13,511,565,321

‌

5,276,360

‌

1,587,281,947

‌

4,168,563

‌

LIABILITIES

Due

to

broker

......................................................

—

‌

—

‌

1,743

‌

—

‌

Collateral

on

securities

loaned

...........................................

51,489,461

‌

4,236

‌

109,788,740

‌

4,259

‌

Payables:

Investments

purchased

..............................................

633,430,178

‌

250,585

‌

73,702,925

‌

203,053

‌

Capital

shares

redeemed

.............................................

35,256

‌

—

‌

—

‌

—

‌

Investment

advisory

fees

.............................................

1,628,324

‌

746

‌

200,060

‌

606

‌

Variation

margin

on

futures

contracts

.....................................

154,970

‌

—

‌

11,011

‌

—

‌

Total

liabilities

......................................................

686,738,189

‌

255,567

‌

183,704,479

‌

207,918

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

12,824,827,132

‌

$

5,020,793

‌

$

1,403,577,468

‌

$

3,960,645

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

13,956,217,553

‌

$

4,066,498

‌

$

1,526,369,657

‌

$

4,056,114

‌

Accumulated

earnings

(loss)

............................................

(

1,131,390,421

)

954,295

‌

(

122,792,189

)

(

95,469

)

NET

ASSETS

......................................................

$

12,824,827,132

‌

$

5,020,793

‌

$

1,403,577,468

‌

$

3,960,645

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

129,250,000

‌

160,000

‌

39,100,000

‌

160,000

‌

Net

asset

value

.....................................................

$

99.22

‌

$

31.38

‌

$

35.90

‌

$

24.75

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

49,845,694

‌

$

4,174

‌

$

107,050,036

‌

$

4,137

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

12,235,799,458

‌

$

4,040,237

‌

$

1,405,650,260

‌

$

3,964,855

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

141,198,131

‌

$

11,016

‌

$

115,053,616

‌

$

28,696

‌

54

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

1,129,514,174

‌

$

1,480,143,569

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

8,879,365

‌

27,585,567

‌

Cash

...........................................................................................

137,023

‌

13,853

‌

Cash

pledged:

Futures

contracts

.................................................................................

170,000

‌

211,000

‌

Receivables:

Investments

sold

.................................................................................

3,346,150

‌

356,613

‌

Securities

lending

income

—

affiliated

...................................................................

49,451

‌

16,893

‌

Dividends

—

unaffiliated

............................................................................

1,648,766

‌

1,438,755

‌

Dividends

—

affiliated

..............................................................................

14,279

‌

10,830

‌

Total

assets

......................................................................................

1,143,759,208

‌

1,509,777,080

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

1,159,223

‌

18,110,161

‌

Payables:

Investments

purchased

.............................................................................

3,193,770

‌

1,705,975

‌

Capital

shares

redeemed

............................................................................

—

‌

55,231

‌

Investment

advisory

fees

............................................................................

93,507

‌

126,583

‌

Variation

margin

on

futures

contracts

....................................................................

6,188

‌

5,305

‌

Total

liabilities

.....................................................................................

4,452,688

‌

20,003,255

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

1,139,306,520

‌

$

1,489,773,825

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

1,164,887,039

‌

$

1,397,426,099

‌

Accumulated

earnings

(loss)

...........................................................................

(

25,580,519

)

92,347,726

‌

NET

ASSETS

.....................................................................................

$

1,139,306,520

‌

$

1,489,773,825

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

14,300,000

‌

29,850,000

‌

Net

asset

value

....................................................................................

$

79.67

‌

$

49.91

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

1,115,213

‌

$

17,722,317

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

1,071,990,563

‌

$

1,368,003,075

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

9,807,056

‌

$

27,714,129

‌

55

Financial

Statements

Statements

of

Operations

Year

Ended

August

31,

2023

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

(a)

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

(a)

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

285,618,717

‌

$

17,755

‌

$

20,362,250

‌

$

65,238

‌

Dividends

—

affiliated

..............................................

5,053,734

‌

127

‌

153,433

‌

432

‌

Interest

—

unaffiliated

..............................................

267,966

‌

—

‌

13,847

‌

5

‌

Securities

lending

income

—

affiliated

—

net

...............................

539,682

‌

15

‌

1,783,003

‌

143

‌

Foreign

taxes

withheld

.............................................

(

157,097

)

(

26

)

(

8,168

)

(

39

)

Total

investment

income

..............................................

291,323,002

‌

17,871

‌

22,304,365

‌

65,779

‌

EXPENSES

Investment

advisory

...............................................

25,922,697

‌

4,703

‌

2,396,823

‌

4,071

‌

Total

expenses

....................................................

25,922,697

‌

4,703

‌

2,396,823

‌

4,071

‌

Net

investment

income

...............................................

265,400,305

‌

13,168

‌

19,907,542

‌

61,708

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

634,924,327

)

(

27,132

)

(

46,240,951

)

(

80,256

)

Investments

—

affiliated

...........................................

(

13,943,403

)

(

25

)

(

610

)

(

2,356

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................

56

‌

—

‌

2

‌

—

‌

Futures

contracts

...............................................

4,327,353

‌

—

‌

(

168,362

)

—

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................

1,806,416,783

‌

—

‌

79,992,012

‌

—

‌

In-kind

redemptions

—

affiliated

(b)

....................................

5,463,456

‌

—

‌

—

‌

—

‌

1,167,339,918

‌

(

27,157

)

33,582,091

‌

(

82,612

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

321,585,675

‌

977,008

‌

52,329,477

‌

(

35,813

)

Investments

—

affiliated

...........................................

11,076,073

‌

1

‌

2,803

‌

(

1,525

)

Futures

contracts

...............................................

2,881,881

‌

—

‌

285,406

‌

—

‌

335,543,629

‌

977,009

‌

52,617,686

‌

(

37,338

)

Net

realized

and

unrealized

gain

(loss)

....................................

1,502,883,547

‌

949,852

‌

86,199,777

‌

(

119,950

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

1,768,283,852

‌

$

963,020

‌

$

106,107,319

‌

$

(

58,242

)

(a)

For

the

period

from

January

31,

2023

(commencement

of

operations)

to

August

31,

2023.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

56

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Operations

(continued)

Year

Ended

August

31,

2023

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

42,282,092

‌

$

13,727,250

‌

Dividends

—

affiliated

..............................................................................

787,302

‌

219,872

‌

Interest

—

unaffiliated

..............................................................................

23,927

‌

7,508

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

165,552

‌

254,836

‌

Foreign

taxes

withheld

.............................................................................

(

21,110

)

(

2,241

)

Total

investment

income

..............................................................................

43,237,763

‌

14,207,225

‌

EXPENSES

Investment

advisory

...............................................................................

2,618,137

‌

1,069,474

‌

Total

expenses

....................................................................................

2,618,137

‌

1,069,474

‌

Net

investment

income

...............................................................................

40,619,626

‌

13,137,751

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

37,556,737

)

(

19,979,831

)

Investments

—

affiliated

...........................................................................

(

186,112

)

(

3,771

)

Capital

gain

distributions

from

underlying

funds

—

affiliated

...................................................

5

‌

1

‌

Futures

contracts

...............................................................................

794,264

‌

392,486

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

629,573,008

‌

18,486,685

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

2,667,129

‌

58,546

‌

595,291,557

‌

(

1,045,884

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

235,956,056

)

182,877,879

‌

Investments

—

affiliated

...........................................................................

(

2,025,255

)

275,009

‌

Futures

contracts

...............................................................................

82,626

‌

102,511

‌

(

237,898,685

)

183,255,399

‌

Net

realized

and

unrealized

gain

........................................................................

357,392,872

‌

182,209,515

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

398,012,498

‌

$

195,347,266

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

57

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Period

From

01/31/23

(a)

to

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

265,400,305

‌

$

310,012,226

‌

$

13,168

‌

Net

realized

gain

(loss)

...........................................................

1,167,339,918

‌

397,025,406

‌

(

27,157

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

335,543,629

‌

(

4,350,702,060

)

977,009

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

1,768,283,852

‌

(

3,643,664,428

)

963,020

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

(

299,525,568

)

(

290,135,112

)

(

8,725

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................

(

10,838,359,355

)

3,865,597,340

‌

4,066,498

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................

(

9,369,601,071

)

(

68,202,200

)

5,020,793

‌

Beginning

of

period

...............................................................

22,194,428,203

‌

22,262,630,403

‌

—

‌

End

of

period

...................................................................

$

12,824,827,132

‌

$

22,194,428,203

‌

$

5,020,793

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

58

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Period

From

01/31/23

(a)

to

08/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

19,907,542

‌

$

15,950,050

‌

$

61,708

‌

Net

realized

gain

(loss)

...........................................................

33,582,091

‌

(

13,342,322

)

(

82,612

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

52,617,686

‌

(

240,102,101

)

(

37,338

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

106,107,319

‌

(

237,494,373

)

(

58,242

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

(

21,620,054

)

(

14,247,210

)

(

37,227

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

........................

(

160,006,934

)

631,800,423

‌

4,056,114

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................

(

75,519,669

)

380,058,840

‌

3,960,645

‌

Beginning

of

period

...............................................................

1,479,097,137

‌

1,099,038,297

‌

—

‌

End

of

period

...................................................................

$

1,403,577,468

‌

$

1,479,097,137

‌

$

3,960,645

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

59

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/23

Period

From

02/08/22

(a)

to

08/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

40,619,626

‌

$

48,701,009

‌

$

13,137,751

‌

$

4,479,031

‌

Net

realized

gain

(loss)

.........................................

595,291,557

‌

398,082,579

‌

(

1,045,884

)

(

4,078,372

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

237,898,685

)

(

929,260,080

)

183,255,399

‌

(

71,140,956

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

398,012,498

‌

(

482,476,492

)

195,347,266

‌

(

70,740,297

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

47,370,942

)

(

48,112,074

)

(

11,538,632

)

(

2,179,447

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

2,327,985,279

)

(

430,723,595

)

549,083,534

‌

829,801,401

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

1,977,343,723

)

(

961,312,161

)

732,892,168

‌

756,881,657

‌

Beginning

of

period

.............................................

3,116,650,243

‌

4,077,962,404

‌

756,881,657

‌

—

‌

End

of

period

.................................................

$

1,139,306,520

‌

$

3,116,650,243

‌

$

1,489,773,825

‌

$

756,881,657

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

60

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Net

asset

value,

beginning

of

year

..........................

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

$

63.85

‌

Net

investment

income

(a)

................................

1

.37

‌

1

.29

‌

1

.18

‌

1

.22

‌

1

.17

‌

Net

realized

and

unrealized

gain

(loss)

(b)

......................

11.23

‌

(

15.62

)

23.87

‌

15.13

‌

0

.40

‌

Net

increase

(decrease)

from

investment

operations

...............

12.60

‌

(

14.33

)

25.05

‌

16.35

‌

1

.57

‌

Distributions

from

net

investment

income

(c)

......................

(

1

.51

)

(

1

.23

)

(

1

.10

)

(

0

.94

)

(

1

.09

)

Net

asset

value,

end

of

year

..............................

$

99.22

‌

$

88.13

‌

$

103.69

‌

$

79.74

‌

$

64.33

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

.................................

14.57

%

(

13.96

)

%

31.71

%

25.79

%

2

.59

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

........................................

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

...................................

1

.54

%

1

.32

%

1

.30

%

1

.76

%

1

.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

...............................

$

12,824,827

‌

$

22,194,428

‌

$

22,262,630

‌

$

8,991,145

‌

$

295,905

‌

Portfolio

turnover

rate

(f)

...................................

25

%

22

%

21

%

38

%

27

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions.

61

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

......................................................................................

$

25.42

‌

Net

investment

income

(b)

..............................................................................................

0

.08

‌

Net

realized

and

unrealized

gain

(c)

........................................................................................

5

.93

‌

Net

increase

from

investment

operations

.....................................................................................

6

.01

‌

Distributions

from

net

investment

income

(d)

....................................................................................

(

0

.05

)

Net

asset

value,

end

of

period

...........................................................................................

$

31.38

‌

Total

Return

(e)

–

Based

on

net

asset

value

...............................................................................................

23.72

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................................

0

.18

%

(h)

Net

investment

income

.................................................................................................

0

.50

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................................

$

5,021

‌

Portfolio

turnover

rate

(i)

.................................................................................................

20

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

62

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Year

Ended

08/31/19

Net

asset

value,

beginning

of

year

.........................

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

$

28.76

‌

Net

investment

income

(a)

...............................

0

.48

‌

0

.42

‌

0

.35

‌

0

.33

‌

0

.36

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....................

2

.09

‌

(

6

.43

)

12.95

‌

1

.10

‌

(

2

.58

)

Net

increase

(decrease)

from

investment

operations

..............

2

.57

‌

(

6

.01

)

13.30

‌

1

.43

‌

(

2

.22

)

Distributions

from

net

investment

income

(c)

.....................

(

0

.52

)

(

0

.40

)

(

0

.38

)

(

0

.30

)

(

0

.33

)

Net

asset

value,

end

of

year

.............................

$

35.90

‌

$

33.85

‌

$

40.26

‌

$

27.34

‌

$

26.21

‌

Total

Return

(d)

–

–

–

–

–

Based

on

net

asset

value

................................

7

.75

%

(

15.03

)

%

48.95

%

5

.57

%

(

7

.69

)

%

Ratios

to

Average

Net

Assets

(e)

–

–

–

–

–

Total

expenses

.......................................

0

.17

%

0

.17

%

0

.17

%

0

.17

%

0

.17

%

Net

investment

income

..................................

1

.41

%

1

.15

%

0

.96

%

1

.32

%

1

.35

%

Supplemental

Data

Net

assets,

end

of

year

(000)

..............................

$

1,403,577

‌

$

1,479,097

‌

$

1,099,038

‌

$

366,339

‌

$

57,664

‌

Portfolio

turnover

rate

(f)

..................................

37

%

37

%

33

%

50

%

34

%

(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.

63

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Value

ETF

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

......................................................................................

$

25.35

‌

Net

investment

income

(b)

..............................................................................................

0

.39

‌

Net

realized

and

unrealized

loss

(c)

........................................................................................

(

0

.76

)

Net

decrease

from

investment

operations

....................................................................................

(

0

.37

)

Distributions

from

net

investment

income

(d)

....................................................................................

(

0

.23

)

Net

asset

value,

end

of

period

...........................................................................................

$

24.75

‌

Total

Return

(e)

–

Based

on

net

asset

value

...............................................................................................

(

1

.38

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

......................................................................................................

0

.18

%

(h)

Net

investment

income

.................................................................................................

2

.72

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................................

$

3,961

‌

Portfolio

turnover

rate

(i)

.................................................................................................

21

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

64

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Period

From

05/07/19

(a)

to

08/31/19

Net

asset

value,

beginning

of

period

.......................

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

$

49.23

‌

Net

investment

income

(b)

...............................

1

.08

‌

1

.00

‌

0

.94

‌

0

.94

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....................

11.45

‌

(

11.48

)

19.08

‌

9

.75

‌

1

.34

‌

Net

increase

(decrease)

from

investment

operations

..............

12.53

‌

(

10.48

)

20.02

‌

10.69

‌

1

.66

‌

Distributions

from

net

investment

income

(d)

.....................

(

1

.06

)

(

0

.97

)

(

0

.92

)

(

0

.91

)

(

0

.12

)

Net

asset

value,

end

of

period

............................

$

79.67

‌

$

68.20

‌

$

79.65

‌

$

60.55

‌

$

50.77

‌

Total

Return

(e)

–

–

–

–

–

Based

on

net

asset

value

................................

18.66

%

(

13.29

)

%

33.44

%

21.45

%

3

.38

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

Total

expenses

.......................................

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.11

%

(h)

Total

expenses

after

fees

waived

...........................

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(h)

Net

investment

income

..................................

1

.55

%

1

.32

%

1

.38

%

1

.77

%

2

.00

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................

$

1,139,307

‌

$

3,116,650

‌

$

4,077,962

‌

$

2,564,228

‌

$

1,579,065

‌

Portfolio

turnover

rate

(i)

..................................

14

%

10

%

12

%

9

%

4

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

65

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

Year

Ended

08/31/23

Period

From

02/08/22

(a)

to

08/31/22

Net

asset

value,

beginning

of

period

......................................................................

$

43.50

‌

$

50.43

‌

Net

investment

income

(b)

..............................................................................

0

.55

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................................................

6

.38

‌

(

7

.08

)

Net

increase

(decrease)

from

investment

operations

.............................................................

6

.93

‌

(

6

.76

)

Distributions

from

net

investment

income

(d)

....................................................................

(

0

.52

)

(

0

.17

)

Net

asset

value,

end

of

period

...........................................................................

$

49.91

‌

$

43.50

‌

Total

Return

(e)

–

–

Based

on

net

asset

value

...............................................................................

16.13

%

(

13.42

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

Total

expenses

......................................................................................

0

.10

%

0

.11

%

(h)

Total

expenses

after

fees

waived

..........................................................................

0

.10

%

0

.10

%

(h)

Net

investment

income

.................................................................................

1

.23

%

1

.26

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................

$

1,489,774

‌

$

756,882

‌

Portfolio

turnover

rate

(i)

.................................................................................

12

%

6

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

66

2023

iShares

Annual

Report

to

Shareholders

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

August

31,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

iShares

ETF

Diversification

Classification

ESG

Aware

MSCI

USA

.................................................................................................

Diversified

ESG

Aware

MSCI

USA

Growth

(a)

..........................................................................................

Non-diversified

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

Diversified

ESG

Aware

MSCI

USA

Value

(a)

............................................................................................

Non-diversified

ESG

MSCI

USA

Leaders

................................................................................................

Non-diversified

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

Non-diversified

(a)

The

Fund

commenced

operations

on

January

31,

2023.

Notes

to

Financial

Statements

(

continued)

67

Notes

to

Financial

Statements

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

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

Notes

to

Financial

Statements

(continued)

68

2023

iShares

Annual

Report

to

Shareholders

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)

ESG

Aware

MSCI

USA

Barclays

Bank

PLC

...............................................

$

2,525,069‌

$

(2,525,069‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

........................................

14,355‌

(14,323‌)

—‌

32‌

HSBC

Bank

PLC

................................................

8,068,758‌

(8,068,758‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

24,244,098‌

(24,244,098‌)

—‌

—‌

Morgan

Stanley

.................................................

1,329,976‌

(1,329,976‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

9,846,000‌

(9,846,000‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

1,708,459‌

(1,708,459‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

9,610‌

(9,610‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

2,099,369‌

(2,099,369‌)

—‌

—‌

$

49,845,694‌

$

(49,845,662‌)

$

—‌

$

32‌

a

ESG

Aware

MSCI

USA

Growth

J.P.

Morgan

Securities

LLC

.........................................

4,174‌

(4,174‌)

—‌

—‌

$

4,174‌

$

(4,174‌)

$

—‌

$

—‌

a

ESG

Aware

MSCI

USA

Small-Cap

Barclays

Capital,

Inc.

.............................................

2,474,718‌

(2,474,718‌)

—‌

—‌

BNP

Paribas

SA

.................................................

6,066,990‌

(6,066,990‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

8,595,378‌

(8,595,378‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

4,100,377‌

(4,100,377‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

5,820,744‌

(5,809,505‌)

—‌

11,239‌

Credit

Suisse

Securities

(USA)

LLC

....................................

941,351‌

(941,351‌)

—‌

—‌

HSBC

Bank

PLC

................................................

7,307,217‌

(7,307,217‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

21,688,702‌

(21,688,702‌)

—‌

—‌

Jefferies

LLC

...................................................

1,768,393‌

(1,768,393‌)

—‌

—‌

Morgan

Stanley

.................................................

28,918,811‌

(28,918,811‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,233,788‌

(2,233,788‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

679,016‌

(679,016‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

840,669‌

(840,669‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

804,578‌

(804,578‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

9,763,603‌

(9,763,603‌)

—‌

—‌

UBS

AG

......................................................

3,862,333‌

(3,862,333‌)

—‌

—‌

UBS

Securities

LLC

..............................................

1,183,368‌

(1,183,368‌)

—‌

—‌

$

107,050,036‌

$

(107,038,797‌)

$

—‌

$

11,239‌

a

ESG

Aware

MSCI

USA

Value

UBS

AG

......................................................

4,137‌

(4,137‌)

—‌

—‌

$

4,137‌

$

(4,137‌)

$

—‌

$

—‌

a

ESG

MSCI

USA

Leaders

Barclays

Capital,

Inc.

.............................................

85,492‌

(85,492‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

84,138‌

(84,138‌)

—‌

—‌

HSBC

Bank

PLC

................................................

103,522‌

(103,522‌)

—‌

—‌

Jefferies

LLC

...................................................

15,756‌

(15,756‌)

—‌

—‌

Morgan

Stanley

.................................................

27,205‌

(27,205‌)

—‌

—‌

UBS

AG

......................................................

796,231‌

(796,231‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,869‌

(2,869‌)

—‌

—‌

$

1,115,213‌

$

(1,115,213‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(

continued)

69

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Paris-Aligned

Climate

MSCI

USA

Barclays

Capital,

Inc.

.............................................

$

29,964‌

$

(29,964‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

1,667,684‌

(1,667,684‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,395,241‌

(1,395,241‌)

—‌

—‌

HSBC

Bank

PLC

................................................

9,957‌

(9,957‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

6,059,380‌

(6,059,380‌)

—‌

—‌

Jefferies

LLC

...................................................

2,852,460‌

(2,852,460‌)

—‌

—‌

Morgan

Stanley

.................................................

6,093‌

(6,093‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

3,084,138‌

(3,077,995‌)

—‌

6,143‌

UBS

AG

......................................................

818,083‌

(818,083‌)

—‌

—‌

UBS

Securities

LLC

..............................................

332,024‌

(332,024‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

418,487‌

(418,487‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

1,048,806‌

(1,048,806‌)

—‌

—‌

$

17,722,317‌

$

(17,716,174‌)

$

—‌

$

6,143‌

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

August

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

iShares

ETF

Investment

Advisory

Fees

ESG

Aware

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

ESG

Aware

MSCI

USA

Growth

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

0.18

ESG

Aware

MSCI

USA

Small-Cap

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.17

ESG

Aware

MSCI

USA

Value

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

0.18

ESG

MSCI

USA

Leaders

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

0.10

Paris-Aligned

Climate

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

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.

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.

0.10

Notes

to

Financial

Statements

(continued)

70

2023

iShares

Annual

Report

to

Shareholders

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the period

ended August

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

year

ended

August

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

ESG

Aware

MSCI

USA

................................................................................................

$

167,663

‌

ESG

Aware

MSCI

USA

Growth

..........................................................................................

5

‌

ESG

Aware

MSCI

USA

Small-Cap

........................................................................................

461,964

‌

ESG

Aware

MSCI

USA

Value

............................................................................................

34

‌

ESG

MSCI

USA

Leaders

...............................................................................................

47,320

‌

Paris-Aligned

Climate

MSCI

USA

.........................................................................................

64,275

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Aware

MSCI

USA

............................................................

$

1,045,826,845

‌

$

1,351,600,036

‌

$

(175,403,205

)

ESG

Aware

MSCI

USA

Small-Cap

....................................................

74,781,419

‌

181,789,760

‌

20,672,085

‌

ESG

MSCI

USA

Leaders

...........................................................

126,577,391

‌

146,963,956

‌

(11,626,299

)

Paris-Aligned

Climate

MSCI

USA

.....................................................

60,185,990

‌

50,178,396

‌

(3,883,298

)

Notes

to

Financial

Statements

(

continued)

71

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the

period ended

August

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the

period

ended

August

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

August

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

August

31,

2023,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

iShares

ETF

Purchases

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

4,262,638,063

‌

$

4,340,460,693

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

1,000,562

‌

906,695

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

526,771,752

‌

530,471,324

‌

ESG

Aware

MSCI

USA

Value

..........................................................................

876,301

‌

822,648

‌

ESG

MSCI

USA

Leaders

.............................................................................

369,641,014

‌

376,032,942

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

139,229,429

‌

134,694,947

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

MSCI

USA

..............................................................................

$

1,549,111,769

‌

$

12,322,463,936

‌

ESG

Aware

MSCI

USA

Growth

........................................................................

3,973,500

‌

—

‌

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

145,616,696

‌

300,849,129

‌

ESG

Aware

MSCI

USA

Value

..........................................................................

4,013,554

‌

—

‌

ESG

MSCI

USA

Leaders

.............................................................................

342,811,098

‌

2,664,509,392

‌

Paris-Aligned

Climate

MSCI

USA

.......................................................................

630,546,313

‌

84,271,696

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

ESG

Aware

MSCI

USA

..............................................................................

$

1,809,716,212

‌

$

(1,809,716,212

)

ESG

Aware

MSCI

USA

Small-Cap

......................................................................

79,812,236

‌

(79,812,236

)

ESG

MSCI

USA

Leaders

.............................................................................

630,844,307

‌

(630,844,307

)

Paris-Aligned

Climate

MSCI

USA

.......................................................................

18,541,164

‌

(18,541,164

)

iShares

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

ESG

Aware

MSCI

USA

Ordinary

income

..........................................................................................

$

299,525,568

‌

$

290,135,112

‌

ESG

Aware

MSCI

USA

Growth

(a)

Ordinary

income

..........................................................................................

$

8,725

‌

$

—

‌

ESG

Aware

MSCI

USA

Small-Cap

Ordinary

income

..........................................................................................

$

21,620,054

‌

$

14,247,210

‌

ESG

Aware

MSCI

USA

Value

(a)

Ordinary

income

..........................................................................................

$

37,227

‌

$

—

‌

ESG

MSCI

USA

Leaders

Ordinary

income

..........................................................................................

$

47,370,942

‌

$

48,112,074

‌

Paris-Aligned

Climate

MSCI

USA

(b)

Ordinary

income

..........................................................................................

$

11,538,632

‌

$

2,179,447

‌

(a)

The

Fund

commenced

operations

on

January

31,

2023.

(b)

The

Fund

commenced

operations

on

February

8,

2022.

Notes

to

Financial

Statements

(continued)

72

2023

iShares

Annual

Report

to

Shareholders

As

of

August

31,

2023,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

August

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

The

price

the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

ESG

Aware

MSCI

USA

.........................................

$

35,260,166

‌

$

(1,637,135,284

)

$

470,484,697

‌

$

(1,131,390,421

)

ESG

Aware

MSCI

USA

Growth

...................................

4,443

‌

(26,873

)

976,725

‌

954,295

‌

ESG

Aware

MSCI

USA

Small-Cap

.................................

3,186,791

‌

(112,577,877

)

(13,401,103

)

(122,792,189

)

ESG

Aware

MSCI

USA

Value

.....................................

24,481

‌

(80,737

)

(39,213

)

(95,469

)

ESG

MSCI

USA

Leaders

........................................

2,853,096

‌

(77,270,870

)

48,837,255

‌

(25,580,519

)

Paris-Aligned

Climate

MSCI

USA

..................................

3,901,030

‌

(22,574,664

)

111,021,360

‌

92,347,726

‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

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

and

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

MSCI

USA

..........................................

$

12,389,105,365

‌

$

1,402,873,697

‌

$

(932,389,000

)

$

470,484,697

‌

ESG

Aware

MSCI

USA

Growth

....................................

4,051,537

‌

1,043,183

‌

(66,458

)

976,725

‌

ESG

Aware

MSCI

USA

Small-Cap

..................................

1,528,216,598

‌

164,803,396

‌

(178,204,499

)

(13,401,103

)

ESG

Aware

MSCI

USA

Value

......................................

3,995,426

‌

207,699

‌

(246,912

)

(39,213

)

ESG

MSCI

USA

Leaders

.........................................

1,089,556,284

‌

132,129,031

‌

(83,291,776

)

48,837,255

‌

Paris-Aligned

Climate

MSCI

USA

...................................

1,396,707,776

‌

164,195,857

‌

(53,174,497

)

111,021,360

‌

Notes

to

Financial

Statements

(

continued)

73

Notes

to

Financial

Statements

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

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.

Certain Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

‌

Year

Ended

08/31/23

‌

Year

Ended

08/31/22

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

Aware

MSCI

USA

Shares

sold

...............................................

17,200,000

‌

$

1,558,381,916

‌

76,150,000

‌

$

7,652,118,218

‌

Shares

redeemed

...........................................

(139,800,000

)

(12,396,741,271

)

(39,000,000

)

(3,786,520,878

)

(122,600,000

)

$

(10,838,359,355

)

37,150,000

‌

$

3,865,597,340

‌

ESG

Aware

MSCI

USA

Growth

(a)

Shares

sold

...............................................

160,000

‌

$

4,066,498

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

160,000

‌

$

4,066,498

‌

—

‌

$

—

‌

ESG

Aware

MSCI

USA

Small-Cap

Shares

sold

...............................................

4,400,000

‌

$

151,123,851

‌

19,800,000

‌

$

755,585,893

‌

Shares

redeemed

...........................................

(9,000,000

)

(311,130,785

)

(3,400,000

)

(123,785,470

)

(4,600,000

)

$

(160,006,934

)

16,400,000

‌

$

631,800,423

‌

Notes

to

Financial

Statements

(continued)

74

2023

iShares

Annual

Report

to

Shareholders

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

08/31/23

Year

Ended

08/31/22

iShares

ETF

Shares

Amount

Shares

Amount

ESG

Aware

MSCI

USA

Value

(a)

Shares

sold

...............................................

160,000

‌

$

4,056,114

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

—

‌

—

‌

—

‌

—

‌

160,000

‌

$

4,056,114

‌

—

‌

$

—

‌

ESG

MSCI

USA

Leaders

Shares

sold

...............................................

5,000,000

‌

$

345,135,056

‌

7,950,000

‌

$

610,710,681

‌

Shares

redeemed

...........................................

(36,400,000

)

(2,673,120,335

)

(13,450,000

)

(1,041,434,276

)

(31,400,000

)

$

(2,327,985,279

)

(5,500,000

)

$

(430,723,595

)

Paris-Aligned

Climate

MSCI

USA

(b)

Shares

sold

...............................................

14,200,000

‌

$

633,618,230

‌

17,400,000

‌

$

829,801,401

‌

Shares

redeemed

...........................................

(1,750,000

)

(84,534,696

)

—

‌

—

‌

12,450,000

‌

$

549,083,534

‌

17,400,000

‌

$

829,801,401

‌

(a)

The

Fund

commenced

operations

on

January

31,

2023.

(b)

The

Fund

commenced

operations

on

February

8,

2022.

Report

of

Independent

Registered

Public

Accounting

Firm

75

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the

six

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

(six

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

August

31,

2023,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

August

31,

2023,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets

for

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

October

23,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

    iShares

ESG

Aware

MSCI

USA

ETF

(1)

    iShares

ESG

Aware

MSCI

USA

Growth

ETF

(2)

    iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(1)

    iShares

ESG

Aware

MSCI

USA

Value

ETF

(2)

    iShares

ESG

MSCI

USA

Leaders

ETF

(1)

    iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(3)

(1)

Statement

of

operations

for

the

year

ended

August

31,

2023

and

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2023.

(2)

Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

January

31,

2023

(commencement

of

operations)

to

August

31,

2023.

(3)

Statement

of

operations

for

the

year

ended

August

31,

2023,

and

statement

of

changes

in

net

assets

for

the

year

ended

August

31,

2023

and

the

period

February

8,

2022

(commencement

of

operations)

to

August

31,

2022.

Important

Tax

Information

(unaudited)

76

2023

iShares

Annual

Report

to

Shareholders

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

August

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

August

31,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended August

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

ESG

Aware

MSCI

USA

.................................................................................................

$

266,431,803‌

ESG

Aware

MSCI

USA

Growth

...........................................................................................

16,473‌

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

14,919,537‌

ESG

Aware

MSCI

USA

Value

.............................................................................................

60,479‌

ESG

MSCI

USA

Leaders

................................................................................................

40,103,239‌

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

10,954,041‌

iShares

ETF

Qualified

Business

Income

ESG

Aware

MSCI

USA

.................................................................................................

$

4,439,501‌

ESG

MSCI

USA

Leaders

................................................................................................

639,718‌

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

507,410‌

iShares

ETF

Dividends-Received

Deduction

ESG

Aware

MSCI

USA

.................................................................................................

96.66‌

%

ESG

Aware

MSCI

USA

Growth

...........................................................................................

100.00‌

ESG

Aware

MSCI

USA

Small-Cap

.........................................................................................

72.67‌

ESG

Aware

MSCI

USA

Value

.............................................................................................

94.79‌

ESG

MSCI

USA

Leaders

................................................................................................

93.92‌

Paris-Aligned

Climate

MSCI

USA

..........................................................................................

79.44‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

77

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

ESG

Aware

MSCI

USA

ETF,

iShares

ESG

MSCI

USA

Leaders

ETF,

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

78

2023

iShares

Annual

Report

to

Shareholders

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

79

Board

Review

and

Approval

of

Investment

Advisory

Contract

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

within

range

of

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

80

2023

iShares

Annual

Report

to

Shareholders

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

81

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.

August

31,

2023

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs 

Effective

January

24,

2023,

the

SEC adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as BFA

(the

“Company”).

However,

the

Company

is

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

AIFMD

because

the

iShares

ESG

MSCI

USA

Leaders

ETF

and

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Funds”)

were

registered to

be

marketed

to

investors

in

the

EU

and/or

UK

until

December

29,

2022.

Report

on

Remuneration

The

Company

is

required

under

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

and

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Funds.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Funds

is

included

in

the

aggregate

figures

disclosed.

BlackRock

has

a

clear

and

well

defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Funds,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

ESG

Aware

MSCI

USA

Growth

(a)

.......

$

0.054533

‌

$

—

‌

$

0.000001

‌

$

0.054534

‌

100

%

—

%

—

%

(b)

100

%

ESG

Aware

MSCI

USA

Value

(a)

.........

0.232665

‌

—

‌

0.000001

‌

0.232666

‌

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%.

Supplemental

Information

(unaudited)

(continued)

82

2023

iShares

Annual

Report

to

Shareholders

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock’s

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

business

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock’s

independent

remuneration

committee.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2022

was

USD

4.12

million.

This

figure

is

comprised

of

fixed

remuneration

of

USD

685

thousand

and

variable

remuneration

of

USD

3.44

million.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending December

31,

2022,

to

its

senior

management

was

USD

2.96

million,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

970

thousand.

These

figures

relate

to

the

entire

Company

and

not

to

the

Funds.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

Until

December

29,

2022,

the

iShares

ESG

MSCI

USA

Leaders

ETF

and

the

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

(the

“Funds”)

were

registered

under

the

Alternative

Investment

Fund

Managers

Directive

(“AIFMD”)

to

be

marketed

to

EU

investors

as

noted

above.

As

a

result,

each

Fund

was

subject

to

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”),

which

incorporates

disclosures

prescribed

by

the

EU’s

taxonomy

for

environmentally

sustainable

(“Taxonomy

Regulation”).

The

iShares

ESG

MSCI

USA

Leaders

ETF

was

categorized

under

the

SFDR

as

an

“Article

8”

fund

–

i.e.,

a

fund

that

promotes

environmental

or

social

characteristics.

The

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

was

categorized

under

the

SFDR

as

an

“Article

9”

fund

–

i.e.,

a

fund

that

has

sustainable

investment

as

its

objective.

Further

detail

about

each

Fund’s

Article

8

and

Article

9

status,

respectively,

for

the

period

from

September

1,

2022

to

the

deregistration

of

the

Funds

from

AIFMD

on

December

29,

2022

is

included

below.

For

that

period,

0%

of

the

Fund’s

investments

met

the

applicable

requirements

to

be

considered

aligned

with

the

EU

Taxonomy

Regulation.

iShares

ESG

MSCI

USA

Leaders

ETF

Certain

environmental

and

social

characteristics

are

promoted

by

the

Fund

through

its

investments

in

a

portfolio

primarily

made

up

of

component

securities

of

the

Fund’s

underlying

index.

The

underlying

index

applies

exclusionary

screens

based

on

certain

environmental-

and

social-related

characteristics

and

ratings.

In

addition,

only

securities

of

companies

with

an

MSCI

ESG

Rating

of

“BB”

or

higher

and

an

MSCI

ESG

Controversies

Score

of

three

or

higher,

both

as

determined

by

the

index

provider,

are

eligible

for

inclusion

in

the

underlying

index.

Please

refer

to

the

Fund’s

prospectus

for

additional

information

regarding

the

Fund’s

investment

strategy

and

the

methodology

of

the

underlying

index.

BFA

or

its

affiliates

carried

out

due

diligence

on

index

providers

and

engaged

with

them

on

an

ongoing

basis

with

regard

to

index

methodologies,

including

their

assessment

of

good

governance

criteria

set

out

by

SFDR.

iShares

Paris-Aligned

Climate

MSCI

USA

ETF

The

Fund’s

sustainable

investment

objective

was

met

through

the

Fund’s

investments

in

a

portfolio

that

was

primarily

made

up

of

securities

of

the

underlying

index.

BFA

or

its

affiliates

carried

out

due

diligence

on

index

providers

and

engaged

with

them

on

an

ongoing

basis

regarding

index

methodologies,

including

their

assessment

of

good

governance

criteria

set

out

in

the

SFDR

and

whether

index

constituents

do

no

significant

harm

to

environmental

or

social

factors.

The

table

below

shows

the

alignment

of

the

Fund’s

investments

with

regard

to

the

components

of

the

Fund’s

underlying

index

and

the

parent

index

of

the

underlying

index

(as

defined

in

the

Fund’s

prospectus)

as

of

December

29,

2022.

The

underlying

index

was

a

subset

of

equity

securities

of

companies

included

in

the

parent

index,

which

were

selected

and

weighted

in

accordance

with

the

underlying

index

methodology

so

that,

in

aggregate,

the

portfolio

was

compatible

with

the

objectives

of

the

Paris

Agreement

by

following

a

decarbonization

trajectory,

reducing

exposure

to

climate-related

transition

and

physical

risks

and

increasing

exposure

to

companies

favorably

positioned

for

the

transition

to

a

low

carbon

economy.

The

underlying

index

aimed

to

meet

or

exceed

the

minimum

requirements

for

a

“Paris-Aligned

Benchmark”

(“PAB”)

under

the

European

Union’s

Low

Carbon

Benchmark

Regulation.

PABs

are

designed

to

align

with

the

principal

objective

of

the

Paris

Agreement,

which

is

to

limit

global

warming

in

this

century

to

well

below

2

degrees

Celsius,

preferably

to

1.5

degrees

Celsius,

above

pre-industrial

levels.

Further

details

on

the

index

provider's

methodology

are

set

out

in

the

Fund’s

prospectus.

%

of

Total

Assets

As

of

December

29,

2022

Underlying

Index

Parent

Index

Alignment

of

Fund’s

investments

as

a

%

of

total

assets

..........................................................

99.85‌%

61.10‌%

Trustee

and

Officer

Information

(unaudited)

83

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal. Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the Trust

are

referred

to

as

independent trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each Trustee

also

serves

as

a Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

387

funds

as

of

August

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Aaron

Wasserman,

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.

Wasserman

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);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

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).

Trustee

and

Officer

Information

(unaudited)

(continued)

84

2023

iShares

Annual

Report

to

Shareholders

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

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.

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Funds

Complex

(2014-2023).

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

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Independent

Trustees

(

continued

)

General

Information

85

General

Information

Electronic

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announcing

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the

shareholder

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or

prospectus

has

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iShares

website

at

iShares.com

.

Once

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you

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To

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electronic

delivery:

Go

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If

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firm

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electronic

delivery

may

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be

available.

Please

contact

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or

financial

advisor.

Householding

Householding

is

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available

to

certain

fund

investors.

Householding

is

a

method

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delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

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shareholder

documents

and

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30e-3

notices

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investors

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householding

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Availability

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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

86

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-822-0823

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

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

August

31,

2023

iShares

Trust

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

|

USCL

|

NASDAQ

iShares

ESG

Advanced

MSCI

USA

ETF

|

USXF

|

NASDAQ

2023

Annual

Report

Dear

Shareholder,

Despite

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

August

31,

2023,

the

resilience

of

the

U.S.

economy

in

the

face

of

ever

tighter

financial

conditions

provided

an

encouraging

backdrop

for

investors.

While

inflation

was

near

multi-decade

highs

at

the

beginning

of

the

period,

it

declined

precipitously

as

commodity

prices

dropped.

Labor

shortages

also

moderated,

although

wages

continued

to

grow

and

unemployment

rates

reached

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

Equity

returns

were

solid,

as

the

durability

of

consumer

sentiment

eased

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

Most

major

classes

of

equities

rose,

as

large-capitalization

U.S.

stocks

and

developed

market

equities

advanced

strongly.

However,

small-capitalization

U.S.

stocks

and

emerging

market

equities

posted

more

modest

gains.

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

bond

prices

fared

significantly

better

than

investment-grade

bonds

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

seven

times

during

the

12-month

period.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

However,

the

Fed

declined

to

raise

interest

rates

at

its

June

2023

meeting,

the

first

time

it

paused

its

tightening

in

the

current

cycle,

before

again

raising

rates

in

July

2023.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

two

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt.

While

we

favor

an

overweight

position

to

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

in

the

near

term

as

growth

trends

for

emerging

markets

appear

brighter.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

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

August

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

14.50%

15.94%

U.S.

small

cap

equities

(Russell

2000

®

Index)

0.99

4.65

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

4.75

17.92

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

3.62

1.25

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.47

4.25

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.11

(4.71)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

0.95

(1.19)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

1.04

1.70

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

4.55

7.19

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

..................................................................................................

8

Disclosure

of

Expenses

...................................................................................................

8

Schedules

of

Investments

.................................................................................................

9

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

22

Statements

of

Operations

................................................................................................

23

Statements

of

Changes

in

Net

Assets

........................................................................................

24

Financial

Highlights

.....................................................................................................

25

Notes

to

Financial

Statements

...............................................................................................

27

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

34

Important

Tax

Information

.................................................................................................

35

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

36

Supplemental

Information

.................................................................................................

40

Trustee

and

Officer

Information

..............................................................................................

41

General

Information

.....................................................................................................

43

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

44

Market

Overview

4

2023

iShares

Annual

Report

to

Shareholders

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended

August

31,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

14.76%.

Economic

strength

in

the

face

of

tightening

monetary

conditions

drove

investor

optimism

surrounding

the

resilience

of

the

domestic

economy.

Meanwhile,

decelerating

inflation

alleviated

concerns

related

to

potential

overheating

and

led

investors

to

anticipate

an

end

to

monetary

tightening.

Nonetheless,

investors

watched

the

economy

closely

for

the

impact

of

higher

interest

rates,

and

several

bank

failures

in

early

2023

highlighted

the

potential

second-order

effects

of

tight

monetary

conditions.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity

into

the

banking

system,

and

equity

prices

recovered.

As

the

reporting

period

began,

inflation,

which

surged

in

the

aftermath

of

the

coronavirus

pandemic,

stood

near

multi-decade

highs.

However,

the

inflation

rate

declined

substantially

thereafter,

although

it

remained

higher

than

pre-pandemic

levels.

Lower

energy

costs

and

the

resolution

of

supply

chain

disruptions

helped

ease

inflation,

as

the

cost

of

transportation

and

shipping

moderated

significantly.

The

U.S.

Federal

Reserve

(“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

seven

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

decelerated

as

the

Fed

twice

lowered

the

increment

of

increase

before

pausing

entirely

in

June

2023,

the

first

time

it

declined

to

act

since

the

tightening

cycle

began.

However,

the

Fed

then

raised

interest

rates

again

at

its

July

2023

meeting

and

stated

that

it

will

continue

to

monitor

economic

data.

The

Fed

also

continued

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.

Despite

the

tightening

financial

conditions,

the

U.S.

economy

demonstrated

continued

strength.

The

economy

returned

to

growth

in

the

third

quarter

of

2022

and

showed

robust,

if

slightly

slower,

growth

thereafter.

Consumers

powered

the

economy,

increasing

their

spending

in

both

nominal

and

inflation-adjusted

terms.

A

strong

labor

market

bolstered

spending,

as

unemployment

remained

low,

and

the

number

of

employed

persons

reached

an

all-time

high.

Tightness

in

the

labor

market

drove

higher

wages,

although

wage

growth

slowed

as

the

reporting

period

continued.

Despite

a

divided

government,

the

U.S.

Congress

was

able

to

strike

a

deal

in

May

2023

to

raise

the

debt

ceiling,

averting

a

potential

government

default.

While

that

deal

enacted

modest

spending

cuts,

government

spending

rose

overall,

and

several

significant

investment

bills

also

passed.

These

included

the

CHIPS

Act,

which

encouraged

the

building

of

semiconductor

capacity

in

the

U.S.,

and

the

Inflation

Reduction

Act,

which

provided

subsidies

for

various

climate-related

initiatives.

These

new

incentives

helped

drive

a

sharp

increase

in

factory

construction

during

the

reporting

period.

In

this

environment,

corporate

profits

remained

solid,

and

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

higher

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022

and

the

first

quarter

of

2023

before

rebounding

slightly

in

the

second

quarter

of

2023.

The

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

further

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

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

5

Fund

Summary

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares Climate

Conscious

&

Transition

MSCI

USA

ETF (the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

companies

based

on

their

positioning,

relative

to

their

sector

peers,

with

respect

to

the

transition

to

a

low-carbon

economy,

as

determined

by

the

Index

Provider,

based

primarily

on

current

emissions

intensity,

emissions

reduction

targets,

green

business

revenue,

and/or

climate

risk

management,

as

represented 

by

the

MSCI

USA

Extended

Climate

Action

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

For

the

fiscal

period

ended

August

31,

2023,

the

Fund

did

not

have

six

months

of

performance

and

therefore

line

graphs

are

not

presented.

The

inception

date

of

the

Fund

was

June

6,

2023.

The

first

day

of

secondary

market

trading

was

June

8,

2023.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Cumulative

Total

Returns

Since

Inception

Fund

NAV

........................................................................................................

6.41

%

Fund

Market

......................................................................................................

–

%

6.55

Index

...........................................................................................................

6.44

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(06/06/23)

(a)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,064.10

‌

$

0.19

‌

$

1,000.00

‌

$

1,024.80

‌

$

0.41

‌

0.08

%

(a)

Commencement

of

operations.

(b)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

86/365

for

actual

expenses

and

184/365

for

hypothetical

expenses

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

27.4‌

%

Health

Care

...................................

16.5‌

Financials

.....................................

13.2‌

Communication

Services

...........................

11.9‌

Consumer

Discretionary

...........................

9.1‌

Industrials

.....................................

7.6‌

Energy

.......................................

3.8‌

Consumer

Staples

...............................

3.0‌

Utilities

.......................................

2.6‌

Real

Estate

....................................

2.5‌

Materials

.....................................

2.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

4.9‌

%

NVIDIA

Corp.

..................................

4.9‌

Microsoft

Corp.

.................................

4.7‌

Tesla,

Inc.

.....................................

3.0‌

Alphabet,

Inc.,

Class

A

............................

2.7‌

Meta

Platforms,

Inc.,

Class

A

........................

2.6‌

Alphabet,

Inc.,

Class

C,

NVS

........................

2.4‌

Eli

Lilly

&

Co.

..................................

1.8‌

UnitedHealth

Group,

Inc.

...........................

1.8‌

JPMorgan

Chase

&

Co.

...........................

1.7‌

      aaa

aa

iShares

®

ESG

Advanced

MSCI

USA

ETF

6

2023

iShares

Annual

Report

to

Shareholders

Fund

Summary

as

of

August

31,

2023

Investment

Objective

The

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

companies

that

have

a

favorable

environmental,

social

and

governance

rating

while

applying

extensive

screens

for

company

involvement

in

controversial

activities,

as

represented

by

the

MSCI

USA

Choice

ESG

Screened

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

June

16,

2020.

The

first

day

of

secondary

market

trading

was

June

18,

2020.

The

performance

for

the

Index

shown

is

calculated

with

gross

dividends

reinvested

since

inception.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

..............................................................

20.65

%

13.42

%

20.65

%

49.83

%

Fund

Market

............................................................

20.95

13.41

–

%

20.95

49.77

Index

.................................................................

20.78

13.60

20.78

50.49

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(03/01/23)

Ending

Account

Value

(08/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,152.00

‌

$

0.54

‌

$

1,000.00

‌

$

1,024.70

‌

$

0.51

‌

0.10

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

iShares

®

ESG

Advanced

MSCI

USA

ETF

Fund

Summary

as

of

August

31,

2023

(continued)

7

Fund

Summary

Portfolio

Management

Commentary

Investor

interest

in

the

environmental,

social,

and

governance

(“ESG”)

attributes

of

companies

was

mixed

during

the

reporting

period.

There

were

net

outflows

from

ESG-

themed

equity

investments

in

an

environment

characterized

by

persistent

inflation,

rising

interest

rates,

and

recessionary

fears.

During

the

reporting

period,

the

Index

of

stocks

of

large-

and

mid-cap

U.S.

companies

with

favorable

ESG

characteristics

and

screened

for

controversial

activities

advanced

substantially.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return,

as

new

developments

in

artificial

intelligence

(“AI”)

applications

boosted

stocks

in

the

sector.

The

semiconductors

and

semiconductor

equipment

industry

were

the

leading

sources

of

strength.

Generative

AI

is

computationally

intensive,

and

the

strong

interest

in

the

area

benefited

companies

that

manufacture

specialty

microchips

that

can

be

used

for

these

applications.

The

industrials

sector

further

contributed

to

the

Index’s

performance,

as

the

strong

economy

and

government

investment

drove

a

large

increase

in

construction

of

new

manufacturing

capacity,

benefiting

makers

of

construction

equipment

in

the

machinery

industry.

The

healthcare

sector

also

gained

amid

development

of

a

promising

drug

for

the

treatment

of

obesity

and

diabetes

that

buoyed

the

pharmaceuticals

industry.

There

were

only

three

sectors

which

posted

negative

returns

for

the

quarter

in

the

Index:

utilities,

real

estate,

and

consumer

staples.

In

terms

of

relative

performance,

the

Index

notably

outperformed

the

broader

market,

as

represented

by

the

MSCI

USA

Index.

Relative

to

the

broader

market,

the

Index

seeks

companies

that

that

have

a

favorable

environmental,

social

and

governance

rating

while

applying

extensive

screens

for

company

involvement

in

controversial

activities.

The

Index

held

a

significant

overweight

position

in

the

information

technology

sector

and

underweight

positions

in

the

communication

services

and

energy

sectors,

relative

to

the

broader

market.

Positioning

in

the

information

technology

sector

was

the

largest

contributor

to

relative

performance,

while

positioning

in

communication

services

detracted

from

relative

performance.

Portfolio

Information

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

40.9‌

%

Financials

.....................................

15.8‌

Health

Care

...................................

12.4‌

Industrials

.....................................

10.5‌

Consumer

Discretionary

...........................

7.6‌

Real

Estate

....................................

4.4‌

Materials

.....................................

3.5‌

Consumer

Staples

...............................

2.4‌

Communication

Services

...........................

2.4‌

Utilities

.......................................

0.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

.................................

12.5‌

%

NVIDIA

Corp.

..................................

6.6‌

Eli

Lilly

&

Co.

..................................

2.4‌

Visa,

Inc.,

Class

A

...............................

2.2‌

Broadcom,

Inc.

.................................

2.1‌

Mastercard,

Inc.,

Class

A

...........................

1.9‌

Home

Depot,

Inc.

(The)

...........................

1.8‌

Adobe,

Inc.

....................................

1.4‌

Cisco

Systems,

Inc.

..............................

1.3‌

Salesforce,

Inc.

.................................

1.2‌

      aaa

aa

About

Fund

Performance

8

2023

iShares

Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

0

.8

%

Expeditors

International

of

Washington,

Inc.

.......

14,051

$

1,639,892

FedEx

Corp.

............................

22,013

5,745,833

United

Parcel

Service,

Inc.

,

Class

B

............

66,654

11,291,188

18,676,913

a

Automobiles

 — 

3

.3

%

Ford

Motor

Co.

..........................

359,840

4,364,859

General

Motors

Co.

.......................

128,020

4,289,950

Lucid

Group,

Inc.

(a)

........................

82,824

520,135

Tesla,

Inc.

(a)

.............................

262,339

67,704,449

76,879,393

a

Banks

 — 

3

.0

%

Bank

of

America

Corp.

.....................

659,613

18,911,105

JPMorgan

Chase

&

Co.

....................

268,757

39,327,212

KeyCorp

...............................

84,770

960,444

PNC

Financial

Services

Group,

Inc.

(The)

........

36,704

4,431,274

U.S.

Bancorp

...........................

140,976

5,149,853

68,779,888

a

Beverages

 — 

0

.3

%

Constellation

Brands,

Inc.

,

Class

A

.............

15,208

3,962,597

Keurig

Dr

Pepper,

Inc.

.....................

83,914

2,823,706

Molson

Coors

Beverage

Co.

,

Class

B

...........

17,300

1,098,377

7,884,680

a

Biotechnology

 — 

3

.1

%

AbbVie,

Inc.

............................

162,253

23,844,701

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

11,454

2,265,830

Amgen,

Inc.

............................

49,059

12,575,784

Biogen,

Inc.

(a)

...........................

13,313

3,559,364

Gilead

Sciences,

Inc.

......................

114,714

8,773,327

Incyte

Corp.

(a)

...........................

17,300

1,116,369

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

9,947

8,221,096

Seagen,

Inc.

(a)

...........................

12,931

2,664,691

Vertex

Pharmaceuticals,

Inc.

(a)

................

23,743

8,270,636

71,291,798

a

Broadline

Retail

 — 

0

.4

%

eBay,

Inc.

..............................

49,176

2,202,101

Etsy,

Inc.

(a)

.............................

11,346

834,725

MercadoLibre,

Inc.

(a)

.......................

4,154

5,700,784

8,737,610

a

Building

Products

 — 

0

.5

%

A

O

Smith

Corp.

.........................

11,489

832,953

Allegion

PLC

............................

8,089

920,609

Johnson

Controls

International

PLC

............

63,097

3,726,509

Owens

Corning

..........................

8,307

1,195,460

Trane

Technologies

PLC

....................

20,973

4,304,918

10,980,449

a

Capital

Markets

 — 

4

.1

%

Ameriprise

Financial,

Inc.

...................

9,605

3,242,456

Ares

Management

Corp.

,

Class

A

..............

14,771

1,527,912

Bank

of

New

York

Mellon

Corp.

(The)

...........

71,629

3,213,993

BlackRock,

Inc.

(b)

.........................

13,774

9,649,238

Blackstone,

Inc.

,

NVS

......................

64,934

6,907,029

Cboe

Global

Markets,

Inc.

...................

9,734

1,457,277

Charles

Schwab

Corp.

(The)

.................

138,400

8,186,360

CME

Group,

Inc.

,

Class

A

...................

33,081

6,704,857

FactSet

Research

Systems,

Inc.

...............

3,460

1,509,979

Goldman

Sachs

Group,

Inc.

(The)

.............

30,576

10,020,061

Intercontinental

Exchange,

Inc.

...............

51,610

6,089,464

Security

Shares

Value

a

Capital

Markets

(continued)

Invesco

Ltd.

............................

31,140

$

495,749

Moody's

Corp.

...........................

15,189

5,115,655

Morgan

Stanley

..........................

115,194

9,808,769

Nasdaq,

Inc.

............................

31,593

1,658,001

Northern

Trust

Corp.

.......................

19,030

1,447,612

S&P

Global,

Inc.

.........................

30,163

11,789,510

SEI

Investments

Co.

.......................

10,380

644,183

State

Street

Corp.

........................

30,742

2,113,205

T

Rowe

Price

Group,

Inc.

...................

20,760

2,329,895

Tradeweb

Markets,

Inc.

,

Class

A

...............

10,047

868,362

94,779,567

a

Chemicals

 — 

1

.6

%

DuPont

de

Nemours,

Inc.

...................

42,213

3,245,758

Ecolab,

Inc.

............................

23,568

4,332,034

FMC

Corp.

.............................

11,501

991,731

Linde

PLC

.............................

44,980

17,409,059

PPG

Industries,

Inc.

.......................

21,648

3,068,821

RPM

International,

Inc.

.....................

11,884

1,185,310

Sherwin-Williams

Co.

(The)

..................

22,490

6,110,983

36,343,696

a

Commercial

Services

&

Supplies

 — 

0

.9

%

Cintas

Corp.

............................

8,446

4,258,220

Copart,

Inc.

(a)

...........................

79,037

3,543,229

Republic

Services,

Inc.

.....................

20,410

2,941,693

Waste

Connections,

Inc.

....................

23,743

3,252,553

Waste

Management,

Inc.

....................

37,415

5,865,924

19,861,619

a

Communications

Equipment

 — 

0

.9

%

Cisco

Systems,

Inc.

.......................

374,773

21,493,232

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

12,110

1,062,653

Quanta

Services,

Inc.

......................

13,384

2,808,900

3,871,553

a

Consumer

Finance

 — 

0

.6

%

American

Express

Co.

.....................

58,102

9,179,535

Capital

One

Financial

Corp.

..................

35,112

3,595,118

Discover

Financial

Services

..................

23,357

2,103,765

14,878,418

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.4

%

Sysco

Corp.

............................

46,710

3,253,352

Target

Corp.

............................

42,446

5,371,541

Walgreens

Boots

Alliance,

Inc.

................

67,470

1,707,666

Walmart,

Inc.

............................

136,210

22,149,108

32,481,667

a

Containers

&

Packaging

 — 

0

.3

%

Avery

Dennison

Corp.

......................

7,423

1,398,345

Ball

Corp.

..............................

28,929

1,575,184

Crown

Holdings,

Inc.

......................

11,044

1,023,337

International

Paper

Co.

.....................

30,394

1,061,358

Packaging

Corp.

of

America

.................

8,291

1,236,188

Sealed

Air

Corp.

.........................

13,840

512,910

Westrock

Co.

...........................

23,553

770,419

7,577,741

a

Diversified

Telecommunication

Services

 — 

1

.0

%

AT&T,

Inc.

..............................

657,465

9,723,907

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

............

22,708

450,527

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Diversified

Telecommunication

Services

(continued)

Verizon

Communications,

Inc.

................

386,627

$

13,524,213

23,698,647

a

Electric

Utilities

 — 

1

.9

%

Alliant

Energy

Corp.

.......................

23,118

1,159,830

American

Electric

Power

Co.,

Inc.

..............

47,342

3,711,613

Duke

Energy

Corp.

.......................

70,930

6,298,584

Edison

International

.......................

35,220

2,424,897

Eversource

Energy

.......................

32,080

2,047,345

Exelon

Corp.

............................

91,690

3,678,603

FirstEnergy

Corp.

........................

50,170

1,809,632

NextEra

Energy,

Inc.

......................

186,086

12,430,545

Southern

Co.

(The)

.......................

100,340

6,796,028

Xcel

Energy,

Inc.

.........................

50,614

2,891,578

43,248,655

a

Electrical

Equipment

 — 

1

.0

%

AMETEK,

Inc.

...........................

21,195

3,380,814

Eaton

Corp.

PLC

.........................

36,657

8,444,673

Emerson

Electric

Co.

......................

52,558

5,163,824

Hubbell,

Inc.

............................

4,929

1,607,101

Rockwell

Automation,

Inc.

...................

10,564

3,296,813

21,893,225

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.3

%

Amphenol

Corp.

,

Class

A

...................

54,879

4,850,206

Trimble,

Inc.

(a)

...........................

22,490

1,232,227

6,082,433

a

Energy

Equipment

&

Services

 — 

0

.6

%

Baker

Hughes

Co.

,

Class

A

..................

93,420

3,380,870

Halliburton

Co.

..........................

83,040

3,207,004

Schlumberger

Ltd.

........................

131,080

7,728,477

14,316,351

a

Entertainment

 — 

1

.9

%

Activision

Blizzard,

Inc.

.....................

72,290

6,649,957

Electronic

Arts,

Inc.

.......................

23,780

2,853,125

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

18,170

1,249,914

Netflix,

Inc.

(a)

............................

40,884

17,730,573

Walt

Disney

Co.

(The)

(a)

....................

167,810

14,042,341

42,525,910

a

Financial

Services

 — 

4

.0

%

Block,

Inc.

,

Class

A

(a)

......................

50,170

2,892,300

Fidelity

National

Information

Services,

Inc.

........

54,482

3,043,365

Fiserv,

Inc.

(a)

............................

56,773

6,891,674

Global

Payments,

Inc.

.....................

24,098

3,052,976

Jack

Henry

&

Associates,

Inc.

................

6,703

1,050,896

Mastercard,

Inc.

,

Class

A

....................

77,828

32,114,946

PayPal

Holdings,

Inc.

(a)

.....................

97,481

6,093,537

Visa,

Inc.

,

Class

A

........................

148,823

36,562,835

91,702,529

a

Food

Products

 — 

0

.7

%

Bunge

Ltd.

.............................

13,840

1,582,189

Campbell

Soup

Co.

.......................

17,300

721,410

Conagra

Brands,

Inc.

......................

43,250

1,292,310

General

Mills,

Inc.

........................

53,630

3,628,606

Hershey

Co.

(The)

........................

13,546

2,910,494

J

M

Smucker

Co.

(The)

.....................

9,387

1,360,646

Kellogg

Co.

.............................

25,220

1,538,924

McCormick

&

Co.,

Inc.

,

NVS

.................

23,092

1,895,391

Tyson

Foods,

Inc.

,

Class

A

..................

25,950

1,382,356

16,312,326

a

Security

Shares

Value

a

Ground

Transportation

 — 

1

.5

%

CSX

Corp.

.............................

188,570

$

5,694,814

JB

Hunt

Transport

Services,

Inc.

..............

7,622

1,432,022

Norfolk

Southern

Corp.

.....................

20,935

4,291,884

Old

Dominion

Freight

Line,

Inc.

...............

9,075

3,878,383

Uber

Technologies,

Inc.

(a)

...................

167,510

7,911,497

Union

Pacific

Corp.

.......................

56,042

12,361,184

35,569,784

a

Health

Care

Equipment

&

Supplies

 — 

1

.4

%

Abbott

Laboratories

.......................

159,924

16,456,180

Boston

Scientific

Corp.

(a)

....................

132,219

7,131,893

Edwards

Lifesciences

Corp.

(a)

................

55,751

4,263,279

STERIS

PLC

............................

9,072

2,082,840

Zimmer

Biomet

Holdings,

Inc.

................

19,030

2,266,853

32,201,045

a

Health

Care

Providers

&

Services

 — 

3

.3

%

Cigna

Group

(The)

........................

27,275

7,534,991

CVS

Health

Corp.

........................

117,640

7,666,599

DaVita,

Inc.

(a)

............................

5,190

531,560

Elevance

Health,

Inc.

......................

21,803

9,637,144

Humana,

Inc.

...........................

11,492

5,305,052

McKesson

Corp.

.........................

12,462

5,138,332

UnitedHealth

Group,

Inc.

....................

85,622

40,805,733

76,619,411

a

Health

Care

REITs

 — 

0

.2

%

Healthpeak

Properties,

Inc.

..................

50,170

1,032,498

Welltower,

Inc.

...........................

45,709

3,788,362

4,820,860

a

Hotels,

Restaurants

&

Leisure

 — 

3

.2

%

Airbnb,

Inc.

,

Class

A

(a)

......................

38,060

5,006,793

Aramark

...............................

22,764

846,366

Booking

Holdings,

Inc.

(a)

....................

3,397

10,547,787

Caesars

Entertainment,

Inc.

(a)

................

19,790

1,093,595

Carnival

Corp.

(a)

..........................

91,690

1,450,536

Chipotle

Mexican

Grill,

Inc.

(a)

.................

2,535

4,884,032

Darden

Restaurants,

Inc.

...................

11,120

1,729,271

Domino's

Pizza,

Inc.

.......................

3,258

1,262,149

Hilton

Worldwide

Holdings,

Inc.

...............

24,220

3,600,303

Hyatt

Hotels

Corp.

,

Class

A

..................

4,305

483,925

Las

Vegas

Sands

Corp.

....................

31,628

1,735,112

Marriott

International,

Inc.

,

Class

A

.............

23,770

4,837,433

McDonald's

Corp.

........................

67,145

18,877,817

MGM

Resorts

International

..................

26,768

1,177,257

Starbucks

Corp.

..........................

105,530

10,282,843

Vail

Resorts,

Inc.

.........................

3,708

839,195

Wynn

Resorts

Ltd.

........................

9,417

954,695

Yum!

Brands,

Inc.

........................

25,759

3,332,699

72,941,808

a

Household

Durables

 — 

0

.1

%

Garmin

Ltd.

.............................

14,073

1,492,019

a

Household

Products

 — 

0

.3

%

Church

&

Dwight

Co.,

Inc.

...................

22,490

2,176,357

Clorox

Co.

(The)

.........................

11,371

1,778,993

Kimberly-Clark

Corp.

......................

31,140

4,011,766

7,967,116

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

AES

Corp.

(The)

.........................

60,550

1,085,661

a

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Industrial

Conglomerates

 — 

0

.2

%

3M

Co.

................................

50,734

$

5,411,796

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

............................

84,770

10,528,434

a

Insurance

 — 

1

.3

%

American

International

Group,

Inc.

.............

66,719

3,904,396

Aon

PLC

,

Class

A

........................

18,839

6,280,734

Arch

Capital

Group

Ltd.

(a)

...................

34,251

2,632,532

Chubb

Ltd.

.............................

38,060

7,645,112

Progressive

Corp.

(The)

....................

53,828

7,184,423

W

R

Berkley

Corp.

........................

19,030

1,177,196

Willis

Towers

Watson

PLC

...................

9,788

2,023,767

30,848,160

a

Interactive

Media

&

Services

 — 

7

.8

%

Alphabet,

Inc.

,

Class

A

(a)

....................

449,800

61,249,266

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

400,288

54,979,557

Match

Group,

Inc.

(a)

(c)

......................

25,950

1,216,277

Meta

Platforms,

Inc.

,

Class

A

(a)

................

203,401

60,184,322

Snap,

Inc.

,

Class

A

,

NVS

(a)

(c)

.................

91,690

948,991

178,578,413

a

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

58,000

18,778,660

Akamai

Technologies,

Inc.

(a)

..................

13,840

1,454,446

Cloudflare,

Inc.

,

Class

A

(a)

(c)

..................

25,292

1,644,739

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

46,710

3,344,903

EPAM

Systems,

Inc.

(a)

......................

5,325

1,379,122

Gartner,

Inc.

(a)

...........................

7,240

2,531,683

International

Business

Machines

Corp.

..........

83,509

12,261,626

Okta,

Inc.

,

Class

A

(a)

.......................

14,259

1,190,769

Snowflake,

Inc.

,

Class

A

(a)

...................

23,978

3,760,949

VeriSign,

Inc.

(a)

..........................

8,650

1,797,384

48,144,281

a

Life

Sciences

Tools

&

Services

 — 

2

.4

%

Agilent

Technologies,

Inc.

...................

27,166

3,288,988

Charles

River

Laboratories

International,

Inc.

(a)

.....

4,708

973,709

Danaher

Corp.

..........................

64,468

17,084,020

Illumina,

Inc.

(a)

...........................

14,538

2,401,968

IQVIA

Holdings,

Inc.

(a)

......................

17,065

3,799,181

Mettler-Toledo

International,

Inc.

(a)

.............

2,017

2,447,589

Repligen

Corp.

(a)

.........................

4,865

846,072

Revvity,

Inc.

............................

11,538

1,350,292

Thermo

Fisher

Scientific,

Inc.

.................

35,472

19,761,451

Waters

Corp.

(a)

..........................

5,429

1,524,463

West

Pharmaceutical

Services,

Inc.

............

6,844

2,784,824

56,262,557

a

Machinery

 — 

1

.4

%

Cummins,

Inc.

...........................

13,021

2,995,351

Deere

&

Co.

............................

25,617

10,527,050

Dover

Corp.

............................

12,860

1,907,138

Fortive

Corp.

............................

32,516

2,563,886

Graco,

Inc.

.............................

15,570

1,229,096

IDEX

Corp.

.............................

6,920

1,566,688

Ingersoll

Rand,

Inc.

.......................

37,200

2,589,492

PACCAR,

Inc.

...........................

48,173

3,964,156

Stanley

Black

&

Decker,

Inc.

.................

13,840

1,306,219

Westinghouse

Air

Brake

Technologies

Corp.

.......

16,582

1,865,807

Xylem,

Inc.

.............................

22,013

2,279,226

32,794,109

a

Security

Shares

Value

a

Media

 — 

1

.0

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

9,000

$

3,943,080

Comcast

Corp.

,

Class

A

....................

382,534

17,887,290

21,830,370

a

Metals

&

Mining

 — 

0

.4

%

Newmont

Corp.

..........................

72,660

2,864,257

Nucor

Corp.

............................

23,103

3,976,027

Reliance

Steel

&

Aluminum

Co.

...............

5,407

1,540,779

Steel

Dynamics,

Inc.

.......................

14,770

1,574,334

9,955,397

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.0

%

Annaly

Capital

Management,

Inc.

..............

44,980

911,745

a

Multi-Utilities

 — 

0

.6

%

Consolidated

Edison,

Inc.

...................

31,869

2,835,066

Dominion

Energy,

Inc.

......................

76,877

3,731,610

Public

Service

Enterprise

Group,

Inc.

...........

45,886

2,802,717

Sempra

...............................

57,878

4,064,193

13,433,586

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

15,117

1,758,712

Boston

Properties,

Inc.

.....................

13,840

924,097

2,682,809

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.2

%

Chevron

Corp.

...........................

166,855

26,880,341

ConocoPhillips

..........................

111,284

13,246,135

Devon

Energy

Corp.

.......................

59,019

3,015,281

Diamondback

Energy,

Inc.

...................

15,821

2,401,311

EOG

Resources,

Inc.

......................

53,630

6,897,891

Hess

Corp.

.............................

25,475

3,935,887

Kinder

Morgan,

Inc.

,

Class

P

.................

185,110

3,187,594

Marathon

Oil

Corp.

........................

57,090

1,504,321

ONEOK,

Inc.

............................

41,151

2,683,045

Pioneer

Natural

Resources

Co.

...............

21,464

5,106,930

Williams

Companies,

Inc.

(The)

...............

112,450

3,882,898

72,741,634

a

Personal

Care

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

21,323

3,422,981

a

Pharmaceuticals

 — 

6

.2

%

Bristol-Myers

Squibb

Co.

....................

193,206

11,911,150

Catalent,

Inc.

(a)

..........................

16,619

830,451

Eli

Lilly

&

Co.

...........................

74,207

41,125,519

Johnson

&

Johnson

.......................

221,436

35,801,773

Merck

&

Co.,

Inc.

.........................

233,357

25,431,246

Pfizer,

Inc.

.............................

519,178

18,368,518

Zoetis,

Inc.

,

Class

A

.......................

42,600

8,115,726

141,584,383

a

Professional

Services

 — 

1

.1

%

Automatic

Data

Processing,

Inc.

...............

37,994

9,673,652

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

12,110

1,372,184

Broadridge

Financial

Solutions,

Inc.

............

10,849

2,020,192

Ceridian

HCM

Holding,

Inc.

(a)

.................

13,840

1,003,677

Clarivate

PLC

(a)

..........................

31,096

231,043

Equifax,

Inc.

............................

11,281

2,331,783

Paychex,

Inc.

...........................

29,842

3,647,588

Robert

Half,

Inc.

.........................

9,935

734,793

TransUnion

.............................

17,767

1,443,036

Verisk

Analytics,

Inc.

.......................

13,348

3,233,152

25,691,100

a

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

28,584

$

2,431,069

a

Residential

REITs

 — 

0

.3

%

AvalonBay

Communities,

Inc.

................

13,057

2,400,138

Equity

Residential

........................

32,870

2,130,962

Essex

Property

Trust,

Inc.

...................

5,918

1,410,792

UDR,

Inc.

..............................

28,761

1,147,564

7,089,456

a

Retail

REITs

 — 

0

.4

%

Kimco

Realty

Corp.

.......................

57,090

1,081,285

Realty

Income

Corp.

.......................

61,911

3,469,492

Regency

Centers

Corp.

....................

15,280

950,416

Simon

Property

Group,

Inc.

..................

30,071

3,412,758

8,913,951

a

Semiconductors

&

Semiconductor

Equipment

 — 

8

.4

%

Advanced

Micro

Devices,

Inc.

(a)

...............

148,098

15,656,921

Analog

Devices,

Inc.

.......................

46,115

8,382,785

Broadcom,

Inc.

..........................

37,954

35,027,367

Enphase

Energy,

Inc.

(a)

(c)

....................

12,602

1,594,531

Marvell

Technology,

Inc.

....................

79,089

4,606,934

NVIDIA

Corp.

...........................

227,158

112,113,831

Texas

Instruments,

Inc.

.....................

83,473

14,028,472

Wolfspeed,

Inc.

(a)

.........................

11,449

547,491

191,958,332

a

Software

 — 

10

.7

%

Adobe,

Inc.

(a)

............................

41,918

23,446,414

ANSYS,

Inc.

(a)

...........................

7,972

2,542,032

Aspen

Technology,

Inc.

(a)

....................

2,693

522,442

Autodesk,

Inc.

(a)

..........................

19,658

4,362,897

BILL

Holdings,

Inc.

(a)

.......................

8,650

997,345

Cadence

Design

Systems,

Inc.

(a)

..............

25,076

6,029,273

Datadog,

Inc.

,

Class

A

(a)

....................

23,158

2,234,284

Dropbox,

Inc.

,

Class

A

(a)

....................

24,220

673,074

Fortinet,

Inc.

(a)

...........................

61,378

3,695,569

Gen

Digital,

Inc.

..........................

53,034

1,073,938

HubSpot,

Inc.

(a)

..........................

4,339

2,371,350

Intuit,

Inc.

..............................

25,757

13,955,400

Microsoft

Corp.

..........................

330,981

108,482,333

Oracle

Corp.

............................

149,771

18,030,931

Palo

Alto

Networks,

Inc.

(a)

...................

28,128

6,843,542

PTC,

Inc.

(a)

.............................

10,380

1,527,625

Roper

Technologies,

Inc.

....................

9,827

4,904,263

Salesforce,

Inc.

(a)

.........................

89,581

19,838,608

ServiceNow,

Inc.

(a)

........................

18,734

11,031,141

Splunk,

Inc.

(a)

...........................

14,467

1,754,268

Tyler

Technologies,

Inc.

(a)

...................

3,855

1,535,948

VMware,

Inc.

,

Class

A

(a)

....................

21,766

3,673,665

Workday,

Inc.

,

Class

A

(a)

....................

18,945

4,632,053

Zscaler,

Inc.

(a)

(c)

..........................

8,052

1,256,515

245,414,910

a

Security

Shares

Value

a

Specialized

REITs

 — 

0

.9

%

American

Tower

Corp.

.....................

42,862

$

7,771,738

Digital

Realty

Trust,

Inc.

....................

26,792

3,529,042

Equinix,

Inc.

............................

8,601

6,720,649

VICI

Properties,

Inc.

.......................

91,690

2,827,720

20,849,149

a

Specialty

Retail

 — 

1

.4

%

Best

Buy

Co.,

Inc.

........................

18,060

1,380,687

Home

Depot,

Inc.

(The)

....................

92,464

30,540,859

31,921,546

a

Technology

Hardware,

Storage

&

Peripherals

 — 

5

.0

%

Apple,

Inc.

.............................

598,667

112,471,569

Dell

Technologies,

Inc.

,

Class

C

...............

23,603

1,327,433

Hewlett

Packard

Enterprise

Co.

...............

119,370

2,028,096

115,827,098

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.8

%

Deckers

Outdoor

Corp.

(a)

....................

2,419

1,279,869

Lululemon

Athletica,

Inc.

(a)

...................

10,654

4,061,944

Nike,

Inc.

,

Class

B

........................

113,310

11,524,760

VF

Corp.

..............................

31,140

615,326

17,481,899

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

17,899

2,483,307

a

Wireless

Telecommunication

Services

 — 

0

.3

%

T-Mobile

U.S.,

Inc.

(a)

.......................

49,786

6,783,342

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

2,167,264,908

)

...............................

2,292,971,818

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(b)

(d)

(e)

.....................

6,586,292

6,588,268

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(b)

(d)

............................

5,087,833

5,087,833

a

Total

Short-Term

Securities — 0.5%

(Cost:

$

11,676,101

)

.................................

11,676,101

Total

Investments

—

100.2%

(Cost:

$

2,178,941,009

)

...............................

2,304,647,919

Liabilities

in

Excess

of

Other

Assets

—

(

0

.2

)

%

...............

(

5,602,220

)

Net

Assets

—

100.0%

.................................

$

2,299,045,699

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

13

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

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

06/06/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

$

6,588,268

(b)

$

—

$

—

$

—

$

6,588,268

6,586,292

$

209

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

—

5,087,833

(b)

—

—

—

5,087,833

5,087,833

35,246

—

BlackRock,

Inc.

...

—

9,427,568

(

51,708

)

612

272,766

9,649,238

13,774

80

—

$

612

$

272,766

$

21,325,339

$

35,535

$

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

23

09/15/23

$

5,193

$

24,128

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)

.............

$

—

$

—

$

24,128

$

—

$

—

$

—

$

24,128

(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

..................................

$

—

$

—

$

65,929

$

—

$

—

$

—

$

65,929

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

24,128

$

—

$

—

$

—

$

24,128

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

14

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

...................................................................................

$

5,193,400

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,292,971,818

‌

$

—

‌

$

—

‌

$

2,292,971,818

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,676,101

‌

—

‌

—

‌

11,676,101

‌

$

2,304,647,919

‌

$

—

‌

$

—

‌

$

2,304,647,919

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

24,128

‌

$

—

‌

$

—

‌

$

24,128

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Axon

Enterprise,

Inc.

......................

2,732

$

581,670

HEICO

Corp.

(a)

..........................

1,731

292,037

HEICO

Corp.

,

Class

A

......................

2,873

389,090

Howmet

Aerospace,

Inc.

....................

15,301

756,941

2,019,738

a

Air

Freight

&

Logistics

 — 

0

.2

%

CH

Robinson

Worldwide,

Inc.

................

4,518

408,563

Expeditors

International

of

Washington,

Inc.

.......

5,961

695,708

1,104,271

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(b)

.............................

11,034

1,119,399

BorgWarner,

Inc.

.........................

9,233

376,245

Lear

Corp.

.............................

2,280

328,525

1,824,169

a

Automobiles

 — 

0

.1

%

Lucid

Group,

Inc.

(a)

(b)

.......................

35,630

223,757

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

25,395

577,228

800,985

a

Banks

 — 

1

.1

%

First

Horizon

Corp.

........................

20,638

259,007

Huntington

Bancshares,

Inc.

.................

56,316

624,544

KeyCorp

...............................

36,779

416,706

PNC

Financial

Services

Group,

Inc.

(The)

........

15,569

1,879,645

Regions

Financial

Corp.

....................

36,512

669,630

Truist

Financial

Corp.

......................

51,958

1,587,317

U.S.

Bancorp

...........................

59,800

2,184,494

Webster

Financial

Corp.

....................

6,911

293,096

7,914,439

a

Beverages

 — 

0

.2

%

Keurig

Dr

Pepper,

Inc.

.....................

35,596

1,197,805

a

Biotechnology

 — 

2

.9

%

Alnylam

Pharmaceuticals,

Inc.

(b)

...............

4,857

960,812

Amgen,

Inc.

............................

20,845

5,343,407

Biogen,

Inc.

(b)

...........................

5,647

1,509,782

BioMarin

Pharmaceutical,

Inc.

................

7,322

669,084

Exact

Sciences

Corp.

(a)

(b)

....................

7,033

588,451

Horizon

Therapeutics

PLC

...................

8,484

956,486

Incyte

Corp.

(b)

...........................

7,372

475,715

Moderna,

Inc.

...........................

12,641

1,429,318

Neurocrine

Biosciences,

Inc.

(b)

................

3,847

418,900

Regeneron

Pharmaceuticals,

Inc.

(b)

.............

4,209

3,478,697

Seagen,

Inc.

(b)

...........................

5,486

1,130,500

United

Therapeutics

Corp.

...................

1,823

409,008

Vertex

Pharmaceuticals,

Inc.

(b)

................

10,047

3,499,772

20,869,932

a

Broadline

Retail

 — 

0

.5

%

eBay,

Inc.

..............................

20,861

934,156

Etsy,

Inc.

(b)

.............................

4,813

354,092

MercadoLibre,

Inc.

(b)

.......................

1,763

2,419,471

3,707,719

a

Building

Products

 — 

1

.0

%

A

O

Smith

Corp.

.........................

4,818

349,305

Allegion

PLC

............................

3,466

394,465

Builders

FirstSource,

Inc.

...................

5,001

725,345

Carlisle

Companies,

Inc.

....................

1,988

522,884

Carrier

Global

Corp.

.......................

32,568

1,871,031

Security

Shares

Value

a

Building

Products

(continued)

Fortune

Brands

Innovations,

Inc.

..............

4,943

$

341,166

Lennox

International,

Inc.

...................

1,244

468,752

Masco

Corp.

............................

8,768

517,400

Owens

Corning

..........................

3,515

505,844

Trane

Technologies

PLC

....................

8,897

1,826,198

7,522,390

a

Capital

Markets

 — 

4

.7

%

Ameriprise

Financial,

Inc.

...................

4,065

1,372,263

Bank

of

New

York

Mellon

Corp.

(The)

...........

30,384

1,363,330

BlackRock,

Inc.

(c)

.........................

5,827

4,082,047

Carlyle

Group,

Inc.

(The)

....................

8,573

277,336

Cboe

Global

Markets,

Inc.

...................

4,119

616,655

Charles

Schwab

Corp.

(The)

.................

58,663

3,469,916

CME

Group,

Inc.

,

Class

A

...................

14,033

2,844,208

FactSet

Research

Systems,

Inc.

...............

1,488

649,378

Franklin

Resources,

Inc.

....................

11,852

316,922

Intercontinental

Exchange,

Inc.

...............

21,841

2,577,020

LPL

Financial

Holdings,

Inc.

..................

3,030

698,688

MarketAxess

Holdings,

Inc.

..................

1,481

356,817

Moody's

Corp.

...........................

6,443

2,170,002

Morgan

Stanley

..........................

48,864

4,160,770

Nasdaq,

Inc.

............................

13,383

702,340

Northern

Trust

Corp.

.......................

8,123

617,917

Raymond

James

Financial,

Inc.

...............

7,854

821,450

S&P

Global,

Inc.

.........................

12,796

5,001,445

State

Street

Corp.

........................

13,040

896,370

T

Rowe

Price

Group,

Inc.

...................

8,762

983,359

33,978,233

a

Chemicals

 — 

2

.4

%

Air

Products

and

Chemicals,

Inc.

..............

8,665

2,560,421

Albemarle

Corp.

.........................

4,578

909,694

CF

Industries

Holdings,

Inc.

..................

7,604

586,040

FMC

Corp.

.............................

4,854

418,561

International

Flavors

&

Fragrances,

Inc.

..........

9,952

701,118

Linde

PLC

.............................

19,099

7,392,077

Mosaic

Co.

(The)

.........................

12,928

502,253

PPG

Industries,

Inc.

.......................

9,184

1,301,924

RPM

International,

Inc.

.....................

5,017

500,396

Sherwin-Williams

Co.

(The)

..................

9,558

2,597,100

Westlake

Corp.

..........................

1,490

195,160

17,664,744

a

Commercial

Services

&

Supplies

 — 

1

.2

%

Cintas

Corp.

............................

3,572

1,800,895

Copart,

Inc.

(b)

...........................

33,525

1,502,926

Republic

Services,

Inc.

.....................

8,637

1,244,851

Rollins,

Inc.

.............................

9,544

377,656

Waste

Connections,

Inc.

....................

10,048

1,376,475

Waste

Management,

Inc.

....................

15,870

2,488,099

8,790,902

a

Communications

Equipment

 — 

1

.6

%

Arista

Networks,

Inc.

(b)

.....................

10,222

1,995,641

Cisco

Systems,

Inc.

.......................

158,973

9,117,101

F5,

Inc.

(b)

..............................

2,374

388,529

Juniper

Networks,

Inc.

.....................

12,464

362,952

11,864,223

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

5,134

450,508

Quanta

Services,

Inc.

......................

5,664

1,188,704

1,639,212

a

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Construction

Materials

 — 

0

.3

%

Martin

Marietta

Materials,

Inc.

................

2,417

$

1,078,973

Vulcan

Materials

Co.

......................

5,190

1,132,718

2,211,691

a

Consumer

Finance

 — 

1

.0

%

Ally

Financial,

Inc.

........................

10,689

295,978

American

Express

Co.

.....................

24,646

3,893,822

Capital

One

Financial

Corp.

..................

14,894

1,524,997

Discover

Financial

Services

..................

9,907

892,324

Synchrony

Financial

.......................

16,691

538,785

7,145,906

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.7

%

Dollar

General

Corp.

......................

8,557

1,185,145

Dollar

Tree,

Inc.

(b)

.........................

8,168

999,436

Target

Corp.

............................

18,005

2,278,533

Walgreens

Boots

Alliance,

Inc.

................

28,551

722,626

5,185,740

a

Containers

&

Packaging

 — 

0

.4

%

Avery

Dennison

Corp.

......................

3,149

593,209

Ball

Corp.

..............................

12,270

668,101

International

Paper

Co.

.....................

12,863

449,176

Packaging

Corp.

of

America

.................

3,508

523,043

Sealed

Air

Corp.

.........................

5,648

209,315

Westrock

Co.

...........................

10,086

329,913

2,772,757

a

Distributors

 — 

0

.3

%

Genuine

Parts

Co.

........................

5,481

842,594

LKQ

Corp.

.............................

10,413

546,995

Pool

Corp.

.............................

1,521

556,078

1,945,667

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

8,343

542,712

a

Diversified

Telecommunication

Services

 — 

0

.8

%

Liberty

Global

PLC

,

Class

C

,

NVS

(b)

............

853

16,924

Verizon

Communications,

Inc.

................

164,000

5,736,720

5,753,644

a

Electrical

Equipment

 — 

1

.0

%

AMETEK,

Inc.

...........................

8,968

1,430,486

Eaton

Corp.

PLC

.........................

15,550

3,582,253

Generac

Holdings,

Inc.

.....................

2,452

291,322

Hubbell,

Inc.

............................

2,090

681,444

Rockwell

Automation,

Inc.

...................

4,482

1,398,743

Sensata

Technologies

Holding

PLC

............

5,884

221,356

7,605,604

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.4

%

Amphenol

Corp.

,

Class

A

...................

23,224

2,052,537

Arrow

Electronics,

Inc.

.....................

2,270

302,886

CDW

Corp.

.............................

5,259

1,110,438

Cognex

Corp.

...........................

6,676

314,306

Corning,

Inc.

............................

31,506

1,034,027

Jabil,

Inc.

..............................

5,093

582,741

Keysight

Technologies,

Inc.

(b)

.................

6,958

927,501

TE

Connectivity

Ltd.

.......................

12,293

1,627,470

Teledyne

Technologies,

Inc.

..................

1,835

767,581

Trimble,

Inc.

(b)

...........................

9,612

526,642

Zebra

Technologies

Corp.

,

Class

A

(b)

............

2,004

551,120

9,797,249

a

Security

Shares

Value

a

Entertainment

 — 

0

.3

%

Electronic

Arts,

Inc.

.......................

10,087

$

1,210,238

Warner

Bros

Discovery,

Inc.

,

Series

A

...........

90,282

1,186,306

2,396,544

a

Financial

Services

 — 

5

.5

%

Block,

Inc.

,

Class

A

(b)

......................

21,231

1,223,967

Fidelity

National

Information

Services,

Inc.

........

23,111

1,290,981

Fiserv,

Inc.

(b)

............................

24,083

2,923,435

FleetCor

Technologies,

Inc.

(b)

.................

2,729

741,551

Global

Payments,

Inc.

.....................

10,220

1,294,772

Jack

Henry

&

Associates,

Inc.

................

2,840

445,255

Mastercard,

Inc.

,

Class

A

....................

33,014

13,622,897

PayPal

Holdings,

Inc.

(b)

.....................

41,349

2,584,726

Toast,

Inc.

,

Class

A

........................

12,075

267,703

Visa,

Inc.

,

Class

A

........................

63,128

15,509,287

39,904,574

a

Food

Products

 — 

0

.9

%

Campbell

Soup

Co.

.......................

7,511

313,209

Conagra

Brands,

Inc.

......................

18,590

555,469

Darling

Ingredients,

Inc.

....................

6,197

382,727

General

Mills,

Inc.

........................

22,829

1,544,610

Hormel

Foods

Corp.

.......................

11,689

451,078

J

M

Smucker

Co.

(The)

.....................

3,982

577,191

Kraft

Heinz

Co.

(The)

......................

33,506

1,108,713

Lamb

Weston

Holdings,

Inc.

.................

5,673

552,607

McCormick

&

Co.,

Inc.

,

NVS

.................

9,795

803,974

6,289,578

a

Ground

Transportation

 — 

0

.4

%

JB

Hunt

Transport

Services,

Inc.

..............

3,234

607,604

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

6,357

348,491

Old

Dominion

Freight

Line,

Inc.

...............

3,850

1,645,374

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

3,828

203,803

2,805,272

a

Health

Care

Equipment

&

Supplies

 — 

2

.4

%

Align

Technology,

Inc.

(b)

.....................

2,835

1,049,347

Baxter

International,

Inc.

....................

19,721

800,673

Cooper

Companies,

Inc.

(The)

................

1,931

714,451

Dentsply

Sirona,

Inc.

......................

8,290

307,476

Dexcom,

Inc.

(b)

..........................

15,122

1,527,020

Edwards

Lifesciences

Corp.

(b)

................

23,649

1,808,439

GE

HealthCare

Technologies,

Inc.

.............

15,963

1,124,593

Hologic,

Inc.

(b)

...........................

9,602

717,653

IDEXX

Laboratories,

Inc.

(b)

...................

3,238

1,655,946

Insulet

Corp.

(b)

...........................

2,712

519,917

ResMed,

Inc.

...........................

5,732

914,770

STERIS

PLC

............................

3,849

883,692

Stryker

Corp.

...........................

13,328

3,779,154

Teleflex,

Inc.

(a)

...........................

1,850

393,569

Zimmer

Biomet

Holdings,

Inc.

................

8,145

970,232

17,166,932

a

Health

Care

Providers

&

Services

 — 

1

.6

%

Centene

Corp.

(b)

.........................

21,408

1,319,803

DaVita,

Inc.

(b)

............................

2,159

221,125

Elevance

Health,

Inc.

......................

9,248

4,087,708

HCA

Healthcare,

Inc.

......................

8,052

2,232,820

Henry

Schein,

Inc.

(a)

(b)

......................

5,110

391,119

Humana,

Inc.

...........................

4,875

2,250,446

Molina

Healthcare,

Inc.

.....................

2,283

708,004

Quest

Diagnostics,

Inc.

.....................

4,369

574,524

11,785,549

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

REITs

 — 

0

.4

%

Healthpeak

Properties,

Inc.

..................

21,244

$

437,202

Ventas,

Inc.

............................

15,606

681,670

Welltower,

Inc.

...........................

19,390

1,607,043

2,725,915

a

Health

Care

Technology

 — 

0

.2

%

Veeva

Systems,

Inc.

,

Class

A

(b)

...............

5,685

1,186,460

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

27,713

437,588

a

Hotels,

Restaurants

&

Leisure

 — 

1

.4

%

Aramark

...............................

9,657

359,047

Booking

Holdings,

Inc.

(b)

....................

1,441

4,474,348

Darden

Restaurants,

Inc.

...................

4,717

733,541

Domino's

Pizza,

Inc.

.......................

1,379

534,225

DoorDash,

Inc.

,

Class

A

....................

9,856

829,185

Hilton

Worldwide

Holdings,

Inc.

...............

10,324

1,534,663

Hyatt

Hotels

Corp.

,

Class

A

..................

1,808

203,237

Vail

Resorts,

Inc.

.........................

1,561

353,285

Yum!

Brands,

Inc.

........................

10,926

1,413,606

10,435,137

a

Household

Durables

 — 

0

.6

%

DR

Horton,

Inc.

..........................

11,975

1,425,264

Garmin

Ltd.

.............................

5,970

632,939

Mohawk

Industries,

Inc.

(b)

...................

2,106

213,527

NVR,

Inc.

..............................

126

803,544

PulteGroup,

Inc.

.........................

8,709

714,661

Whirlpool

Corp.

..........................

2,157

301,894

4,091,829

a

Household

Products

 — 

0

.5

%

Church

&

Dwight

Co.,

Inc.

...................

9,528

922,025

Clorox

Co.

(The)

.........................

4,822

754,402

Kimberly-Clark

Corp.

......................

13,162

1,695,660

3,372,087

a

Industrial

REITs

 — 

0

.6

%

Prologis,

Inc.

............................

36,025

4,474,305

a

Insurance

 — 

3

.4

%

Aflac,

Inc.

..............................

22,394

1,669,921

Allstate

Corp.

(The)

.......................

10,254

1,105,484

American

International

Group,

Inc.

.............

28,236

1,652,371

Arch

Capital

Group

Ltd.

(b)

...................

14,529

1,116,699

Arthur

J

Gallagher

&

Co.

....................

8,358

1,926,352

Assurant,

Inc.

...........................

2,068

288,134

Brown

&

Brown,

Inc.

.......................

9,405

696,910

Chubb

Ltd.

.............................

16,157

3,245,457

Everest

Group

Ltd.

........................

1,672

603,057

Hartford

Financial

Services

Group,

Inc.

(The)

......

12,102

869,166

Marsh

&

McLennan

Companies,

Inc.

............

19,300

3,763,307

Principal

Financial

Group,

Inc.

................

9,470

735,914

Progressive

Corp.

(The)

....................

22,833

3,047,520

Prudential

Financial,

Inc.

....................

14,240

1,348,101

Travelers

Companies,

Inc.

(The)

...............

9,010

1,452,682

Willis

Towers

Watson

PLC

...................

4,152

858,467

24,379,542

a

Interactive

Media

&

Services

 — 

0

.0

%

ZoomInfo

Technologies,

Inc.

.................

10,204

183,876

a

IT

Services

 — 

1

.2

%

Akamai

Technologies,

Inc.

(b)

..................

5,938

624,024

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

19,797

1,417,663

Security

Shares

Value

a

IT

Services

(continued)

EPAM

Systems,

Inc.

(b)

......................

2,245

$

581,433

Gartner,

Inc.

(b)

...........................

3,084

1,078,413

GoDaddy,

Inc.

,

Class

A

.....................

5,753

417,150

MongoDB,

Inc.

,

Class

A

(b)

...................

2,765

1,054,295

Okta,

Inc.

,

Class

A

(b)

.......................

6,084

508,075

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

10,171

1,595,321

Twilio,

Inc.

,

Class

A

.......................

6,709

427,430

VeriSign,

Inc.

(b)

..........................

3,654

759,265

8,463,069

a

Leisure

Products

 — 

0

.0

%

Hasbro,

Inc.

............................

5,100

367,200

a

Life

Sciences

Tools

&

Services

 — 

2

.3

%

Agilent

Technologies,

Inc.

...................

11,523

1,395,090

Avantor,

Inc.

............................

26,322

569,871

Bio-Rad

Laboratories,

Inc.

,

Class

A

.............

859

343,772

Bio-Techne

Corp.

.........................

6,115

479,416

Charles

River

Laboratories

International,

Inc.

(b)

.....

1,986

410,745

Danaher

Corp.

..........................

27,369

7,252,785

Illumina,

Inc.

(b)

...........................

6,168

1,019,077

IQVIA

Holdings,

Inc.

(b)

......................

7,239

1,611,619

Mettler-Toledo

International,

Inc.

(b)

.............

859

1,042,379

Repligen

Corp.

(b)

.........................

2,047

355,994

Revvity,

Inc.

............................

4,894

572,745

Waters

Corp.

(b)

..........................

2,303

646,682

West

Pharmaceutical

Services,

Inc.

............

2,896

1,178,382

16,878,557

a

Machinery

 — 

3

.9

%

Caterpillar,

Inc.

..........................

20,105

5,652,119

Cummins,

Inc.

...........................

5,522

1,270,281

Deere

&

Co.

............................

10,866

4,465,274

Dover

Corp.

............................

5,456

809,125

Fortive

Corp.

............................

13,792

1,087,499

Graco,

Inc.

.............................

6,539

516,189

IDEX

Corp.

.............................

2,949

667,654

Illinois

Tool

Works,

Inc.

.....................

11,856

2,932,582

Ingersoll

Rand,

Inc.

.......................

15,781

1,098,515

Nordson

Corp.

...........................

2,001

488,524

Otis

Worldwide

Corp.

......................

16,122

1,379,237

PACCAR,

Inc.

...........................

20,387

1,677,646

Parker-Hannifin

Corp.

......................

5,005

2,086,584

Pentair

PLC

............................

6,505

457,041

Snap-on,

Inc.

...........................

2,065

554,659

Stanley

Black

&

Decker,

Inc.

.................

5,968

563,260

Toro

Co.

(The)

...........................

4,051

414,498

Westinghouse

Air

Brake

Technologies

Corp.

.......

7,017

789,553

Xylem,

Inc.

.............................

9,337

966,753

27,876,993

a

Media

 — 

1

.2

%

Comcast

Corp.

,

Class

A

....................

162,266

7,587,558

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,035

490,291

Omnicom

Group,

Inc.

......................

7,783

630,501

Sirius

XM

Holdings,

Inc.

(a)

...................

30,390

133,716

8,842,066

a

Metals

&

Mining

 — 

0

.4

%

Cleveland-Cliffs,

Inc.

......................

20,327

310,800

Newmont

Corp.

..........................

31,003

1,222,138

Reliance

Steel

&

Aluminum

Co.

...............

2,294

653,698

Steel

Dynamics,

Inc.

.......................

6,264

667,680

2,854,316

a

Schedule

of

Investments

(continued)

August

31,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Annual

Report

to

Shareholders

Security

Shares

Value

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

19,142

$

388,008

a

Office

REITs

 — 

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

............

6,411

745,856

Boston

Properties,

Inc.

.....................

5,781

385,997

1,131,853

a

Personal

Care

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

9,045

1,451,994

a

Pharmaceuticals

 — 

3

.0

%

Catalent,

Inc.

(b)

..........................

7,110

355,287

Eli

Lilly

&

Co.

...........................

31,477

17,444,553

Jazz

Pharmaceuticals

PLC

..................

2,504

358,973

Zoetis,

Inc.

,

Class

A

.......................

18,027

3,434,324

21,593,137

a

Professional

Services

 — 

1

.5

%

Automatic

Data

Processing,

Inc.

...............

16,117

4,103,549

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

5,110

579,014

Broadridge

Financial

Solutions,

Inc.

............

4,603

857,125

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

5,775

418,803

Clarivate

PLC

(b)

..........................

13,190

98,002

Paychex,

Inc.

...........................

12,659

1,547,310

Paycom

Software,

Inc.

.....................

2,032

599,115

Paylocity

Holding

Corp.

.....................

1,741

349,070

Robert

Half,

Inc.

.........................

4,190

309,892

TransUnion

.............................

7,536

612,074

Verisk

Analytics,

Inc.

.......................

5,648

1,368,059

10,842,013

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(b)

.................

12,126

1,031,316

a

Residential

REITs

 — 

0

.5

%

American

Homes

4

Rent

,

Class

A

..............

12,651

455,942

AvalonBay

Communities,

Inc.

................

5,527

1,015,973

Camden

Property

Trust

.....................

4,142

445,762

Invitation

Homes,

Inc.

......................

23,810

811,683

Mid-America

Apartment

Communities,

Inc.

........

4,539

659,199

3,388,559

a

Retail

REITs

 — 

0

.5

%

Kimco

Realty

Corp.

.......................

24,096

456,378

Realty

Income

Corp.

.......................

26,261

1,471,666

Regency

Centers

Corp.

....................

6,481

403,118

Simon

Property

Group,

Inc.

..................

12,756

1,447,679

3,778,841

a

Semiconductors

&

Semiconductor

Equipment

 — 

15

.3

%

Advanced

Micro

Devices,

Inc.

(a)

(b)

..............

62,822

6,641,542

Analog

Devices,

Inc.

.......................

19,561

3,555,799

Applied

Materials,

Inc.

.....................

32,760

5,004,418

Broadcom,

Inc.

..........................

16,100

14,858,529

Enphase

Energy,

Inc.

(a)

(b)

....................

5,346

676,429

Entegris,

Inc.

............................

5,835

590,910

First

Solar,

Inc.

..........................

3,959

748,726

KLA

Corp.

..............................

5,352

2,686,008

Lam

Research

Corp.

......................

5,241

3,681,278

Lattice

Semiconductor

Corp.

.................

5,351

520,438

Marvell

Technology,

Inc.

....................

33,549

1,954,229

Microchip

Technology,

Inc.

...................

21,235

1,737,872

Micron

Technology,

Inc.

.....................

42,728

2,988,396

Monolithic

Power

Systems,

Inc.

...............

1,753

913,681

NVIDIA

Corp.

...........................

96,356

47,556,504

NXP

Semiconductors

NV

...................

10,133

2,084,561

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

ON

Semiconductor

Corp.

(b)

..................

16,847

$

1,658,756

Qorvo,

Inc.

(b)

............................

3,847

413,129

QUALCOMM,

Inc.

........................

43,458

4,977,245

Skyworks

Solutions,

Inc.

....................

6,209

675,167

SolarEdge

Technologies,

Inc.

.................

2,212

359,605

Texas

Instruments,

Inc.

.....................

35,408

5,950,669

Wolfspeed,

Inc.

(b)

.........................

4,916

235,083

110,468,974

a

Software

 — 

20

.7

%

Adobe,

Inc.

(b)

............................

17,781

9,945,624

ANSYS,

Inc.

(b)

...........................

3,381

1,078,099

Aspen

Technology,

Inc.

(b)

....................

1,153

223,682

Atlassian

Corp.

,

Class

A

....................

5,926

1,209,260

Autodesk,

Inc.

(b)

..........................

8,338

1,850,536

Bentley

Systems,

Inc.

,

Class

B

................

8,246

411,558

BILL

Holdings,

Inc.

(a)

(b)

......................

3,709

427,648

Black

Knight,

Inc.

.........................

6,092

461,530

Cadence

Design

Systems,

Inc.

(b)

..............

10,637

2,557,560

Crowdstrike

Holdings,

Inc.

,

Class

A

.............

8,743

1,425,371

Datadog,

Inc.

,

Class

A

(b)

....................

9,867

951,968

DocuSign,

Inc.

...........................

7,825

393,597

Dropbox,

Inc.

,

Class

A

(b)

....................

10,124

281,346

Dynatrace,

Inc.

..........................

9,718

468,408

Fair

Isaac

Corp.

(b)

.........................

975

881,975

Fortinet,

Inc.

(b)

...........................

26,036

1,567,628

Gen

Digital,

Inc.

..........................

22,497

455,564

HubSpot,

Inc.

(b)

..........................

1,835

1,002,864

Intuit,

Inc.

..............................

10,925

5,919,274

Manhattan

Associates,

Inc.

(b)

.................

2,414

489,125

Microsoft

Corp.

..........................

275,562

90,318,201

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

11,931

2,902,812

PTC,

Inc.

(b)

.............................

4,386

645,488

Roper

Technologies,

Inc.

....................

4,159

2,075,591

Salesforce,

Inc.

(b)

.........................

38,000

8,415,480

ServiceNow,

Inc.

(b)

........................

7,946

4,678,843

Splunk,

Inc.

(b)

...........................

6,137

744,173

Synopsys,

Inc.

(b)

.........................

5,936

2,723,971

Tyler

Technologies,

Inc.

(b)

...................

1,635

651,433

UiPath,

Inc.

,

Class

A

.......................

13,970

220,866

Unity

Software,

Inc.

.......................

8,961

332,184

VMware,

Inc.

,

Class

A

(b)

....................

9,234

1,558,514

Workday,

Inc.

,

Class

A

(b)

....................

8,024

1,961,868

Zscaler,

Inc.

(a)

(b)

..........................

3,434

535,876

149,767,917

a

Specialized

REITs

 — 

1

.9

%

American

Tower

Corp.

.....................

18,181

3,296,579

Crown

Castle,

Inc.

........................

16,918

1,700,259

Digital

Realty

Trust,

Inc.

....................

11,365

1,496,998

Equinix,

Inc.

............................

3,648

2,850,474

Iron

Mountain,

Inc.

........................

11,376

722,831

Public

Storage

...........................

6,173

1,706,094

SBA

Communications

Corp.

,

Class

A

............

4,227

949,088

VICI

Properties,

Inc.

.......................

39,176

1,208,188

13,930,511

a

Specialty

Retail

 — 

4

.0

%

AutoZone,

Inc.

(b)

.........................

708

1,792,182

Bath

&

Body

Works,

Inc.

....................

8,462

311,994

Best

Buy

Co.,

Inc.

........................

7,635

583,696

CarMax,

Inc.

(a)

(b)

..........................

6,150

502,332

Home

Depot,

Inc.

(The)

....................

39,221

12,954,696

Lowe's

Companies,

Inc.

....................

22,861

5,269,003

Ross

Stores,

Inc.

.........................

13,289

1,618,733

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

TJX

Companies,

Inc.

(The)

..................

44,833

$

4,146,156

Tractor

Supply

Co.

........................

4,274

933,869

Ulta

Beauty,

Inc.

(b)

........................

1,943

806,403

28,919,064

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.6

%

Dell

Technologies,

Inc.

,

Class

C

...............

9,989

561,781

Hewlett

Packard

Enterprise

Co.

...............

50,383

856,007

HP,

Inc.

...............................

34,616

1,028,442

NetApp,

Inc.

............................

8,288

635,690

Seagate

Technology

Holdings

PLC

.............

7,224

511,387

Western

Digital

Corp.

(b)

.....................

12,434

559,530

4,152,837

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Deckers

Outdoor

Corp.

(b)

....................

1,021

540,201

Lululemon

Athletica,

Inc.

(b)

...................

4,520

1,723,295

VF

Corp.

..............................

13,099

258,836

2,522,332

a

Trading

Companies

&

Distributors

 — 

0

.8

%

Fastenal

Co.

............................

22,229

1,279,946

Ferguson

PLC

...........................

7,977

1,288,764

United

Rentals,

Inc.

.......................

2,681

1,277,604

Watsco,

Inc.

............................

1,298

473,186

WW

Grainger,

Inc.

........................

1,762

1,258,314

5,577,814

a

Security

Shares

Value

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

7,594

$

1,053,592

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

690,244,048

)

................................

720,775,883

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.52

%

(c)

(d)

(e)

......................

14,463,150

14,467,489

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

............................

1,047,206

1,047,206

a

Total

Short-Term

Securities — 2.1%

(Cost:

$

15,513,014

)

.................................

15,514,695

Total

Investments

—

101.8%

(Cost:

$

705,757,062

)

................................

736,290,578

Liabilities

in

Excess

of

Other

Assets

—

(

1

.8

)

%

...............

(

13,296,487

)

Net

Assets

—

100.0%

.................................

$

722,994,091

(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

August

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

08/31/23

  Shares

Held

at

08/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

9,393,974

$

5,076,419

(a)

$

—

$

(

1,565

)

$

(

1,339

)

$

14,467,489

14,463,150

$

63,202

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

746,046

301,160

(a)

—

—

—

1,047,206

1,047,206

42,093

—

BlackRock,

Inc.

...

—

4,082,079

—

—

(

32

)

4,082,047

5,827

—

—

$

(

1,565

)

$

(

1,371

)

$

19,596,742

$

105,295

$

—

(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)

August

31,

2023

iShares

®

ESG

Advanced

MSCI

USA

ETF

20

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

August

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

...................................................................

7

09/15/23

$

1,581

$

22,022

E-Mini

Technology

Select

Sector

Index

.......................................................

2

09/15/23

354

3,876

$

25,898

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)

.............

$

—

$

—

$

25,898

$

—

$

—

$

—

$

25,898

(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

..................................

$

—

$

—

$

114,600

$

—

$

—

$

—

$

114,600

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

65,547

$

—

$

—

$

—

$

65,547

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,691,634

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(continued)

August

31,

2023

21

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

.........................................

$

720,775,883

‌

$

—

‌

$

—

‌

$

720,775,883

‌

Short-Term

Securities

Money

Market

Funds

......................................

15,514,695

‌

—

‌

—

‌

15,514,695

‌

$

736,290,578

‌

$

—

‌

$

—

‌

$

736,290,578

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

25,898

‌

$

—

‌

$

—

‌

$

25,898

‌

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

22

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

August

31,

2023

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................................

$

2,283,322,580

‌

$

716,693,836

‌

Investments,

at

value

—

affiliated

(c)

........................................................................

21,325,339

‌

19,596,742

‌

Cash

............................................................................................

29,595

‌

6,294

‌

Cash

pledged:

Futures

contracts

..................................................................................

436,000

‌

76,000

‌

Receivables:

Investments

sold

..................................................................................

6,908,339

‌

14,002,862

‌

Securities

lending

income

—

affiliated

....................................................................

209

‌

4,096

‌

Capital

shares

sold

.................................................................................

25,350

‌

—

‌

Dividends

—

unaffiliated

.............................................................................

3,245,897

‌

822,671

‌

Dividends

—

affiliated

...............................................................................

19,678

‌

4,505

‌

Total

assets

.......................................................................................

2,315,312,987

‌

751,207,006

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

6,588,268

‌

14,468,081

‌

Payables:

Investments

purchased

..............................................................................

9,499,207

‌

13,684,362

‌

Capital

shares

redeemed

.............................................................................

13,301

‌

—

‌

Investment

advisory

fees

.............................................................................

153,721

‌

59,796

‌

Variation

margin

on

futures

contracts

.....................................................................

12,791

‌

676

‌

Total

liabilities

......................................................................................

16,267,288

‌

28,212,915

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

2,299,045,699

‌

$

722,994,091

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

2,165,650,813

‌

$

722,382,531

‌

Accumulated

earnings

................................................................................

133,394,886

‌

611,560

‌

NET

ASSETS

......................................................................................

$

2,299,045,699

‌

$

722,994,091

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

43,150,000

‌

19,650,000

‌

Net

asset

value

.....................................................................................

$

53.28

‌

$

36.79

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

6,457,941

‌

$

14,169,556

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................................

$

2,157,888,436

‌

$

686,161,969

‌

(c)

Investments,

at

cost

—

affiliated

........................................................................

$

21,052,573

‌

$

19,595,093

‌

23

Financial

Statements

Statements

of

Operations

Year

Ended

August

31,

2023

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

(a)

iShares

ESG

Advanced

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

8,024,646

‌

$

9,541,936

‌

Dividends

—

affiliated

..............................................................................

35,326

‌

42,093

‌

Interest

—

unaffiliated

..............................................................................

1,166

‌

1,385

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

209

‌

63,202

‌

Foreign

taxes

withheld

.............................................................................

(

924

)

(

9,772

)

Total

investment

income

..............................................................................

8,060,423

‌

9,638,844

‌

EXPENSES

Investment

advisory

...............................................................................

409,569

‌

646,701

‌

Total

expenses

....................................................................................

409,569

‌

646,701

‌

Net

investment

income

...............................................................................

7,650,854

‌

8,992,143

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

37,935

)

(

11,144,444

)

Investments

—

affiliated

...........................................................................

584

‌

(

1,565

)

Futures

contracts

...............................................................................

65,929

‌

114,600

‌

In-kind

redemptions

—

unaffiliated

(b)

...................................................................

543,557

‌

12,597,457

‌

In-kind

redemptions

—

affiliated

(b)

....................................................................

28

‌

—

‌

572,163

‌

1,566,048

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

125,434,144

‌

117,539,768

‌

Investments

—

affiliated

...........................................................................

272,766

‌

(

1,371

)

Futures

contracts

...............................................................................

24,128

‌

65,547

‌

125,731,038

‌

117,603,944

‌

Net

realized

and

unrealized

gain

........................................................................

126,303,201

‌

119,169,992

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

133,954,055

‌

$

128,162,135

‌

(a)

For

the

period

from

June

6,

2023

(commencement

of

operations)

to

August

31,

2023.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

24

2023

iShares

Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

Period

From

06/06/23

(a)

to

08/31/23

Year

Ended

08/31/23

Year

Ended

08/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................

$

7,650,854

‌

$

8,992,143

‌

$

6,996,390

‌

Net

realized

gain

(loss)

...........................................................

572,163

‌

1,566,048

‌

(

3,147,196

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................

125,731,038

‌

117,603,944

‌

(

128,331,485

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..................................

133,954,055

‌

128,162,135

‌

(

124,482,291

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................

—

‌

(

8,675,446

)

(

6,071,436

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

................................

2,165,091,644

‌

14,324,978

‌

300,630,783

‌

NET

ASSETS

Total

increase

in

net

assets

..........................................................

2,299,045,699

‌

133,811,667

‌

170,077,056

‌

Beginning

of

period

...............................................................

—

‌

589,182,424

‌

419,105,368

‌

End

of

period

...................................................................

$

2,299,045,699

‌

$

722,994,091

‌

$

589,182,424

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

25

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

Period

From

06/06/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

......................................................................................

$

50.07

‌

Net

investment

income

(b)

..............................................................................................

0

.18

‌

Net

realized

and

unrealized

gain

(c)

........................................................................................

3

.03

‌

Net

increase

from

investment

operations

.....................................................................................

3

.21

‌

Net

asset

value,

end

of

period

...........................................................................................

$

53.28

‌

Total

Return

(d)

–

Based

on

net

asset

value

...............................................................................................

6

.41

%

(e)

Ratios

to

Average

Net

Assets

(f)

–

Total

expenses

......................................................................................................

0

.08

%

(g)

Net

investment

income

.................................................................................................

1

.48

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................................................................

$

2,299,046

‌

Portfolio

turnover

rate

(h)

.................................................................................................

1

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

26

2023

iShares

Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Period

From

06/16/20

(a)

to

08/31/20

Net

asset

value,

beginning

of

period

......................................

$

30.93

‌

$

38.10

‌

$

29.04

‌

$

25.43

‌

Net

investment

income

(b)

..............................................

0

.45

‌

0

.42

‌

0

.38

‌

0

.06

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................

5

.85

‌

(

7

.20

)

8

.99

‌

3

.55

‌

Net

increase

(decrease)

from

investment

operations

.............................

6

.30

‌

(

6

.78

)

9

.37

‌

3

.61

‌

Distributions

(d)

–

–

–

–

From

net

investment

income

...........................................

(

0

.44

)

(

0

.39

)

(

0

.30

)

—

‌

From

net

realized

gains

...............................................

—

‌

—

‌

(

0

.01

)

—

‌

Total

distributions

....................................................

(

0

.44

)

(

0

.39

)

(

0

.31

)

—

‌

Net

asset

value,

end

of

period

...........................................

$

36.79

‌

$

30.93

‌

$

38.10

‌

$

29.04

‌

Total

Return

(e)

–

–

–

–

Based

on

net

asset

value

...............................................

20.65

%

(

17.95

)

%

32.53

%

14.20

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

Total

expenses

......................................................

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(h)

Net

investment

income

.................................................

1

.39

%

1

.23

%

1

.09

%

1

.16

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

722,994

‌

$

589,182

‌

$

419,105

‌

$

5,808

‌

Portfolio

turnover

rate

(i)

.................................................

12

%

24

%

29

%

4

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

27

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

August

31,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

iShares

ETF

Diversification

Classification

Climate

Conscious

&

Transition

MSCI

USA

(a)

..................................................................................

Non-diversified

ESG

Advanced

MSCI

USA

..............................................................................................

Non-diversified

(a)

The

Fund

commenced

operations

on

June

6,

2023.

Notes

to

Financial

Statements

(continued)

28

2023

iShares

Annual

Report

to

Shareholders

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

Notes

to

Financial

Statements

(

continued)

29

Notes

to

Financial

Statements

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Climate

Conscious

&

Transition

MSCI

USA

J.P.

Morgan

Securities

LLC

.....................................

$

2,754,090

‌

$

(2,754,090

)

$

—

‌

$

—

‌

RBC

Capital

Markets

LLC

......................................

2,766,524

‌

(2,766,524

)

—

‌

—

‌

Wells

Fargo

Bank

NA

.........................................

937,327

‌

(937,327

)

—

‌

—

‌

$

6,457,941

‌

$

(6,457,941

)

$

—

‌

$

—

‌

a

ESG

Advanced

MSCI

USA

Barclays

Bank

PLC

...........................................

796,955

‌

(796,955

)

—

‌

—

‌

Citadel

Clearing

LLC

..........................................

385,272

‌

(385,272

)

—

‌

—

‌

HSBC

Bank

PLC

............................................

931,049

‌

(931,049

)

—

‌

—

‌

J.P.

Morgan

Securities

LLC

.....................................

8,242,576

‌

(8,242,576

)

—

‌

—

‌

Morgan

Stanley

.............................................

8,645

‌

(8,645

)

—

‌

—

‌

RBC

Capital

Markets

LLC

......................................

342,025

‌

(332,598

)

—

‌

9,427

‌

Toronto-Dominion

Bank

........................................

2,899,217

‌

(2,894,180

)

—

‌

5,037

‌

UBS

AG

..................................................

563,817

‌

(563,817

)

—

‌

—

‌

$

14,169,556

‌

$

(14,155,092

)

$

—

‌

$

14,464

‌

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

August

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

30

2023

iShares

Annual

Report

to

Shareholders

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the period

ended August

31,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the period

ended

August

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Investment

Advisory

Fees

Climate

Conscious

&

Transition

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%

ESG

Advanced

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10

iShares

ETF

Amounts

Climate

Conscious

&

Transition

MSCI

USA

..................................................................................

$

88

‌

ESG

Advanced

MSCI

USA

.............................................................................................

18,646

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Climate

Conscious

&

Transition

MSCI

USA

..............................................

$

5,612,648

‌

$

3,711,792

‌

$

(90,163

)

ESG

Advanced

MSCI

USA

.........................................................

29,671,418

‌

30,032,540

‌

(2,606,531

)

Notes

to

Financial

Statements

(

continued)

31

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the

period ended

August

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the

period

ended

August

31,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

August

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

August

31,

2023,

permanent

differences

attributable

to

certain

deemed

distributions

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

August

31,

2023,

the

tax

components

of

accumulated

net earnings

(losses)

were

as

follows:

As

of

August

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

iShares

ETF

Purchases

Sales

Climate

Conscious

&

Transition

MSCI

USA

................................................................

$

16,600,607

‌

$

11,533,123

‌

ESG

Advanced

MSCI

USA

...........................................................................

77,271,113

‌

77,364,237

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Climate

Conscious

&

Transition

MSCI

USA

................................................................

$

2,168,288,150

‌

$

6,596,906

‌

ESG

Advanced

MSCI

USA

...........................................................................

75,358,073

‌

61,131,039

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

Climate

Conscious

&

Transition

MSCI

USA

................................................................

$

559,169

‌

$

(559,169

)

ESG

Advanced

MSCI

USA

...........................................................................

12,593,713

‌

(12,593,713

)

iShares

ETF

Year

Ended

08/31/23

Year

Ended

08/31/22

ESG

Advanced

MSCI

USA

Ordinary

income

..........................................................................................

$

8,675,446

‌

$

6,071,436

‌

iShares

ETF

Undistributed

Ordinary

Income

Undistributed

Long-

Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Climate

Conscious

&

Transition

MSCI

USA

..........

$

7,650,854

‌

$

37,128

‌

$

—

‌

$

125,706,904

‌

$

133,394,886

‌

ESG

Advanced

MSCI

USA

.....................

2,048,563

‌

—

‌

(29,981,927

)

28,544,924

‌

611,560

‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

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

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Climate

Conscious

&

Transition

MSCI

USA

............................

$

2,178,941,015

‌

$

158,573,943

‌

$

(32,867,039

)

$

125,706,904

‌

ESG

Advanced

MSCI

USA

.......................................

707,743,762

‌

91,591,089

‌

(63,044,273

)

28,546,816

‌

Notes

to

Financial

Statements

(continued)

32

2023

iShares

Annual

Report

to

Shareholders

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

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.

Notes

to

Financial

Statements

(

continued)

33

Notes

to

Financial

Statements

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

08/31/23

Year

Ended

08/31/22

iShares

ETF

Shares

Amount

Shares

Amount

Climate

Conscious

&

Transition

MSCI

USA

(a)

Shares

sold

...............................................

43,275,000

‌

$

2,171,705,502

‌

—

‌

$

—

‌

Shares

redeemed

...........................................

(125,000

)

(6,613,858

)

—

‌

—

‌

43,150,000

‌

$

2,165,091,644

‌

—

‌

$

—

‌

ESG

Advanced

MSCI

USA

Shares

sold

...............................................

2,400,000

‌

$

75,640,973

‌

11,500,000

‌

$

415,134,537

‌

Shares

redeemed

...........................................

(1,800,000

)

(61,315,995

)

(3,450,000

)

(114,503,754

)

600,000

‌

$

14,324,978

‌

8,050,000

‌

$

300,630,783

‌

(a)

The

Fund

commenced

operations

on

June

6,

2023.

Report

of

Independent

Registered

Public

Accounting

Firm

34

2023

iShares

Annual

Report

to

Shareholders

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the

two

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(two

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

“Funds”)

as

of

August

31,

2023,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

August

31,

2023,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets

for

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2023

by

correspondence

with

the

custodian,

transfer

agent,

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

October

23,

2023

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

(1)

iShares

ESG

Advanced

MSCI

USA

ETF

(2)

(1)

Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

June

6,

2023

(commencement

of

operations)

to

August

31,

2023.

(2)

Statement

of

operations

for

the

year

ended

August

31,

2023

and

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2023.

Important

Tax

Information

(unaudited)

35

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

August

31,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

August

31,

2023:

The

Fund

hereby

designates

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

capital

gain

dividends,

subject

to

a

long-term

capital

gains

tax

rate

as

noted

below,

for

the

fiscal

year

ended

August

31,

2023: 

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended August

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Climate

Conscious

&

Transition

MSCI

USA

...................................................................................

$

7,545,536‌

ESG

Advanced

MSCI

USA

..............................................................................................

8,449,066‌

iShares

ETF

Qualified

Business

Income

ESG

Advanced

MSCI

USA

..............................................................................................

$

207,347‌

iShares

ETF

20%

Rate

Long-

Term

Capital

Gain

Dividends

Climate

Conscious

&

Transition

MSCI

USA

...................................................................................

$

15,584‌

iShares

ETF

Dividends-Received

Deduction

Climate

Conscious

&

Transition

MSCI

USA

...................................................................................

95.86‌

%

ESG

Advanced

MSCI

USA

..............................................................................................

89.75‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

36

2023

iShares

Annual

Report

to

Shareholders

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

to

consider

and

approve

the

proposed

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

terms

of

the

proposed

Advisory

Agreement.

At

a

meeting

held

on

March

29-30,

2023,

the

Board,

including

the

Independent

Board

Members,

approved

the

selection

of

BFA

as

investment

adviser

and

approved

the

proposed

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA.

The

Board

also

considered

information

previously

provided

by

BFA,

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

and

BlackRock,

Inc.

(“BlackRock”),

as

applicable,

at

prior

Board

meetings.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

BFA;

(iii)

the

costs

of

services

to

be

provided

to

the

Fund

and

the

availability

of

information

related

to

profits

to

be

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

no

one

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

Advisory

Agreement

are

discussed

below.

Expenses

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

of

the

Fund

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Nature,

Extent

and

Quality

of

Services

to

be

Provided

by

BFA:

The

Board

reviewed

the

scope

of

services

to

be

provided

by

BFA

under

the

Advisory

Agreement.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time

and

have

made

significant

investments

into

the

iShares

business

to

support

the

iShares

funds

and

their

shareholders.

The

Board

considered

representations

by

BFA,

BTC,

and

BlackRock

that

the

scope

and

quality

of

services

to

be

provided

to

the

Fund

would

be

similar

to

the

scope

and

quality

of

services

provided

to

other

iShares

funds.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

other

iShares

funds.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

who

will

be

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

that

will

be

available

to

them

in

managing

the

Fund.

The

Board

also

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies,

which

were

provided

throughout

the

year

with

respect

to

other

iShares

funds,

and

other

matters

related

to

BFA’s

portfolio

compliance

program.

Based

on

review

of

this

information,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

to

be

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Costs

of

Services

to

be

Provided

to

the

Fund

and

Profits

to

be

Realized

by

BFA

and

Affiliates:

The

Board

did

not

consider

the

profitability

of

the

Fund

to

BFA

based

on

the

fees

payable

under

the

Advisory

Agreement

or

revenue

to

be

received

by

BFA

or

its

affiliates

in

connection

with

services

to

be

provided

to

the

Fund

since

the

proposed

relationship

had

not

yet

commenced.

The

Board

noted

that

it

expects

to

receive

profitability

information

from

BFA

periodically

following

the

Fund’s

launch

and

will

thus

be

in

a

position

to

evaluate

whether

any

new

or

additional

breakpoints

or

other

adjustments

in

Fund

fees

would

be

appropriate.

Economies

of

Scale:

The

Board

considered

information

that

it

had

previously

received

regarding

potential

economies

of

scale,

efficiencies

and

scale

benefits

shared

with

the

iShares

funds

through

relatively

low

fee

rates

established

at

inception,

breakpoints

and

waivers

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

any

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

This

consideration

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

Advisory

Agreement.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds,

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

further

noted

that

BFA

previously

provided

the

Board

with

detailed

information

regarding

how

the

Other

Accounts

(particularly

institutional

clients)

generally

differ

from

the

iShares

funds,

including

in

terms

of

the

different

and

generally

more

extensive

services

provided

to

the

iShares

funds,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

37

Board

Review

and

Approval

of

Investment

Advisory

Contract

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement.

Other

Benefits

to

BFA

and/or

its

Affiliates:

Except

as

noted

below,

the

Board

did

not

consider

the

“fallout”

benefits

or

ancillary

revenue

to

be

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

to

be

provided

to

the

Fund

by

BFA

since

the

proposed

relationship

had

not

yet

commenced.

However,

the

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

considered

the

potential

payment

of

advisory

fees

and/or

administration

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

and/or

administration

services.

The

Board

also

noted

the

potential

revenue

to

be

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

would

permit

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

also

considered

the

potential

for

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

and

its

affiliates

in

the

event

of

any

loaning

of

portfolio

securities

of

the

Fund.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

will

be

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

Advisory

Agreement.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

to

be

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

Advisory

Agreement.

iShares

ESG

Advanced

MSCI

USA

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

38

2023

iShares

Annual

Report

to

Shareholders

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

39

Board

Review

and

Approval

of

Investment

Advisory

Contract

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

40

2023

iShares

Annual

Report

to

Shareholders

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs 

Effective

January

24,

2023,

the

SEC adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Trustee

and

Officer

Information

(unaudited)

41

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal. Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the Trust

are

referred

to

as

independent trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each Trustee

also

serves

as

a Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

387

funds

as

of

August

31,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Aaron

Wasserman,

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.

Wasserman

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);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

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).

Trustee

and

Officer

Information

(unaudited)

(continued)

42

2023

iShares

Annual

Report

to

Shareholders

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

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.

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Funds

Complex

(2014-2023).

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

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Independent

Trustees

(

continued

)

General

Information

43

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

44

2023

iShares

Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

iS-AR-824-0823

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

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

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.   Code of Ethics.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.   Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.            Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eight series of the registrant for which the fiscal year-end is August 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $62,200 for the fiscal year ended

August 31, 2022

and $102,500 for the fiscal year ended August 31, 2023.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed August 31, 2022

and August 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $77,600 for the fiscal year ended

August 31, 2022

and $77,600 for the fiscal year ended August 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed August 31, 2022 and August 31, 2023

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $77,600 for the fiscal year ended

August 31, 2022

and $77,600 for the fiscal year ended August 31, 2023.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.   Audit Committee of Listed Registrants.

(a)

The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b)     Not applicable.

Item 6.   Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

                Not applicable to the registrant.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

                Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

                There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	October 23, 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:		October 23, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		October 23, 2023