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:	March 31, 2024
Date of reporting period:	September 30, 2023

Item 1.   Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

September

30,

2023

iShares

Trust

iShares

U.S.

Aerospace

&

Defense

ETF

|

ITA

|

Cboe

BZX

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

|

IAI

|

NYSE

Arca

iShares

U.S.

Healthcare

Providers

ETF

|

IHF

|

NYSE

Arca

iShares

U.S.

Home

Construction

ETF

|

ITB

|

Cboe

BZX

iShares

U.S.

Infrastructure

ETF

|

IFRA

|

Cboe

BZX

iShares

U.S.

Insurance

ETF

|

IAK

|

NYSE

Arca

iShares

U.S.

Medical

Devices

ETF

|

IHI

|

NYSE

Arca

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

|

IEO

|

Cboe

BZX

iShares

U.S.

Oil

Equipment

&

Services

ETF

|

IEZ

|

NYSE

Arca

iShares

U.S.

Pharmaceuticals

ETF

|

IHE

|

NYSE

Arca

iShares

U.S.

Real

Estate

ETF

|

IYR

|

NYSE

Arca

iShares

U.S.

Regional

Banks

ETF

|

IAT

|

NYSE

Arca

iShares

U.S.

Telecommunications

ETF

|

IYZ

|

Cboe

BZX

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

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

benefited

from

improving

economic

sentiment,

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”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

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

two

of

its

meetings

late

in

the

period.

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

in

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

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

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,

euro

area

government

bonds

and

gilts,

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

September

30

,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

17

Disclosure

of

Expenses

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

17

Schedules

of

Investments

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

18

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

58

Statements

of

Operations

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

62

Statements

of

Changes

in

Net

Assets

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

66

Financial

Highlights

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

73

Notes

to

Financial

Statements

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

86

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

98

Supplemental

Information

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

104

General

Information

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

105

Glossary

of

Terms

Used

in

this

Report

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

106

iShares

®

U.S.

Aerospace

&

Defense

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Aerospace

&

Defense

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

aerospace

and

defense

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Aerospace

&

Defense

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(7.58

)

%

17.27

%

0.67

%

9.91

%

17.27

%

3.39

%

157.37

%

Fund

Market

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

(7.53

)

17.24

0.67

9.91

–

%

17.24

3.41

157.33

Index

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

(7.41

)

17.72

1.09

10.37

17.72

5.55

168.28

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

924.20

‌

$

1.92

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Aerospace

&

Defense

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

99.5‌

%

Leisure

Products

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

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Boeing

Co.

(The)

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

17.7‌

%

RTX

Corp.

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

17.1‌

Lockheed

Martin

Corp.

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

7.8‌

Northrop

Grumman

Corp.

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

5.0‌

Textron,

Inc.

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

4.9‌

L3Harris

Technologies,

Inc.

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

4.9‌

General

Dynamics

Corp.

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

4.9‌

Howmet

Aerospace,

Inc.

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

4.6‌

TransDigm

Group,

Inc.

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

4.6‌

Axon

Enterprise,

Inc.

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

4.5‌

aaa

aa

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

investment

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Investment

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.70

%

9.10

%

9.98

%

12.68

%

9.10

%

60.94

%

229.99

%

Fund

Market

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

0.53

8.89

9.96

12.66

–

%

8.89

60.76

229.46

Index

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

0.87

9.53

10.35

13.12

9.53

63.65

243.00

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,007.00

‌

$

2.01

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Financial

Exchanges

&

Data

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

50.6‌

%

Investment

Banking

&

Brokerage

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

49.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

S&P

Global,

Inc.

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

14.5‌

%

Goldman

Sachs

Group,

Inc.

(The)

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

13.0‌

Morgan

Stanley

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

12.7‌

CME

Group,

Inc.,

Class

A

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

4.6‌

Charles

Schwab

Corp.

(The)

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

4.5‌

Intercontinental

Exchange,

Inc.

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

4.5‌

MSCI,

Inc.,

Class

A

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

4.4‌

Moody's

Corp.

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

4.3‌

Raymond

James

Financial,

Inc.

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

3.9‌

LPL

Financial

Holdings,

Inc.

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

3.8‌

      aaa

aa

iShares

®

U.S.

Healthcare

Providers

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Healthcare

Providers

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

providers

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Health

Care

Providers

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(0.07

)

%

(2.75

)

%

5.76

%

11.85

%

(2.75

)

%

32.29

%

206.33

%

Fund

Market

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

(0.02

)

(2.80

)

5.75

11.84

–

%

(2.80

)

32.25

206.17

Index

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

0.11

(2.48

)

6.14

12.28

(2.48

)

34.70

218.48

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

999.30

‌

$

2.00

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Managed

Health

Care

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

51.0‌

%

Health

Care

Services

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

30.5‌

Health

Care

Facilities

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

11.3‌

Health

Care

Technology

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

7.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

23.8‌

%

Elevance

Health,

Inc.

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

12.5‌

CVS

Health

Corp.

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

10.3‌

Centene

Corp.

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

4.9‌

Humana,

Inc.

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

4.7‌

Cigna

Group

(The)

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

4.7‌

Veeva

Systems,

Inc.,

Class

A

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

4.1‌

HCA

Healthcare,

Inc.

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

4.0‌

Molina

Healthcare,

Inc.

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

3.4‌

Laboratory

Corp.

of

America

Holdings

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

3.1‌

      aaa

aa

iShares

®

U.S.

Home

Construction

ETF

7

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Home

Construction

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

home

construction

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Home

Construction

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

11.98

%

52.05

%

18.04

%

13.97

%

52.05

%

129.17

%

269.80

%

Fund

Market

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

12.02

51.92

18.06

13.97

–

%

51.92

129.36

269.84

Index

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

12.23

52.69

18.54

14.45

52.69

134.07

285.70

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,119.80

‌

$

2.12

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Homebuilding

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

64.9‌

%

Building

Products

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

16.6‌

Home

Improvement

Retail

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

10.6‌

Specialty

Chemicals

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

4.6‌

Home

Furnishings

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

1.5‌

Construction

Materials

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

1.1‌

Trading

Companies

&

Distributors

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

0.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

DR

Horton,

Inc.

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

14.2‌

%

Lennar

Corp.,

Class

A

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

12.3‌

NVR,

Inc.

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

8.5‌

PulteGroup,

Inc.

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

7.1‌

Sherwin-Williams

Co.

(The)

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

4.6‌

Home

Depot,

Inc.

(The)

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

4.5‌

Lowe's

Companies,

Inc.

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

4.4‌

Toll

Brothers,

Inc.

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

3.5‌

TopBuild

Corp.

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

3.5‌

Builders

FirstSource,

Inc.

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

2.8‌

      aaa

aa

iShares

®

U.S.

Infrastructure

ETF

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Infrastructure

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

equities

of

U.S.

companies

that

have

infrastructure

exposure

and

that

could

benefit

from

a

potential

increase

in

domestic

infrastructure

activities,

as

represented

by

the

NYSE

®

FactSet

U.S.

Infrastructure

Index

SM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

April

3,

2018.

The

first

day

of

secondary

market

trading

was

April

5,

2018.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

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

(1.07

)

%

16.01

%

8.52

%

9.27

%

16.01

%

50.50

%

62.76

%

Fund

Market

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

(0.94

)

15.94

8.51

9.28

–

%

15.94

50.43

62.85

Index

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

(1.08

)

16.27

8.86

9.63

16.27

52.90

65.70

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

989.30

‌

$

1.49

‌

$

1,000.00

‌

$

1,023.50

‌

$

1.52

‌

0.30

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Electric

Utilities

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

18.9‌

%

Construction

&

Engineering

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

11.5‌

Multi-Utilities

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

10.7‌

Steel

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

8.6‌

Oil

&

Gas

Storage

&

Transportation

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

8.1‌

Building

Products

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

6.4‌

Water

Utilities

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

5.6‌

Gas

Utilities

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

4.9‌

Trading

Companies

&

Distributors

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

2.9‌

Construction

Machinery

&

Heavy

Transportation

Equipment

...

2.4‌

Commodity

Chemicals

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

2.4‌

Rail

Transportation

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

2.2‌

Industrial

Machinery

&

Supplies

&

Components

...........

2.0‌

Specialty

Chemicals

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

1.8‌

Construction

Materials

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

1.7‌

Research

&

Consulting

Services

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

1.3‌

Forest

Products

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

1.2‌

Aluminum

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

1.2‌

Environmental

&

Facilities

Services

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

1.2‌

Other

(each

representing

less

than

1%)

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

5.0‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Vistra

Corp.

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

0.8‌

%

New

Fortress

Energy,

Inc.,

Class

A

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

0.8‌

Constellation

Energy

Corp.

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

0.8‌

Xcel

Energy,

Inc.

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

0.8‌

DT

Midstream,

Inc.

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

0.8‌

PNM

Resources,

Inc.

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

0.8‌

CSX

Corp.

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

0.8‌

Duke

Energy

Corp.

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

0.8‌

NRG

Energy,

Inc.

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

0.8‌

OGE

Energy

Corp.

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

0.8‌

      aaa

aa

iShares

®

U.S.

Insurance

ETF

9

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Insurance

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

insurance

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Insurance

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

7.92

%

18.06

%

8.94

%

9.97

%

18.06

%

53.41

%

158.61

%

Fund

Market

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

7.91

17.85

8.93

9.96

–

%

17.85

53.35

158.49

Index

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

8.10

18.51

9.37

10.41

18.51

56.49

169.29

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,079.20

‌

$

2.08

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Property

&

Casualty

Insurance

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

62.3‌

%

Life

&

Health

Insurance

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

26.3‌

Multi-line

Insurance

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

11.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Chubb

Ltd.

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

13.0‌

%

Progressive

Corp.

(The)

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

12.4‌

American

International

Group,

Inc.

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

6.6‌

Aflac,

Inc.

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

6.3‌

MetLife,

Inc.

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

6.0‌

Arch

Capital

Group

Ltd.

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

4.7‌

Allstate

Corp.

(The)

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

4.6‌

Travelers

Companies,

Inc.

(The)

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

4.5‌

Prudential

Financial,

Inc.

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

4.5‌

Hartford

Financial

Services

Group,

Inc.

(The)

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

3.4‌

      aaa

aa

iShares

®

U.S.

Medical

Devices

ETF

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Medical

Devices

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

medical

devices

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Medical

Equipment

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(9.90

)

%

3.47

%

5.46

%

13.72

%

3.47

%

30.45

%

261.70

%

Fund

Market

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

(9.85

)

3.33

5.46

13.71

–

%

3.33

30.45

261.49

Index

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

(9.74

)

3.86

5.87

14.18

3.86

33.00

276.64

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

901.00

‌

$

1.90

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/

365

(

to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Health

Care

Equipment

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

100.0‌

%

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Abbott

Laboratories

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

17.4‌

%

Medtronic

PLC

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

10.8‌

Intuitive

Surgical,

Inc.

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

10.6‌

Stryker

Corp.

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

6.9‌

Boston

Scientific

Corp.

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

4.7‌

Becton

Dickinson

&

Co.

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

4.6‌

Edwards

Lifesciences

Corp.

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

4.3‌

IDEXX

Laboratories,

Inc.

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

4.3‌

Dexcom

,

Inc.

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

4.2‌

GE

HealthCare

Technologies,

Inc.

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

3.6‌

aaa

aa

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

11

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

oil

and

gas

exploration

and

production

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Oil

Exploration

&

Production

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

14.88

%

21.07

%

8.44

%

4.49

%

21.07

%

49.95

%

55.16

%

Fund

Market

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

14.98

21.11

8.45

4.50

–

%

21.11

50.04

55.23

Index

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

15.08

21.54

8.87

4.90

21.54

52.96

61.40

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,148.80

‌

$

2.15

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil

&

Gas

Exploration

&

Production

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

78.8‌

%

Oil

&

Gas

Refining

&

Marketing

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

21.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

ConocoPhillips

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

19.3‌

%

EOG

Resources,

Inc.

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

9.9‌

Marathon

Petroleum

Corp.

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

8.1‌

Pioneer

Natural

Resources

Co.

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

7.2‌

Valero

Energy

Corp.

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

4.9‌

Phillips

66

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

4.7‌

Hess

Corp.

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

4.5‌

Diamondback

Energy,

Inc.

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

4.3‌

Devon

Energy

Corp.

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

4.1‌

Coterra

Energy,

Inc.

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

3.2‌

      aaa

aa

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Oil

Equipment

&

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

oil

equipment

and

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Oil

Equipment

&

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

six

month

and

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

24.87

%

68.71

%

(6.05

)

%

(7.54

)

%

68.71

%

(26.80

)

%

(54.34

)

%

Fund

Market

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

24.87

68.47

(6.06

)

(7.55

)

–

%

68.47

(26.83

)

(54.38

)

Index

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

25.16

69.47

(5.66

)

(7.26

)

69.47

(25.26

)

(52.93

)

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,248.70

‌

$

2.25

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil

&

Gas

Equipment

&

Services

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

78.9‌

%

Oil

&

Gas

Drilling

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

21.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Schlumberger

Ltd.

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

22.2‌

%

Baker

Hughes

Co.,

Class

A

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

18.6‌

Halliburton

Co.

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

4.6‌

TechnipFMC

PLC

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

4.6‌

Weatherford

International

PLC

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

4.5‌

NOV,

Inc.

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

4.5‌

ChampionX

Corp.

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

4.4‌

Transocean,

Ltd.

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

4.3‌

Noble

Corp.

PLC,

Class

A

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

4.3‌

Valaris,

Ltd.

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

3.7‌

      aaa

aa

iShares

®

U.S.

Pharmaceuticals

ETF

13

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Pharmaceuticals

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

pharmaceuticals

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Pharmaceuticals

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.72

%

6.53

%

2.68

%

6.76

%

6.53

%

14.14

%

92.42

%

Fund

Market

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

1.83

6.43

2.69

6.77

–

%

6.43

14.19

92.45

Index

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

1.88

6.76

2.98

7.06

6.76

15.81

97.79

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,017.20

‌

$

2.02

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Pharmaceuticals

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

100.0‌

%

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Johnson

&

Johnson

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

23.8‌

%

Eli

Lilly

&

Co.

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

23.2‌

Viatris,

Inc.

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

4.7‌

Bristol-Myers

Squibb

Co.

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

4.7‌

Merck

&

Co.,

Inc.

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

4.7‌

Pfizer,

Inc.

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

4.7‌

Royalty

Pharma

PLC,

Class

A

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

4.5‌

Zoetis,

Inc.,

Class

A

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

4.5‌

Catalent,

Inc.

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

3.5‌

Jazz

Pharmaceuticals

PLC

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

3.5‌

      aaa

aa

iShares

®

U.S.

Real

Estate

ETF

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Real

Estate

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

real

estate

sector,

as

represented

by

the

Dow

Jones

U.S.

Real

Estate

Capped

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

January

24,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Real

Estate

Index

TM

.

Index

performance

beginning

on

January

25,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Real

Estate

Capped

Index

TM

.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(6.51

)

%

(1.03

)

%

2.30

%

5.54

%

(1.03

)

%

12.04

%

71.43

%

Fund

Market

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

(6.46

)

(1.04

)

2.30

5.53

–

%

(1.04

)

12.05

71.34

Index

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

(6.32

)

(0.64

)

2.62

5.95

(0.64

)

13.81

78.24

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

934.90

‌

$

1.93

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Industrial

REITs

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

13.2‌

%

Telecom

Tower

REITs

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

12.6‌

Retail

REITs

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

11.1‌

Data

Center

REITs

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

9.3‌

Multi-Family

Residential

REITs

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

9.0‌

Health

Care

REITs

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

8.5‌

Self-Storage

REITs

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

7.2‌

Real

Estate

Services

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

6.6‌

Other

Specialized

REITs

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

6.0‌

Single-Family

Residential

REITs

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

5.1‌

Office

REITs

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

3.7‌

Mortgage

REITs

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

2.7‌

Timber

REITs

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

2.7‌

Diversified

REITs

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

1.1‌

Hotel

&

Resort

REITs

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

1.0‌

Real

Estate

Development

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Prologis,

Inc.

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

9.5‌

%

American

Tower

Corp.

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

7.0‌

Equinix,

Inc.

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

6.0‌

Welltower,

Inc.

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

3.9‌

Public

Storage

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

3.8‌

Crown

Castle,

Inc.

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

3.6‌

Digital

Realty

Trust,

Inc.

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

3.3‌

Realty

Income

Corp.

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

3.2‌

Simon

Property

Group,

Inc.

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

3.2‌

CoStar

Group,

Inc.

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

2.9‌

      aaa

aa

iShares

®

U.S.

Regional

Banks

ETF

15

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Regional

Banks

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

regional

banks

sector,

as

represented

by

the

Dow

Jones

U.S.

Select

Regional

Banks

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(3.94

)

%

(26.92

)

%

(4.43

)

%

3.66

%

(26.92

)

%

(20.26

)

%

43.21

%

Fund

Market

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

(3.87

)

(26.82

)

(4.41

)

3.66

–

%

(26.82

)

(20.18

)

43.31

Index

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

(3.77

)

(26.71

)

(4.07

)

4.09

(26.71

)

(18.76

)

49.25

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

960.60

‌

$

1.96

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Regional

Banks

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

58.8‌

%

Diversified

Banks

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

41.0‌

Commercial

&

Residential

Mortgage

Finance

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

U.S.

Bancorp

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

14.2‌

%

PNC

Financial

Services

Group,

Inc.

(The)

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

13.5‌

Truist

Financial

Corp.

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

10.5‌

M&T

Bank

Corp.

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

5.8‌

First

Citizens

BancShares,

Inc.,

Class

A

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

4.6‌

Fifth

Third

Bancorp

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

4.4‌

Regions

Financial

Corp.

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

4.4‌

Huntington

Bancshares,

Inc.

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

4.2‌

Citizens

Financial

Group,

Inc.

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

3.5‌

KeyCorp

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

2.8‌

      aaa

aa

iShares

®

U.S.

Telecommunications

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

U.S.

Telecommunications

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

telecommunications

sector,

as

represented

by

the

Russell

1000

Telecommunications

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Select

Telecommunications

Index.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Telecommunications

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(7.01

)

%

4.67

%

(4.22

)

%

(0.12

)

%

4.67

%

(19.39

)

%

(1.16

)

%

Fund

Market

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

(7.03

)

4.62

(4.21

)

(0.12

)

–

%

4.62

(19.36

)

(1.20

)

Index

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

(6.90

)

4.95

(3.91

)

0.07

4.95

(18.09

)

0.69

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

929.90

‌

$

1.93

‌

$

1,000.00

‌

$

1,023.00

‌

$

2.02

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Communications

Equipment

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

40.3‌

%

Cable

&

Satellite

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

29.3‌

Integrated

Telecommunication

Services

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

20.0‌

Wireless

Telecommunication

Services

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

4.5‌

Alternative

Carriers

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

3.1‌

Movies

&

Entertainment

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

2.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Cisco

Systems,

Inc.

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

18.2‌

%

Comcast

Corp.,

Class

A

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

15.3‌

Verizon

Communications,

Inc.

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

11.8‌

AT&T,

Inc.

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

4.9‌

T-Mobile

U.S.,

Inc.

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

4.5‌

Charter

Communications,

Inc.,

Class

A

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

4.1‌

Motorola

Solutions,

Inc.

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

3.8‌

Arista

Networks,

Inc.

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

3.7‌

Cable

One,

Inc.

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

3.3‌

Ciena

Corp.

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

3.3‌

      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

(unaudited)

September

30,

2023

iShares

®

U.S.

Aerospace

&

Defense

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

99

.4

%

AAR

Corp.

(a)

(b)

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

556,269

$

33,114,694

AeroVironment,

Inc.

(a)

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

438,711

48,929,438

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

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

2,505,073

12,675,669

Axon

Enterprise,

Inc.

(a)

(b)

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

1,093,489

217,593,376

Boeing

Co.

(The)

(a)

(b)

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

4,488,103

860,279,583

BWX

Technologies,

Inc.

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

1,530,705

114,772,261

Curtiss-Wright

Corp.

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

641,045

125,407,633

General

Dynamics

Corp.

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

1,070,674

236,586,834

HEICO

Corp.

(b)

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

555,433

89,941,266

HEICO

Corp.

,

Class

A

(b)

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

1,056,234

136,486,557

Hexcel

Corp.

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

1,413,553

92,078,842

Howmet

Aerospace,

Inc.

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

4,820,558

222,950,808

Huntington

Ingalls

Industries,

Inc.

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

667,196

136,494,958

Kaman

Corp.

,

Class

A

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

472,177

9,278,278

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

.......

2,143,086

32,189,152

L3Harris

Technologies,

Inc.

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

1,371,761

238,851,025

Leonardo

DRS,

Inc.

(a)

(b)

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

876,738

14,641,525

Lockheed

Martin

Corp.

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

930,088

380,368,789

Mercury

Systems,

Inc.

(a)

(b)

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

856,957

31,784,535

Moog,

Inc.

,

Class

A

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

480,665

54,295,918

National

Presto

Industries,

Inc.

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

87,638

6,350,250

Northrop

Grumman

Corp.

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

551,084

242,581,666

Rocket

Lab

USA,

Inc.

(a)

(b)

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

4,359,147

19,093,064

RTX

Corp.

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

11,520,929

829,161,260

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

........

1,761,672

28,433,386

Textron,

Inc.

(b)

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

3,072,645

240,096,480

TransDigm

Group,

Inc.

(a)

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

264,401

222,924,415

Triumph

Group,

Inc.

(a)

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

1,282,879

9,826,853

V2X,

Inc.

(a)

(b)

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

193,067

9,973,841

Security

Shares

Value

a

Aerospace

&

Defense

(continued)

Virgin

Galactic

Holdings,

Inc.

(a)

(b)

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

5,467,103

$

9,840,785

Woodward,

Inc.

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

1,011,111

125,640,653

4,832,643,794

a

Leisure

Products

 — 

0

.5

%

Smith

&

Wesson

Brands,

Inc.

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

772,047

9,967,127

Sturm

Ruger

&

Co.,

Inc.

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

296,587

15,458,114

25,425,241

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

5,082,410,588

)

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

4,858,069,035

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

107,205,510

107,248,392

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

15,527,766

15,527,766

a

Total

Short-Term

Securities — 2.5%

(Cost:

$

122,725,190

)

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

122,776,158

Total

Investments

—

102.4%

(Cost:

$

5,205,135,778

)

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

4,980,845,193

Liabilities

in

Excess

of

Other

Assets

—

(

2

.4

)

%

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

(

118,758,558

)

Net

Assets

—

100.0%

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

$

4,862,086,635

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

63,358,129

$

43,883,998

(a)

$

—

$

(

5,518

)

$

11,783

$

107,248,392

107,205,510

$

298,460

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

6,037,253

9,490,513

(a)

—

—

—

15,527,766

15,527,766

163,422

—

$

(

5,518

)

$

11,783

$

122,776,158

$

461,882

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Aerospace

&

Defense

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

19

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

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

37

12/15/23

$

3,812

$

(

131,838

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

131,838

$

—

$

—

$

—

$

131,838

(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

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

$

—

$

—

$

853,306

$

—

$

—

$

—

$

853,306

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

459,187

)

$

—

$

—

$

—

$

(

459,187

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,416,090

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Aerospace

&

Defense

ETF

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

4,858,069,035

‌

$

—

‌

$

—

‌

$

4,858,069,035

‌

Short-Term

Securities

Money

Market

Funds

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

122,776,158

‌

—

‌

—

‌

122,776,158

‌

$

4,980,845,193

‌

$

—

‌

$

—

‌

$

4,980,845,193

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

131,838

)

$

—

‌

$

—

‌

$

(

131,838

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Financial

Exchanges

&

Data

 — 

50

.7

%

Cboe

Global

Markets,

Inc.

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

82,134

$

12,830,152

CME

Group,

Inc.

,

Class

A

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

85,269

17,072,559

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

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

131,592

9,879,927

Donnelley

Financial

Solutions,

Inc.

(a)

(b)

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

19,402

1,091,944

FactSet

Research

Systems,

Inc.

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

29,693

12,983,561

Intercontinental

Exchange,

Inc.

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

152,856

16,817,217

MarketAxess

Holdings,

Inc.

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

29,328

6,265,634

Moody's

Corp.

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

50,974

16,116,450

Morningstar,

Inc.

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

20,253

4,744,063

MSCI,

Inc.

,

Class

A

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

32,050

16,444,214

Nasdaq,

Inc.

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

263,882

12,822,026

Open

Lending

Corp.

(a)

(b)

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

77,531

567,527

S&P

Global,

Inc.

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

148,348

54,207,843

Tradeweb

Markets,

Inc.

,

Class

A

(b)

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

89,239

7,156,968

189,000,085

a

Investment

Banking

&

Brokerage

 — 

49

.2

%

B

Riley

Financial,

Inc.

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

12,843

526,435

BGC

Group,

Inc.

,

Class

A

(b)

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

303,879

1,604,481

Charles

Schwab

Corp.

(The)

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

308,419

16,932,203

Evercore,

Inc.

,

Class

A

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

27,134

3,741,236

Goldman

Sachs

Group,

Inc.

(The)

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

150,295

48,630,953

Houlihan

Lokey,

Inc.

,

Class

A

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

40,034

4,288,442

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

..........

83,266

7,207,505

Jefferies

Financial

Group,

Inc.

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

137,568

5,039,116

Lazard

Ltd.

,

Class

A

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

87,776

2,721,934

LPL

Financial

Holdings,

Inc.

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

59,389

14,113,796

Moelis

&

Co.

,

Class

A

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

51,820

2,338,637

Morgan

Stanley

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

581,660

47,504,172

Security

Shares

Value

a

Investment

Banking

&

Brokerage

(continued)

Piper

Sandler

Companies

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

11,687

$

1,698,238

PJT

Partners,

Inc.

,

Class

A

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

17,326

1,376,377

Raymond

James

Financial,

Inc.

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

146,305

14,693,411

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

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

427,280

4,191,617

Stifel

Financial

Corp.

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

81,302

4,995,195

StoneX

Group,

Inc.

(a)

(b)

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

13,921

1,349,223

Virtu

Financial,

Inc.

,

Class

A

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

73,208

1,264,302

184,217,273

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

406,507,679

)

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

373,217,358

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

9,291,377

9,295,094

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

2,903,030

2,903,030

a

Total

Short-Term

Securities — 3.2%

(Cost:

$

12,197,990

)

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

12,198,124

Total

Investments

—

103.1%

(Cost:

$

418,705,669

)

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

385,415,482

Liabilities

in

Excess

of

Other

Assets

—

(

3

.1

)

%

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

(

11,718,733

)

Net

Assets

—

100.0%

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

$

373,696,749

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,372,007

$

3,923,325

(a)

$

—

$

(

793

)

$

555

$

9,295,094

9,291,377

$

43,894

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

2,515,774

387,256

(a)

—

—

—

2,903,030

2,903,030

16,858

—

$

(

793

)

$

555

$

12,198,124

$

60,752

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

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

3

12/15/23

$

309

$

(

14,837

)

E-Mini

Russell

2000

Index

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

1

12/15/23

90

(

3,340

)

$

(

18,177

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

18,177

$

—

$

—

$

—

$

18,177

(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

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

$

—

$

—

$

34,246

$

—

$

—

$

—

$

34,246

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

57,587

)

$

—

$

—

$

—

$

(

57,587

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

456,876

a

iShares

®

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

23

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

373,217,358

‌

$

—

‌

$

—

‌

$

373,217,358

‌

Short-Term

Securities

Money

Market

Funds

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

12,198,124

‌

—

‌

—

‌

12,198,124

‌

$

385,415,482

‌

$

—

‌

$

—

‌

$

385,415,482

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

18,177

)

$

—

‌

$

—

‌

$

(

18,177

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Healthcare

Providers

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Health

Care

Facilities

 — 

11

.2

%

Acadia

Healthcare

Co.,

Inc.

(a)

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

142,048

$

9,987,395

Brookdale

Senior

Living,

Inc.

(a)

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

289,808

1,199,805

Community

Health

Systems,

Inc.

(b)

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

195,858

567,988

Encompass

Health

Corp.

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

154,468

10,374,071

Ensign

Group,

Inc.

(The)

(b)

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

86,612

8,048,853

HCA

Healthcare,

Inc.

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

142,877

35,144,885

National

HealthCare

Corp.

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

20,752

1,327,713

Select

Medical

Holdings

Corp.

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

160,673

4,060,207

Surgery

Partners,

Inc.

(a)

(b)

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

101,374

2,965,190

Tenet

Healthcare

Corp.

(a)

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

156,477

10,310,270

U.S.

Physical

Therapy,

Inc.

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

23,075

2,116,670

Universal

Health

Services,

Inc.

,

Class

B

..........

95,765

12,040,533

98,143,580

a

Health

Care

Services

 — 

30

.5

%

23andMe

Holding

Co.

,

Class

A

(a)

(b)

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

468,018

457,581

Accolade,

Inc.

(a)

(b)

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

106,676

1,128,632

Addus

HomeCare

Corp.

(a)

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

25,069

2,135,628

Agiliti,

Inc.

(a)

(b)

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

54,033

350,674

agilon

health,

Inc.

(a)

(b)

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

462,423

8,212,633

Amedisys,

Inc.

(a)

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

50,291

4,697,179

AMN

Healthcare

Services,

Inc.

(a)

(b)

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

58,544

4,986,778

Apollo

Medical

Holdings,

Inc.

(a)

(b)

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

65,029

2,006,145

Castle

Biosciences,

Inc.

(a)

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

41,276

697,152

Chemed

Corp.

(b)

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

23,236

12,075,749

Cigna

Group

(The)

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

142,327

40,715,485

CorVel

Corp.

(a)

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

13,975

2,748,184

CVS

Health

Corp.

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

1,285,233

89,734,968

DaVita,

Inc.

(a)

(b)

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

82,989

7,844,950

DocGo,

Inc.

(a)

(b)

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

135,786

723,739

Fulgent

Genetics,

Inc.

(a)

(b)

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

31,331

837,791

Guardant

Health,

Inc.

(a)

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

181,377

5,376,014

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

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

224,529

1,412,287

Laboratory

Corp.

of

America

Holdings

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

136,543

27,451,970

LifeStance

Health

Group,

Inc.

(a)

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

139,631

959,265

ModivCare,

Inc.

(a)

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

18,993

598,469

National

Research

Corp.

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

22,316

990,161

NeoGenomics,

Inc.

(a)

(b)

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

196,485

2,416,766

OPKO

Health,

Inc.

(a)

(b)

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

678,215

1,085,144

Option

Care

Health,

Inc.

(a)

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

277,211

8,967,776

Pediatrix

Medical

Group,

Inc.

(a)

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

127,358

1,618,720

Pennant

Group,

Inc.

(The)

(a)

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

45,956

511,490

Premier,

Inc.

,

Class

A

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

183,513

3,945,530

Privia

Health

Group,

Inc.

(a)

(b)

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

157,357

3,619,211

Quest

Diagnostics,

Inc.

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

172,967

21,077,759

R1

RCM,

Inc.

(a)

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

303,463

4,573,187

RadNet,

Inc.

(a)

(b)

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

92,922

2,619,471

266,576,488

a

Security

Shares

Value

a

Health

Care

Technology

 — 

7

.2

%

American

Well

Corp.

,

Class

A

(a)

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

387,549

$

453,432

Certara,

Inc.

(a)

(b)

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

164,852

2,396,948

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

...........

71,266

569,415

Doximity,

Inc.

,

Class

A

(a)

(b)

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

193,432

4,104,627

Evolent

Health,

Inc.

,

Class

A

(a)

(b)

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

172,154

4,687,754

GoodRx

Holdings,

Inc.

,

Class

A

(a)

(b)

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

120,433

678,038

Health

Catalyst,

Inc.

(a)

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

87,698

887,504

HealthStream,

Inc.

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

37,322

805,409

Phreesia,

Inc.

(a)

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

79,055

1,476,747

Schrodinger,

Inc.

(a)

(b)

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

84,040

2,375,811

Sharecare,

Inc.

,

Class

A

(a)

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

472,837

444,656

Simulations

Plus,

Inc.

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

24,533

1,023,026

Teladoc

Health,

Inc.

(a)

(b)

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

254,210

4,725,764

Veeva

Systems,

Inc.

,

Class

A

(a)

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

176,338

35,875,966

Veradigm,

Inc.

(a)

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

168,930

2,219,740

62,724,837

a

Managed

Health

Care

 — 

51

.0

%

Alignment

Healthcare,

Inc.

(a)

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

150,831

1,046,767

Centene

Corp.

(a)

(b)

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

619,547

42,674,397

Clover

Health

Investments

Corp.

,

Class

A

(a)

(b)

.......

519,513

561,074

Elevance

Health,

Inc.

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

251,016

109,297,387

HealthEquity,

Inc.

(a)

(b)

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

131,721

9,622,219

Humana,

Inc.

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

84,352

41,038,935

Molina

Healthcare,

Inc.

(a)

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

89,848

29,460,261

Progyny,

Inc.

(a)

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

127,918

4,351,770

UnitedHealth

Group,

Inc.

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

411,265

207,355,700

445,408,510

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

1,007,049,066

)

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

872,853,415

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

37,996,785

38,011,983

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

4,380,045

4,380,045

a

Total

Short-Term

Securities — 4.9%

(Cost:

$

42,362,661

)

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

42,392,028

Total

Investments

—

104.8%

(Cost:

$

1,049,411,727

)

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

915,245,443

Liabilities

in

Excess

of

Other

Assets

—

(

4

.8

)

%

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

(

41,528,826

)

Net

Assets

—

100.0%

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

$

873,716,617

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Healthcare

Providers

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

25

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

62,466,913

$

—

$

(

24,460,387

)

(a)

$

10,995

$

(

5,538

)

$

38,011,983

37,996,785

$

86,814

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

1,177,913

3,202,132

(a)

—

—

—

4,380,045

4,380,045

33,866

—

$

10,995

$

(

5,538

)

$

42,392,028

$

120,680

$

—

(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

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

5

12/15/23

$

656

$

(

17,012

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

17,012

$

—

$

—

$

—

$

17,012

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

14,596

$

—

$

—

$

—

$

14,596

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

49,477

)

$

—

$

—

$

—

$

(

49,477

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Healthcare

Providers

ETF

26

2023

iShares

Semi-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

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

$

937,370

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

872,853,415

‌

$

—

‌

$

—

‌

$

872,853,415

‌

Short-Term

Securities

Money

Market

Funds

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

42,392,028

‌

—

‌

—

‌

42,392,028

‌

$

915,245,443

‌

$

—

‌

$

—

‌

$

915,245,443

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

17,012

)

$

—

‌

$

—

‌

$

(

17,012

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Building

Products

 — 

16

.6

%

American

Woodmark

Corp.

(a)

(b)

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

55,380

$

4,187,281

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

(b)

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

505,258

15,026,373

Builders

FirstSource,

Inc.

(a)

(b)

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

422,969

52,655,411

Fortune

Brands

Innovations,

Inc.

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

429,251

26,682,242

Hayward

Holdings,

Inc.

(a)

(b)

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

425,360

5,997,576

JELD-WEN

Holding,

Inc.

(a)

(b)

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

287,650

3,843,004

Lennox

International,

Inc.

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

108,119

40,484,078

Masco

Corp.

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

760,873

40,668,662

Masonite

International

Corp.

(a)

(b)

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

74,424

6,937,805

Masterbrand,

Inc.

(a)

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

431,859

5,247,087

Owens

Corning

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

303,883

41,452,680

PGT

Innovations,

Inc.

(a)

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

197,400

5,477,850

Quanex

Building

Products

Corp.

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

111,452

3,139,603

Simpson

Manufacturing

Co.,

Inc.

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

144,365

21,627,321

Trex

Co.,

Inc.

(a)

(b)

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

367,240

22,633,001

UFP

Industries,

Inc.

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

209,260

21,428,224

317,488,198

a

Construction

Materials

 — 

1

.0

%

Eagle

Materials,

Inc.

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

119,862

19,959,420

a

Home

Furnishings

 — 

1

.5

%

Ethan

Allen

Interiors,

Inc.

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

77,199

2,308,250

Leggett

&

Platt,

Inc.

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

450,565

11,448,857

Mohawk

Industries,

Inc.

(a)

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

178,803

15,343,085

29,100,192

a

Home

Improvement

Retail

 — 

10

.6

%

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

360,081

32,587,330

Home

Depot,

Inc.

(The)

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

283,126

85,549,352

Lowe's

Companies,

Inc.

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

401,982

83,547,939

201,684,621

a

Homebuilding

 — 

64

.9

%

Beazer

Homes

USA,

Inc.

(a)

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

245,287

6,110,099

Cavco

Industries,

Inc.

(a)

(b)

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

66,986

17,795,501

Century

Communities,

Inc.

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

236,605

15,800,482

DR

Horton,

Inc.

(b)

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

2,527,899

271,673,305

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

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

188,345

4,186,909

Green

Brick

Partners,

Inc.

(a)

(b)

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

210,975

8,757,572

Installed

Building

Products,

Inc.

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

195,790

24,452,213

KB

Home

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

645,202

29,859,949

Security

Shares

Value

a

Homebuilding

(continued)

Lennar

Corp.

,

Class

A

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

2,096,662

$

235,308,376

Lennar

Corp.

,

Class

B

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

110,106

11,256,137

LGI

Homes,

Inc.

(a)

(b)

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

170,090

16,922,254

M/I

Homes,

Inc.

(a)

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

230,806

19,396,936

MDC

Holdings,

Inc.

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

495,140

20,414,622

Meritage

Homes

Corp.

(b)

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

305,243

37,358,691

NVR,

Inc.

(a)

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

27,089

161,539,834

PulteGroup,

Inc.

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

1,822,000

134,919,100

Skyline

Champion

Corp.

(a)

(b)

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

441,151

28,110,142

Taylor

Morrison

Home

Corp.

(a)

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

908,713

38,720,261

Toll

Brothers,

Inc.

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

907,843

67,144,068

TopBuild

Corp.

(a)

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

263,683

66,342,643

Tri

Pointe

Homes,

Inc.

(a)

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

821,911

22,479,266

1,238,548,360

a

Specialty

Chemicals

 — 

4

.6

%

Sherwin-Williams

Co.

(The)

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

343,031

87,490,057

a

Trading

Companies

&

Distributors

 — 

0

.7

%

Beacon

Roofing

Supply,

Inc.

(a)

(b)

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

179,292

13,835,964

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

2,146,558,703

)

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

1,908,106,812

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

76,343,602

76,374,140

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

6,073,373

6,073,373

a

Total

Short-Term

Securities — 4.3%

(Cost:

$

82,410,745

)

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

82,447,513

Total

Investments

—

104.2%

(Cost:

$

2,228,969,448

)

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

1,990,554,325

Liabilities

in

Excess

of

Other

Assets

—

(

4

.2

)

%

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

(

80,398,534

)

Net

Assets

—

100.0%

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

$

1,910,155,791

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

71,363,887

$

4,999,242

(a)

$

—

$

(

494

)

$

11,505

$

76,374,140

76,343,602

$

93,251

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

1,937,714

4,135,659

(a)

—

—

—

6,073,373

6,073,373

58,975

—

$

(

494

)

$

11,505

$

82,447,513

$

152,226

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Home

Construction

ETF

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

MidCap

400

Index

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

7

12/15/23

$

1,764

$

(

54,646

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

54,646

$

—

$

—

$

—

$

54,646

(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

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

$

—

$

—

$

277,139

$

—

$

—

$

—

$

277,139

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

193,408

)

$

—

$

—

$

—

$

(

193,408

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

2,865,215

a

iShares

®

U.S.

Home

Construction

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

29

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,908,106,812

‌

$

—

‌

$

—

‌

$

1,908,106,812

‌

Short-Term

Securities

Money

Market

Funds

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

82,447,513

‌

—

‌

—

‌

82,447,513

‌

$

1,990,554,325

‌

$

—

‌

$

—

‌

$

1,990,554,325

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

54,646

)

$

—

‌

$

—

‌

$

(

54,646

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Infrastructure

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aluminum

 — 

1

.2

%

Century

Aluminum

Co.

(a)

(b)

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

1,697,095

$

12,202,113

Kaiser

Aluminum

Corp.

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

168,210

12,659,485

24,861,598

a

Automotive

Parts

&

Equipment

 — 

0

.6

%

XPEL,

Inc.

(a)

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

158,145

12,194,561

a

Building

Products

 — 

6

.4

%

Advanced

Drainage

Systems,

Inc.

(b)

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

100,849

11,479,642

Apogee

Enterprises,

Inc.

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

256,704

12,085,624

Armstrong

World

Industries,

Inc.

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

170,680

12,288,960

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

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

378,001

11,241,750

Builders

FirstSource,

Inc.

(a)

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

88,312

10,993,961

Carlisle

Companies,

Inc.

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

48,905

12,679,110

Gibraltar

Industries,

Inc.

(a)

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

171,931

11,607,062

Insteel

Industries,

Inc.

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

367,736

11,936,710

Owens

Corning

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

89,510

12,210,059

Simpson

Manufacturing

Co.,

Inc.

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

80,497

12,059,256

Trex

Co.,

Inc.

(a)

(b)

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

180,557

11,127,728

129,709,862

a

Commodity

Chemicals

 — 

2

.4

%

AdvanSix,

Inc.

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

387,707

12,049,933

Hawkins,

Inc.

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

208,335

12,260,515

LyondellBasell

Industries

NV

,

Class

A

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

130,093

12,319,807

Westlake

Corp.

(b)

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

98,987

12,340,709

48,970,964

a

Construction

&

Engineering

 — 

11

.4

%

AECOM

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

148,307

12,315,413

API

Group

Corp.

(a)

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

462,355

11,988,865

Argan,

Inc.

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

307,984

14,019,432

Comfort

Systems

USA,

Inc.

(b)

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

70,636

12,037,081

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

...........

374,338

13,685,797

EMCOR

Group,

Inc.

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

58,122

12,228,288

Fluor

Corp.

(a)

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

367,942

13,503,471

Granite

Construction,

Inc.

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

310,092

11,789,698

Great

Lakes

Dredge

&

Dock

Corp.

(a)

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

1,494,371

11,910,137

MasTec,

Inc.

(a)

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

132,055

9,503,998

MDU

Resources

Group,

Inc.

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

641,383

12,558,279

MYR

Group,

Inc.

(a)

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

92,205

12,425,546

Northwest

Pipe

Co.

(a)

(b)

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

392,339

11,836,868

Primoris

Services

Corp.

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

366,300

11,988,999

Quanta

Services,

Inc.

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

61,855

11,571,215

Stantec,

Inc.

(b)

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

196,551

12,750,263

Sterling

Infrastructure,

Inc.

(a)

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

158,012

11,610,722

Tutor

Perini

Corp.

(a)

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

1,484,239

11,621,591

Valmont

Industries,

Inc.

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

51,323

12,328,298

231,673,961

a

Construction

Machinery

&

Heavy

Transportation

Equipment

 — 

2

.4

%

Astec

Industries,

Inc.

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

240,489

11,329,437

Greenbrier

Companies,

Inc.

(The)

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

301,135

12,045,400

Terex

Corp.

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

208,898

12,036,703

Trinity

Industries,

Inc.

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

514,110

12,518,579

47,930,119

a

Construction

Materials

 — 

1

.7

%

Martin

Marietta

Materials,

Inc.

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

28,718

11,788,165

Summit

Materials,

Inc.

,

Class

A

(a)

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

342,338

10,660,405

Vulcan

Materials

Co.

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

58,925

11,904,029

34,352,599

a

Security

Shares

Value

a

Copper

 — 

0

.6

%

Taseko

Mines,

Ltd.

(b)

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

9,185,677

$

11,665,810

a

Distributors

 — 

0

.6

%

Pool

Corp.

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

35,677

12,704,580

a

Diversified

Chemicals

 — 

0

.6

%

LSB

Industries,

Inc.

(a)

(b)

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

1,243,894

12,725,036

a

Diversified

Metals

&

Mining

 — 

0

.6

%

Compass

Minerals

International,

Inc.

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

428,845

11,986,218

a

Electric

Utilities

 — 

18

.8

%

ALLETE,

Inc.

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

278,806

14,720,957

Alliant

Energy

Corp.

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

309,044

14,973,182

American

Electric

Power

Co.,

Inc.

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

198,495

14,930,794

Avangrid,

Inc.

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

447,436

13,499,144

Constellation

Energy

Corp.

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

143,418

15,644,035

Duke

Energy

Corp.

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

174,995

15,445,059

Edison

International

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

224,928

14,235,693

Entergy

Corp.

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

163,105

15,087,212

Evergy,

Inc.

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

287,077

14,554,804

Eversource

Energy

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

244,050

14,191,508

Exelon

Corp.

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

384,779

14,540,798

FirstEnergy

Corp.

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

431,138

14,736,297

Fortis,

Inc.

(b)

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

392,034

14,893,372

Hawaiian

Electric

Industries,

Inc.

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

1,022,424

12,586,039

IDACORP,

Inc.

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

159,918

14,976,321

MGE

Energy,

Inc.

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

213,535

14,629,283

NextEra

Energy,

Inc.

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

230,108

13,182,887

NRG

Energy,

Inc.

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

400,190

15,415,319

OGE

Energy

Corp.

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

455,516

15,182,348

PG&E

Corp.

(a)

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

934,831

15,078,824

Pinnacle

West

Capital

Corp.

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

202,545

14,923,516

PNM

Resources,

Inc.

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

346,717

15,467,045

Portland

General

Electric

Co.

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

349,791

14,159,540

PPL

Corp.

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

621,459

14,641,574

Southern

Co.

(The)

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

228,910

14,815,055

Xcel

Energy,

Inc.

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

272,294

15,580,663

382,091,269

a

Electrical

Components

&

Equipment

 — 

0

.6

%

SunPower

Corp.

(a)

(b)

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

1,801,854

11,117,439

a

Environmental

&

Facilities

Services

 — 

1

.2

%

Enviri

Corp.

(a)

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

1,735,207

12,528,194

Tetra

Tech,

Inc.

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

82,697

12,572,425

25,100,619

a

Forest

Products

 — 

1

.2

%

Louisiana-Pacific

Corp.

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

204,348

11,294,314

West

Fraser

Timber

Co.,

Ltd.

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

174,419

12,652,354

23,946,668

a

Gas

Utilities

 — 

4

.9

%

Atmos

Energy

Corp.

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

133,258

14,116,020

Chesapeake

Utilities

Corp.

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

139,315

13,618,041

New

Jersey

Resources

Corp.

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

364,197

14,797,324

Northwest

Natural

Holding

Co.

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

395,358

15,086,861

ONE

Gas,

Inc.

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

210,238

14,355,051

Southwest

Gas

Holdings,

Inc.

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

211,318

12,765,720

Spire,

Inc.

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

262,001

14,824,017

99,563,034

a

Independent

Power

Producers

&

Energy

Traders

 — 

0

.8

%

Vistra

Corp.

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

484,030

16,060,115

a

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Industrial

Machinery

&

Supplies

&

Components

 — 

1

.9

%

Luxfer

Holdings

PLC

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

1,092,805

$

14,261,105

Mueller

Industries,

Inc.

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

170,746

12,833,269

Omega

Flex,

Inc.

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

158,145

12,450,756

39,545,130

a

Multi-Utilities

 — 

10

.7

%

Algonquin

Power

&

Utilities

Corp.

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

2,016,687

11,938,787

Ameren

Corp.

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

196,142

14,677,306

Avista

Corp.

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

464,040

15,020,975

Black

Hills

Corp.

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

281,098

14,220,748

CenterPoint

Energy,

Inc.

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

556,503

14,942,105

CMS

Energy

Corp.

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

277,800

14,753,958

Consolidated

Edison,

Inc.

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

174,163

14,896,161

Dominion

Energy,

Inc.

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

321,373

14,355,732

DTE

Energy

Co.

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

150,590

14,950,575

NiSource,

Inc.

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

579,342

14,298,161

Northwestern

Energy

Group,

Inc.

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

305,546

14,684,541

Public

Service

Enterprise

Group,

Inc.

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

254,336

14,474,262

Sempra

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

219,631

14,941,497

Unitil

Corp.

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

314,027

13,412,093

WEC

Energy

Group,

Inc.

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

185,144

14,913,349

216,480,250

a

Oil

&

Gas

Equipment

&

Services

 — 

0

.7

%

U.S.

Silica

Holdings,

Inc.

(a)

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

1,010,424

14,186,353

a

Oil

&

Gas

Storage

&

Transportation

 — 

8

.1

%

Antero

Midstream

Corp.

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

1,261,256

15,109,847

DT

Midstream,

Inc.

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

292,535

15,480,952

Enbridge,

Inc.

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

433,324

14,382,024

EnLink

Midstream

LLC

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

1,210,647

14,794,106

Equitrans

Midstream

Corp.

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

1,570,135

14,712,165

Kinder

Morgan,

Inc.

,

Class

P

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

897,743

14,884,579

Kinetik

Holdings,

Inc.

,

Class

A

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

436,025

14,715,844

New

Fortress

Energy,

Inc.

,

Class

A

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

481,456

15,782,128

ONEOK,

Inc.

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

234,742

14,889,685

TC

Energy

Corp.

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

422,613

14,542,113

Williams

Companies,

Inc.

(The)

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

443,566

14,943,738

164,237,181

a

Rail

Transportation

 — 

2

.2

%

CSX

Corp.

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

502,361

15,447,601

Norfolk

Southern

Corp.

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

74,558

14,682,707

Union

Pacific

Corp.

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

69,616

14,175,906

44,306,214

a

Research

&

Consulting

Services

 — 

1

.3

%

Jacobs

Solutions,

Inc.

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

97,027

13,244,185

NV5

Global,

Inc.

(a)

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

127,443

12,263,840

25,508,025

a

Specialty

Chemicals

 — 

1

.8

%

Eastman

Chemical

Co.

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

152,810

11,723,583

Ecovyst,

Inc.

(a)

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

1,269,132

12,488,259

Ingevity

Corp.

(a)

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

240,357

11,443,397

35,655,239

a

Steel

 — 

8

.6

%

Algoma

Steel

Group,

Inc.

(b)

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

1,732,918

11,783,842

ATI,

Inc.

(a)

(b)

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

284,750

11,717,462

Carpenter

Technology

Corp.

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

204,190

13,723,610

Cleveland-Cliffs,

Inc.

(a)

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

846,906

13,237,141

Commercial

Metals

Co.

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

227,849

11,258,019

Haynes

International,

Inc.

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

269,723

12,547,514

Nucor

Corp.

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

76,113

11,900,268

Olympic

Steel,

Inc.

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

236,335

13,284,390

Security

Shares

Value

a

Steel

(continued)

Reliance

Steel

&

Aluminum

Co.

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

46,004

$

12,063,629

Ryerson

Holding

Corp.

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

415,681

12,092,160

Steel

Dynamics,

Inc.

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

122,419

13,125,765

TimkenSteel

Corp.

(a)

(b)

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

591,690

12,851,507

United

States

Steel

Corp.

(b)

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

423,180

13,744,886

Worthington

Industries,

Inc.

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

170,924

10,566,522

173,896,715

a

Trading

Companies

&

Distributors

 — 

2

.9

%

Alta

Equipment

Group,

Inc.

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

897,235

10,820,654

BlueLinx

Holdings,

Inc.

(a)

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

142,221

11,674,922

Boise

Cascade

Co.

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

118,327

12,192,414

H&E

Equipment

Services,

Inc.

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

281,214

12,145,633

United

Rentals,

Inc.

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

26,743

11,889,135

58,722,758

a

Water

Utilities

 — 

5

.6

%

American

States

Water

Co.

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

183,030

14,400,800

American

Water

Works

Co.,

Inc.

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

111,664

13,827,353

Artesian

Resources

Corp.

,

Class

A

,

NVS

..........

332,053

13,942,905

California

Water

Service

Group

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

307,132

14,530,415

Essential

Utilities,

Inc.

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

419,387

14,397,556

Middlesex

Water

Co.

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

208,472

13,811,270

SJW

Group

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

235,172

14,136,189

York

Water

Co.

(The)

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

381,063

14,286,052

113,332,540

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

2,047,244,676

)

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

2,022,524,857

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

54,313,212

54,334,937

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

19,289,358

19,289,358

a

Total

Short-Term

Securities — 3.6%

(Cost:

$

73,607,926

)

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

73,624,295

Total

Investments

—

103.4%

(Cost:

$

2,120,852,602

)

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

2,096,149,152

Liabilities

in

Excess

of

Other

Assets

—

(

3

.4

)

%

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

(

68,594,848

)

Net

Assets

—

100.0%

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

$

2,027,554,304

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Infrastructure

ETF

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

53,900,144

$

426,675

(a)

$

—

$

(

1,515

)

$

9,633

$

54,334,937

54,313,212

$

93,685

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

22,701,642

—

(

3,412,284

)

(a)

—

—

19,289,358

19,289,358

223,392

—

$

(

1,515

)

$

9,633

$

73,624,295

$

317,077

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

3

12/15/23

$

287

$

(

8,222

)

E-Mini

S&P

MidCap

400

Index

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

12

12/15/23

3,024

(

85,587

)

E-Mini

Utilities

Select

Sector

Index

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

23

12/15/23

1,377

(

93,991

)

$

(

187,800

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

187,800

$

—

$

—

$

—

$

187,800

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

iShares

®

U.S.

Infrastructure

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

33

Schedule

of

Investments

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

31,836

$

—

$

—

$

—

$

31,836

Swaps

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

—

—

(

180,853

)

—

—

—

(

180,853

)

$

—

$

—

$

(

149,017

)

$

—

$

—

$

—

$

(

149,017

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

371,301

)

$

—

$

—

$

—

$

(

371,301

)

Swaps

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

—

—

(

405,189

)

—

—

—

(

405,189

)

$

—

$

—

$

(

776,490

)

$

—

$

—

$

—

$

(

776,490

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

4,437,235

Total

return

swaps

Average

notional

amount

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

$

13,551

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,022,524,857

‌

$

—

‌

$

—

‌

$

2,022,524,857

‌

Short-Term

Securities

Money

Market

Funds

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

73,624,295

‌

—

‌

—

‌

73,624,295

‌

$

2,096,149,152

‌

$

—

‌

$

—

‌

$

2,096,149,152

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

187,800

)

$

—

‌

$

—

‌

$

(

187,800

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Insurance

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Life

&

Health

Insurance

 — 

25

.9

%

Aflac,

Inc.

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

276,093

$

21,190,138

American

Equity

Investment

Life

Holding

Co.

.......

33,839

1,815,124

Brighthouse

Financial,

Inc.

(a)

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

35,839

1,753,961

CNO

Financial

Group,

Inc.

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

62,201

1,476,030

Genworth

Financial,

Inc.

,

Class

A

(a)

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

235,898

1,382,362

Globe

Life,

Inc.

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

46,250

5,028,762

Lincoln

National

Corp.

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

83,049

2,050,480

MetLife,

Inc.

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

322,621

20,296,087

National

Western

Life

Group,

Inc.

,

Class

A

.........

1,283

561,300

Oscar

Health,

Inc.

,

Class

A

(a)

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

81,246

452,540

Primerica,

Inc.

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

19,334

3,750,989

Principal

Financial

Group,

Inc.

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

118,376

8,531,358

Prudential

Financial,

Inc.

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

159,122

15,099,087

Unum

Group

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

99,192

4,879,254

88,267,472

a

Multi-line

Insurance

 — 

11

.3

%

American

International

Group,

Inc.

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

363,582

22,033,069

Assurant,

Inc.

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

28,359

4,071,785

Hartford

Financial

Services

Group,

Inc.

(The)

.......

162,793

11,543,652

Horace

Mann

Educators

Corp.

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

20,630

606,109

38,254,615

a

Property

&

Casualty

Insurance

 — 

61

.7

%

Allstate

Corp.

(The)

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

139,056

15,492,229

Ambac

Financial

Group,

Inc.

(a)

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

27,399

330,432

American

Financial

Group,

Inc.

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

35,774

3,994,883

AMERISAFE,

Inc.

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

11,063

553,924

Arch

Capital

Group

Ltd.

(a)

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

196,341

15,650,341

Argo

Group

International

Holdings,

Ltd.

...........

20,178

602,111

Assured

Guaranty

Ltd.

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

30,426

1,841,382

Axis

Capital

Holdings

Ltd.

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

42,213

2,379,547

Chubb

Ltd.

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

209,770

43,669,919

Cincinnati

Financial

Corp.

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

83,498

8,541,010

CNA

Financial

Corp.

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

15,531

611,145

Employers

Holdings,

Inc.

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

13,783

550,631

Erie

Indemnity

Co.

,

Class

A

,

NVS

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

13,480

3,960,289

Fidelity

National

Financial,

Inc.

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

54,291

2,242,218

First

American

Financial

Corp.

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

55,135

3,114,576

Hanover

Insurance

Group,

Inc.

(The)

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

19,503

2,164,443

James

River

Group

Holdings,

Ltd.

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

20,025

307,384

Kemper

Corp.

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

33,010

1,387,410

Security

Shares

Value

a

Property

&

Casualty

Insurance

(continued)

Kinsale

Capital

Group,

Inc.

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

11,868

$

4,914,895

Lemonade,

Inc.

(a)

(b)

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

36,376

422,689

Loews

Corp.

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

98,435

6,231,920

Markel

Group,

Inc.

(a)

(b)

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

7,061

10,397,252

MBIA,

Inc.

(a)

(b)

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

28,857

208,059

Mercury

General

Corp.

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

15,619

437,801

Old

Republic

International

Corp.

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

143,061

3,854,063

Palomar

Holdings,

Inc.

(a)

(b)

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

14,025

711,769

ProAssurance

Corp.

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

26,255

495,957

Progressive

Corp.

(The)

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

298,942

41,642,621

RLI

Corp.

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

21,765

2,957,646

Safety

Insurance

Group,

Inc.

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

7,874

536,928

Selective

Insurance

Group,

Inc.

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

32,801

3,384,079

Skyward

Specialty

Insurance

Group,

Inc.

(a)

(b)

........

16,200

443,232

Stewart

Information

Services

Corp.

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

2,392

104,770

Travelers

Companies,

Inc.

(The)

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

93,446

15,260,666

Trupanion,

Inc.

(a)

(b)

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

20,506

578,269

United

Fire

Group,

Inc.

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

11,338

223,925

W

R

Berkley

Corp.

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

108,297

6,875,777

White

Mountains

Insurance

Group

Ltd.

(b)

..........

1,376

2,058,069

209,134,261

a

Total

Long-Term Investments

— 98.9%

(Cost:

$

343,824,439

)

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

335,656,348

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

3,562,923

3,564,348

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

2,439,312

2,439,312

a

Total

Short-Term

Securities — 1.8%

(Cost:

$

6,003,152

)

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

6,003,660

Total

Investments

—

100.7%

(Cost:

$

349,827,591

)

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

341,660,008

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

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

(

2,463,254

)

Net

Assets

—

100.0%

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

$

339,196,754

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Insurance

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

35

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,441,975

$

—

$

(

877,698

)

(a)

$

(

895

)

$

966

$

3,564,348

3,562,923

$

5,408

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

541,341

1,897,971

(a)

—

—

—

2,439,312

2,439,312

9,269

—

$

(

895

)

$

966

$

6,003,660

$

14,677

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

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

37

12/15/23

$

3,815

$

(

58,381

)

E-Mini

S&P

MidCap

400

Index

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

2

12/15/23

504

(

5,605

)

$

(

63,986

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

63,986

$

—

$

—

$

—

$

63,986

(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

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

$

—

$

—

$

73,644

$

—

$

—

$

—

$

73,644

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

59,661

)

$

—

$

—

$

—

$

(

59,661

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Insurance

ETF

36

2023

iShares

Semi-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

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

$

2,578,921

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

335,656,348

‌

$

—

‌

$

—

‌

$

335,656,348

‌

Short-Term

Securities

Money

Market

Funds

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

6,003,660

‌

—

‌

—

‌

6,003,660

‌

$

341,660,008

‌

$

—

‌

$

—

‌

$

341,660,008

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

63,986

)

$

—

‌

$

—

‌

$

(

63,986

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

37

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Health

Care

Equipment

 — 

99

.7

%

Abbott

Laboratories

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

9,090,078

$

880,374,054

AngioDynamics,

Inc.

(a)

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

272,040

1,988,612

Artivion,

Inc.

(a)

(b)

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

267,534

4,055,815

AtriCure,

Inc.

(a)

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

327,084

14,326,279

Axogen,

Inc.

(a)

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

294,725

1,473,625

Axonics,

Inc.

(a)

(b)

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

348,240

19,543,229

Baxter

International,

Inc.

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

3,495,696

131,927,567

Becton

Dickinson

&

Co.

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

908,833

234,960,595

Boston

Scientific

Corp.

(a)

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

4,499,287

237,562,354

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

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

1,062,739

1,254,032

CONMED

Corp.

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

212,182

21,398,555

Dexcom,

Inc.

(a)

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

2,267,324

211,541,329

Edwards

Lifesciences

Corp.

(a)

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

3,148,796

218,148,587

Enovis

Corp.

(a)

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

342,571

18,063,769

Envista

Holdings

Corp.

(a)

(b)

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

1,130,875

31,528,795

GE

HealthCare

Technologies,

Inc.

(b)

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

2,700,173

183,719,771

Glaukos

Corp.

(a)

(b)

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

335,826

25,270,907

Globus

Medical,

Inc.

,

Class

A

(a)

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

810,176

40,225,238

Hologic,

Inc.

(a)

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

1,690,829

117,343,533

IDEXX

Laboratories,

Inc.

(a)

(b)

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

496,617

217,155,716

Inari

Medical,

Inc.

(a)

(b)

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

352,345

23,043,363

Inspire

Medical

Systems,

Inc.

(a)

(b)

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

202,504

40,184,894

Insulet

Corp.

(a)

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

481,968

76,869,076

Integer

Holdings

Corp.

(a)

(b)

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

229,913

18,032,077

Integra

LifeSciences

Holdings

Corp.

(a)

(b)

...........

488,836

18,668,647

Intuitive

Surgical,

Inc.

(a)

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

1,840,446

537,943,961

iRhythm

Technologies,

Inc.

(a)

(b)

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

211,052

19,893,762

LeMaitre

Vascular,

Inc.

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

136,826

7,454,280

LivaNova

PLC

(a)

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

371,906

19,666,389

Masimo

Corp.

(a)

(b)

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

306,259

26,852,789

Medtronic

PLC

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

6,972,806

546,389,078

Nevro

Corp.

(a)

(b)

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

250,262

4,810,036

Novocure

Ltd.

(a)

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

670,725

10,832,209

Omnicell,

Inc.

(a)

(b)

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

312,022

14,053,471

Orthofix

Medical,

Inc.

(a)

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

251,869

3,239,035

Outset

Medical,

Inc.

(a)

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

341,167

3,711,897

Paragon

28,

Inc.

(a)

(b)

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

254,671

3,196,121

Security

Shares

Value

a

Health

Care

Equipment

(continued)

Penumbra,

Inc.

(a)

(b)

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

265,330

$

64,185,980

PROCEPT

BioRobotics

Corp.

(a)

(b)

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

302,420

9,922,400

QuidelOrtho

Corp.

(a)

(b)

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

341,185

24,920,152

ResMed,

Inc.

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

1,014,266

149,979,513

Senseonics

Holdings,

Inc.

(a)

(b)

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

3,379,947

2,041,150

Shockwave

Medical,

Inc.

(a)

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

253,689

50,509,480

SI-BONE,

Inc.

(a)

(b)

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

253,263

5,379,306

Silk

Road

Medical,

Inc.

(a)

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

266,220

3,990,638

STERIS

PLC

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

680,982

149,421,070

Stryker

Corp.

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

1,282,562

350,485,718

Surmodics,

Inc.

(a)

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

96,890

3,109,200

Tandem

Diabetes

Care,

Inc.

(a)

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

449,174

9,329,344

Teleflex,

Inc.

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

324,387

63,712,851

TransMedics

Group,

Inc.

(a)

(b)

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

225,552

12,348,972

Treace

Medical

Concepts,

Inc.

(a)

(b)

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

295,033

3,867,883

Varex

Imaging

Corp.

(a)

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

277,148

5,207,611

Zimmer

Biomet

Holdings,

Inc.

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

1,442,476

161,874,657

a

Total

Long-Term Investments

— 99.7%

(Cost:

$

5,842,412,631

)

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

5,056,989,372

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

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

121,983,379

122,032,173

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

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

18,127,032

18,127,032

a

Total

Short-Term

Securities — 2.8%

(Cost:

$

140,117,916

)

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

140,159,205

Total

Investments

—

102.5%

(Cost:

$

5,982,530,547

)

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

5,197,148,577

Liabilities

in

Excess

of

Other

Assets

—

(

2

.5

)

%

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

(

127,702,001

)

Net

Assets

—

100.0%

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

$

5,069,446,576

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

221,986,069

‌

$

—

‌

$

(

99,966,336

)

(a)

$

15,937

‌

$

(

3,497

)

$

122,032,173

‌

121,983,379

‌

$

259,875

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

5,113,089

‌

13,013,943

(a)

—

‌

—

‌

—

‌

18,127,032

‌

18,127,032

‌

215,665

‌

—

‌

$

15,937

‌

$

(

3,497

)

$

140,159,205

‌

$

475,540

‌

$

—

‌

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Medical

Devices

ETF

38

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

61

12/15/23

$

8,004

$

(

180,887

)

E-Mini

Technology

Select

Sector

Index

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

23

12/15/23

3,837

(

93,765

)

$

(

274,652

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

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

$

—

$

—

$

274,652

$

—

$

—

$

—

$

274,652

(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

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

$

—

$

—

$

500,760

$

—

$

—

$

—

$

500,760

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(

649,202

)

$

—

$

—

$

—

$

(

649,202

)

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

14,232,605

a

iShares

®

U.S.

Medical

Devices

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

39

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

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

$

5,056,989,372

‌

$

—

‌

$

—

‌

$

5,056,989,372

‌

Short-Term

Securities

Money

Market

Funds

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

140,159,205

‌

—

‌

—

‌

140,159,205

‌

$

5,197,148,577

‌

$

—

‌

$

—

‌

$

5,197,148,577

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

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

$

(

274,652

)

$

—

‌

$

—

‌

$

(

274,652

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Exploration

&

Production

 — 

78

.7

%

Antero

Resources

Corp.

(a)

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

401,600

$

10,192,608

APA

Corp.

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

433,813

17,829,714

California

Resources

Corp.

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

91,522

5,126,147

Callon

Petroleum

Co.

(a)

(b)

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

78,907

3,086,842

Chesapeake

Energy

Corp.

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

159,637

13,765,499

Chord

Energy

Corp.

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

59,074

9,574,123

Civitas

Resources,

Inc.

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

121,337

9,812,523

CNX

Resources

Corp.

(a)

(b)

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

227,965

5,147,450

Comstock

Resources,

Inc.

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

129,748

1,431,120

ConocoPhillips

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

1,448,238

173,498,912

Coterra

Energy,

Inc.

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

1,068,740

28,909,417

Denbury,

Inc.

(a)

...........................

72,596

7,115,134

Devon

Energy

Corp.

........................

772,017

36,825,211

Diamondback

Energy,

Inc.

....................

252,306

39,077,153

Earthstone

Energy,

Inc.

,

Class

A

(a)

..............

90,074

1,823,098

EOG

Resources,

Inc.

.......................

703,739

89,205,956

EQT

Corp.

..............................

510,287

20,707,447

Gulfport

Energy

Corp.

(a)

.....................

14,096

1,672,631

Hess

Corp.

..............................

261,677

40,036,581

Kosmos

Energy

Ltd.

(a)

.......................

649,607

5,313,785

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..............

265,293

6,077,863

Marathon

Oil

Corp.

.........................

854,603

22,860,630

Matador

Resources

Co.

(b)

....................

156,733

9,322,479

Murphy

Oil

Corp.

..........................

211,055

9,571,344

Northern

Oil

and

Gas,

Inc.

....................

118,201

4,755,226

Ovintiv,

Inc.

..............................

359,662

17,109,121

Permian

Resources

Corp.

,

Class

A

..............

393,746

5,496,694

Pioneer

Natural

Resources

Co.

................

281,782

64,683,058

Range

Resources

Corp.

.....................

342,989

11,116,274

SM

Energy

Co.

...........................

167,539

6,642,921

Southwestern

Energy

Co.

(a)

...................

1,566,684

10,105,112

Talos

Energy,

Inc.

(a)

(b)

.......................

141,755

2,330,452

Tellurian,

Inc.

(a)

(b)

..........................

821,445

952,876

Texas

Pacific

Land

Corp.

(b)

...................

8,817

16,078,329

Security

Shares

Value

a

Oil

&

Gas

Exploration

&

Production

(continued)

Vital

Energy,

Inc.

(a)

(b)

........................

23,801

$

1,319,051

708,572,781

a

Oil

&

Gas

Refining

&

Marketing

 — 

21

.1

%

Clean

Energy

Fuels

Corp.

(a)

(b)

..................

248,690

952,483

CVR

Energy,

Inc.

..........................

41,161

1,400,709

Delek

U.S.

Holdings,

Inc.

....................

87,579

2,488,119

Green

Plains,

Inc.

(a)

........................

63,417

1,908,852

HF

Sinclair

Corp.

..........................

206,550

11,758,892

Marathon

Petroleum

Corp.

...................

483,264

73,137,174

Par

Pacific

Holdings,

Inc.

(a)

...................

79,320

2,850,761

PBF

Energy,

Inc.

,

Class

A

....................

156,636

8,384,725

Phillips

66

...............................

354,040

42,537,906

Valero

Energy

Corp.

........................

308,105

43,661,560

World

Kinect

Corp.

.........................

83,056

1,862,946

190,944,127

a

Total

Long-Term Investments

— 99.8%

(Cost:

$

854,935,163

)

................................

899,516,908

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

............................

23,980,679

23,990,271

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

.............................

6,479,220

6,479,220

a

Total

Short-Term

Securities — 3.4%

(Cost:

$

30,465,791

)

.................................

30,469,491

Total

Investments

—

103.2%

(Cost:

$

885,400,954

)

................................

929,986,399

Liabilities

in

Excess

of

Other

Assets

—

(

3

.2

)

%

...............

(

28,469,468

)

Net

Assets

—

100.0%

.................................

$

901,516,931

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,916,800

‌

$

19,071,732

(a)

$

—

‌

$

166

‌

$

1,573

‌

$

23,990,271

‌

23,980,679

‌

$

9,761

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

—

‌

6,479,220

(a)

—

‌

—

‌

—

‌

6,479,220

‌

6,479,220

‌

25,875

‌

—

‌

$

166

‌

$

1,573

‌

$

30,469,491

‌

$

35,636

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

41

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

19

12/15/23

$

1,815

$

(

21,235

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

21,235

$

—

$

—

$

—

$

21,235

(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

..................................

$

—

$

—

$

169,258

$

—

$

—

$

—

$

169,258

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

74,299

)

$

—

$

—

$

—

$

(

74,299

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,893,390

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

42

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

899,516,908

‌

$

—

‌

$

—

‌

$

899,516,908

‌

Short-Term

Securities

Money

Market

Funds

......................................

30,469,491

‌

—

‌

—

‌

30,469,491

‌

$

929,986,399

‌

$

—

‌

$

—

‌

$

929,986,399

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

21,235

)

$

—

‌

$

—

‌

$

(

21,235

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Oil

&

Gas

Drilling

 — 

21

.1

%

Diamond

Offshore

Drilling,

Inc.

(a)

................

276,992

$

4,066,243

Helmerich

&

Payne,

Inc.

.....................

269,158

11,347,701

Nabors

Industries,

Ltd.

(a)

.....................

24,288

2,990,824

Noble

Corp.

PLC

,

Class

A

....................

293,166

14,848,858

Patterson-UTI

Energy,

Inc.

...................

867,702

12,008,996

Transocean,

Ltd.

(a)

(b)

........................

1,826,396

14,994,711

Valaris,

Ltd.

(a)

............................

172,255

12,915,680

73,173,013

a

Oil

&

Gas

Equipment

&

Services

 — 

78

.8

%

Archrock,

Inc.

............................

372,825

4,697,595

Baker

Hughes

Co.

,

Class

A

...................

1,822,797

64,381,190

Bristow

Group,

Inc.

(a)

(b)

......................

64,829

1,826,233

Cactus,

Inc.

,

Class

A

.......................

174,905

8,781,980

ChampionX

Corp.

.........................

430,526

15,335,336

Core

Laboratories,

Inc.

(b)

.....................

126,364

3,034,000

DMC

Global,

Inc.

(a)

(b)

........................

53,503

1,309,218

Dril-Quip,

Inc.

(a)

(b)

..........................

92,515

2,606,148

Expro

Group

Holdings

NV

(a)

...................

229,640

5,334,537

Halliburton

Co.

...........................

393,445

15,934,522

Helix

Energy

Solutions

Group,

Inc.

(a)

(b)

............

383,788

4,286,912

Liberty

Energy,

Inc.

,

Class

A

..................

419,755

7,773,863

NOV,

Inc.

...............................

745,677

15,584,649

Oceaneering

International,

Inc.

(a)

(b)

..............

272,824

7,017,033

ProPetro

Holding

Corp.

(a)

.....................

235,065

2,498,741

RPC,

Inc.

...............................

230,455

2,060,268

Security

Shares

Value

a

Oil

&

Gas

Equipment

&

Services

(continued)

Schlumberger

Ltd.

.........................

1,318,388

$

76,862,020

TechnipFMC

PLC

.........................

778,528

15,835,260

U.S.

Silica

Holdings,

Inc.

(a)

(b)

...................

208,760

2,930,990

Weatherford

International

PLC

(a)

................

173,590

15,680,385

273,770,880

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

327,110,070

)

................................

346,943,893

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

............................

10,575,487

10,579,717

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

.............................

1,371,868

1,371,868

a

Total

Short-Term

Securities — 3.4%

(Cost:

$

11,946,243

)

.................................

11,951,585

Total

Investments

—

103.3%

(Cost:

$

339,056,313

)

................................

358,895,478

Liabilities

in

Excess

of

Other

Assets

—

(

3

.3

)

%

...............

(

11,374,991

)

Net

Assets

—

100.0%

.................................

$

347,520,487

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

17,834,940

$

—

$

(

7,256,437

)

(a)

$

847

$

367

$

10,579,717

10,575,487

$

13,672

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

272,477

1,099,391

(a)

—

—

—

1,371,868

1,371,868

5,355

—

$

847

$

367

$

11,951,585

$

19,027

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

44

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

5

12/15/23

$

478

$

(

6,985

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

6,985

$

—

$

—

$

—

$

6,985

(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

..................................

$

—

$

—

$

60,935

$

—

$

—

$

—

$

60,935

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

25,269

)

$

—

$

—

$

—

$

(

25,269

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

453,150

a

iShares

®

U.S.

Oil

Equipment

&

Services

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

45

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

346,943,893

‌

$

—

‌

$

—

‌

$

346,943,893

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,951,585

‌

—

‌

—

‌

11,951,585

‌

$

358,895,478

‌

$

—

‌

$

—

‌

$

358,895,478

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

6,985

)

$

—

‌

$

—

‌

$

(

6,985

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Pharmaceuticals

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Pharmaceuticals

 — 

99

.9

%

Aclaris

Therapeutics,

Inc.

(a)

...................

85,336

$

584,552

Amphastar

Pharmaceuticals,

Inc.

(a)

..............

58,013

2,668,018

Amylyx

Pharmaceuticals,

Inc.

(a)

................

61,489

1,125,863

Arvinas,

Inc.

(a)

(b)

...........................

81,422

1,599,128

Atea

Pharmaceuticals,

Inc.

(a)

..................

115,798

347,394

Axsome

Therapeutics,

Inc.

(a)

(b)

.................

58,909

4,117,150

Bristol-Myers

Squibb

Co.

.....................

286,068

16,603,387

Cassava

Sciences,

Inc.

(a)

(b)

...................

60,196

1,001,661

Catalent,

Inc.

(a)

...........................

274,434

12,494,980

Collegium

Pharmaceutical,

Inc.

(a)

...............

52,835

1,180,862

Corcept

Therapeutics,

Inc.

(a)

(b)

.................

137,378

3,742,864

Elanco

Animal

Health,

Inc.

(a)

...................

750,018

8,430,202

Eli

Lilly

&

Co.

............................

152,421

81,869,892

Harmony

Biosciences

Holdings,

Inc.

(a)

............

51,150

1,676,185

Innoviva,

Inc.

(a)

...........................

87,128

1,131,793

Intra-Cellular

Therapies,

Inc.

(a)

(b)

................

136,044

7,086,532

Jazz

Pharmaceuticals

PLC

(a)

..................

96,112

12,440,737

Johnson

&

Johnson

........................

540,145

84,127,584

Ligand

Pharmaceuticals,

Inc.

(a)

.................

24,830

1,487,814

Merck

&

Co.,

Inc.

..........................

160,294

16,502,267

Organon

&

Co.

...........................

389,060

6,754,082

Pacira

BioSciences,

Inc.

(a)

....................

70,662

2,167,910

Perrigo

Co.

PLC

..........................

206,119

6,585,502

Pfizer,

Inc.

..............................

496,645

16,473,715

Phibro

Animal

Health

Corp.

,

Class

A

.............

31,032

396,279

Pliant

Therapeutics,

Inc.

(a)

(b)

...................

79,185

1,373,068

Prestige

Consumer

Healthcare,

Inc.

(a)

............

75,415

4,312,984

Security

Shares

Value

a

Pharmaceuticals

(continued)

Revance

Therapeutics,

Inc.

(a)

(b)

.................

133,890

$

1,535,718

Royalty

Pharma

PLC

,

Class

A

.................

587,192

15,936,391

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

..............

83,109

2,291,315

Theravance

Biopharma,

Inc.

(a)

.................

55,602

479,845

Ventyx

Biosciences,

Inc.

(a)

(b)

...................

71,718

2,490,766

Viatris,

Inc.

..............................

1,686,727

16,631,128

Zoetis,

Inc.

,

Class

A

........................

91,350

15,893,073

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

370,879,148

)

................................

353,540,641

a

Short-Term

Securities

Money

Market

Funds

 — 

3

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

............................

10,361,902

10,366,046

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

.............................

2,205,072

2,205,072

a

Total

Short-Term

Securities — 3.5%

(Cost:

$

12,565,514

)

.................................

12,571,118

Total

Investments

—

103.4%

(Cost:

$

383,444,662

)

................................

366,111,759

Liabilities

in

Excess

of

Other

Assets

—

(

3

.4

)

%

...............

(

12,200,476

)

Net

Assets

—

100.0%

.................................

$

353,911,283

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

18,869,513

$

—

$

(

8,503,843

)

(a)

$

(

63

)

$

439

$

10,366,046

10,361,902

$

53,991

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

—

2,205,072

(a)

—

—

—

2,205,072

2,205,072

13,412

—

$

(

63

)

$

439

$

12,571,118

$

67,403

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Pharmaceuticals

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

47

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

......................................................

2

12/15/23

$

262

$

(

4,737

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,737

$

—

$

—

$

—

$

4,737

(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

..................................

$

—

$

—

$

(

36,233

)

$

—

$

—

$

—

$

(

36,233

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

12,726

)

$

—

$

—

$

—

$

(

12,726

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

537,440

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Pharmaceuticals

ETF

48

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

353,540,641

‌

$

—

‌

$

—

‌

$

353,540,641

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,571,118

‌

—

‌

—

‌

12,571,118

‌

$

366,111,759

‌

$

—

‌

$

—

‌

$

366,111,759

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

4,737

)

$

—

‌

$

—

‌

$

(

4,737

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

49

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Data

Center

REITs

 — 

9

.3

%

Digital

Realty

Trust,

Inc.

.....................

707,839

$

85,662,676

Equinix,

Inc.

.............................

210,756

153,063,653

238,726,329

a

Diversified

REITs

 — 

1

.1

%

WP

Carey,

Inc.

...........................

500,233

27,052,601

a

Health

Care

REITs

 — 

8

.4

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

............

890,593

13,599,355

Healthpeak

Properties,

Inc.

...................

1,279,210

23,486,296

Medical

Properties

Trust,

Inc.

..................

1,400,501

7,632,730

Omega

Healthcare

Investors,

Inc.

...............

572,434

18,981,911

Physicians

Realty

Trust

......................

556,153

6,779,505

Sabra

Health

Care

REIT,

Inc.

..................

541,097

7,542,892

Ventas,

Inc.

.............................

940,897

39,639,991

Welltower,

Inc.

............................

1,212,993

99,368,387

217,031,067

a

Hotel

&

Resort

REITs

 — 

1

.0

%

Host

Hotels

&

Resorts,

Inc.

...................

1,663,978

26,740,126

a

Industrial

REITs

 — 

13

.1

%

Americold

Realty

Trust,

Inc.

...................

594,020

18,064,148

EastGroup

Properties,

Inc.

...................

106,168

17,680,157

First

Industrial

Realty

Trust,

Inc.

................

309,264

14,717,874

LXP

Industrial

Trust

........................

682,422

6,073,556

Prologis,

Inc.

.............................

2,154,527

241,759,475

Rexford

Industrial

Realty,

Inc.

.................

482,736

23,823,021

STAG

Industrial,

Inc.

.......................

420,133

14,498,790

336,617,021

a

Mortgage

REITs

 — 

2

.6

%

AGNC

Investment

Corp.

.....................

1,417,216

13,378,519

Annaly

Capital

Management,

Inc.

...............

1,154,948

21,724,572

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

..........

403,026

8,765,816

Rithm

Capital

Corp.

........................

1,130,167

10,499,251

Starwood

Property

Trust,

Inc.

..................

694,809

13,444,554

67,812,712

a

Multi-Family

Residential

REITs

 — 

9

.0

%

Apartment

Income

REIT

Corp.

.................

358,901

11,018,261

AvalonBay

Communities,

Inc.

.................

332,068

57,029,358

Camden

Property

Trust

......................

249,665

23,613,316

Equity

Residential

.........................

806,553

47,352,726

Essex

Property

Trust,

Inc.

....................

150,071

31,828,558

Mid-America

Apartment

Communities,

Inc.

.........

272,838

35,100,609

UDR,

Inc.

...............................

708,800

25,282,896

231,225,724

a

Office

REITs

 — 

3

.7

%

Alexandria

Real

Estate

Equities,

Inc.

.............

364,150

36,451,415

Boston

Properties,

Inc.

......................

337,473

20,072,894

COPT

Defense

Properties

....................

262,472

6,254,708

Cousins

Properties,

Inc.

.....................

353,966

7,210,287

Douglas

Emmett,

Inc.

.......................

389,579

4,971,028

JBG

SMITH

Properties

......................

213,756

3,090,912

Kilroy

Realty

Corp.

.........................

248,701

7,861,439

Vornado

Realty

Trust

.......................

373,306

8,466,580

94,379,263

a

Other

Specialized

REITs

 — 

6

.1

%

Gaming

and

Leisure

Properties,

Inc.

.............

614,156

27,974,806

Iron

Mountain,

Inc.

.........................

682,473

40,573,020

Lamar

Advertising

Co.

,

Class

A

................

204,694

17,085,808

Security

Shares

Value

a

Other

Specialized

REITs

(continued)

VICI

Properties,

Inc.

........................

2,369,765

$

68,960,161

154,593,795

a

Real

Estate

Development

 — 

0

.2

%

Howard

Hughes

Holdings,

Inc.

(a)

(b)

...............

75,945

5,629,803

a

Real

Estate

Services

 — 

6

.6

%

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

.................

724,508

53,512,161

CoStar

Group,

Inc.

(a)

(b)

.......................

954,831

73,416,956

Jones

Lang

LaSalle,

Inc.

(a)

(b)

...................

111,506

15,742,417

Opendoor

Technologies,

Inc.

(a)

(b)

................

1,322,205

3,490,621

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

.................

123,503

5,531,699

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

..............

369,518

17,056,951

168,750,805

a

Retail

REITs

 — 

11

.0

%

Agree

Realty

Corp.

........................

225,107

12,434,911

Brixmor

Property

Group,

Inc.

..................

702,886

14,605,971

Federal

Realty

Investment

Trust

................

171,560

15,548,483

Kimco

Realty

Corp.

........................

1,449,503

25,496,758

NNN

REIT,

Inc.

...........................

426,560

15,074,630

Realty

Income

Corp.

........................

1,657,390

82,770,056

Regency

Centers

Corp.

(b)

....................

384,220

22,838,037

Simon

Property

Group,

Inc.

...................

765,093

82,652,997

Spirit

Realty

Capital,

Inc.

.....................

330,489

11,081,296

282,503,139

a

Self-Storage

REITs

 — 

7

.1

%

CubeSmart

..............................

525,687

20,044,445

Extra

Space

Storage,

Inc.

....................

494,042

60,065,626

National

Storage

Affiliates

Trust

................

194,320

6,167,717

Public

Storage

............................

370,046

97,514,522

183,792,310

a

Single-Family

Residential

REITs

 — 

5

.1

%

American

Homes

4

Rent

,

Class

A

...............

743,601

25,051,918

Equity

LifeStyle

Properties,

Inc.

................

435,573

27,750,356

Invitation

Homes,

Inc.

.......................

1,345,122

42,626,916

Sun

Communities,

Inc.

......................

290,939

34,429,721

129,858,911

a

Telecom

Tower

REITs

 — 

12

.5

%

American

Tower

Corp.

......................

1,087,008

178,758,466

Crown

Castle,

Inc.

.........................

1,014,096

93,327,255

SBA

Communications

Corp.

,

Class

A

.............

253,437

50,730,484

322,816,205

a

Timber

REITs

 — 

2

.7

%

PotlatchDeltic

Corp.

........................

186,903

8,483,527

Rayonier,

Inc.

............................

318,989

9,078,427

Weyerhaeuser

Co.

.........................

1,708,746

52,390,152

69,952,106

a

Total

Long-Term Investments

— 99.5%

(Cost:

$

3,899,483,973

)

...............................

2,557,481,917

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Real

Estate

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

............................

16,883,074

$

16,889,827

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

.............................

33,245,915

33,245,915

a

Total

Short-Term

Securities — 1.9%

(Cost:

$

50,127,178

)

.................................

50,135,742

Total

Investments

—

101.4%

(Cost:

$

3,949,611,151

)

...............................

2,607,617,659

Liabilities

in

Excess

of

Other

Assets

—

(

1

.4

)

%

...............

(

36,560,004

)

Net

Assets

—

100.0%

.................................

$

2,571,057,655

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,159,050

$

—

$

(

14,274,417

)

(a)

$

5,489

$

(

295

)

$

16,889,827

16,883,074

$

35,042

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

5,247,558

27,998,357

(a)

—

—

—

33,245,915

33,245,915

128,205

—

$

5,489

$

(

295

)

$

50,135,742

$

163,247

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

.........................................................

465

12/15/23

$

14,145

$

(

343,736

)

iShares

®

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

51

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

343,736

$

—

$

—

$

—

$

343,736

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

261,467

)

$

—

$

—

$

—

$

(

261,467

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

885,215

)

$

—

$

—

$

—

$

(

885,215

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

15,259,320

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,557,481,917

‌

$

—

‌

$

—

‌

$

2,557,481,917

‌

Short-Term

Securities

Money

Market

Funds

......................................

50,135,742

‌

—

‌

—

‌

50,135,742

‌

$

2,607,617,659

‌

$

—

‌

$

—

‌

$

2,607,617,659

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

343,736

)

$

—

‌

$

—

‌

$

(

343,736

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

U.S.

Regional

Banks

ETF

(Percentages

shown

are

based

on

Net

Assets)

52

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Commercial

&

Residential

Mortgage

Finance

 — 

0

.2

%

TFS

Financial

Corp.

........................

86,678

$

1,024,534

a

Diversified

Banks

 — 

40

.7

%

Comerica,

Inc.

............................

226,863

9,426,158

Fifth

Third

Bancorp

........................

1,078,504

27,318,506

First

Citizens

BancShares,

Inc.

,

Class

A

...........

20,475

28,257,547

KeyCorp

................................

1,611,243

17,336,975

PNC

Financial

Services

Group,

Inc.

(The)

.........

679,826

83,462,238

U.S.

Bancorp

............................

2,657,757

87,865,446

253,666,870

a

Regional

Banks

 — 

58

.7

%

Bank

OZK

..............................

181,151

6,715,268

BOK

Financial

Corp.

........................

47,989

3,838,160

Citizens

Financial

Group,

Inc.

.................

813,083

21,790,624

Commerce

Bancshares,

Inc.

..................

195,357

9,373,229

Cullen/Frost

Bankers,

Inc.

....................

110,391

10,068,763

East

West

Bancorp,

Inc.

.....................

243,573

12,838,733

First

Financial

Bankshares,

Inc.

................

221,164

5,555,640

First

Horizon

Corp.

.........................

961,841

10,599,488

FNB

Corp.

..............................

617,733

6,665,339

Glacier

Bancorp,

Inc.

.......................

190,879

5,440,052

Home

BancShares,

Inc.

.....................

324,343

6,791,742

Huntington

Bancshares,

Inc.

..................

2,492,620

25,923,248

M&T

Bank

Corp.

..........................

283,183

35,808,490

New

York

Community

Bancorp,

Inc.

.............

1,243,787

14,104,545

Pinnacle

Financial

Partners,

Inc.

................

132,146

8,859,068

Popular,

Inc.

.............................

124,173

7,824,141

Prosperity

Bancshares,

Inc.

...................

161,348

8,806,374

Security

Shares

Value

a

Regional

Banks

(continued)

Regions

Financial

Corp.

.....................

1,584,109

$

27,246,675

SouthState

Corp.

..........................

130,849

8,813,989

Synovus

Financial

Corp.

.....................

251,636

6,995,481

Truist

Financial

Corp.

.......................

2,273,699

65,050,528

UMB

Financial

Corp.

.......................

75,175

4,664,609

United

Bankshares,

Inc.

.....................

232,299

6,409,129

Valley

National

Bancorp

.....................

734,097

6,283,870

Webster

Financial

Corp.

.....................

298,269

12,023,223

Western

Alliance

Bancorp

....................

188,516

8,666,081

Wintrust

Financial

Corp.

.....................

105,380

7,956,190

Zions

Bancorp

NA

.........................

255,041

8,898,380

364,011,059

a

Total

Long-Term Investments

— 99.6%

(Cost:

$

879,376,957

)

................................

618,702,463

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.7

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(a)

(b)

.............................

10,297,390

10,297,390

a

Total

Short-Term

Securities — 1.7%

(Cost:

$

10,297,390

)

.................................

10,297,390

Total

Investments

—

101.3%

(Cost:

$

889,674,347

)

................................

628,999,853

Liabilities

in

Excess

of

Other

Assets

—

(

1

.3

)

%

...............

(

7,889,783

)

Net

Assets

—

100.0%

.................................

$

621,110,070

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

$

11,926,819

$

—

$

(

11,927,840

)

(b)

$

86

$

935

$

—

—

$

66,784

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,687,254

8,610,136

(b)

—

—

—

10,297,390

10,297,390

30,158

—

$

86

$

935

$

10,297,390

$

96,942

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

U.S.

Regional

Banks

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

53

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Financial

Select

Sector

Index

........................................................

23

12/15/23

$

2,372

$

(

91,766

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

91,766

$

—

$

—

$

—

$

91,766

(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

..................................

$

—

$

—

$

160,411

$

—

$

—

$

—

$

160,411

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

156,697

)

$

—

$

—

$

—

$

(

156,697

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,548,519

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Regional

Banks

ETF

54

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

618,702,463

‌

$

—

‌

$

—

‌

$

618,702,463

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,297,390

‌

—

‌

—

‌

10,297,390

‌

$

628,999,853

‌

$

—

‌

$

—

‌

$

628,999,853

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

91,766

)

$

—

‌

$

—

‌

$

(

91,766

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

55

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Alternative

Carriers

 — 

3

.1

%

Iridium

Communications,

Inc.

..................

180,607

$

8,215,812

a

Cable

&

Satellite

 — 

29

.3

%

Cable

One,

Inc.

...........................

13,994

8,615,266

Charter

Communications,

Inc.

,

Class

A

(a)

..........

24,129

10,612,417

Comcast

Corp.

,

Class

A

.....................

900,371

39,922,450

DISH

Network

Corp.

,

Class

A

(a)

(b)

...............

1,391,243

8,152,684

Liberty

Broadband

Corp.

,

Class

A

(a)

..............

12,362

1,123,829

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

.........

87,318

7,973,880

76,400,526

a

Communications

Equipment

 — 

40

.2

%

Arista

Networks,

Inc.

(a)

(b)

.....................

52,471

9,650,991

Ciena

Corp.

(a)

............................

181,451

8,575,374

Cisco

Systems,

Inc.

........................

883,222

47,482,015

Juniper

Networks,

Inc.

......................

304,914

8,473,560

Lumentum

Holdings,

Inc.

(a)

...................

166,495

7,522,244

Motorola

Solutions,

Inc.

.....................

36,496

9,935,671

Ubiquiti,

Inc.

.............................

48,999

7,119,555

Viasat,

Inc.

(a)

(b)

............................

339,525

6,267,631

105,027,041

a

Integrated

Telecommunication

Services

 — 

20

.0

%

AT&T,

Inc.

...............................

844,986

12,691,690

Frontier

Communications

Parent,

Inc.

(a)

(b)

..........

543,312

8,502,833

Verizon

Communications,

Inc.

.................

951,251

30,830,045

52,024,568

a

Security

Shares

Value

a

Movies

&

Entertainment

 — 

2

.8

%

Roku,

Inc.

,

Class

A

(a)

(b)

......................

104,023

$

7,342,984

a

Wireless

Telecommunication

Services

 — 

4

.5

%

T-Mobile

U.S.,

Inc.

.........................

83,150

11,645,157

a

Total

Long-Term Investments

— 99.9%

(Cost:

$

316,540,244

)

................................

260,656,088

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

............................

10,086,566

10,090,601

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

.............................

1,628,032

1,628,032

a

Total

Short-Term

Securities — 4.5%

(Cost:

$

11,713,494

)

.................................

11,718,633

Total

Investments

—

104.4%

(Cost:

$

328,253,738

)

................................

272,374,721

Liabilities

in

Excess

of

Other

Assets

—

(

4

.4

)

%

...............

(

11,488,018

)

Net

Assets

—

100.0%

.................................

$

260,886,703

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

22,989,137

$

—

$

(

12,900,892

)

(a)

$

8,973

$

(

6,617

)

$

10,090,601

10,086,566

$

26,172

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

123,649

1,504,383

(a)

—

—

—

1,628,032

1,628,032

10,631

—

$

8,973

$

(

6,617

)

$

11,718,633

$

36,803

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

U.S.

Telecommunications

ETF

56

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

2

12/15/23

$

173

$

(

4,463

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

4,463

$

—

$

—

$

—

$

4,463

(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

..................................

$

—

$

—

$

54,771

$

—

$

—

$

—

$

54,771

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

14,290

)

$

—

$

—

$

—

$

(

14,290

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

198,856

a

iShares

®

U.S.

Telecommunications

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

57

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

260,656,088

‌

$

—

‌

$

—

‌

$

260,656,088

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,718,633

‌

—

‌

—

‌

11,718,633

‌

$

272,374,721

‌

$

—

‌

$

—

‌

$

272,374,721

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

4,463

)

$

—

‌

$

—

‌

$

(

4,463

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

58

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

4,858,069,035

‌

$

373,217,358

‌

$

872,853,415

‌

$

1,908,106,812

‌

Investments,

at

value

—

affiliated

(c)

.......................................

122,776,158

‌

12,198,124

‌

42,392,028

‌

82,447,513

‌

Cash

...........................................................

9,259

‌

—

‌

5,181

‌

—

‌

Cash

pledged:

Futures

contracts

.................................................

197,000

‌

24,000

‌

31,000

‌

112,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

72,625

‌

1,346

‌

9,886

‌

15,317

‌

Capital

shares

sold

................................................

—

‌

—

‌

—

‌

43,080

‌

Dividends

—

unaffiliated

............................................

387,975

‌

61,448

‌

117,724

‌

630,669

‌

Dividends

—

affiliated

..............................................

32,730

‌

3,018

‌

8,200

‌

9,756

‌

Interest

—

unaffiliated

..............................................

3,184

‌

732

‌

772

‌

1,237

‌

Total

assets

......................................................

4,981,547,966

‌

385,506,026

‌

915,418,206

‌

1,991,366,384

‌

LIABILITIES

Bank

overdraft

.....................................................

—

‌

11,262

‌

—

‌

42,153

‌

Collateral

on

securities

loaned

..........................................

107,252,932

‌

9,294,705

‌

38,007,542

‌

76,411,472

‌

Payables:

Capital

shares

redeemed

............................................

34,331

‌

—

‌

—

‌

105,705

‌

Income

dividend

distributions

.........................................

10,434,435

‌

2,371,944

‌

3,392,490

‌

3,928,180

‌

Investment

advisory

fees

............................................

1,717,803

‌

128,066

‌

296,357

‌

715,383

‌

Variation

margin

on

futures

contracts

....................................

21,830

‌

3,300

‌

5,200

‌

7,700

‌

Total

liabilities

.....................................................

119,461,331

‌

11,809,277

‌

41,701,589

‌

81,210,593

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

4,862,086,635

‌

$

373,696,749

‌

$

873,716,617

‌

$

1,910,155,791

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

5,791,353,726

‌

$

564,492,040

‌

$

1,190,007,576

‌

$

2,082,255,591

‌

Accumulated

loss

..................................................

(

929,267,091

)

(

190,795,291

)

(

316,290,959

)

(

172,099,800

)

NET

ASSETS

.....................................................

$

4,862,086,635

‌

$

373,696,749

‌

$

873,716,617

‌

$

1,910,155,791

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

45,900,000

‌

4,100,000

‌

3,550,000

‌

24,350,000

‌

Net

asset

value

....................................................

$

105.93

‌

$

91.15

‌

$

246.12

‌

$

78.45

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

104,727,300

‌

$

9,127,207

‌

$

36,418,331

‌

$

74,409,351

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

5,082,410,588

‌

$

406,507,679

‌

$

1,007,049,066

‌

$

2,146,558,703

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

122,725,190

‌

$

12,197,990

‌

$

42,362,661

‌

$

82,410,745

‌

59

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

2,022,524,857

‌

$

335,656,348

‌

$

5,056,989,372

‌

$

899,516,908

‌

Investments,

at

value

—

affiliated

(c)

.......................................

73,624,295

‌

6,003,660

‌

140,159,205

‌

30,469,491

‌

Cash

...........................................................

72,130

‌

34,472

‌

50,742

‌

58,278

‌

Cash

pledged:

Futures

contracts

.................................................

278,000

‌

41,000

‌

560,000

‌

154,000

‌

Receivables:

Investments

sold

.................................................

—

‌

3,624,351

‌

—

‌

1,317,736

‌

Securities

lending

income

—

affiliated

...................................

15,655

‌

706

‌

30,301

‌

3,220

‌

Dividends

—

unaffiliated

............................................

2,631,919

‌

434,926

‌

7,576,833

‌

925,653

‌

Dividends

—

affiliated

..............................................

24,629

‌

2,016

‌

36,784

‌

6,686

‌

Interest

—

unaffiliated

..............................................

1,140

‌

30

‌

3,771

‌

1,055

‌

Total

assets

......................................................

2,099,172,625

‌

345,797,509

‌

5,205,407,008

‌

932,453,027

‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.........................................

10,000

‌

—

‌

—

‌

—

‌

Collateral

on

securities

loaned

..........................................

54,317,256

‌

3,565,566

‌

121,935,120

‌

23,985,682

‌

Payables:

Investments

purchased

.............................................

4,407,137

‌

1,059,472

‌

—

‌

2,021,761

‌

Capital

shares

redeemed

............................................

—

‌

—

‌

43,703

‌

—

‌

Income

dividend

distributions

.........................................

12,347,329

‌

1,815,882

‌

12,172,797

‌

4,617,443

‌

Investment

advisory

fees

............................................

519,379

‌

112,464

‌

1,757,792

‌

272,640

‌

Variation

margin

on

futures

contracts

....................................

17,220

‌

47,371

‌

51,020

‌

38,570

‌

Total

liabilities

.....................................................

71,618,321

‌

6,600,755

‌

135,960,432

‌

30,936,096

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

2,027,554,304

‌

$

339,196,754

‌

$

5,069,446,576

‌

$

901,516,931

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

2,133,411,186

‌

$

353,200,114

‌

$

6,016,286,141

‌

$

1,073,282,635

‌

Accumulated

loss

..................................................

(

105,856,882

)

(

14,003,360

)

(

946,839,565

)

(

171,765,704

)

NET

ASSETS

.....................................................

$

2,027,554,304

‌

$

339,196,754

‌

$

5,069,446,576

‌

$

901,516,931

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

55,450,000

‌

3,700,000

‌

104,500,000

‌

9,250,000

‌

Net

asset

value

....................................................

$

36.57

‌

$

91.67

‌

$

48.51

‌

$

97.46

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

52,932,793

‌

$

3,448,413

‌

$

117,561,039

‌

$

22,843,714

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

2,047,244,676

‌

$

343,824,439

‌

$

5,842,412,631

‌

$

854,935,163

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

73,607,926

‌

$

6,003,152

‌

$

140,117,916

‌

$

30,465,791

‌

60

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2023

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

346,943,893

‌

$

353,540,641

‌

$

2,557,481,917

‌

$

618,702,463

‌

Investments,

at

value

—

affiliated

(c)

.......................................

11,951,585

‌

12,571,118

‌

50,135,742

‌

10,297,390

‌

Cash

...........................................................

—

‌

1,160

‌

297,634

‌

—

‌

Cash

pledged:

Futures

contracts

.................................................

41,000

‌

13,000

‌

923,000

‌

134,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

2,130

‌

11,436

‌

3,800

‌

—

‌

Capital

shares

sold

................................................

10,570

‌

—

‌

357,023

‌

—

‌

Dividends

—

unaffiliated

............................................

202,718

‌

108,403

‌

10,194,346

‌

3,240,753

‌

Dividends

—

affiliated

..............................................

1,975

‌

2,952

‌

30,400

‌

8,941

‌

Interest

—

unaffiliated

..............................................

58

‌

712

‌

849

‌

542

‌

Variation

margin

on

futures

contracts

....................................

—

‌

—

‌

33,070

‌

—

‌

Total

assets

......................................................

359,153,929

‌

366,249,422

‌

2,619,457,781

‌

632,384,089

‌

LIABILITIES

Bank

overdraft

.....................................................

1,071

‌

—

‌

—

‌

84,701

‌

Collateral

on

securities

loaned

..........................................

10,572,000

‌

10,362,505

‌

16,883,082

‌

—

‌

Payables:

Investments

purchased

.............................................

—

‌

—

‌

450,964

‌

1,667,088

‌

Capital

shares

redeemed

............................................

—

‌

—

‌

1,216,832

‌

11,377

‌

Income

dividend

distributions

.........................................

963,111

‌

1,848,750

‌

28,948,181

‌

9,277,438

‌

Investment

advisory

fees

............................................

87,110

‌

124,804

‌

901,067

‌

212,140

‌

Variation

margin

on

futures

contracts

....................................

10,150

‌

2,080

‌

—

‌

21,275

‌

Total

liabilities

.....................................................

11,633,442

‌

12,338,139

‌

48,400,126

‌

11,274,019

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

347,520,487

‌

$

353,911,283

‌

$

2,571,057,655

‌

$

621,110,070

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

635,218,919

‌

$

562,535,932

‌

$

4,489,684,832

‌

$

1,038,281,662

‌

Accumulated

loss

..................................................

(

287,698,432

)

(

208,624,649

)

(

1,918,627,177

)

(

417,171,592

)

NET

ASSETS

.....................................................

$

347,520,487

‌

$

353,911,283

‌

$

2,571,057,655

‌

$

621,110,070

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

14,450,000

‌

2,000,000

‌

32,900,000

‌

18,500,000

‌

Net

asset

value

....................................................

$

24.05

‌

$

176.96

‌

$

78.15

‌

$

33.57

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

9,946,094

‌

$

9,464,776

‌

$

16,546,472

‌

$

—

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

327,110,070

‌

$

370,879,148

‌

$

3,899,483,973

‌

$

879,376,957

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

11,946,243

‌

$

12,565,514

‌

$

50,127,178

‌

$

10,297,390

‌

61

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

September

30,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

260,656,088

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

11,718,633

‌

Cash

...........................................................................................................

252

‌

Cash

pledged:

Futures

contracts

.................................................................................................

12,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................................

3,672

‌

Dividends

—

unaffiliated

............................................................................................

33,696

‌

Dividends

—

affiliated

..............................................................................................

2,261

‌

Interest

—

unaffiliated

..............................................................................................

68

‌

Total

assets

......................................................................................................

272,426,670

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

10,087,854

‌

Payables:

Capital

shares

redeemed

............................................................................................

5,170

‌

Income

dividend

distributions

.........................................................................................

1,351,425

‌

Investment

advisory

fees

............................................................................................

94,518

‌

Variation

margin

on

futures

contracts

....................................................................................

1,000

‌

Total

liabilities

.....................................................................................................

11,539,967

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................................

$

260,886,703

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

686,686,331

‌

Accumulated

loss

..................................................................................................

(

425,799,628

)

NET

ASSETS

.....................................................................................................

$

260,886,703

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

12,250,000

‌

Net

asset

value

....................................................................................................

$

21.30

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

9,821,119

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

316,540,244

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

11,713,494

‌

62

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

32,945,992

‌

$

6,294,535

‌

$

5,813,329

‌

$

10,391,996

‌

Dividends

—

affiliated

..............................................

163,422

‌

16,858

‌

33,866

‌

58,975

‌

Interest

—

unaffiliated

..............................................

28,754

‌

1,222

‌

4,765

‌

6,883

‌

Securities

lending

income

—

affiliated

—

net

...............................

298,460

‌

43,894

‌

86,814

‌

93,251

‌

Total

investment

income

..............................................

33,436,628

‌

6,356,509

‌

5,938,774

‌

10,551,105

‌

EXPENSES

Investment

advisory

...............................................

11,225,088

‌

997,619

‌

2,041,279

‌

4,175,833

‌

Interest

expense

.................................................

—

‌

—

‌

431

‌

—

‌

Total

expenses

....................................................

11,225,088

‌

997,619

‌

2,041,710

‌

4,175,833

‌

Net

investment

income

...............................................

22,211,540

‌

5,358,890

‌

3,897,064

‌

6,375,272

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

63,075,519

‌

(

12,881,777

)

(

42,342,401

)

(

10,857,858

)

Investments

—

affiliated

...........................................

(

5,518

)

(

793

)

10,995

‌

(

494

)

Futures

contracts

...............................................

853,306

‌

34,246

‌

14,596

‌

277,139

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

220,324,445

‌

(

529,888

)

31,931,273

‌

280,607,595

‌

284,247,752

‌

(

13,378,212

)

(

10,385,537

)

270,026,382

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

724,308,487

)

5,132,712

‌

11,623,453

‌

(

77,752,338

)

Investments

—

affiliated

...........................................

11,783

‌

555

‌

(

5,538

)

11,505

‌

Futures

contracts

...............................................

(

459,187

)

(

57,587

)

(

49,477

)

(

193,408

)

(

724,755,891

)

5,075,680

‌

11,568,438

‌

(

77,934,241

)

Net

realized

and

unrealized

gain

(loss)

....................................

(

440,508,139

)

(

8,302,532

)

1,182,901

‌

192,092,141

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

418,296,599

)

$

(

2,943,642

)

$

5,079,965

‌

$

198,467,413

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

63

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

24,236,875

‌

$

3,636,548

‌

$

25,587,373

‌

$

10,239,939

‌

Dividends

—

affiliated

..............................................

223,392

‌

9,269

‌

215,665

‌

25,875

‌

Interest

—

unaffiliated

..............................................

5,986

‌

419

‌

15,179

‌

8,340

‌

Securities

lending

income

—

affiliated

—

net

...............................

93,685

‌

5,408

‌

259,875

‌

9,761

‌

Foreign

taxes

withheld

.............................................

(

290,160

)

(

58,262

)

—

‌

—

‌

Total

investment

income

..............................................

24,269,778

‌

3,593,382

‌

26,078,092

‌

10,283,915

‌

EXPENSES

Investment

advisory

...............................................

2,898,774

‌

761,492

‌

11,741,107

‌

1,384,450

‌

Interest

expense

.................................................

27

‌

—

‌

—

‌

—

‌

Total

expenses

....................................................

2,898,801

‌

761,492

‌

11,741,107

‌

1,384,450

‌

Net

investment

income

...............................................

21,370,977

‌

2,831,890

‌

14,336,985

‌

8,899,465

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

3,247,477

)

1,416,418

‌

(

52,836,580

)

4,234,360

‌

Investments

—

affiliated

...........................................

(

1,515

)

(

895

)

15,937

‌

166

‌

Futures

contracts

...............................................

31,836

‌

73,644

‌

500,760

‌

169,258

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

5,091,121

‌

2,374,458

‌

149,308,014

‌

15,107,194

‌

Swaps  

......................................................

(

180,853

)

—

‌

—

‌

—

‌

1,693,112

‌

3,863,625

‌

96,988,131

‌

19,510,978

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

62,700,812

)

20,889,179

‌

(

687,236,967

)

56,689,814

‌

Investments

—

affiliated

...........................................

9,633

‌

966

‌

(

3,497

)

1,573

‌

Futures

contracts

...............................................

(

371,301

)

(

59,661

)

(

649,202

)

(

74,299

)

Swaps  

......................................................

(

405,189

)

—

‌

—

‌

—

‌

(

63,467,669

)

20,830,484

‌

(

687,889,666

)

56,617,088

‌

Net

realized

and

unrealized

gain

(loss)

....................................

(

61,774,557

)

24,694,109

‌

(

590,901,535

)

76,128,066

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

40,403,580

)

$

27,525,999

‌

$

(

576,564,550

)

$

85,027,531

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

64

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2023

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

1,478,127

‌

$

3,779,095

‌

$

49,997,650

‌

$

17,573,673

‌

Dividends

—

affiliated

..............................................

5,355

‌

13,412

‌

128,205

‌

30,158

‌

Interest

—

unaffiliated

..............................................

1,412

‌

2,357

‌

21,062

‌

1,762

‌

Securities

lending

income

—

affiliated

—

net

...............................

13,672

‌

53,991

‌

35,042

‌

66,784

‌

Foreign

taxes

withheld

.............................................

—

‌

—

‌

—

‌

(

15,726

)

Total

investment

income

..............................................

1,498,566

‌

3,848,855

‌

50,181,959

‌

17,656,651

‌

EXPENSES

Investment

advisory

...............................................

409,061

‌

757,433

‌

5,721,510

‌

1,458,831

‌

Interest

expense

.................................................

—

‌

—

‌

55

‌

—

‌

Total

expenses

....................................................

409,061

‌

757,433

‌

5,721,565

‌

1,458,831

‌

Net

investment

income

...............................................

1,089,505

‌

3,091,422

‌

44,460,394

‌

16,197,820

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

6,919,393

)

7,094,579

‌

(

48,688,542

)

(

66,101,681

)

Investments

—

affiliated

...........................................

847

‌

(

63

)

5,489

‌

86

‌

Futures

contracts

...............................................

60,935

‌

(

36,233

)

(

261,467

)

160,411

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

1,734,367

‌

7,282,080

‌

(

94,316,232

)

31,256,757

‌

(

5,123,244

)

14,340,363

‌

(

143,260,752

)

(

34,684,427

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

44,328,995

‌

(

10,638,461

)

(

77,992,416

)

13,480,333

‌

Investments

—

affiliated

...........................................

367

‌

439

‌

(

295

)

935

‌

Futures

contracts

...............................................

(

25,269

)

(

12,726

)

(

885,215

)

(

156,697

)

44,304,093

‌

(

10,650,748

)

(

78,877,926

)

13,324,571

‌

Net

realized

and

unrealized

gain

(loss)

....................................

39,180,849

‌

3,689,615

‌

(

222,138,678

)

(

21,359,856

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

40,270,354

‌

$

6,781,037

‌

$

(

177,678,284

)

$

(

5,162,036

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

65

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

September

30,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

3,412,790

‌

Dividends

—

affiliated

..............................................................................................

10,631

‌

Interest

—

unaffiliated

..............................................................................................

2,032

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

26,172

‌

Total

investment

income

..............................................................................................

3,451,625

‌

EXPENSES

Investment

advisory

...............................................................................................

562,364

‌

Total

expenses

....................................................................................................

562,364

‌

Net

investment

income

...............................................................................................

2,889,261

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

42,772,119

)

Investments

—

affiliated

...........................................................................................

8,973

‌

Futures

contracts

...............................................................................................

54,771

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

(

40,458,419

)

(

83,166,794

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

55,666,697

‌

Investments

—

affiliated

...........................................................................................

(

6,617

)

Futures

contracts

...............................................................................................

(

14,290

)

55,645,790

‌

Net

realized

and

unrealized

loss

.........................................................................................

(

27,521,004

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................................

$

(

24,631,743

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

66

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

22,211,540

‌

$

47,865,751

‌

$

5,358,890

‌

$

12,309,514

‌

Net

realized

gain

(loss)

.........................................

284,247,752

‌

124,386,829

‌

(

13,378,212

)

(

76,656,331

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

724,755,891

)

89,011,340

‌

5,075,680

‌

(

13,493,080

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

418,296,599

)

261,263,920

‌

(

2,943,642

)

(

77,839,897

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

22,383,467

)

(

48,054,843

)

(

5,332,436

)

(

12,294,493

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

526,738,194

)

1,946,280,745

‌

(

378,334,354

)

276,467,954

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

967,418,260

)

2,159,489,822

‌

(

386,610,432

)

186,333,564

‌

Beginning

of

period

.............................................

5,829,504,895

‌

3,670,015,073

‌

760,307,181

‌

573,973,617

‌

End

of

period

.................................................

$

4,862,086,635

‌

$

5,829,504,895

‌

$

373,696,749

‌

$

760,307,181

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

67

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

3,897,064

‌

$

11,367,877

‌

$

6,375,272

‌

$

11,521,950

‌

Net

realized

gain

(loss)

.........................................

(

10,385,537

)

132,773,634

‌

270,026,382

‌

(

169,174,191

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

11,568,438

‌

(

328,845,389

)

(

77,934,241

)

371,104,546

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

5,079,965

‌

(

184,703,878

)

198,467,413

‌

213,452,305

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

3,892,988

)

(

11,479,684

)

(

6,479,201

)

(

11,584,706

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

290,009,028

)

29,980,312

‌

80,696,306

‌

(

329,371,868

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

288,822,051

)

(

166,203,250

)

272,684,518

‌

(

127,504,269

)

Beginning

of

period

.............................................

1,162,538,668

‌

1,328,741,918

‌

1,637,471,273

‌

1,764,975,542

‌

End

of

period

.................................................

$

873,716,617

‌

$

1,162,538,668

‌

$

1,910,155,791

‌

$

1,637,471,273

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

68

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

21,370,977

‌

$

31,896,032

‌

$

2,831,890

‌

$

7,394,878

‌

Net

realized

gain

.............................................

1,693,112

‌

2,006,821

‌

3,863,625

‌

10,349,109

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

63,467,669

)

(

28,400,537

)

20,830,484

‌

(

43,637,794

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

40,403,580

)

5,502,316

‌

27,525,999

‌

(

25,893,807

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

20,171,126

)

(

34,752,301

)

(

2,833,205

)

(

7,403,653

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

293,836,981

‌

924,427,533

‌

(

135,156,209

)

296,097,499

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

233,262,275

‌

895,177,548

‌

(

110,463,415

)

262,800,039

‌

Beginning

of

period

.............................................

1,794,292,029

‌

899,114,481

‌

449,660,169

‌

186,860,130

‌

End

of

period

.................................................

$

2,027,554,304

‌

$

1,794,292,029

‌

$

339,196,754

‌

$

449,660,169

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

69

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

14,336,985

‌

$

29,199,569

‌

$

8,899,465

‌

$

41,114,429

‌

Net

realized

gain

.............................................

96,988,131

‌

213,446,642

‌

19,510,978

‌

120,286,072

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

687,889,666

)

(

1,174,382,713

)

56,617,088

‌

(

161,640,976

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

576,564,550

)

(

931,736,502

)

85,027,531

‌

(

240,475

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

18,046,208

)

(

30,873,470

)

(

8,773,199

)

(

40,696,483

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

338,278,137

)

(

1,111,311,838

)

95,766,168

‌

(

29,706,632

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

932,888,895

)

(

2,073,921,810

)

172,020,500

‌

(

70,643,590

)

Beginning

of

period

.............................................

6,002,335,471

‌

8,076,257,281

‌

729,496,431

‌

800,140,021

‌

End

of

period

.................................................

$

5,069,446,576

‌

$

6,002,335,471

‌

$

901,516,931

‌

$

729,496,431

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

70

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

iShares

U.S.

Pharmaceuticals

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

1,089,505

‌

$

2,485,488

‌

$

3,091,422

‌

$

6,853,764

‌

Net

realized

gain

(loss)

.........................................

(

5,123,244

)

370,349

‌

14,340,363

‌

9,531,528

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

44,304,093

‌

(

62,194,235

)

(

10,650,748

)

(

52,862,943

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

40,270,354

‌

(

59,338,398

)

6,781,037

‌

(

36,477,651

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

1,078,225

)

(

2,739,043

)

(

3,118,099

)

(

8,101,994

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

85,082,622

‌

1,645,744

‌

(

26,910,603

)

13,965,428

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

124,274,751

‌

(

60,431,697

)

(

23,247,665

)

(

30,614,217

)

Beginning

of

period

.............................................

223,245,736

‌

283,677,433

‌

377,158,948

‌

407,773,165

‌

End

of

period

.................................................

$

347,520,487

‌

$

223,245,736

‌

$

353,911,283

‌

$

377,158,948

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

71

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

iShares

U.S.

Regional

Banks

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

44,460,394

‌

$

101,788,858

‌

$

16,197,820

‌

$

24,035,315

‌

Net

realized

loss

.............................................

(

143,260,752

)

(

338,565,332

)

(

34,684,427

)

(

108,317,202

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

78,877,926

)

(

750,638,494

)

13,324,571

‌

(

267,669,626

)

Net

decrease

in

net

assets

resulting

from

operations

.......................

(

177,678,284

)

(

987,414,968

)

(

5,162,036

)

(

351,951,513

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

42,664,696

)

(

106,342,112

)

(

16,379,461

)

(

23,928,648

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

440,981,147

)

(

1,052,727,721

)

(

157,213,786

)

(

210,598,743

)

NET

ASSETS

Total

decrease

in

net

assets

.......................................

(

661,324,127

)

(

2,146,484,801

)

(

178,755,283

)

(

586,478,904

)

Beginning

of

period

.............................................

3,232,381,782

‌

5,378,866,583

‌

799,865,353

‌

1,386,344,257

‌

End

of

period

.................................................

$

2,571,057,655

‌

$

3,232,381,782

‌

$

621,110,070

‌

$

799,865,353

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

72

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

2,889,261

‌

$

9,110,712

‌

Net

realized

loss

................................................................................

(

83,166,794

)

(

32,997,443

)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

55,645,790

‌

(

55,168,871

)

Net

decrease

in

net

assets

resulting

from

operations

..........................................................

(

24,631,743

)

(

79,055,602

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

2,881,960

)

(

9,139,733

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................................................

(

13,730,319

)

(

113,113,903

)

NET

ASSETS

Total

decrease

in

net

assets

..........................................................................

(

41,244,022

)

(

201,309,238

)

Beginning

of

period

................................................................................

302,130,725

‌

503,439,963

‌

End

of

period

....................................................................................

$

260,886,703

‌

$

302,130,725

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

73

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Aerospace

&

Defense

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

.......

$

115.09

‌

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

$

98.97

‌

Net

investment

income

(b)

...............

0

.45

‌

1

.20

‌

0

.72

‌

0

.89

‌

1

.69

‌

0

.89

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

9

.15

)

4

.36

‌

6

.55

‌

32.23

‌

(

27.74

)

1

.01

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

8

.70

)

5

.56

‌

7

.27

‌

33.12

‌

(

26.05

)

1

.90

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

............

(

0

.46

)

(

1

.18

)

(

0

.69

)

(

0

.93

)

(

1

.81

)

(

0

.92

)

From

net

realized

gains

................

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.15

)

Total

distributions

.....................

(

0

.46

)

(

1

.18

)

(

0

.69

)

(

0

.93

)

(

1

.81

)

(

1

.07

)

Net

asset

value,

end

of

period

............

$

105.93

‌

$

115.09

‌

$

110.71

‌

$

104.13

‌

$

71.94

‌

$

99.80

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

7

.58

)

%

(f)

5

.16

%

7

.00

%

46.23

%

(

26.58

)

%

1

.91

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

..................

0

.78

%

(h)

1

.13

%

0

.68

%

1

.04

%

1

.57

%

0

.90

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

4,862,087

‌

$

5,829,505

‌

$

3,670,015

‌

$

2,962,613

‌

$

2,834,403

‌

$

5,019,632

‌

Portfolio

turnover

rate

(i)

..................

9

%

20

%

27

%

49

%

20

%

38

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

74

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

91.60

‌

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

$

65.50

‌

Net

investment

income

(a)

..............

0

.98

‌

1

.89

‌

1

.80

‌

1

.07

‌

1

.03

‌

0

.88

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

0

.35

)

(

8

.35

)

7

.84

‌

40.82

‌

(

7

.46

)

(

6

.51

)

Net

increase

(decrease)

from

investment

operations

........................

0

.63

‌

(

6

.46

)

9

.64

‌

41.89

‌

(

6

.43

)

(

5

.63

)

Distributions

from

net

investment

income

(c)

....

(

1

.08

)

(

1

.76

)

(

1

.94

)

(

1

.07

)

(

1

.09

)

(

1

.05

)

Net

asset

value,

end

of

period

...........

$

91.15

‌

$

91.60

‌

$

99.82

‌

$

92.12

‌

$

51.30

‌

$

58.82

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

0

.70

%

(e)

(

6

.43

)

%

10.38

%

82.40

%

(

11.15

)

%

(

8

.63

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

2

.14

%

(g)

1

.99

%

1

.70

%

1

.48

%

1

.60

%

1

.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

373,697

‌

$

760,307

‌

$

573,974

‌

$

409,948

‌

$

141,086

‌

$

217,641

‌

Portfolio

turnover

rate

(h)

.................

29

%

56

%

24

%

37

%

15

%

27

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

75

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

Providers

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

247.35

‌

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

$

157.08

‌

Net

investment

income

(a)

..............

0

.96

‌

2

.04

‌

1

.65

‌

1

.30

‌

1

.25

‌

0

.54

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

1

.11

)

(

35.36

)

31.33

‌

84.59

‌

(

1

.04

)

16.99

‌

Net

increase

(decrease)

from

investment

operations

........................

(

0

.15

)

(

33.32

)

32.98

‌

85.89

‌

0

.21

‌

17.53

‌

Distributions

from

net

investment

income

(c)

....

(

1

.08

)

(

2

.04

)

(

1

.64

)

(

1

.37

)

(

1

.34

)

(

6

.63

)

Net

asset

value,

end

of

period

...........

$

246.12

‌

$

247.35

‌

$

282.71

‌

$

251.37

‌

$

166.85

‌

$

167.98

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

0

.07

)

%

(e)

(

11.81

)

%

13.15

%

51.63

%

0

.10

%

11.25

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

0

.76

%

(g)

0

.77

%

0

.61

%

0

.61

%

0

.70

%

0

.29

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

873,717

‌

$

1,162,539

‌

$

1,328,742

‌

$

1,143,723

‌

$

784,201

‌

$

797,909

‌

Portfolio

turnover

rate

(h)

.................

11

%

20

%

24

%

27

%

30

%

48

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

76

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Home

Construction

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

70.28

‌

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

$

39.24

‌

Net

investment

income

(a)

..............

0

.24

‌

0

.50

‌

0

.36

‌

0

.27

‌

0

.23

‌

0

.19

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

8

.18

‌

11.06

‌

(

8

.59

)

38.89

‌

(

6

.31

)

(

3

.97

)

Net

increase

(decrease)

from

investment

operations

........................

8

.42

‌

11.56

‌

(

8

.23

)

39.16

‌

(

6

.08

)

(

3

.78

)

Distributions

from

net

investment

income

(c)

....

(

0

.25

)

(

0

.51

)

(

0

.38

)

(

0

.26

)

(

0

.24

)

(

0

.20

)

Net

asset

value,

end

of

period

...........

$

78.45

‌

$

70.28

‌

$

59.23

‌

$

67.84

‌

$

28.94

‌

$

35.26

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

11.98

%

(e)

19.69

%

(

12.21

)

%

135.53

%

(

17.40

)

%

(

9

.60

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

0

.60

%

(g)

0

.84

%

0

.50

%

0

.50

%

0

.55

%

0

.53

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,910,156

‌

$

1,637,471

‌

$

1,764,976

‌

$

2,645,573

‌

$

707,640

‌

$

1,147,657

‌

Portfolio

turnover

rate

(h)

.................

6

%

9

%

5

%

14

%

15

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

77

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Infrastructure

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Period

From

04/03/18

(a)

to

03/31/19

Net

asset

value,

beginning

of

period

.....

$

37.34

‌

$

38.92

‌

$

34.56

‌

$

20.27

‌

$

26.31

‌

$

25.31

‌

Net

investment

income

(b)

.............

0

.42

‌

0

.72

‌

0

.67

‌

0

.77

‌

0

.49

‌

0

.43

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...

(

0

.80

)

(

1

.57

)

4

.38

‌

14.10

‌

(

6

.00

)

1

.24

‌

Net

increase

(decrease)

from

investment

operations

.......................

(

0

.38

)

(

0

.85

)

5

.05

‌

14.87

‌

(

5

.51

)

1

.67

‌

Distributions

(d)

–

–

–

–

–

–

From

net

investment

income

..........

(

0

.39

)

(

0

.73

)

(

0

.69

)

(

0

.58

)

(

0

.47

)

(

0

.34

)

From

net

realized

gains

..............

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.33

)

Return

of

capital

...................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

(

0

.00

)

(e)

Total

distributions

...................

(

0

.39

)

(

0

.73

)

(

0

.69

)

(

0

.58

)

(

0

.53

)

(

0

.67

)

Net

asset

value,

end

of

period

..........

$

36.57

‌

$

37.34

‌

$

38.92

‌

$

34.56

‌

$

20.27

‌

$

26.31

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

1

.07

)

%

(g)

(

2

.08

)

%

14.78

%

74.11

%

(

21.26

)

%

6

.78

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.....................

0

.30

%

(i)

0

.30

%

0

.35

%

0

.40

%

0

.40

%

0

.40

%

(i)

Net

investment

income

................

2

.20

%

(i)

1

.96

%

1

.85

%

2

.54

%

1

.84

%

1

.67

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

2,027,554

‌

$

1,794,292

‌

$

899,114

‌

$

369,805

‌

$

5,068

‌

$

5,262

‌

Portfolio

turnover

rate

(j)

................

13

%

26

%

33

%

65

%

23

%

43

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Rounds

to

less

than

$0.01.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

78

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Insurance

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

85.65

‌

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

$

64.54

‌

Net

investment

income

(a)

..............

0

.65

‌

1

.57

‌

1

.67

‌

1

.51

‌

1

.35

‌

1

.23

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

6

.10

‌

(

5

.57

)

16.94

‌

24.37

‌

(

13.77

)

(

0

.89

)

Net

increase

(decrease)

from

investment

operations

........................

6

.75

‌

(

4

.00

)

18.61

‌

25.88

‌

(

12.42

)

0

.34

‌

Distributions

from

net

investment

income

(c)

....

(

0

.73

)

(

1

.50

)

(

1

.63

)

(

1

.47

)

(

1

.46

)

(

1

.24

)

Net

asset

value,

end

of

period

...........

$

91.67

‌

$

85.65

‌

$

91.15

‌

$

74.17

‌

$

49.76

‌

$

63.64

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

7

.92

%

(e)

(

4

.35

)

%

25.36

%

52.54

%

(

19.92

)

%

0

.60

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.43

%

Net

investment

income

.................

1

.48

%

(g)

1

.78

%

2

.04

%

2

.50

%

1

.95

%

1

.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

339,197

‌

$

449,660

‌

$

186,860

‌

$

85,301

‌

$

62,206

‌

$

98,637

‌

Portfolio

turnover

rate

(h)

.................

13

%

12

%

11

%

10

%

8

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

79

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Medical

Devices

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Year

Ended

03/31/19

(a)

Net

asset

value,

beginning

of

period

......

$

54.03

‌

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

$

30.81

‌

Net

investment

income

(b)

..............

0

.13

‌

0

.24

‌

0

.16

‌

0

.15

‌

0

.16

‌

0

.12

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

5

.48

)

(

6

.89

)

5

.89

‌

17.49

‌

(

1

.04

)

7

.73

‌

Net

increase

(decrease)

from

investment

operations

........................

(

5

.35

)

(

6

.65

)

6

.05

‌

17.64

‌

(

0

.88

)

7

.85

‌

Distributions

from

net

investment

income

(d)

....

(

0

.17

)

(

0

.25

)

(

0

.16

)

(

0

.14

)

(

0

.15

)

(

0

.09

)

Net

asset

value,

end

of

period

...........

$

48.51

‌

$

54.03

‌

$

60.93

‌

$

55.04

‌

$

37.54

‌

$

38.57

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

9

.90

)

%

(f)

(

10.89

)

%

10.99

%

47.02

%

(

2

.32

)

%

25.50

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.43

%

Net

investment

income

.................

0

.48

%

(h)

0

.45

%

0

.26

%

0

.30

%

0

.39

%

0

.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

5,069,447

‌

$

6,002,335

‌

$

8,076,257

‌

$

8,206,921

‌

$

4,144,859

‌

$

3,656,734

‌

Portfolio

turnover

rate

(i)

.................

21

%

10

%

11

%

9

%

9

%

36

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

July

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

80

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

85.82

‌

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

$

63.55

‌

Net

investment

income

(a)

..............

1

.14

‌

3

.81

‌

2

.00

‌

0

.98

‌

0

.95

‌

0

.67

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

11.55

‌

1

.50

‌

35.51

‌

25.92

‌

(

35.22

)

(

5

.11

)

Net

increase

(decrease)

from

investment

operations

........................

12.69

‌

5

.31

‌

37.51

‌

26.90

‌

(

34.27

)

(

4

.44

)

Distributions

from

net

investment

income

(c)

....

(

1

.05

)

(

3

.72

)

(

1

.91

)

(

1

.10

)

(

1

.10

)

(

0

.91

)

Net

asset

value,

end

of

period

...........

$

97.46

‌

$

85.82

‌

$

84.23

‌

$

48.63

‌

$

22.83

‌

$

58.20

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

14.88

%

(e)

6

.40

%

78.44

%

120.05

%

(

59.65

)

%

(

7

.06

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

.................

2

.54

%

(g)

4

.22

%

3

.27

%

2

.81

%

1

.87

%

1

.00

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

901,517

‌

$

729,496

‌

$

800,140

‌

$

243,173

‌

$

90,169

‌

$

276,450

‌

Portfolio

turnover

rate

(h)

.................

14

%

15

%

17

%

21

%

25

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

81

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Oil

Equipment

&

Services

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

19.33

‌

$

19.30

‌

$

13.41

‌

$

5

.97

‌

$

25.24

‌

$

32.41

‌

Net

investment

income

(a)

..............

0

.11

‌

0

.16

‌

0

.07

‌

0

.14

‌

0

.47

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

4

.69

‌

0

.05

‌

5

.92

‌

7

.50

‌

(

19.27

)

(

7

.14

)

Net

increase

(decrease)

from

investment

operations

........................

4

.80

‌

0

.21

‌

5

.99

‌

7

.64

‌

(

18.80

)

(

6

.80

)

Distributions

from

net

investment

income

(c)

....

(

0

.08

)

(

0

.18

)

(

0

.10

)

(

0

.20

)

(

0

.47

)

(

0

.37

)

Net

asset

value,

end

of

period

...........

$

24.05

‌

$

19.33

‌

$

19.30

‌

$

13.41

‌

$

5

.97

‌

$

25.24

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

24.87

%

(e)

1

.16

%

44.88

%

129.06

%

(

75.48

)

%

(

21.10

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

1

.05

%

(g)

0

.84

%

0

.49

%

1

.37

%

2

.44

%

1

.09

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

347,520

‌

$

223,246

‌

$

283,677

‌

$

371,516

‌

$

25,669

‌

$

155,238

‌

Portfolio

turnover

rate

(h)

.................

16

%

16

%

55

%

71

%

23

%

35

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

82

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Pharmaceuticals

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

175.42

‌

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

$

147.20

‌

Net

investment

income

(a)

..............

1

.47

‌

3

.07

‌

3

.06

‌

2

.20

‌

2

.14

‌

1

.73

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

1

.56

‌

(

18.22

)

16.88

‌

42.53

‌

(

19.09

)

6

.91

‌

Net

increase

(decrease)

from

investment

operations

........................

3

.03

‌

(

15.15

)

19.94

‌

44.73

‌

(

16.95

)

8

.64

‌

Distributions

from

net

investment

income

(c)

....

(

1

.49

)

(

3

.61

)

(

3

.14

)

(

2

.18

)

(

2

.27

)

(

1

.79

)

Net

asset

value,

end

of

period

...........

$

176.96

‌

$

175.42

‌

$

194.18

‌

$

177.38

‌

$

134.83

‌

$

154.05

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

1

.72

%

(e)

(

7

.83

)

%

11.29

%

33.30

%

(

11.06

)

%

5

.88

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

.................

1

.62

%

(g)

1

.66

%

1

.63

%

1

.33

%

1

.45

%

1

.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

353,911

‌

$

377,159

‌

$

407,773

‌

$

354,762

‌

$

276,404

‌

$

385,114

‌

Portfolio

turnover

rate

(h)

.................

31

%

46

%

20

%

52

%

40

%

51

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

83

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Real

Estate

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

......

$

84.95

‌

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

$

75.48

‌

Net

investment

income

(a)

..............

1

.31

‌

2

.35

‌

1

.64

‌

1

.67

‌

2

.16

‌

2

.28

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

6

.81

)

(

22.94

)

16.94

‌

22.49

‌

(

16.61

)

11.86

‌

Net

increase

(decrease)

from

investment

operations

........................

(

5

.50

)

(

20.59

)

18.58

‌

24.16

‌

(

14.45

)

14.14

‌

Distributions

from

net

investment

income

(c)

....

(

1

.30

)

(

2

.47

)

(

2

.38

)

(

2

.06

)

(

2

.83

)

(

2

.63

)

Net

asset

value,

end

of

period

...........

$

78.15

‌

$

84.95

‌

$

108.01

‌

$

91.81

‌

$

69.71

‌

$

86.99

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

6

.51

)

%

(e)

(

19.04

)

%

20.27

%

35.02

%

(

17.14

)

%

19.09

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

3

.08

%

(g)

2

.56

%

1

.56

%

2

.03

%

2

.39

%

2

.85

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

2,571,058

‌

$

3,232,382

‌

$

5,378,867

‌

$

4,687,047

‌

$

3,067,098

‌

$

4,597,605

‌

Portfolio

turnover

rate

(h)

.................

4

%

8

%

9

%

14

%

8

%

11

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

84

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Regional

Banks

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.....

$

35.79

‌

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

$

50.39

‌

Net

investment

income

(a)

.............

0

.77

‌

1

.46

‌

1

.34

‌

1

.32

‌

1

.20

‌

1

.01

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

2

.18

)

(

23.11

)

2

.14

‌

27.52

‌

(

14.32

)

(

6

.91

)

Net

increase

(decrease)

from

investment

operations

.......................

(

1

.41

)

(

21.65

)

3

.48

‌

28.84

‌

(

13.12

)

(

5

.90

)

Distributions

from

net

investment

income

(c)

...

(

0

.81

)

(

1

.43

)

(

1

.23

)

(

1

.22

)

(

1

.32

)

(

1

.05

)

Net

asset

value,

end

of

period

..........

$

33.57

‌

$

35.79

‌

$

58.87

‌

$

56.62

‌

$

29.00

‌

$

43.44

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

3

.94

)

%

(e)

(

37.30

)

%

6

.11

%

101.55

%

(

31.09

)

%

(

11.79

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.....................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

................

4

.40

%

(g)

2

.90

%

2

.19

%

3

.26

%

2

.60

%

2

.08

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

621,110

‌

$

799,865

‌

$

1,386,344

‌

$

673,808

‌

$

197,182

‌

$

519,088

‌

Portfolio

turnover

rate

(h)

................

6

%

7

%

14

%

6

%

5

%

10

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

85

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Telecommunications

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.....

$

23.15

‌

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

$

27.06

‌

Net

investment

income

(a)

.............

0

.22

‌

0

.58

‌

0

.77

‌

0

.82

‌

0

.71

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

1

.84

)

(

6

.73

)

(

2

.54

)

7

.50

‌

(

4

.80

)

2

.71

‌

Net

increase

(decrease)

from

investment

operations

.......................

(

1

.62

)

(

6

.15

)

(

1

.77

)

8

.32

‌

(

4

.09

)

3

.20

‌

Distributions

from

net

investment

income

(c)

...

(

0

.23

)

(

0

.58

)

(

0

.74

)

(

0

.81

)

(

0

.76

)

(

0

.53

)

Net

asset

value,

end

of

period

..........

$

21.30

‌

$

23.15

‌

$

29.88

‌

$

32.39

‌

$

24.88

‌

$

29.73

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

7

.01

)

%

(e)

(

20.56

)

%

(

5

.63

)

%

33.82

%

(

13.99

)

%

11.91

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.....................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.42

%

0

.42

%

0

.42

%

Net

investment

income

................

2

.04

%

(g)

2

.40

%

2

.37

%

2

.82

%

2

.40

%

1

.73

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

260,887

‌

$

302,131

‌

$

503,440

‌

$

425,882

‌

$

292,379

‌

$

463,756

‌

Portfolio

turnover

rate

(h)

................

14

%

24

%

75

%

40

%

41

%

35

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

86

2023

iShares

Semi-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

September

30,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

 The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

and

utilized their

ability

to

temporarily

borrow

from

that

custodian

for

operational

purposes.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

U.S.

Aerospace

&

Defense

..............................................................................................

Non-diversified

U.S.

Broker-Dealers

&

Securities

Exchanges

..................................................................................

Non-diversified

U.S.

Healthcare

Providers

...............................................................................................

Non-diversified

U.S.

Home

Construction

................................................................................................

Non-diversified

U.S.

Infrastructure

....................................................................................................

Diversified

U.S.

Insurance

......................................................................................................

Non-diversified

U.S.

Medical

Devices

..................................................................................................

Non-diversified

U.S.

Oil

&

Gas

Exploration

&

Production

.....................................................................................

Non-diversified

U.S.

Oil

Equipment

&

Services

............................................................................................

Non-diversified

U.S.

Pharmaceuticals

..................................................................................................

Non-diversified

U.S.

Real

Estate

.....................................................................................................

Diversified

U.S.

Regional

Banks

..................................................................................................

Non-diversified

U.S.

Telecommunications

...............................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

87

Notes

to

Financial

Statements

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

Notes

to

Financial

Statements

(unaudited)

(continued)

88

2023

iShares

Semi-Annual

Report

to

Shareholders

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Aerospace

&

Defense

Barclays

Bank

PLC

...............................................

$

8,571,680‌

$

(8,571,680‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

381,267‌

(381,267‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,341,987‌

(1,341,987‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

14,158,897‌

(14,158,897‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

1,012,000‌

(1,009,856‌)

—‌

2,144‌

Goldman

Sachs

&

Co.

LLC

.........................................

162,088‌

(162,088‌)

—‌

—‌

ING

Financial

Markets

LLC

.........................................

177,287‌

(177,287‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

11,335,899‌

(11,335,899‌)

—‌

—‌

Jefferies

LLC

...................................................

69,930‌

(69,930‌)

—‌

—‌

Morgan

Stanley

.................................................

19,015,677‌

(19,015,677‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,217,993‌

(1,217,993‌)

—‌

—‌

Natixis

SA

.....................................................

4,987,444‌

(4,987,444‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

2,204,320‌

(2,204,320‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

38,456,240‌

(38,456,240‌)

—‌

—‌

UBS

AG

......................................................

1,004,334‌

(1,004,334‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

141,188‌

(141,188‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

274,466‌

(274,466‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

214,603‌

(214,603‌)

—‌

—‌

$

104,727,300‌

$

(104,725,156‌)

$

—‌

$

2,144‌

a

U.S.

Broker-Dealers

&

Securities

Exchanges

BNP

Paribas

SA

.................................................

1,221,520‌

(1,221,520‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

590,940‌

(577,466‌)

—‌

13,474‌

Citadel

Clearing

LLC

..............................................

32,208‌

(32,208‌)

—‌

—‌

Jefferies

LLC

...................................................

225,689‌

(225,689‌)

—‌

—‌

Morgan

Stanley

.................................................

6,484,362‌

(6,484,362‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

32,080‌

(32,080‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

382,824‌

(382,824‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

157,584‌

(153,991‌)

—‌

3,593‌

$

9,127,207‌

$

(9,110,140‌)

$

—‌

$

17,067‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

89

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Healthcare

Providers

Barclays

Bank

PLC

...............................................

$

518,696‌

$

(518,696‌)

$

—‌

$

—‌

BMO

Capital

Markets

Corp.

.........................................

333,396‌

(333,396‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,657,672‌

(1,657,672‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

123,984‌

(123,984‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

4,493,315‌

(4,493,315‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

....................................

2,268,168‌

(2,268,168‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,468,563‌

(4,468,563‌)

—‌

—‌

HSBC

Bank

PLC

................................................

19,139‌

(19,139‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

2,039,762‌

(2,039,762‌)

—‌

—‌

Morgan

Stanley

.................................................

10,345,025‌

(10,345,025‌)

—‌

—‌

National

Financial

Services

LLC

......................................

117,745‌

(117,745‌)

—‌

—‌

Natixis

SA

.....................................................

35‌

(35‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

914,391‌

(914,391‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

8,806‌

(8,806‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

5,131,456‌

(5,131,456‌)

—‌

—‌

UBS

AG

......................................................

3,335,474‌

(3,335,474‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

642,704‌

(642,704‌)

—‌

—‌

$

36,418,331‌

$

(36,418,331‌)

$

—‌

$

—‌

a

U.S.

Home

Construction

Barclays

Bank

PLC

...............................................

1,234,275‌

(1,234,275‌)

—‌

—‌

BNP

Paribas

SA

.................................................

899,117‌

(899,117‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

10,593,200‌

(10,593,200‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

19,732,224‌

(19,732,224‌)

—‌

—‌

HSBC

Bank

PLC

................................................

9,799‌

(9,799‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

8,414,147‌

(8,414,147‌)

—‌

—‌

Morgan

Stanley

.................................................

2,292,660‌

(2,292,660‌)

—‌

—‌

National

Financial

Services

LLC

......................................

199,248‌

(199,248‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

5,287,101‌

(5,287,101‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

14,661,592‌

(14,661,592‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

4,993,738‌

(4,993,738‌)

—‌

—‌

UBS

Securities

LLC

..............................................

3,678,325‌

(3,678,325‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

99,624‌

(99,624‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

2,016,769‌

(2,016,769‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

297,532‌

(297,532‌)

—‌

—‌

$

74,409,351‌

$

(74,409,351‌)

$

—‌

$

—‌

a

U.S.

Infrastructure

Barclays

Capital,

Inc.

.............................................

1,552,578‌

(1,552,578‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

21,119‌

(21,119‌)

—‌

—‌

HSBC

Bank

PLC

................................................

956,210‌

(956,210‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

6,303,840‌

(6,303,840‌)

—‌

—‌

Jefferies

LLC

...................................................

191,053‌

(191,053‌)

—‌

—‌

Morgan

Stanley

.................................................

6,141,063‌

(6,141,063‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

9,465,270‌

(9,384,387‌)

—‌

80,883‌

Scotia

Capital

(USA),

Inc.

..........................................

11,342,022‌

(11,342,022‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

1,294,170‌

(1,294,170‌)

—‌

—‌

UBS

AG

......................................................

3,493,444‌

(3,493,444‌)

—‌

—‌

UBS

Securities

LLC

..............................................

12,172,024‌

(12,172,024‌)

—‌

—‌

$

52,932,793‌

$

(52,851,910‌)

$

—‌

$

80,883‌

a

U.S.

Insurance

Barclays

Bank

PLC

...............................................

588,996‌

(588,996‌)

—‌

—‌

BNP

Paribas

SA

.................................................

4,326‌

(4,326‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

503,321‌

(503,321‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

937,969‌

(937,969‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

897,414‌

(897,414‌)

—‌

—‌

Morgan

Stanley

.................................................

149,569‌

(149,569‌)

—‌

—‌

UBS

AG

......................................................

67,680‌

(67,410‌)

—‌

270‌

Wells

Fargo

Bank

NA

.............................................

299,138‌

(299,138‌)

—‌

—‌

$

3,448,413‌

$

(3,448,143‌)

$

—‌

$

270‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

90

2023

iShares

Semi-Annual

Report

to

Shareholders

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Medical

Devices

Barclays

Bank

PLC

...............................................

$

3,225,951‌

$

(3,225,951‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

6,252,961‌

(6,252,961‌)

—‌

—‌

BNP

Paribas

SA

.................................................

174,445‌

(174,445‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

6,263,412‌

(6,263,412‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

9,669,040‌

(9,669,040‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,201,456‌

(2,201,456‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

44,518,056‌

(44,518,056‌)

—‌

—‌

Morgan

Stanley

.................................................

23,172,341‌

(23,172,341‌)

—‌

—‌

National

Financial

Services

LLC

......................................

270,959‌

(270,959‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

4,619,531‌

(4,619,531‌)

—‌

—‌

UBS

AG

......................................................

16,834,895‌

(16,834,895‌)

—‌

—‌

UBS

Securities

LLC

..............................................

263,040‌

(263,040‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

94,952‌

(94,952‌)

—‌

—‌

$

117,561,039‌

$

(117,561,039‌)

$

—‌

$

—‌

a

U.S.

Oil

&

Gas

Exploration

&

Production

Barclays

Bank

PLC

...............................................

1,734,732‌

(1,734,732‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

173,280‌

(173,280‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,466,022‌

(1,466,022‌)

—‌

—‌

Morgan

Stanley

.................................................

14,387,142‌

(14,387,142‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

3,003‌

(3,003‌)

—‌

—‌

Scotia

Capital,

Inc.

...............................................

4,621,539‌

(4,621,539‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

457,996‌

(457,996‌)

—‌

—‌

$

22,843,714‌

$

(22,843,714‌)

$

—‌

$

—‌

a

U.S.

Oil

Equipment

&

Services

BNP

Paribas

SA

.................................................

13,404‌

(13,404‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

5,083,656‌

(5,083,656‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,045,614‌

(1,045,614‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

410,636‌

(410,636‌)

—‌

—‌

Jefferies

LLC

...................................................

14,085‌

(14,085‌)

—‌

—‌

UBS

AG

......................................................

71,488‌

(71,488‌)

—‌

—‌

UBS

Securities

LLC

..............................................

50,706‌

(50,706‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

3,256,505‌

(3,256,505‌)

—‌

—‌

$

9,946,094‌

$

(9,946,094‌)

$

—‌

$

—‌

a

U.S.

Pharmaceuticals

Barclays

Bank

PLC

...............................................

1,168,754‌

(1,168,754‌)

—‌

—‌

BNP

Paribas

SA

.................................................

1,456‌

(1,456‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

3,154,688‌

(3,154,688‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

1,916,912‌

(1,916,912‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

305,917‌

(305,917‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,083,276‌

(2,083,276‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

29,020‌

(29,020‌)

—‌

—‌

Jefferies

LLC

...................................................

52,100‌

(52,100‌)

—‌

—‌

Morgan

Stanley

.................................................

154,469‌

(154,469‌)

—‌

—‌

National

Financial

Services

LLC

......................................

40,801‌

(39,422‌)

—‌

1,379‌

Toronto-Dominion

Bank

............................................

232,691‌

(232,691‌)

—‌

—‌

UBS

AG

......................................................

296,204‌

(296,204‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

28,488‌

(28,488‌)

—‌

—‌

$

9,464,776‌

$

(9,463,397‌)

$

—‌

$

1,379‌

a

U.S.

Real

Estate

Barclays

Bank

PLC

...............................................

5,717,937‌

(5,717,937‌)

—‌

—‌

BNP

Paribas

SA

.................................................

5,822,273‌

(5,822,273‌)

—‌

—‌

Jefferies

LLC

...................................................

88,248‌

(88,248‌)

—‌

—‌

National

Financial

Services

LLC

......................................

541,992‌

(541,992‌)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

23,776‌

(23,776‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

148,532‌

(148,532‌)

—‌

—‌

UBS

AG

......................................................

111,195‌

(111,195‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

185,325‌

(185,325‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

3,907,194‌

(3,907,194‌)

—‌

—‌

$

16,546,472‌

$

(16,546,472‌)

$

—‌

$

—‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

91

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Total

return

swaps

are

entered

into

by

the iShares

U.S.

Infrastructure

ETF

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Telecommunications

BNP

Paribas

SA

.................................................

$

4,591,896‌

$

(4,591,896‌)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

85,008‌

(85,008‌)

—‌

—‌

HSBC

Bank

PLC

................................................

1,748,382‌

(1,748,382‌)

—‌

—‌

Natixis

SA

.....................................................

3,395,379‌

(3,342,905‌)

—‌

52,474‌

Toronto-Dominion

Bank

............................................

454‌

(454‌)

—‌

—‌

$

9,821,119‌

$

(9,768,645‌)

$

—‌

$

52,474‌

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

September

30,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

92

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

the

following

Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

its

investment

advisory

services

to

each

Fund,

except

for

the

iShares

U.S.

Infrastructure

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

iShares

ETF

Investment

Advisory

Fees

U.S.

Infrastructure

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.30%

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2945

Notes

to

Financial

Statements

(unaudited)

(

continued)

93

Notes

to

Financial

Statements

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended September

30,

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

six

months

ended

September

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

iShares

ETF

Amounts

U.S.

Aerospace

&

Defense

.............................................................................................

$

93,585

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.................................................................................

11,138

‌

U.S.

Healthcare

Providers

..............................................................................................

32,668

‌

U.S.

Home

Construction

...............................................................................................

38,645

‌

U.S.

Infrastructure

...................................................................................................

32,253

‌

U.S.

Insurance

.....................................................................................................

2,164

‌

U.S.

Medical

Devices

.................................................................................................

96,137

‌

U.S.

Oil

&

Gas

Exploration

&

Production

....................................................................................

3,832

‌

U.S.

Oil

Equipment

&

Services

...........................................................................................

5,483

‌

U.S.

Pharmaceuticals

.................................................................................................

15,837

‌

U.S.

Real

Estate

....................................................................................................

13,446

‌

U.S.

Regional

Banks

.................................................................................................

16,216

‌

U.S.

Telecommunications

..............................................................................................

10,627

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

U.S.

Aerospace

&

Defense

.........................................................

$

149,865,420

‌

$

192,825,451

‌

$

23,020,025

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

.............................................

86,677,992

‌

26,587,110

‌

(336,141

)

U.S.

Healthcare

Providers

..........................................................

21,045,415

‌

13,344,420

‌

(15,514,597

)

U.S.

Home

Construction

...........................................................

49,602,567

‌

7,871,429

‌

(1,435,438

)

U.S.

Infrastructure

...............................................................

28,687,483

‌

39,903,606

‌

1,362,583

‌

U.S.

Insurance

.................................................................

34,613,589

‌

6,931,363

‌

816,959

‌

U.S.

Medical

Devices

.............................................................

211,617,628

‌

148,632,093

‌

(8,101,388

)

U.S.

Oil

&

Gas

Exploration

&

Production

................................................

58,111,021

‌

5,687,191

‌

382,113

‌

U.S.

Oil

Equipment

&

Services

.......................................................

10,148,763

‌

4,327,302

‌

(872,833

)

U.S.

Pharmaceuticals

.............................................................

34,880,731

‌

60,669,446

‌

4,527,719

‌

U.S.

Real

Estate

................................................................

16,036,843

‌

34,284,422

‌

(12,513,347

)

U.S.

Regional

Banks

.............................................................

5,364,434

‌

5,209,727

‌

(1,842,517

)

U.S.

Telecommunications

..........................................................

23,866,944

‌

9,373,869

‌

(18,413,189

)

Notes

to

Financial

Statements

(unaudited)

(continued)

94

2023

iShares

Semi-Annual

Report

to

Shareholders

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

iShares

ETF

Purchases

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

504,145,922

‌

$

503,992,670

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

151,359,409

‌

151,219,107

‌

U.S.

Healthcare

Providers

............................................................................

110,558,771

‌

110,958,581

‌

U.S.

Home

Construction

.............................................................................

116,786,145

‌

115,971,824

‌

U.S.

Infrastructure

.................................................................................

280,916,697

‌

258,689,241

‌

U.S.

Insurance

...................................................................................

48,472,899

‌

55,902,662

‌

U.S.

Medical

Devices

...............................................................................

1,246,693,943

‌

1,253,016,105

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

99,487,261

‌

99,314,269

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

34,885,239

‌

34,632,829

‌

U.S.

Pharmaceuticals

...............................................................................

122,988,634

‌

115,192,950

‌

U.S.

Real

Estate

..................................................................................

113,869,194

‌

111,447,930

‌

U.S.

Regional

Banks

...............................................................................

40,158,100

‌

41,633,067

‌

U.S.

Telecommunications

............................................................................

39,506,289

‌

39,113,427

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

U.S.

Aerospace

&

Defense

...........................................................................

$

412,681,177

‌

$

938,051,862

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

143,332,847

‌

519,512,589

‌

U.S.

Healthcare

Providers

............................................................................

50,184,921

‌

339,482,537

‌

U.S.

Home

Construction

.............................................................................

2,536,413,008

‌

2,456,219,270

‌

U.S.

Infrastructure

.................................................................................

319,654,500

‌

28,270,754

‌

U.S.

Insurance

...................................................................................

—

‌

130,110,690

‌

U.S.

Medical

Devices

...............................................................................

455,194,931

‌

792,553,239

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

226,545,336

‌

131,330,263

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

160,030,047

‌

75,170,972

‌

U.S.

Pharmaceuticals

...............................................................................

—

‌

26,860,832

‌

U.S.

Real

Estate

..................................................................................

5,795,121,481

‌

6,230,065,941

‌

U.S.

Regional

Banks

...............................................................................

175,295,163

‌

335,556,380

‌

U.S.

Telecommunications

............................................................................

776,518,211

‌

790,610,694

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Ordinary

Losses

U.S.

Aerospace

&

Defense

...........................................................................

$

959,069,232

‌

$

—

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

...............................................................

142,483,232

‌

—

‌

U.S.

Healthcare

Providers

............................................................................

162,814,328

‌

—

‌

U.S.

Home

Construction

.............................................................................

203,011,003

‌

—

‌

U.S.

Infrastructure

.................................................................................

79,528,981

‌

586,428

‌

U.S.

Insurance

...................................................................................

8,758,967

‌

—

‌

U.S.

Medical

Devices

...............................................................................

248,204,930

‌

—

‌

U.S.

Oil

&

Gas

Exploration

&

Production

..................................................................

230,439,768

‌

—

‌

U.S.

Oil

Equipment

&

Services

.........................................................................

301,671,033

‌

—

‌

U.S.

Pharmaceuticals

...............................................................................

202,191,795

‌

1,105,460

‌

U.S.

Real

Estate

..................................................................................

412,805,177

‌

—

‌

U.S.

Regional

Banks

...............................................................................

118,291,081

‌

—

‌

U.S.

Telecommunications

............................................................................

285,175,246

‌

—

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

95

Notes

to

Financial

Statements

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

U.S.

Aerospace

&

Defense

.......................................

$

5,234,659,690

‌

$

313,236,342

‌

$

(567,182,677

)

$

(253,946,335

)

U.S.

Broker-Dealers

&

Securities

Exchanges

...........................

420,325,809

‌

5,563,627

‌

(40,492,131

)

(34,928,504

)

U.S.

Healthcare

Providers

........................................

1,058,333,096

‌

24,804,311

‌

(167,908,976

)

(143,104,665

)

U.S.

Home

Construction

.........................................

2,229,372,166

‌

2,987,215

‌

(241,859,702

)

(238,872,487

)

U.S.

Infrastructure

.............................................

2,124,006,767

‌

188,422,806

‌

(216,468,221

)

(28,045,415

)

U.S.

Insurance

...............................................

350,707,050

‌

16,885,352

‌

(25,996,380

)

(9,111,028

)

U.S.

Medical

Devices

...........................................

5,993,124,472

‌

168,419,938

‌

(964,670,485

)

(796,250,547

)

U.S.

Oil

&

Gas

Exploration

&

Production

..............................

891,602,820

‌

72,435,975

‌

(34,073,631

)

38,362,344

‌

U.S.

Oil

Equipment

&

Services

.....................................

339,785,644

‌

26,801,923

‌

(7,699,074

)

19,102,849

‌

U.S.

Pharmaceuticals

...........................................

385,740,112

‌

33,047,833

‌

(52,680,923

)

(19,633,090

)

U.S.

Real

Estate

..............................................

3,970,929,155

‌

8,563

‌

(1,363,663,795

)

(1,363,655,232

)

U.S.

Regional

Banks

...........................................

894,644,587

‌

8,832,609

‌

(274,569,109

)

(265,736,500

)

U.S.

Telecommunications

........................................

329,825,320

‌

545,165

‌

(58,000,227

)

(57,455,062

)

Notes

to

Financial

Statements

(unaudited)

(continued)

96

2023

iShares

Semi-Annual

Report

to

Shareholders

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. 

Certain Funds

invest

a

significant

portion

of their

assets

within

the

financials

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

changes

in

government

regulations,

economic

conditions,

and

interest

rates,

credit

downgrades,

adverse

public

perception,

exposure

concentration

and

decreased

liquidity

in

credit

markets.

The

impact

of

changes

in

a

capital

requirements

and

recent

or

future

regulation

of

any

individual

financial

company,

or

of

the

financials

sector

as

a

whole,

cannot

be

predicted,

but

may

negatively

impact

the

Funds.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

‌

Six

Months

Ended

09/30/23

‌

Year

Ended

03/31/23

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

U.S.

Aerospace

&

Defense

Shares

sold

...............................................

3,600,000

‌

$

413,225,596

‌

26,150,000

‌

$

2,834,703,726

‌

Shares

redeemed

...........................................

(8,350,000

)

(939,963,790

)

(8,650,000

)

(888,422,981

)

(4,750,000

)

$

(526,738,194

)

17,500,000

‌

$

1,946,280,745

‌

U.S.

Broker-Dealers

&

Securities

Exchanges

Shares

sold

...............................................

1,600,000

‌

$

144,123,126

‌

6,250,000

‌

$

615,882,178

‌

Shares

redeemed

...........................................

(5,800,000

)

(522,457,480

)

(3,700,000

)

(339,414,224

)

(4,200,000

)

$

(378,334,354

)

2,550,000

‌

$

276,467,954

‌

U.S.

Healthcare

Providers

Shares

sold

...............................................

200,000

‌

$

50,225,505

‌

2,850,000

‌

$

779,298,746

‌

Shares

redeemed

...........................................

(1,350,000

)

(340,234,533

)

(2,850,000

)

(749,318,434

)

(1,150,000

)

$

(290,009,028

)

—

‌

$

29,980,312

‌

U.S.

Home

Construction

Shares

sold

...............................................

31,100,000

‌

$

2,539,538,893

‌

64,250,000

‌

$

3,852,709,335

‌

Shares

redeemed

...........................................

(30,050,000

)

(2,458,842,587

)

(70,750,000

)

(4,182,081,203

)

1,050,000

‌

$

80,696,306

‌

(6,500,000

)

$

(329,371,868

)

U.S.

Infrastructure

Shares

sold

...............................................

8,150,000

‌

$

322,432,484

‌

36,750,000

‌

$

1,347,773,078

‌

Shares

redeemed

...........................................

(750,000

)

(28,595,503

)

(11,800,000

)

(423,345,545

)

7,400,000

‌

$

293,836,981

‌

24,950,000

‌

$

924,427,533

‌

U.S.

Insurance

Shares

sold

...............................................

—

‌

$

—

‌

5,600,000

‌

$

500,052,749

‌

Shares

redeemed

...........................................

(1,550,000

)

(135,156,209

)

(2,400,000

)

(203,955,250

)

(1,550,000

)

$

(135,156,209

)

3,200,000

‌

$

296,097,499

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

97

Notes

to

Financial

Statements

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Medical

Devices

Shares

sold

...............................................

8,350,000

‌

$

456,014,701

‌

16,300,000

‌

$

868,104,395

‌

Shares

redeemed

...........................................

(14,950,000

)

(794,292,838

)

(37,750,000

)

(1,979,416,233

)

(6,600,000

)

$

(338,278,137

)

(21,450,000

)

$

(1,111,311,838

)

U.S.

Oil

&

Gas

Exploration

&

Production

Shares

sold

...............................................

2,300,000

‌

$

227,526,202

‌

5,800,000

‌

$

548,875,956

‌

Shares

redeemed

...........................................

(1,550,000

)

(131,760,034

)

(6,800,000

)

(578,582,588

)

750,000

‌

$

95,766,168

‌

(1,000,000

)

$

(29,706,632

)

U.S.

Oil

Equipment

&

Services

Shares

sold

...............................................

6,650,000

‌

$

160,396,395

‌

20,750,000

‌

$

414,100,905

‌

Shares

redeemed

...........................................

(3,750,000

)

(75,313,773

)

(23,900,000

)

(412,455,161

)

2,900,000

‌

$

85,082,622

‌

(3,150,000

)

$

1,645,744

‌

U.S.

Pharmaceuticals

Shares

sold

...............................................

—

‌

$

—

‌

600,000

‌

$

113,040,984

‌

Shares

redeemed

...........................................

(150,000

)

(26,910,603

)

(550,000

)

(99,075,556

)

(150,000

)

$

(26,910,603

)

50,000

‌

$

13,965,428

‌

U.S.

Real

Estate

Shares

sold

...............................................

69,400,000

‌

$

5,865,986,822

‌

135,400,000

‌

$

12,357,971,292

‌

Shares

redeemed

...........................................

(74,550,000

)

(6,306,967,969

)

(147,150,000

)

(13,410,699,013

)

(5,150,000

)

$

(440,981,147

)

(11,750,000

)

$

(1,052,727,721

)

U.S.

Regional

Banks

Shares

sold

...............................................

5,350,000

‌

$

178,080,004

‌

9,750,000

‌

$

362,333,536

‌

Shares

redeemed

...........................................

(9,200,000

)

(335,293,790

)

(10,950,000

)

(572,932,279

)

(3,850,000

)

$

(157,213,786

)

(1,200,000

)

$

(210,598,743

)

U.S.

Telecommunications

Shares

sold

...............................................

35,300,000

‌

$

780,700,944

‌

68,200,000

‌

$

1,604,844,940

‌

Shares

redeemed

...........................................

(36,100,000

)

(794,431,263

)

(72,000,000

)

(1,717,958,843

)

(800,000

)

$

(13,730,319

)

(3,800,000

)

$

(113,113,903

)

Board

Review

and

Approval

of

Investment

Advisory

Contract

98

2023

iShares

Semi-Annual

Report

to

Shareholders

iShares

U.S.

Aerospace

&

Defense

ETF,

iShares

U.S.

Healthcare

Providers

ETF,

iShares

U.S.

Medical

Devices

ETF,

iShares

U.S.

Pharmaceuticals

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

99

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

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

U.S.

Broker-Dealers

&

Securities

Exchanges

ETF,

iShares

U.S.

Home

Construction

ETF,

iShares

U.S.

Insurance

ETF,

iShares

U.S.

Oil

&

Gas

Exploration

&

Production

ETF,

iShares

U.S.

Oil

Equipment

&

Services

ETF,

iShares

U.S.

Real

Estate

ETF,

iShares

U.S.

Regional

Banks

ETF,

iShares

U.S.

Telecommunications

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

100

2023

iShares

Semi-Annual

Report

to

Shareholders

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

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).

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

101

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

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

U.S.

Infrastructure

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

102

2023

iShares

Semi-Annual

Report

to

Shareholders

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

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale

:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

103

Board

Review

and

Approval

of

Investment

Advisory

Contract

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)

104

2023

iShares

Semi-Annual

Report

to

Shareholders

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

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.

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

U.S.

Infrastructure

..................

$

0.385163

‌

$

—

‌

$

—

‌

$

0.385163

‌

100

%

—

%

—

%

100

%

U.S.

Medical

Devices

................

0.168840

‌

—

‌

—

‌

0.168840

‌

100

—

—

100

U.S.

Real

Estate

...................

1.296269

‌

—

‌

—

‌

1.296269

‌

100

—

—

100

General

Information

105

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

106

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-311-0923

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

ICE

Data

Indices,

LLC

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

September

30,

2023

iShares

Trust

iShares

Russell

1000

ETF

|

IWB

|

NYSE

Arca

iShares

Russell

1000

Growth

ETF

|

IWF

|

NYSE

Arca

iShares

Russell

1000

Value

ETF

|

IWD

|

NYSE

Arca

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

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

benefited

from

improving

economic

sentiment,

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”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

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

two

of

its

meetings

late

in

the

period.

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

in

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

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

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,

euro

area

government

bonds

and

gilts,

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

September

30

,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

7

Disclosure

of

Expenses

...................................................................................................

7

Schedules

of

Investments

.................................................................................................

8

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

38

Statements

of

Operations

................................................................................................

39

Statements

of

Changes

in

Net

Assets

........................................................................................

40

Financial

Highlights

.....................................................................................................

42

Notes

to

Financial

Statements

...............................................................................................

45

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

53

Supplemental

Information

.................................................................................................

57

General

Information

.....................................................................................................

58

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

59

iShares

®

Russell

1000

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

Russell

1000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities,

as

represented

by

the

Russell

1000

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

....................

5.10

%

21.04

%

9.48

%

11.49

%

21.04

%

57.29

%

196.61

%

Fund

Market

..................

5.03

20.84

9.47

11.47

–

%

20.84

57.19

196.29

Index

.......................

5.16

21.19

9.63

11.63

21.19

58.34

200.48

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,051.00

‌

$

0.77

‌

$

1,000.00

‌

$

1,024.25

‌

$

0.76

‌

0.15

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

26.5‌

%

Health

Care

...................................

13.2‌

Financials

.....................................

13.2‌

Consumer

Discretionary

...........................

10.8‌

Industrials

.....................................

9.4‌

Communication

Services

...........................

8.5‌

Consumer

Staples

...............................

6.2‌

Energy

.......................................

4.6‌

Real

Estate

....................................

2.7‌

Materials

.....................................

2.6‌

Utilities

.......................................

2.3‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

6.5‌

%

Microsoft

Corp.

.................................

5.9‌

Amazon.com,

Inc.

...............................

2.9‌

NVIDIA

Corp.

..................................

2.6‌

Alphabet,

Inc.,

Class

A

............................

2.0‌

Tesla,

Inc.

.....................................

1.7‌

Alphabet,

Inc.,

Class

C,

NVS

........................

1.7‌

Meta

Platforms,

Inc.,

Class

A

........................

1.7‌

Berkshire

Hathaway,

Inc.,

Class

B

....................

1.6‌

Exxon

Mobil

Corp.

...............................

1.2‌

      aaa

aa

iShares

®

Russell

1000

Growth

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

Russell

1000

Growth

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Russell

1000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

....................

9.18

%

27.50

%

12.21

%

14.27

%

27.50

%

77.86

%

279.54

%

Fund

Market

..................

9.24

27.46

12.20

14.27

–

%

27.46

77.85

279.51

Index

.......................

9.28

27.72

12.42

14.48

27.72

79.54

286.67

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,091.80

‌

$

0.99

‌

$

1,000.00

‌

$

1,024.05

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

............................

42.1‌

%

Consumer

Discretionary

...........................

15.9‌

Communication

Services

...........................

11.6‌

Health

Care

...................................

11.3‌

Financials

.....................................

6.6‌

Industrials

.....................................

6.0‌

Consumer

Staples

...............................

4.3‌

Other

(each

representing

less

than

1%)

.................

2.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

....................................

12.2‌

%

Microsoft

Corp.

.................................

11.2‌

Amazon.com,

Inc.

...............................

5.5‌

NVIDIA

Corp.

..................................

4.9‌

Alphabet,

Inc.,

Class

A

............................

3.7‌

Tesla,

Inc.

.....................................

3.3‌

Alphabet,

Inc.,

Class

C,

NVS

........................

3.2‌

Meta

Platforms,

Inc.,

Class

A

........................

3.2‌

Eli

Lilly

&

Co.

..................................

2.2‌

UnitedHealth

Group,

Inc.

...........................

1.9‌

      aaa

aa

iShares

®

Russell

1000

Value

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

Russell

1000

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Russell

1000

®

Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

....................

0.71

%

14.27

%

6.06

%

8.26

%

14.27

%

34.20

%

121.20

%

Fund

Market

..................

0.77

14.13

6.06

8.26

–

%

14.13

34.19

121.15

Index

.......................

0.78

14.44

6.23

8.45

14.44

35.27

125.04

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,007.10

‌

$

0.95

‌

$

1,000.00

‌

$

1,024.05

‌

$

0.96

‌

0.19

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

20.6‌

%

Health

Care

...................................

15.3‌

Industrials

.....................................

13.2‌

Energy

.......................................

9.1‌

Information

Technology

............................

9.1‌

Consumer

Staples

...............................

8.3‌

Communication

Services

...........................

5.0‌

Consumer

Discretionary

...........................

5.0‌

Utilities

.......................................

4.9‌

Materials

.....................................

4.8‌

Real

Estate

....................................

4.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

....................

3.4‌

%

Exxon

Mobil

Corp.

...............................

2.5‌

JPMorgan

Chase

&

Co.

...........................

2.2‌

Johnson

&

Johnson

..............................

2.0‌

Chevron

Corp.

..................................

1.6‌

Procter

&

Gamble

Co.

(The)

........................

1.5‌

Walmart,

Inc.

...................................

1.2‌

Cisco

Systems,

Inc.

..............................

1.2‌

Merck

&

Co.,

Inc.

................................

1.1‌

Bank

of

America

Corp.

............................

1.0‌

      aaa

aa

About

Fund

Performance

7

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.5

%

Axon

Enterprise,

Inc.

(a)

.....................

50,970

$

10,142,520

Boeing

Co.

(The)

(a)

........................

409,036

78,404,021

BWX

Technologies,

Inc.

....................

66,610

4,994,418

Curtiss-Wright

Corp.

.......................

27,937

5,465,315

General

Dynamics

Corp.

....................

180,094

39,795,371

HEICO

Corp.

...........................

33,554

5,433,399

HEICO

Corp.

,

Class

A

......................

57,801

7,469,045

Hexcel

Corp.

............................

61,624

4,014,187

Howmet

Aerospace,

Inc.

....................

278,050

12,859,813

Huntington

Ingalls

Industries,

Inc.

..............

28,689

5,869,196

L3Harris

Technologies,

Inc.

..................

139,139

24,226,883

Lockheed

Martin

Corp.

.....................

165,878

67,837,467

Mercury

Systems,

Inc.

(a)

(b)

...................

36,133

1,340,173

Northrop

Grumman

Corp.

...................

104,918

46,183,854

RTX

Corp.

.............................

1,071,940

77,147,522

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

80,136

1,293,395

Textron,

Inc.

............................

144,874

11,320,454

TransDigm

Group,

Inc.

(a)

....................

38,397

32,373,663

Woodward,

Inc.

..........................

42,932

5,334,730

441,505,426

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

................

85,072

7,327,251

Expeditors

International

of

Washington,

Inc.

.......

110,880

12,710,174

FedEx

Corp.

............................

169,916

45,014,147

GXO

Logistics,

Inc.

(a)

(b)

.....................

85,641

5,022,845

United

Parcel

Service,

Inc.

,

Class

B

............

531,215

82,800,482

152,874,899

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

.............................

199,319

19,650,860

BorgWarner,

Inc.

.........................

171,184

6,910,698

Gentex

Corp.

...........................

171,311

5,574,460

Lear

Corp.

.............................

43,228

5,801,197

Phinia,

Inc.

.............................

34,225

916,888

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

201,488

1,347,955

40,202,058

a

Automobiles

 — 

2

.0

%

Ford

Motor

Co.

..........................

2,875,669

35,715,809

General

Motors

Co.

.......................

1,004,387

33,114,639

Harley-Davidson,

Inc.

......................

97,668

3,228,904

Lucid

Group,

Inc.

(a)

(b)

.......................

545,430

3,048,954

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

487,806

11,843,930

Tesla,

Inc.

(a)

.............................

2,024,014

506,448,783

Thor

Industries,

Inc.

.......................

38,182

3,632,254

597,033,273

a

Banks

 — 

3

.0

%

Bank

of

America

Corp.

.....................

5,109,597

139,900,766

Bank

OZK

.............................

81,648

3,026,691

BOK

Financial

Corp.

.......................

21,491

1,718,850

Citigroup,

Inc.

...........................

1,426,676

58,679,184

Citizens

Financial

Group,

Inc.

................

347,121

9,302,843

Columbia

Banking

System,

Inc.

...............

152,047

3,086,554

Comerica,

Inc.

...........................

96,673

4,016,763

Commerce

Bancshares,

Inc.

.................

83,784

4,019,956

Cullen/Frost

Bankers,

Inc.

...................

43,093

3,930,513

East

West

Bancorp,

Inc.

....................

102,950

5,426,494

Fifth

Third

Bancorp

.......................

494,153

12,516,895

First

Citizens

BancShares,

Inc.

,

Class

A

..........

7,937

10,953,854

First

Hawaiian,

Inc.

.......................

93,517

1,687,982

First

Horizon

Corp.

........................

408,892

4,505,990

Security

Shares

Value

a

Banks

(continued)

FNB

Corp.

.............................

267,478

$

2,886,088

Huntington

Bancshares,

Inc.

.................

1,048,901

10,908,570

JPMorgan

Chase

&

Co.

....................

2,117,521

307,082,895

KeyCorp

...............................

683,182

7,351,038

M&T

Bank

Corp.

.........................

121,137

15,317,774

New

York

Community

Bancorp,

Inc.

............

521,742

5,916,554

NU

Holdings,

Ltd.

,

Class

A

(a)

.................

1,689,420

12,248,295

Pinnacle

Financial

Partners,

Inc.

...............

54,222

3,635,043

PNC

Financial

Services

Group,

Inc.

(The)

........

291,844

35,829,688

Popular,

Inc.

............................

53,694

3,383,259

Prosperity

Bancshares,

Inc.

..................

63,822

3,483,405

Regions

Financial

Corp.

....................

687,763

11,829,524

Synovus

Financial

Corp.

....................

105,145

2,923,031

Truist

Financial

Corp.

......................

976,911

27,949,424

U.S.

Bancorp

...........................

1,121,914

37,090,477

Webster

Financial

Corp.

....................

126,569

5,101,996

Wells

Fargo

&

Co.

........................

2,692,182

110,002,557

Western

Alliance

Bancorp

...................

78,429

3,605,381

Wintrust

Financial

Corp.

....................

43,586

3,290,743

Zions

Bancorp

NA

........................

108,392

3,781,797

876,390,874

a

Beverages

 — 

1

.5

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

6,862

2,672,955

Brown-Forman

Corp.

,

Class

A

(b)

...............

36,281

2,107,926

Brown-Forman

Corp.

,

Class

B

,

NVS

............

133,957

7,727,979

Celsius

Holdings,

Inc.

(a)

(b)

....................

35,230

6,045,468

Coca-Cola

Co.

(The)

......................

2,857,011

159,935,476

Constellation

Brands,

Inc.

,

Class

A

.............

118,548

29,794,669

Keurig

Dr

Pepper,

Inc.

.....................

698,207

22,042,395

Molson

Coors

Beverage

Co.

,

Class

B

...........

129,722

8,249,022

Monster

Beverage

Corp.

(a)

...................

544,979

28,856,638

PepsiCo,

Inc.

...........................

1,010,581

171,232,845

438,665,373

a

Biotechnology

 — 

2

.3

%

AbbVie,

Inc.

............................

1,294,492

192,956,978

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

91,163

16,144,967

Amgen,

Inc.

............................

391,859

105,316,025

Apellis

Pharmaceuticals,

Inc.

(a)

................

73,030

2,778,061

Biogen,

Inc.

(a)

...........................

105,864

27,208,107

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

..............

138,075

12,216,876

Exact

Sciences

Corp.

(a)

.....................

130,858

8,927,133

Exelixis,

Inc.

(a)

...........................

233,242

5,096,338

Gilead

Sciences,

Inc.

......................

916,836

68,707,690

Horizon

Therapeutics

PLC

(a)

.................

163,173

18,877,484

Incyte

Corp.

(a)

...........................

135,337

7,818,418

Ionis

Pharmaceuticals,

Inc.

(a)

.................

105,319

4,777,270

Karuna

Therapeutics,

Inc.

(a)

..................

26,015

4,398,876

Mirati

Therapeutics,

Inc.

(a)

(b)

..................

31,116

1,355,413

Moderna,

Inc.

(a)

(b)

.........................

243,742

25,176,111

Natera,

Inc.

(a)

...........................

75,838

3,355,832

Neurocrine

Biosciences,

Inc.

(a)

................

71,116

8,000,550

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

75,991

62,537,553

Roivant

Sciences,

Ltd.

(a)

....................

255,650

2,985,992

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

65,510

7,941,122

Seagen,

Inc.

(a)

...........................

102,674

21,782,289

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

49,577

1,767,420

United

Therapeutics

Corp.

(a)

..................

33,336

7,529,602

Vertex

Pharmaceuticals,

Inc.

(a)

................

188,970

65,712,428

683,368,535

a

Broadline

Retail

 — 

3

.0

%

Amazon.com,

Inc.

(a)

.......................

6,609,081

840,146,377

Coupang,

Inc.

(a)

..........................

802,438

13,641,446

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Broadline

Retail

(continued)

eBay,

Inc.

..............................

391,456

$

17,259,295

Etsy,

Inc.

(a)

.............................

89,862

5,803,288

Kohl's

Corp.

............................

81,050

1,698,808

Macy's,

Inc.

............................

198,674

2,306,605

Nordstrom,

Inc.

..........................

80,579

1,203,850

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

46,387

3,580,149

885,639,818

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

.........................

88,972

5,883,718

Advanced

Drainage

Systems,

Inc.

(b)

............

50,154

5,709,030

Allegion

PLC

............................

64,316

6,701,727

Armstrong

World

Industries,

Inc.

...............

33,359

2,401,848

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

...............

97,620

2,903,219

Builders

FirstSource,

Inc.

(a)

..................

93,216

11,604,460

Carlisle

Companies,

Inc.

....................

36,366

9,428,249

Carrier

Global

Corp.

.......................

610,095

33,677,244

Fortune

Brands

Innovations,

Inc.

..............

93,820

5,831,851

Hayward

Holdings,

Inc.

(a)

....................

104,844

1,478,301

Johnson

Controls

International

PLC

............

505,121

26,877,489

Lennox

International,

Inc.

...................

23,375

8,752,535

Masco

Corp.

............................

164,532

8,794,235

Owens

Corning

..........................

65,718

8,964,592

Trane

Technologies

PLC

....................

166,826

33,850,664

Trex

Co.,

Inc.

(a)

(b)

.........................

80,467

4,959,181

177,818,343

a

Capital

Markets

 — 

3

.0

%

Affiliated

Managers

Group,

Inc.

...............

26,074

3,398,485

Ameriprise

Financial,

Inc.

...................

77,288

25,480,308

Ares

Management

Corp.

,

Class

A

..............

117,379

12,074,778

Bank

of

New

York

Mellon

Corp.

(The)

...........

571,764

24,385,735

BlackRock,

Inc.

(c)

.........................

109,038

70,491,977

Blackstone,

Inc.

,

NVS

......................

522,687

56,000,685

Blue

Owl

Capital,

Inc.

,

Class

A

................

333,112

4,317,132

Carlyle

Group,

Inc.

(The)

....................

155,737

4,697,028

Cboe

Global

Markets,

Inc.

...................

76,786

11,994,741

Charles

Schwab

Corp.

(The)

.................

1,087,177

59,686,017

CME

Group,

Inc.

,

Class

A

...................

263,797

52,817,435

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

122,170

9,172,524

Evercore,

Inc.

,

Class

A

.....................

26,609

3,668,849

FactSet

Research

Systems,

Inc.

...............

28,014

12,249,402

Franklin

Resources,

Inc.

....................

211,562

5,200,194

Goldman

Sachs

Group,

Inc.

(The)

.............

236,831

76,631,407

Houlihan

Lokey,

Inc.

,

Class

A

.................

36,375

3,896,490

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

.........

73,082

6,325,978

Intercontinental

Exchange,

Inc.

...............

416,116

45,781,082

Invesco

Ltd.

............................

271,099

3,936,357

Janus

Henderson

Group

PLC

................

100,336

2,590,675

Jefferies

Financial

Group,

Inc.

................

139,331

5,103,695

KKR

&

Co.,

Inc.

..........................

473,133

29,144,993

Lazard

Ltd.

,

Class

A

.......................

80,130

2,484,831

LPL

Financial

Holdings,

Inc.

..................

57,125

13,575,756

MarketAxess

Holdings,

Inc.

..................

27,389

5,851,386

Moody's

Corp.

...........................

116,243

36,752,549

Morgan

Stanley

..........................

881,920

72,026,406

Morningstar,

Inc.

.........................

19,021

4,455,479

MSCI,

Inc.

,

Class

A

.......................

56,124

28,796,102

Nasdaq,

Inc.

............................

250,143

12,154,448

Northern

Trust

Corp.

.......................

151,368

10,517,049

Raymond

James

Financial,

Inc.

...............

139,237

13,983,572

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

486,040

4,768,052

S&P

Global,

Inc.

.........................

235,320

85,988,281

SEI

Investments

Co.

.......................

74,969

4,515,383

State

Street

Corp.

........................

234,148

15,678,550

Security

Shares

Value

a

Capital

Markets

(continued)

Stifel

Financial

Corp.

......................

74,213

$

4,559,647

T

Rowe

Price

Group,

Inc.

...................

161,338

16,919,516

TPG,

Inc.

,

Class

A

........................

46,970

1,414,736

Tradeweb

Markets,

Inc.

,

Class

A

...............

84,020

6,738,404

Virtu

Financial,

Inc.

,

Class

A

..................

60,106

1,038,031

XP,

Inc.

,

Class

A

.........................

243,196

5,605,668

876,869,813

a

Chemicals

 — 

1

.7

%

Air

Products

and

Chemicals,

Inc.

..............

162,664

46,098,978

Albemarle

Corp.

.........................

86,210

14,659,148

Ashland,

Inc.

............................

34,744

2,837,890

Axalta

Coating

Systems

Ltd.

(a)

................

160,289

4,311,774

Celanese

Corp.

..........................

72,377

9,084,761

CF

Industries

Holdings,

Inc.

..................

142,724

12,237,156

Chemours

Co.

(The)

.......................

108,198

3,034,954

Corteva,

Inc.

............................

524,004

26,808,045

Dow,

Inc.

..............................

519,777

26,799,702

DuPont

de

Nemours,

Inc.

...................

338,251

25,230,142

Eastman

Chemical

Co.

.....................

86,966

6,672,031

Ecolab,

Inc.

............................

182,699

30,949,211

Element

Solutions,

Inc.

.....................

166,585

3,266,732

FMC

Corp.

.............................

91,201

6,107,731

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

1,123,883

2,034,228

Huntsman

Corp.

.........................

123,918

3,023,599

International

Flavors

&

Fragrances,

Inc.

..........

188,287

12,835,525

Linde

PLC

.............................

359,858

133,993,126

LyondellBasell

Industries

NV

,

Class

A

...........

189,370

17,933,339

Mosaic

Co.

(The)

.........................

242,316

8,626,450

NewMarket

Corp.

.........................

4,565

2,077,258

Olin

Corp.

..............................

94,629

4,729,557

PPG

Industries,

Inc.

.......................

171,845

22,305,481

RPM

International,

Inc.

.....................

93,037

8,820,838

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

29,400

1,519,392

Sherwin-Williams

Co.

(The)

..................

174,259

44,444,758

Westlake

Corp.

..........................

23,999

2,991,955

483,433,761

a

Commercial

Services

&

Supplies

 — 

0

.5

%

Cintas

Corp.

............................

63,448

30,519,122

Clean

Harbors,

Inc.

(a)

......................

37,043

6,199,516

Copart,

Inc.

(a)

...........................

629,960

27,144,976

Driven

Brands

Holdings,

Inc.

(a)

................

45,959

578,624

MSA

Safety,

Inc.

.........................

26,683

4,206,575

RB

Global,

Inc.

(b)

.........................

132,975

8,310,938

Republic

Services,

Inc.

.....................

151,064

21,528,131

Rollins,

Inc.

.............................

187,793

7,010,313

Stericycle,

Inc.

(a)

(b)

........................

66,791

2,986,226

Tetra

Tech,

Inc.

..........................

38,666

5,878,392

Waste

Management,

Inc.

....................

297,975

45,423,309

159,786,122

a

Communications

Equipment

 — 

0

.9

%

Arista

Networks,

Inc.

(a)

.....................

183,623

33,773,778

Ciena

Corp.

(a)

(b)

..........................

108,724

5,138,296

Cisco

Systems,

Inc.

.......................

3,007,857

161,702,392

F5,

Inc.

(a)

..............................

44,439

7,160,901

Juniper

Networks,

Inc.

.....................

232,872

6,471,513

Lumentum

Holdings,

Inc.

(a)

(b)

.................

50,055

2,261,485

Motorola

Solutions,

Inc.

....................

121,037

32,951,113

Ubiquiti,

Inc.

............................

3,072

446,362

Viasat,

Inc.

(a)

(b)

...........................

85,957

1,586,766

251,492,606

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

...............................

95,752

$

7,951,246

EMCOR

Group,

Inc.

.......................

34,317

7,219,954

MasTec,

Inc.

(a)

...........................

44,383

3,194,244

MDU

Resources

Group,

Inc.

.................

152,300

2,982,034

Quanta

Services,

Inc.

......................

105,841

19,799,676

Valmont

Industries,

Inc.

.....................

15,299

3,674,973

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

143,993

5,988,669

50,810,796

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.......................

25,900

4,312,868

Martin

Marietta

Materials,

Inc.

................

45,119

18,520,447

Vulcan

Materials

Co.

......................

97,352

19,667,051

42,500,366

a

Consumer

Finance

 — 

0

.5

%

Ally

Financial,

Inc.

........................

200,119

5,339,175

American

Express

Co.

.....................

433,986

64,746,371

Capital

One

Financial

Corp.

..................

277,717

26,952,435

Credit

Acceptance

Corp.

(a)

(b)

..................

4,926

2,266,551

Discover

Financial

Services

..................

182,893

15,844,020

OneMain

Holdings,

Inc.

.....................

80,333

3,220,550

SLM

Corp.

.............................

164,777

2,244,263

SoFi

Technologies,

Inc.

(a)

(b)

..................

671,572

5,365,860

Synchrony

Financial

.......................

305,159

9,328,711

135,307,936

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

............

304,981

6,938,318

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

97,176

6,935,451

Casey's

General

Stores,

Inc.

.................

27,019

7,336,199

Costco

Wholesale

Corp.

....................

324,998

183,610,870

Dollar

General

Corp.

......................

160,475

16,978,255

Dollar

Tree,

Inc.

(a)

.........................

153,436

16,333,262

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

68,326

1,971,205

Kroger

Co.

(The)

.........................

476,564

21,326,239

Performance

Food

Group

Co.

(a)

...............

113,622

6,687,791

Sysco

Corp.

............................

373,769

24,687,443

Target

Corp.

............................

336,899

37,250,922

U.S.

Foods

Holding

Corp.

(a)

..................

165,893

6,585,952

Walgreens

Boots

Alliance,

Inc.

................

527,718

11,736,448

Walmart,

Inc.

............................

1,047,056

167,455,666

515,834,021

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

.............................

1,085,389

9,942,163

AptarGroup,

Inc.

.........................

47,309

5,915,517

Ardagh

Group

SA

........................

12,001

65,466

Ardagh

Metal

Packaging

SA

.................

108,872

340,769

Avery

Dennison

Corp.

......................

58,989

10,775,521

Ball

Corp.

(b)

.............................

226,672

11,283,732

Berry

Global

Group,

Inc.

....................

85,987

5,323,455

Crown

Holdings,

Inc.

......................

77,690

6,874,011

Graphic

Packaging

Holding

Co.

...............

221,575

4,936,691

International

Paper

Co.

.....................

253,613

8,995,653

Packaging

Corp.

of

America

.................

64,795

9,949,272

Sealed

Air

Corp.

.........................

108,480

3,564,653

Silgan

Holdings,

Inc.

.......................

62,965

2,714,421

Sonoco

Products

Co.

......................

70,636

3,839,067

Westrock

Co.

...........................

184,951

6,621,246

91,141,637

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

103,326

14,918,208

LKQ

Corp.

.............................

195,056

9,657,223

Security

Shares

Value

a

Distributors

(continued)

Pool

Corp.

.............................

27,673

$

9,854,355

34,429,786

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

151,731

910,386

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

41,893

3,412,604

Grand

Canyon

Education,

Inc.

(a)

...............

22,989

2,686,954

H&R

Block,

Inc.

..........................

110,849

4,773,158

Mister

Car

Wash,

Inc.

(a)

(b)

....................

55,937

308,213

Service

Corp.

International

..................

109,059

6,231,631

18,322,946

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

..........................

157,046

8,493,048

a

Diversified

Telecommunication

Services

 — 

0

.6

%

AT&T,

Inc.

..............................

5,251,753

78,881,330

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

177,806

2,782,664

Iridium

Communications,

Inc.

.................

91,281

4,152,373

Verizon

Communications,

Inc.

................

3,087,046

100,051,161

185,867,528

a

Electric

Utilities

 — 

1

.5

%

Alliant

Energy

Corp.

.......................

184,658

8,946,680

American

Electric

Power

Co.,

Inc.

..............

377,723

28,412,324

Avangrid,

Inc.

...........................

51,452

1,552,307

Constellation

Energy

Corp.

..................

241,334

26,324,713

Duke

Energy

Corp.

.......................

565,398

49,902,027

Edison

International

.......................

277,496

17,562,722

Entergy

Corp.

...........................

155,009

14,338,333

Evergy,

Inc.

.............................

164,343

8,332,190

Eversource

Energy

.......................

254,064

14,773,822

Exelon

Corp.

............................

729,872

27,581,863

FirstEnergy

Corp.

........................

398,429

13,618,303

Hawaiian

Electric

Industries,

Inc.

..............

79,305

976,245

IDACORP,

Inc.

..........................

36,582

3,425,904

NextEra

Energy,

Inc.

......................

1,484,984

85,074,733

NRG

Energy,

Inc.

.........................

168,988

6,509,418

OGE

Energy

Corp.

........................

145,177

4,838,749

PG&E

Corp.

(a)

...........................

1,469,729

23,706,729

Pinnacle

West

Capital

Corp.

.................

83,201

6,130,250

PPL

Corp.

.............................

543,822

12,812,446

Southern

Co.

(The)

.......................

799,295

51,730,372

Xcel

Energy,

Inc.

.........................

402,771

23,046,557

429,596,687

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

........................

23,452

3,994,110

AMETEK,

Inc.

...........................

168,018

24,826,340

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

207,360

1,030,579

Eaton

Corp.

PLC

.........................

292,106

62,300,368

Emerson

Electric

Co.

......................

418,588

40,423,043

Generac

Holdings,

Inc.

(a)

(b)

...................

45,083

4,912,244

Hubbell,

Inc.

............................

39,159

12,272,822

nVent

Electric

PLC

........................

120,656

6,393,561

Plug

Power,

Inc.

(a)

(b)

.......................

386,584

2,938,038

Regal

Rexnord

Corp.

......................

48,783

6,970,115

Rockwell

Automation,

Inc.

...................

84,305

24,100,270

Sensata

Technologies

Holding

PLC

............

112,045

4,237,542

Sunrun,

Inc.

(a)

(b)

..........................

153,026

1,922,007

Vertiv

Holdings

Co.

,

Class

A

.................

251,810

9,367,332

205,688,371

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

...................

426,726

35,840,717

Arrow

Electronics,

Inc.

(a)

....................

41,239

5,164,772

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

(continued)

Avnet,

Inc.

.............................

68,738

$

3,312,484

CDW

Corp.

.............................

99,221

20,018,829

Cognex

Corp.

...........................

126,702

5,377,233

Coherent

Corp.

(a)

.........................

87,186

2,845,751

Corning,

Inc.

............................

557,107

16,975,050

Crane

NXT

Co.

..........................

35,583

1,977,347

IPG

Photonics

Corp.

.......................

21,944

2,228,194

Jabil,

Inc.

(b)

.............................

93,352

11,845,435

Keysight

Technologies,

Inc.

(a)

.................

129,993

17,199,374

Littelfuse,

Inc.

...........................

17,660

4,367,671

National

Instruments

Corp.

..................

97,154

5,792,322

TD

SYNNEX

Corp.

........................

30,441

3,039,838

Teledyne

Technologies,

Inc.

(a)

.................

34,361

14,039,218

Trimble,

Inc.

(a)

...........................

181,129

9,755,608

Vontier

Corp.

............................

114,138

3,529,147

Zebra

Technologies

Corp.

,

Class

A

(a)

............

37,487

8,866,800

172,175,790

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

..................

741,904

26,204,049

Halliburton

Co.

..........................

658,857

26,683,708

NOV,

Inc.

..............................

284,364

5,943,208

Schlumberger

Ltd.

........................

1,044,983

60,922,509

TechnipFMC

PLC

........................

321,362

6,536,503

126,289,977

a

Entertainment

 — 

1

.4

%

Activision

Blizzard,

Inc.

.....................

532,828

49,888,686

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

42,592

340,310

Electronic

Arts,

Inc.

.......................

200,886

24,186,674

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

18,590

1,051,078

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

140,569

8,757,449

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

14,227

454,126

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

.......

33,962

1,090,180

Live

Nation

Entertainment,

Inc.

(a)

..............

114,701

9,524,771

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

13,985

2,465,555

Netflix,

Inc.

(a)

............................

321,670

121,462,592

Playtika

Holding

Corp.

(a)

....................

17,249

166,108

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

336,211

9,736,671

Roku,

Inc.

,

Class

A

(a)

......................

90,361

6,378,583

Spotify

Technology

SA

(a)

....................

102,773

15,892,817

Take-Two

Interactive

Software,

Inc.

(a)

(b)

..........

120,408

16,904,079

TKO

Group

Holdings,

Inc.

,

Class

A

.............

31,319

2,632,675

Walt

Disney

Co.

(The)

(a)

....................

1,341,449

108,724,441

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

1,613,924

17,527,215

397,184,010

a

Financial

Services

 — 

4

.3

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

162,489

3,456,141

Apollo

Global

Management,

Inc.

...............

382,272

34,312,735

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

1,343,292

470,555,188

Block,

Inc.

,

Class

A

(a)

......................

398,921

17,656,243

Equitable

Holdings,

Inc.

....................

261,524

7,424,666

Euronet

Worldwide,

Inc.

(a)

...................

34,299

2,722,655

Fidelity

National

Information

Services,

Inc.

........

434,047

23,989,778

Fiserv,

Inc.

(a)

............................

445,409

50,313,401

FleetCor

Technologies,

Inc.

(a)

.................

52,538

13,415,053

Global

Payments,

Inc.

.....................

192,509

22,213,614

Jack

Henry

&

Associates,

Inc.

................

54,214

8,193,904

Mastercard,

Inc.

,

Class

A

....................

615,446

243,661,226

MGIC

Investment

Corp.

....................

214,205

3,575,081

PayPal

Holdings,

Inc.

(a)

.....................

823,555

48,145,025

Rocket

Companies,

Inc.

,

Class

A

(a)

(b)

............

102,800

840,904

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

40,157

2,223,493

Security

Shares

Value

a

Financial

Services

(continued)

TFS

Financial

Corp.

.......................

43,666

$

516,132

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

258,239

4,836,816

UWM

Holdings

Corp.

,

Class

A

................

66,511

322,578

Visa,

Inc.

,

Class

A

........................

1,187,925

273,234,629

Voya

Financial,

Inc.

.......................

72,359

4,808,256

Western

Union

Co.

(The)

...................

216,499

2,853,457

WEX,

Inc.

(a)

.............................

31,139

5,856,934

1,245,127,909

a

Food

Products

 — 

1

.0

%

Archer-Daniels-Midland

Co.

..................

392,991

29,639,381

Bunge

Ltd.

.............................

109,357

11,837,895

Campbell

Soup

Co.

.......................

138,561

5,692,086

Conagra

Brands,

Inc.

......................

351,886

9,648,714

Darling

Ingredients,

Inc.

(a)

...................

116,243

6,067,885

Flowers

Foods,

Inc.

.......................

135,875

3,013,708

Freshpet,

Inc.

(a)

..........................

33,856

2,230,433

General

Mills,

Inc.

........................

430,330

27,536,817

Hershey

Co.

(The)

........................

108,404

21,689,472

Hormel

Foods

Corp.

.......................

209,578

7,970,251

Ingredion,

Inc.

...........................

49,278

4,848,955

J

M

Smucker

Co.

(The)

.....................

72,647

8,929,043

Kellanova

..............................

190,467

11,334,691

Kraft

Heinz

Co.

(The)

......................

588,507

19,797,376

Lamb

Weston

Holdings,

Inc.

.................

106,154

9,814,999

McCormick

&

Co.,

Inc.

,

NVS

.................

183,249

13,860,954

Mondelez

International,

Inc.

,

Class

A

............

997,517

69,227,680

Pilgrim's

Pride

Corp.

(a)

.....................

26,548

606,091

Post

Holdings,

Inc.

(a)

(b)

......................

39,586

3,394,104

Seaboard

Corp.

(b)

.........................

201

754,353

Tyson

Foods,

Inc.

,

Class

A

..................

205,123

10,356,660

278,251,548

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

106,560

11,287,901

National

Fuel

Gas

Co.

.....................

65,597

3,405,140

UGI

Corp.

..............................

153,793

3,537,239

18,230,280

a

Ground

Transportation

 — 

1

.1

%

Avis

Budget

Group,

Inc.

(a)

...................

14,962

2,688,522

CSX

Corp.

.............................

1,468,670

45,161,602

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

98,420

1,205,645

JB

Hunt

Transport

Services,

Inc.

..............

60,544

11,413,755

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

113,876

5,710,881

Landstar

System,

Inc.

......................

26,265

4,647,329

Lyft,

Inc.

,

Class

A

(a)

........................

246,980

2,603,169

Norfolk

Southern

Corp.

.....................

166,771

32,842,213

Old

Dominion

Freight

Line,

Inc.

...............

72,179

29,531,316

Ryder

System,

Inc.

........................

32,920

3,520,794

Saia,

Inc.

(a)

.............................

19,434

7,747,364

Schneider

National,

Inc.

,

Class

B

..............

43,195

1,196,070

Uber

Technologies,

Inc.

(a)

...................

1,422,616

65,426,110

U-Haul

Holding

Co.

(a)

......................

6,560

357,979

U-Haul

Holding

Co.

,

Series

N

,

NVS

.............

73,781

3,865,387

Union

Pacific

Corp.

.......................

447,137

91,050,507

XPO,

Inc.

(a)

.............................

83,372

6,224,554

315,193,197

a

Health

Care

Equipment

&

Supplies

 — 

2

.5

%

Abbott

Laboratories

.......................

1,269,842

122,984,198

Align

Technology,

Inc.

(a)

.....................

55,844

17,050,290

Baxter

International,

Inc.

....................

368,958

13,924,475

Becton

Dickinson

&

Co.

....................

208,406

53,879,203

Boston

Scientific

Corp.

(a)

....................

1,053,161

55,606,901

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Cooper

Companies,

Inc.

(The)

................

35,684

$

11,347,869

Dentsply

Sirona,

Inc.

......................

156,155

5,334,255

Dexcom,

Inc.

(a)

..........................

284,022

26,499,253

Edwards

Lifesciences

Corp.

(a)

................

440,891

30,544,928

Enovis

Corp.

(a)

...........................

37,092

1,955,861

Envista

Holdings

Corp.

(a)

....................

121,893

3,398,377

GE

HealthCare

Technologies,

Inc.

(b)

............

286,859

19,517,886

Globus

Medical,

Inc.

,

Class

A

(a)

...............

86,981

4,318,607

Hologic,

Inc.

(a)

...........................

177,739

12,335,087

ICU

Medical,

Inc.

(a)

(b)

.......................

14,445

1,719,099

IDEXX

Laboratories,

Inc.

(a)

...................

60,302

26,368,256

Inspire

Medical

Systems,

Inc.

(a)

...............

21,060

4,179,146

Insulet

Corp.

(a)

...........................

50,577

8,066,526

Integra

LifeSciences

Holdings

Corp.

(a)

...........

53,845

2,056,341

Intuitive

Surgical,

Inc.

(a)

.....................

256,190

74,881,775

Masimo

Corp.

(a)

..........................

31,743

2,783,226

Medtronic

PLC

..........................

974,330

76,348,499

Novocure

Ltd.

(a)

(b)

.........................

75,453

1,218,566

Penumbra,

Inc.

(a)

.........................

26,570

6,427,549

QuidelOrtho

Corp.

(a)

.......................

39,137

2,858,566

ResMed,

Inc.

...........................

106,541

15,754,218

Shockwave

Medical,

Inc.

(a)

...................

26,532

5,282,521

STERIS

PLC

............................

72,958

16,008,444

Stryker

Corp.

...........................

260,576

71,207,603

Tandem

Diabetes

Care,

Inc.

(a)

................

46,196

959,491

Teleflex,

Inc.

............................

34,073

6,692,278

Zimmer

Biomet

Holdings,

Inc.

................

153,137

17,185,034

718,694,328

a

Health

Care

Providers

&

Services

 — 

2

.8

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

................

66,722

4,691,224

agilon

health,

Inc.

(a)

(b)

......................

213,731

3,795,863

Amedisys,

Inc.

(a)

(b)

........................

23,287

2,175,006

Cardinal

Health,

Inc.

.......................

186,880

16,224,922

Cencora,

Inc.

...........................

118,385

21,305,748

Centene

Corp.

(a)

.........................

398,191

27,427,396

Chemed

Corp.

(b)

.........................

10,686

5,553,514

Cigna

Group

(The)

........................

213,960

61,207,537

CVS

Health

Corp.

........................

939,284

65,580,809

DaVita,

Inc.

(a)

(b)

..........................

39,532

3,736,960

Elevance

Health,

Inc.

......................

173,894

75,716,925

Encompass

Health

Corp.

...................

71,337

4,790,993

HCA

Healthcare,

Inc.

......................

149,791

36,845,590

Henry

Schein,

Inc.

(a)

(b)

......................

95,400

7,083,450

Humana,

Inc.

...........................

91,539

44,535,554

Laboratory

Corp.

of

America

Holdings

...........

64,949

13,057,996

McKesson

Corp.

.........................

99,371

43,211,479

Molina

Healthcare,

Inc.

(a)

....................

42,290

13,866,468

Premier,

Inc.

,

Class

A

......................

88,601

1,904,922

Quest

Diagnostics,

Inc.

.....................

82,865

10,097,929

R1

RCM,

Inc.

(a)

..........................

111,925

1,686,710

Tenet

Healthcare

Corp.

(a)

....................

73,886

4,868,349

UnitedHealth

Group,

Inc.

....................

681,879

343,796,573

Universal

Health

Services,

Inc.

,

Class

B

.........

44,852

5,639,242

818,801,159

a

Health

Care

REITs

 — 

0

.2

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

275,151

4,201,556

Healthpeak

Properties,

Inc.

..................

397,473

7,297,604

Medical

Properties

Trust,

Inc.

.................

430,149

2,344,312

Omega

Healthcare

Investors,

Inc.

..............

169,980

5,636,537

Ventas,

Inc.

............................

291,212

12,268,761

Welltower,

Inc.

...........................

364,040

29,822,157

61,570,927

a

Security

Shares

Value

a

Health

Care

Technology

 — 

0

.1

%

Certara,

Inc.

(a)

(b)

..........................

84,701

$

1,231,553

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

84,970

1,803,063

Teladoc

Health,

Inc.

(a)

(b)

.....................

117,104

2,176,963

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

106,011

21,567,938

26,779,517

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

..................

515,371

8,282,012

Park

Hotels

&

Resorts,

Inc.

..................

163,971

2,020,123

10,302,135

a

Hotels,

Restaurants

&

Leisure

 — 

2

.2

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

296,908

40,738,747

Aramark

...............................

169,417

5,878,770

Booking

Holdings,

Inc.

(a)

....................

27,216

83,932,783

Boyd

Gaming

Corp.

.......................

53,771

3,270,890

Caesars

Entertainment,

Inc.

(a)

................

151,642

7,028,607

Carnival

Corp.

(a)

(b)

.........................

728,583

9,996,159

Cava

Group,

Inc.

(a)

(b)

.......................

11,874

363,701

Chipotle

Mexican

Grill,

Inc.

(a)

.................

20,175

36,957,170

Choice

Hotels

International,

Inc.

(b)

..............

22,791

2,792,125

Churchill

Downs,

Inc.

......................

52,601

6,103,820

Darden

Restaurants,

Inc.

...................

88,162

12,626,562

Domino's

Pizza,

Inc.

.......................

26,070

9,875,055

DoorDash,

Inc.

,

Class

A

(a)

...................

220,982

17,561,439

DraftKings,

Inc.

,

Class

A

(a)

...................

306,104

9,011,702

Expedia

Group,

Inc.

(a)

......................

105,196

10,842,552

Hilton

Worldwide

Holdings,

Inc.

...............

188,251

28,271,535

Hyatt

Hotels

Corp.

,

Class

A

(b)

.................

34,050

3,612,024

Las

Vegas

Sands

Corp.

....................

244,123

11,190,598

Marriott

International,

Inc.

,

Class

A

.............

181,401

35,656,181

Marriott

Vacations

Worldwide

Corp.

.............

26,415

2,658,141

McDonald's

Corp.

........................

534,985

140,936,448

MGM

Resorts

International

..................

214,131

7,871,456

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

303,621

5,003,674

Penn

Entertainment,

Inc.

(a)

(b)

.................

115,301

2,646,158

Planet

Fitness,

Inc.

,

Class

A

(a)

................

63,987

3,146,881

Royal

Caribbean

Cruises

Ltd.

(a)

...............

171,425

15,795,099

Starbucks

Corp.

..........................

827,595

75,534,596

Texas

Roadhouse,

Inc.

.....................

48,930

4,702,173

Travel

+

Leisure

Co.

.......................

54,333

1,995,651

Vail

Resorts,

Inc.

.........................

28,136

6,243,097

Wendy's

Co.

(The)

........................

129,345

2,639,931

Wingstop,

Inc.

...........................

21,917

3,941,553

Wyndham

Hotels

&

Resorts,

Inc.

..............

61,504

4,276,988

Wynn

Resorts

Ltd.

........................

75,909

7,014,751

Yum!

Brands,

Inc.

........................

205,306

25,650,932

645,767,949

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

227,940

24,496,712

Garmin

Ltd.

.............................

112,779

11,864,351

Leggett

&

Platt,

Inc.

.......................

100,991

2,566,181

Lennar

Corp.

,

Class

A

......................

181,699

20,392,079

Lennar

Corp.

,

Class

B

.....................

10,129

1,035,487

Mohawk

Industries,

Inc.

(a)

...................

38,189

3,276,998

Newell

Brands,

Inc.

.......................

278,923

2,518,675

NVR,

Inc.

(a)

.............................

2,159

12,874,765

PulteGroup,

Inc.

.........................

159,718

11,827,118

Tempur

Sealy

International,

Inc.

...............

121,926

5,284,273

Toll

Brothers,

Inc.

.........................

79,304

5,865,324

TopBuild

Corp.

(a)

.........................

23,414

5,890,962

Whirlpool

Corp.

..........................

39,255

5,248,393

113,141,318

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Household

Products

 — 

1

.2

%

Church

&

Dwight

Co.,

Inc.

...................

180,133

$

16,505,587

Clorox

Co.

(The)

.........................

91,124

11,942,711

Colgate-Palmolive

Co.

.....................

601,501

42,772,736

Kimberly-Clark

Corp.

......................

246,483

29,787,471

Procter

&

Gamble

Co.

(The)

.................

1,726,994

251,899,345

Reynolds

Consumer

Products,

Inc.

.............

39,541

1,013,436

Spectrum

Brands

Holdings,

Inc.

...............

29,744

2,330,442

356,251,728

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

492,241

7,482,063

Brookfield

Renewable

Corp.

,

Class

A

...........

96,697

2,314,926

Clearway

Energy,

Inc.

,

Class

A

................

25,386

505,689

Clearway

Energy,

Inc.

,

Class

C

...............

59,972

1,269,008

Vistra

Corp.

............................

268,838

8,920,045

20,491,731

a

Industrial

Conglomerates

 — 

0

.7

%

3M

Co.

................................

402,722

37,702,834

General

Electric

Co.

.......................

795,268

87,916,877

Honeywell

International,

Inc.

.................

488,390

90,225,169

215,844,880

a

Industrial

REITs

 — 

0

.4

%

Americold

Realty

Trust,

Inc.

..................

196,997

5,990,679

EastGroup

Properties,

Inc.

..................

32,103

5,346,113

First

Industrial

Realty

Trust,

Inc.

...............

97,186

4,625,082

Prologis,

Inc.

............................

676,731

75,935,985

Rexford

Industrial

Realty,

Inc.

................

151,597

7,481,312

STAG

Industrial,

Inc.

......................

131,454

4,536,477

103,915,648

a

Insurance

 — 

2

.3

%

Aflac,

Inc.

..............................

440,982

33,845,368

Allstate

Corp.

(The)

.......................

191,850

21,374,008

American

Financial

Group,

Inc.

...............

53,273

5,948,996

American

International

Group,

Inc.

.............

530,689

32,159,753

Aon

PLC

,

Class

A

........................

148,177

48,041,947

Arch

Capital

Group

Ltd.

(a)

...................

262,485

20,922,679

Arthur

J

Gallagher

&

Co.

....................

155,113

35,354,906

Assurant,

Inc.

...........................

38,767

5,566,166

Assured

Guaranty

Ltd.

.....................

43,348

2,623,421

Axis

Capital

Holdings

Ltd.

...................

56,657

3,193,755

Brighthouse

Financial,

Inc.

(a)

.................

47,618

2,330,425

Brown

&

Brown,

Inc.

.......................

174,382

12,178,839

Chubb

Ltd.

.............................

302,115

62,894,301

Cincinnati

Financial

Corp.

...................

111,641

11,419,758

CNA

Financial

Corp.

.......................

18,159

714,557

Everest

Group

Ltd.

........................

31,253

11,615,803

Fidelity

National

Financial,

Inc.

................

188,823

7,798,390

First

American

Financial

Corp.

................

74,883

4,230,141

Globe

Life,

Inc.

..........................

65,153

7,084,086

Hanover

Insurance

Group,

Inc.

(The)

...........

26,458

2,936,309

Hartford

Financial

Services

Group,

Inc.

(The)

......

223,051

15,816,546

Kemper

Corp.

...........................

46,105

1,937,793

Kinsale

Capital

Group,

Inc.

..................

16,003

6,627,322

Lincoln

National

Corp.

.....................

124,762

3,080,374

Loews

Corp.

............................

135,506

8,578,885

Markel

Group,

Inc.

(a)

.......................

9,686

14,262,538

Marsh

&

McLennan

Companies,

Inc.

............

362,761

69,033,418

MetLife,

Inc.

............................

473,881

29,811,854

Old

Republic

International

Corp.

...............

198,106

5,336,976

Primerica,

Inc.

...........................

26,166

5,076,466

Principal

Financial

Group,

Inc.

................

177,813

12,814,983

Progressive

Corp.

(The)

....................

428,688

59,716,238

Security

Shares

Value

a

Insurance

(continued)

Prudential

Financial,

Inc.

....................

269,836

$

25,604,738

Reinsurance

Group

of

America,

Inc.

............

48,690

7,069,301

RenaissanceRe

Holdings

Ltd.

................

37,052

7,333,332

RLI

Corp.

..............................

29,433

3,999,650

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

........

67,210

3,252,964

Travelers

Companies,

Inc.

(The)

...............

168,902

27,583,386

Unum

Group

............................

143,274

7,047,648

W

R

Berkley

Corp.

........................

148,954

9,457,089

White

Mountains

Insurance

Group

Ltd.

(b)

.........

1,789

2,675,789

Willis

Towers

Watson

PLC

...................

77,054

16,101,204

674,452,102

a

Interactive

Media

&

Services

 — 

5

.4

%

Alphabet,

Inc.

,

Class

A

(a)

....................

4,359,255

570,452,109

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

3,730,890

491,917,847

IAC,

Inc.

(a)

..............................

53,512

2,696,470

Match

Group,

Inc.

(a)

.......................

203,279

7,963,455

Meta

Platforms,

Inc.

,

Class

A

(a)

................

1,622,571

487,112,040

Pinterest,

Inc.

,

Class

A

(a)

....................

437,854

11,835,193

TripAdvisor,

Inc.

(a)

(b)

.......................

74,396

1,233,486

ZoomInfo

Technologies,

Inc.

(a)

................

228,394

3,745,661

1,576,956,261

a

IT

Services

 — 

1

.5

%

Accenture

PLC

,

Class

A

....................

463,506

142,347,328

Akamai

Technologies,

Inc.

(a)

..................

112,456

11,981,062

Amdocs

Ltd.

............................

87,964

7,432,078

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

210,836

13,291,101

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

372,135

25,208,425

DXC

Technology

Co.

(a)

(b)

....................

154,032

3,208,487

EPAM

Systems,

Inc.

(a)

......................

40,878

10,452,096

Gartner,

Inc.

(a)

...........................

56,426

19,388,538

Globant

SA

(a)

............................

29,609

5,858,141

GoDaddy,

Inc.

,

Class

A

(a)

(b)

...................

114,084

8,496,976

International

Business

Machines

Corp.

..........

666,528

93,513,878

Kyndryl

Holdings,

Inc.

(a)

.....................

168,238

2,540,394

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

47,961

16,587,791

Okta,

Inc.

,

Class

A

(a)

.......................

109,221

8,902,604

Snowflake,

Inc.

,

Class

A

(a)

...................

227,597

34,769,994

Twilio,

Inc.

,

Class

A

(a)

......................

123,953

7,254,969

VeriSign,

Inc.

(a)

..........................

66,275

13,422,676

424,656,538

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

51,609

4,077,111

Hasbro,

Inc.

............................

94,684

6,262,400

Mattel,

Inc.

(a)

............................

253,920

5,593,857

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

235,050

1,187,002

Polaris,

Inc.

(b)

...........................

40,270

4,193,718

YETI

Holdings,

Inc.

(a)

(b)

.....................

62,999

3,037,812

24,351,900

a

Life

Sciences

Tools

&

Services

 — 

1

.6

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

67,063

2,766,349

Agilent

Technologies,

Inc.

...................

216,703

24,231,729

Avantor,

Inc.

(a)

...........................

494,108

10,415,797

Azenta,

Inc.

(a)

...........................

45,916

2,304,524

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

15,590

5,588,235

Bio-Techne

Corp.

.........................

113,119

7,700,010

Bruker

Corp.

............................

78,985

4,920,766

Charles

River

Laboratories

International,

Inc.

(a)

.....

37,723

7,392,954

Danaher

Corp.

..........................

482,799

119,782,432

Fortrea

Holdings,

Inc.

(a)

(b)

....................

65,287

1,866,555

ICON

PLC

(a)

............................

59,688

14,698,170

Illumina,

Inc.

(a)

...........................

115,893

15,909,791

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

IQVIA

Holdings,

Inc.

(a)

......................

134,957

$

26,552,790

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

85,317

853,170

Medpace

Holdings,

Inc.

(a)

(b)

..................

17,049

4,128,074

Mettler-Toledo

International,

Inc.

(a)

.............

15,977

17,703,634

QIAGEN

NV

(a)

...........................

167,718

6,792,579

Repligen

Corp.

(a)

(b)

........................

40,092

6,375,029

Revvity,

Inc.

............................

92,893

10,283,255

Sotera

Health

Co.

(a)

(b)

......................

77,491

1,160,815

Thermo

Fisher

Scientific,

Inc.

.................

282,997

143,244,591

Waters

Corp.

(a)

(b)

.........................

42,898

11,763,061

West

Pharmaceutical

Services,

Inc.

............

54,055

20,281,977

466,716,287

a

Machinery

 — 

1

.9

%

AGCO

Corp.

............................

45,292

5,357,138

Allison

Transmission

Holdings,

Inc.

.............

67,689

3,997,712

Caterpillar,

Inc.

..........................

378,828

103,420,044

CNH

Industrial

N.V.

.......................

715,691

8,659,861

Crane

Co.

..............................

35,583

3,161,194

Cummins,

Inc.

...........................

104,078

23,777,660

Deere

&

Co.

............................

197,928

74,694,069

Donaldson

Co.,

Inc.

.......................

88,984

5,307,006

Dover

Corp.

............................

102,692

14,326,561

Esab

Corp.

.............................

41,757

2,932,176

Flowserve

Corp.

.........................

97,751

3,887,557

Fortive

Corp.

............................

260,489

19,317,864

Gates

Industrial

Corp.

PLC

(a)

.................

71,298

827,770

Graco,

Inc.

.............................

122,400

8,920,512

IDEX

Corp.

.............................

55,330

11,509,747

Illinois

Tool

Works,

Inc.

.....................

223,027

51,365,348

Ingersoll

Rand,

Inc.

.......................

296,335

18,882,466

ITT,

Inc.

...............................

60,774

5,950,382

Lincoln

Electric

Holdings,

Inc.

................

41,164

7,483,204

Middleby

Corp.

(The)

(a)

(b)

....................

38,992

4,990,976

Nordson

Corp.

...........................

42,043

9,382,736

Oshkosh

Corp.

..........................

47,642

4,546,476

Otis

Worldwide

Corp.

......................

302,799

24,317,788

PACCAR,

Inc.

...........................

376,910

32,044,888

Parker-Hannifin

Corp.

......................

93,528

36,431,026

Pentair

PLC

............................

119,309

7,725,258

RBC

Bearings,

Inc.

(a)

(b)

.....................

20,714

4,849,769

Snap-on,

Inc.

...........................

38,130

9,725,438

Stanley

Black

&

Decker,

Inc.

.................

112,127

9,371,575

Timken

Co.

(The)

.........................

45,516

3,344,971

Toro

Co.

(The)

...........................

76,435

6,351,748

Westinghouse

Air

Brake

Technologies

Corp.

.......

130,570

13,875,674

Xylem,

Inc.

.............................

172,874

15,736,720

556,473,314

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

43,066

3,565,865

a

Media

 — 

0

.9

%

Cable

One,

Inc.

..........................

4,024

2,477,335

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

75,136

33,046,316

Comcast

Corp.

,

Class

A

....................

3,001,504

133,086,687

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

180,942

1,060,320

Fox

Corp.

,

Class

A

,

NVS

....................

195,043

6,085,341

Fox

Corp.

,

Class

B

........................

97,661

2,820,450

Interpublic

Group

of

Companies,

Inc.

(The)

.......

284,334

8,149,013

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

12,241

1,112,829

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

(b)

.......

84,933

7,756,082

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

(b)

...

54,485

1,386,643

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

111,782

2,845,970

New

York

Times

Co.

(The)

,

Class

A

.............

119,874

4,938,809

Security

Shares

Value

a

Media

(continued)

News

Corp.

,

Class

A

,

NVS

..................

281,409

$

5,645,065

News

Corp.

,

Class

B

......................

85,205

1,778,228

Nexstar

Media

Group,

Inc.

...................

25,056

3,592,279

Omnicom

Group,

Inc.

......................

144,514

10,763,403

Paramount

Global

,

Class

A

(b)

.................

8,600

135,794

Paramount

Global

,

Class

B

,

NVS

..............

427,388

5,513,305

Sirius

XM

Holdings,

Inc.

(b)

...................

463,391

2,094,527

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

322,841

25,230,024

259,518,420

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

.............................

131,274

3,814,822

Cleveland-Cliffs,

Inc.

(a)

.....................

372,622

5,824,082

Freeport-McMoRan,

Inc.

....................

1,045,558

38,988,858

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

76,189

1,455,210

Newmont

Corp.

..........................

581,380

21,481,991

Nucor

Corp.

............................

184,348

28,822,810

Reliance

Steel

&

Aluminum

Co.

...............

43,243

11,339,612

Royal

Gold,

Inc.

..........................

48,035

5,107,561

Southern

Copper

Corp.

.....................

62,886

4,734,687

SSR

Mining,

Inc.

(b)

........................

153,911

2,045,477

Steel

Dynamics,

Inc.

.......................

117,668

12,616,363

United

States

Steel

Corp.

...................

164,014

5,327,175

141,558,648

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

AGNC

Investment

Corp.

....................

437,720

4,132,077

Annaly

Capital

Management,

Inc.

..............

361,461

6,799,081

Rithm

Capital

Corp.

.......................

352,700

3,276,583

Starwood

Property

Trust,

Inc.

.................

212,702

4,115,784

18,323,525

a

Multi-Utilities

 — 

0

.6

%

Ameren

Corp.

...........................

192,550

14,408,517

CenterPoint

Energy,

Inc.

....................

463,873

12,454,990

CMS

Energy

Corp.

........................

213,299

11,328,310

Consolidated

Edison,

Inc.

...................

254,145

21,737,022

Dominion

Energy,

Inc.

......................

613,820

27,419,339

DTE

Energy

Co.

.........................

150,898

14,981,153

NiSource,

Inc.

...........................

301,866

7,450,053

Public

Service

Enterprise

Group,

Inc.

...........

364,633

20,751,264

Sempra

...............................

462,367

31,454,827

WEC

Energy

Group,

Inc.

....................

230,491

18,566,050

180,551,525

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

126,652

12,677,865

Boston

Properties,

Inc.

.....................

114,935

6,836,334

Cousins

Properties,

Inc.

....................

113,067

2,303,175

Highwoods

Properties,

Inc.

..................

79,782

1,644,307

Kilroy

Realty

Corp.

........................

84,510

2,671,361

Vornado

Realty

Trust

......................

130,949

2,969,923

29,102,965

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.2

%

Antero

Midstream

Corp.

....................

248,862

2,981,367

Antero

Resources

Corp.

(a)

...................

203,806

5,172,596

APA

Corp.

.............................

227,175

9,336,893

Cheniere

Energy,

Inc.

......................

177,592

29,473,168

Chesapeake

Energy

Corp.

..................

92,914

8,011,974

Chevron

Corp.

...........................

1,297,941

218,858,811

ConocoPhillips

..........................

889,438

106,554,672

Coterra

Energy,

Inc.

.......................

546,842

14,792,076

Devon

Energy

Corp.

.......................

469,526

22,396,390

Diamondback

Energy,

Inc.

...................

133,341

20,651,854

DT

Midstream,

Inc.

........................

70,376

3,724,298

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

EOG

Resources,

Inc.

......................

431,905

$

54,748,278

EQT

Corp.

.............................

263,961

10,711,537

Exxon

Mobil

Corp.

........................

2,938,465

345,504,715

Hess

Corp.

.............................

203,479

31,132,287

HF

Sinclair

Corp.

.........................

103,444

5,889,067

Kinder

Morgan,

Inc.

,

Class

P

.................

1,436,305

23,813,937

Marathon

Oil

Corp.

........................

455,142

12,175,049

Marathon

Petroleum

Corp.

..................

310,887

47,049,639

New

Fortress

Energy,

Inc.

,

Class

A

.............

47,499

1,557,017

Occidental

Petroleum

Corp.

..................

510,981

33,152,447

ONEOK,

Inc.

............................

327,906

20,799,078

Ovintiv,

Inc.

.............................

188,844

8,983,309

Phillips

66

..............................

337,640

40,567,446

Pioneer

Natural

Resources

Co.

...............

170,460

39,129,093

Range

Resources

Corp.

....................

172,470

5,589,753

Southwestern

Energy

Co.

(a)

..................

809,071

5,218,508

Targa

Resources

Corp.

.....................

164,825

14,128,799

Texas

Pacific

Land

Corp.

....................

4,241

7,733,718

Valero

Energy

Corp.

.......................

257,810

36,534,255

Williams

Companies,

Inc.

(The)

...............

896,233

30,194,090

1,216,566,121

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

47,038

2,599,790

a

Passenger

Airlines

 — 

0

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

93,642

3,472,245

American

Airlines

Group,

Inc.

(a)

(b)

..............

469,716

6,017,062

Delta

Air

Lines,

Inc.

.......................

471,942

17,461,854

Southwest

Airlines

Co.

.....................

435,164

11,779,890

United

Airlines

Holdings,

Inc.

(a)

................

240,234

10,161,898

48,892,949

a

Personal

Care

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

(b)

......................

268,975

2,950,656

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

168,961

24,423,313

Kenvue,

Inc.

............................

1,277,088

25,643,927

Olaplex

Holdings,

Inc.

(a)

....................

90,234

175,956

53,193,852

a

Pharmaceuticals

 — 

3

.9

%

Bristol-Myers

Squibb

Co.

....................

1,542,058

89,501,046

Catalent,

Inc.

(a)

(b)

.........................

131,060

5,967,162

Elanco

Animal

Health,

Inc.

(a)

..................

359,069

4,035,936

Eli

Lilly

&

Co.

...........................

620,798

333,449,230

Jazz

Pharmaceuticals

PLC

(a)

.................

45,594

5,901,687

Johnson

&

Johnson

.......................

1,767,905

275,351,204

Merck

&

Co.,

Inc.

.........................

1,863,294

191,826,117

Organon

&

Co.

..........................

184,939

3,210,541

Perrigo

Co.

PLC

.........................

100,574

3,213,339

Pfizer,

Inc.

.............................

4,144,870

137,485,338

Royalty

Pharma

PLC

,

Class

A

................

272,466

7,394,727

Viatris,

Inc.

.............................

883,244

8,708,786

Zoetis,

Inc.

,

Class

A

.......................

339,178

59,010,189

1,125,055,302

a

Professional

Services

 — 

0

.9

%

Automatic

Data

Processing,

Inc.

...............

303,373

72,985,476

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

95,670

10,453,861

Broadridge

Financial

Solutions,

Inc.

............

86,102

15,416,563

CACI

International,

Inc.

,

Class

A

(a)

.............

16,171

5,076,562

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

107,971

7,325,832

Clarivate

PLC

(a)

(b)

.........................

353,256

2,370,348

Concentrix

Corp.

.........................

30,885

2,474,197

Dun

&

Bradstreet

Holdings,

Inc.

...............

199,784

1,995,842

Equifax,

Inc.

............................

89,705

16,432,162

Security

Shares

Value

a

Professional

Services

(continued)

FTI

Consulting,

Inc.

(a)

(b)

.....................

24,509

$

4,372,651

Genpact

Ltd.

............................

128,320

4,645,184

Jacobs

Solutions,

Inc.

......................

92,535

12,631,028

KBR,

Inc.

..............................

100,479

5,922,232

Leidos

Holdings,

Inc.

......................

98,884

9,113,149

ManpowerGroup,

Inc.

......................

37,556

2,753,606

Paychex,

Inc.

...........................

237,060

27,340,130

Paycom

Software,

Inc.

.....................

37,986

9,848,630

Paycor

HCM,

Inc.

(a)

(b)

......................

41,302

942,925

Paylocity

Holding

Corp.

(a)

...................

30,818

5,599,631

Robert

Half,

Inc.

.........................

75,531

5,534,912

Science

Applications

International

Corp.

.........

39,784

4,198,803

SS&C

Technologies

Holdings,

Inc.

.............

159,139

8,361,163

TransUnion

.............................

142,481

10,228,711

Verisk

Analytics,

Inc.

.......................

104,495

24,685,899

270,709,497

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

226,885

16,757,726

CoStar

Group,

Inc.

(a)

.......................

295,587

22,727,684

Howard

Hughes

Holdings,

Inc.

(a)

...............

24,286

1,800,321

Jones

Lang

LaSalle,

Inc.

(a)

(b)

..................

35,282

4,981,113

Zillow

Group,

Inc.

,

Class

A

(a)

.................

40,871

1,830,612

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

112,991

5,215,665

53,313,121

a

Residential

REITs

 — 

0

.4

%

American

Homes

4

Rent

,

Class

A

..............

243,836

8,214,835

Apartment

Income

REIT

Corp.

................

107,537

3,301,386

AvalonBay

Communities,

Inc.

................

104,302

17,912,826

Camden

Property

Trust

.....................

76,941

7,277,080

Equity

LifeStyle

Properties,

Inc.

...............

129,047

8,221,584

Equity

Residential

........................

271,899

15,963,190

Essex

Property

Trust,

Inc.

...................

46,977

9,963,352

Invitation

Homes,

Inc.

......................

448,514

14,213,409

Mid-America

Apartment

Communities,

Inc.

........

84,753

10,903,473

Sun

Communities,

Inc.

.....................

90,343

10,691,191

UDR,

Inc.

..............................

242,687

8,656,645

115,318,971

a

Retail

REITs

 — 

0

.3

%

Agree

Realty

Corp.

.......................

68,463

3,781,896

Brixmor

Property

Group,

Inc.

.................

217,320

4,515,910

Federal

Realty

Investment

Trust

...............

60,290

5,464,083

Kimco

Realty

Corp.

.......................

448,147

7,882,906

NNN

REIT,

Inc.

..........................

131,568

4,649,613

Realty

Income

Corp.

.......................

495,874

24,763,947

Regency

Centers

Corp.

....................

132,687

7,886,915

Simon

Property

Group,

Inc.

..................

237,656

25,673,978

Spirit

Realty

Capital,

Inc.

....................

101,942

3,418,115

88,037,363

a

Semiconductors

&

Semiconductor

Equipment

 — 

6

.7

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,175,818

120,897,607

Allegro

MicroSystems,

Inc.

(a)

.................

55,145

1,761,331

Analog

Devices,

Inc.

.......................

370,823

64,927,399

Applied

Materials,

Inc.

.....................

619,212

85,729,901

Broadcom,

Inc.

..........................

296,379

246,166,470

Cirrus

Logic,

Inc.

(a)

........................

39,631

2,931,109

Enphase

Energy,

Inc.

(a)

.....................

97,794

11,749,949

Entegris,

Inc.

............................

110,429

10,370,387

First

Solar,

Inc.

(a)

.........................

77,480

12,519,993

GlobalFoundries,

Inc.

(a)

(b)

....................

57,432

3,341,968

Intel

Corp.

.............................

3,062,407

108,868,569

KLA

Corp.

..............................

100,904

46,280,629

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Lam

Research

Corp.

......................

98,401

$

61,674,795

Lattice

Semiconductor

Corp.

(a)

................

100,638

8,647,823

Marvell

Technology,

Inc.

....................

626,420

33,908,115

Microchip

Technology,

Inc.

...................

394,399

30,782,842

Micron

Technology,

Inc.

.....................

801,661

54,536,998

MKS

Instruments,

Inc.

.....................

48,566

4,202,902

Monolithic

Power

Systems,

Inc.

...............

33,253

15,362,886

NVIDIA

Corp.

...........................

1,743,060

758,213,669

ON

Semiconductor

Corp.

(a)

..................

316,039

29,375,825

Qorvo,

Inc.

(a)

............................

71,062

6,784,289

QUALCOMM,

Inc.

........................

818,372

90,888,394

Skyworks

Solutions,

Inc.

....................

116,746

11,509,988

Teradyne,

Inc.

(b)

..........................

115,155

11,568,471

Texas

Instruments,

Inc.

.....................

665,885

105,882,374

Universal

Display

Corp.

....................

34,190

5,367,488

Wolfspeed,

Inc.

(a)

(b)

........................

90,246

3,438,373

1,947,690,544

a

Software

 — 

10

.2

%

Adobe,

Inc.

(a)

............................

336,116

171,385,548

Alteryx,

Inc.

,

Class

A

(a)

.....................

43,190

1,627,831

ANSYS,

Inc.

(a)

(b)

..........................

63,760

18,971,788

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

154,533

6,175,139

Aspen

Technology,

Inc.

(a)

....................

20,639

4,215,722

Atlassian

Corp.

,

Class

A

(a)

...................

106,093

21,378,800

Autodesk,

Inc.

(a)

..........................

157,338

32,554,806

Bentley

Systems,

Inc.

,

Class

B

................

140,678

7,056,408

BILL

Holdings,

Inc.

(a)

(b)

......................

75,186

8,162,944

Cadence

Design

Systems,

Inc.

(a)

..............

198,025

46,397,257

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

147,403

1,967,830

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

135,470

4,011,267

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

154,209

25,811,502

Datadog,

Inc.

,

Class

A

(a)

(b)

...................

200,005

18,218,455

DocuSign,

Inc.

(a)

(b)

........................

148,246

6,226,332

Dolby

Laboratories,

Inc.

,

Class

A

..............

42,213

3,345,802

DoubleVerify

Holdings,

Inc.

(a)

(b)

................

91,665

2,562,037

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

189,181

5,151,399

Dynatrace,

Inc.

(a)

.........................

176,899

8,266,490

Elastic

NV

(a)

............................

55,158

4,481,036

Fair

Isaac

Corp.

(a)

.........................

17,705

15,377,324

Five9,

Inc.

(a)

............................

52,835

3,397,290

Fortinet,

Inc.

(a)

...........................

480,914

28,220,034

Gen

Digital,

Inc.

..........................

403,295

7,130,256

Gitlab,

Inc.

,

Class

A

(a)

......................

64,512

2,917,233

Guidewire

Software,

Inc.

(a)

...................

60,836

5,475,240

HashiCorp,

Inc.

,

Class

A

(a)

...................

67,995

1,552,326

HubSpot,

Inc.

(a)

..........................

33,448

16,473,140

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

33,787

711,892

Intuit,

Inc.

..............................

200,393

102,388,799

Manhattan

Associates,

Inc.

(a)

.................

45,171

8,928,500

Microsoft

Corp.

..........................

5,459,452

1,723,821,970

nCino,

Inc.

(a)

(b)

...........................

50,818

1,616,012

NCR

Corp.

(a)

............................

96,278

2,596,618

New

Relic,

Inc.

(a)

.........................

41,670

3,567,785

Nutanix,

Inc.

,

Class

A

(a)

.....................

168,194

5,866,607

Oracle

Corp.

............................

1,115,380

118,141,050

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

1,372,040

21,952,640

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

220,189

51,621,109

Pegasystems,

Inc.

(b)

.......................

30,521

1,324,917

Procore

Technologies,

Inc.

(a)

(b)

................

57,517

3,757,010

PTC,

Inc.

(a)

.............................

83,974

11,897,436

RingCentral,

Inc.

,

Class

A

(a)

..................

63,077

1,868,971

Roper

Technologies,

Inc.

....................

77,602

37,581,097

Salesforce,

Inc.

(a)

.........................

694,331

140,796,440

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

169,258

2,853,690

Security

Shares

Value

a

Software

(continued)

ServiceNow,

Inc.

(a)

........................

149,349

$

83,480,117

Smartsheet,

Inc.

,

Class

A

(a)

..................

94,474

3,822,418

Splunk,

Inc.

(a)

...........................

112,386

16,436,452

Synopsys,

Inc.

(a)

.........................

111,315

51,090,246

Teradata

Corp.

(a)

.........................

74,445

3,351,514

Tyler

Technologies,

Inc.

(a)

(b)

..................

30,770

11,881,528

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

272,570

4,663,673

Unity

Software,

Inc.

(a)

(b)

.....................

210,436

6,605,586

VMware,

Inc.

,

Class

A

(a)

....................

157,510

26,222,265

Workday,

Inc.

,

Class

A

(a)

(b)

...................

144,884

31,128,327

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

.....

184,622

12,912,463

Zscaler,

Inc.

(a)

...........................

63,962

9,951,848

2,981,350,216

a

Specialized

REITs

 — 

1

.0

%

American

Tower

Corp.

.....................

341,128

56,098,499

Crown

Castle,

Inc.

........................

317,359

29,206,549

CubeSmart

.............................

163,955

6,251,604

Digital

Realty

Trust,

Inc.

....................

219,759

26,595,234

EPR

Properties

..........................

53,917

2,239,712

Equinix,

Inc.

............................

68,645

49,854,118

Extra

Space

Storage,

Inc.

...................

152,552

18,547,272

Gaming

and

Leisure

Properties,

Inc.

............

186,249

8,483,642

Iron

Mountain,

Inc.

........................

213,645

12,701,195

Lamar

Advertising

Co.

,

Class

A

...............

63,070

5,264,453

National

Storage

Affiliates

Trust

...............

55,561

1,763,506

Public

Storage

...........................

114,882

30,273,705

Rayonier,

Inc.

...........................

107,756

3,066,736

SBA

Communications

Corp.

,

Class

A

............

78,681

15,749,576

VICI

Properties,

Inc.

.......................

739,188

21,510,371

Weyerhaeuser

Co.

........................

535,657

16,423,244

304,029,416

a

Specialty

Retail

 — 

2

.1

%

Advance

Auto

Parts,

Inc.

....................

44,374

2,481,838

AutoNation,

Inc.

(a)

.........................

20,966

3,174,253

AutoZone,

Inc.

(a)

.........................

13,270

33,705,667

Bath

&

Body

Works,

Inc.

....................

167,090

5,647,642

Best

Buy

Co.,

Inc.

........................

142,655

9,910,243

Burlington

Stores,

Inc.

(a)

....................

47,969

6,490,206

CarMax,

Inc.

(a)

(b)

..........................

116,406

8,233,396

Dick's

Sporting

Goods,

Inc.

..................

43,990

4,776,434

Five

Below,

Inc.

(a)

(b)

........................

40,082

6,449,194

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

75,302

6,814,831

GameStop

Corp.

,

Class

A

(a)

(b)

.................

195,626

3,220,004

Gap,

Inc.

(The)

..........................

144,966

1,540,989

Home

Depot,

Inc.

(The)

....................

742,913

224,478,592

Lithia

Motors,

Inc.

........................

19,591

5,785,810

Lowe's

Companies,

Inc.

....................

430,143

89,400,921

Murphy

USA,

Inc.

........................

14,458

4,940,732

O'Reilly

Automotive,

Inc.

(a)

...................

43,869

39,870,779

Penske

Automotive

Group,

Inc.

(b)

..............

14,696

2,455,114

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

58,412

238,905

RH

(a)

(b)

................................

12,703

3,358,165

Ross

Stores,

Inc.

.........................

246,025

27,788,524

TJX

Companies,

Inc.

(The)

..................

844,834

75,088,846

Tractor

Supply

Co.

........................

80,232

16,291,108

Ulta

Beauty,

Inc.

(a)

........................

36,535

14,593,906

Valvoline,

Inc.

...........................

123,705

3,988,249

Victoria's

Secret

&

Co.

(a)

....................

60,715

1,012,726

Wayfair,

Inc.

,

Class

A

(a)

.....................

60,621

3,671,814

Williams-Sonoma,

Inc.

.....................

46,706

7,258,112

612,667,000

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.7

%

Apple,

Inc.

.............................

10,947,529

$

1,874,326,440

Hewlett

Packard

Enterprise

Co.

...............

942,644

16,373,726

HP,

Inc.

...............................

632,928

16,266,250

NetApp,

Inc.

............................

154,493

11,722,929

Pure

Storage,

Inc.

,

Class

A

(a)

.................

207,508

7,391,435

Western

Digital

Corp.

(a)

.....................

232,850

10,624,945

1,936,705,725

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Capri

Holdings

Ltd.

(a)

......................

84,022

4,420,397

Carter's,

Inc.

............................

27,294

1,887,380

Columbia

Sportswear

Co.

...................

25,619

1,898,368

Crocs,

Inc.

(a)

(b)

...........................

44,537

3,929,500

Deckers

Outdoor

Corp.

(a)

....................

19,239

9,890,578

Lululemon

Athletica,

Inc.

(a)

...................

81,507

31,429,914

Nike,

Inc.

,

Class

B

........................

872,292

83,408,561

PVH

Corp.

.............................

46,461

3,554,731

Ralph

Lauren

Corp.

,

Class

A

.................

28,571

3,316,807

Skechers

USA,

Inc.

,

Class

A

(a)

................

99,720

4,881,294

Tapestry,

Inc.

............................

174,125

5,006,094

Under

Armour,

Inc.

,

Class

A

(a)

.................

144,192

987,715

Under

Armour,

Inc.

,

Class

C

(a)

................

135,203

862,595

VF

Corp.

..............................

260,345

4,600,296

160,074,230

a

Tobacco

 — 

0

.6

%

Altria

Group,

Inc.

.........................

1,308,805

55,035,250

Philip

Morris

International,

Inc.

................

1,138,396

105,392,702

160,427,952

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Air

Lease

Corp.

,

Class

A

....................

75,856

2,989,485

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

69,776

2,013,037

Fastenal

Co.

............................

418,187

22,849,738

Ferguson

PLC

...........................

152,412

25,067,202

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

32,841

3,223,344

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

32,345

5,286,790

United

Rentals,

Inc.

.......................

50,266

22,346,756

Watsco,

Inc.

............................

24,470

9,242,808

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

WESCO

International,

Inc.

...................

32,343

$

4,651,570

WW

Grainger,

Inc.

........................

32,707

22,628,011

120,298,741

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

143,226

17,735,675

Essential

Utilities,

Inc.

......................

177,917

6,107,891

23,843,566

a

Wireless

Telecommunication

Services

 — 

0

.2

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

70,458

1

T-Mobile

U.S.,

Inc.

........................

390,618

54,706,051

54,706,052

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

26,075,759,945

)

..............................

29,058,795,812

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.8

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(e)

(f)

......................

352,140,037

352,280,893

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(e)

............................

164,308,699

164,308,699

a

Total

Short-Term

Securities — 1.8%

(Cost:

$

516,294,011

)

................................

516,589,592

Total

Investments

—

101.6%

(Cost:

$

26,592,053,956

)

..............................

29,575,385,404

Liabilities

in

Excess

of

Other

Assets

—

(

1

.6

)

%

...............

(

453,454,129

)

Net

Assets

—

100.0%

.................................

$

29,121,931,275

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

415,800,305

$

—

$

(

63,593,367

)

(a)

$

78,505

$

(

4,550

)

$

352,280,893

352,140,037

$

2,179,402

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

42,252,528

122,056,171

(a)

—

—

—

164,308,699

164,308,699

1,228,059

—

BlackRock,

Inc.

..

74,212,099

7,082,229

(

8,418,414

)

2,273,466

(

4,657,403

)

70,491,977

109,038

1,102,940

—

$

2,351,971

$

(

4,661,953

)

$

587,081,569

$

4,510,401

$

—

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

ETF

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

271

12/15/23

$

58,611

$

(

2,014,474

)

E-Mini

S&P

MidCap

400

Index

............................................................

16

12/15/23

4,033

(

110,382

)

$

(

2,124,856

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

2,124,856

$

—

$

—

$

—

$

2,124,856

(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

.................................

$

—

$

—

$

6,698,604

$

—

$

—

$

—

$

6,698,604

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

5,604,532

)

$

—

$

—

$

—

$

(

5,604,532

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

56,715,766

a

iShares

®

Russell

1000

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

19

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

29,058,730,345

‌

$

65,466

‌

$

1

‌

$

29,058,795,812

‌

Short-Term

Securities

Money

Market

Funds

......................................

516,589,592

‌

—

‌

—

‌

516,589,592

‌

$

29,575,319,937

‌

$

65,466

‌

$

1

‌

$

29,575,385,404

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

2,124,856

)

$

—

‌

$

—

‌

$

(

2,124,856

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.7

%

Axon

Enterprise,

Inc.

(a)

(b)

....................

229,571

$

45,682,333

Boeing

Co.

(The)

(a)

........................

250,401

47,996,864

BWX

Technologies,

Inc.

....................

51,297

3,846,249

HEICO

Corp.

(b)

..........................

133,565

21,628,181

HEICO

Corp.

,

Class

A

......................

236,874

30,608,858

Lockheed

Martin

Corp.

.....................

744,833

304,606,904

Northrop

Grumman

Corp.

...................

26,837

11,813,379

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

35,369

570,856

TransDigm

Group,

Inc.

(a)

....................

29,119

24,551,102

491,304,726

a

Air

Freight

&

Logistics

 — 

0

.2

%

CH

Robinson

Worldwide,

Inc.

................

294,277

25,346,078

Expeditors

International

of

Washington,

Inc.

(b)

......

68,231

7,821,319

United

Parcel

Service,

Inc.

,

Class

B

............

660,719

102,986,271

136,153,668

a

Automobiles

 — 

3

.3

%

Tesla,

Inc.

(a)

(b)

...........................

9,088,256

2,274,063,416

a

Banks

 — 

0

.1

%

First

Citizens

BancShares,

Inc.

,

Class

A

..........

3,883

5,358,928

NU

Holdings,

Ltd.

,

Class

A

(a)

.................

5,220,655

37,849,749

43,208,677

a

Beverages

 — 

1

.6

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

28,696

11,177,953

Brown-Forman

Corp.

,

Class

A

(b)

...............

127,659

7,416,988

Brown-Forman

Corp.

,

Class

B

,

NVS

............

479,827

27,681,220

Celsius

Holdings,

Inc.

(a)

(b)

....................

157,794

27,077,450

Coca-Cola

Co.

(The)

......................

6,362,982

356,199,732

Constellation

Brands,

Inc.

,

Class

A

.............

53,101

13,345,874

Monster

Beverage

Corp.

(a)

...................

2,449,791

129,716,434

PepsiCo,

Inc.

...........................

3,135,567

531,290,473

1,103,906,124

a

Biotechnology

 — 

2

.8

%

AbbVie,

Inc.

............................

5,812,542

866,417,511

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

..............

327,778

58,049,484

Amgen,

Inc.

............................

1,196,488

321,568,115

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

...............

327,654

12,463,958

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

..............

72,570

6,420,994

Exact

Sciences

Corp.

(a)

(b)

....................

203,605

13,889,933

Exelixis,

Inc.

(a)

...........................

777,654

16,991,740

Horizon

Therapeutics

PLC

(a)

.................

652,779

75,520,002

Incyte

Corp.

(a)

...........................

446,875

25,815,969

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

402,801

18,271,053

Karuna

Therapeutics,

Inc.

(a)

(b)

.................

104,449

17,661,281

Natera,

Inc.

(a)

(b)

..........................

340,141

15,051,239

Neurocrine

Biosciences,

Inc.

(a)

................

317,561

35,725,612

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

23,174

19,071,275

Roivant

Sciences,

Ltd.

(a)

....................

1,083,571

12,656,109

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

293,921

35,629,104

Seagen,

Inc.

(a)

(b)

..........................

461,710

97,951,776

Ultragenyx

Pharmaceutical,

Inc.

(a)

(b)

.............

222,218

7,922,072

Vertex

Pharmaceuticals,

Inc.

(a)

................

776,398

269,984,641

1,927,061,868

a

Broadline

Retail

 — 

5

.6

%

Amazon.com,

Inc.

(a)

.......................

29,676,187

3,772,436,892

Coupang,

Inc.

(a)

..........................

3,613,473

61,429,041

eBay,

Inc.

..............................

108,923

4,802,415

Etsy,

Inc.

(a)

(b)

............................

226,217

14,609,094

Security

Shares

Value

a

Broadline

Retail

(continued)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

64,990

$

5,015,928

3,858,293,370

a

Building

Products

 — 

0

.2

%

A

O

Smith

Corp.

.........................

43,147

2,853,311

Advanced

Drainage

Systems,

Inc.

(b)

............

224,667

25,573,845

Allegion

PLC

............................

266,735

27,793,787

Armstrong

World

Industries,

Inc.

...............

42,949

3,092,328

Trane

Technologies

PLC

....................

220,809

44,804,354

Trex

Co.,

Inc.

(a)

(b)

.........................

358,728

22,108,407

126,226,032

a

Capital

Markets

 — 

1

.3

%

Ameriprise

Financial,

Inc.

...................

346,103

114,103,237

Ares

Management

Corp.

,

Class

A

..............

526,796

54,191,504

Blackstone,

Inc.

,

NVS

(b)

.....................

2,346,976

251,455,009

Blue

Owl

Capital,

Inc.

,

Class

A

................

218,757

2,835,091

FactSet

Research

Systems,

Inc.

...............

126,602

55,357,990

Houlihan

Lokey,

Inc.

,

Class

A

.................

12,087

1,294,759

KKR

&

Co.,

Inc.

..........................

522,343

32,176,329

LPL

Financial

Holdings,

Inc.

..................

256,724

61,010,459

MarketAxess

Holdings,

Inc.

..................

121,947

26,052,757

Moody's

Corp.

...........................

476,592

150,684,093

Morningstar,

Inc.

.........................

84,456

19,782,973

MSCI,

Inc.

,

Class

A

.......................

126,587

64,949,258

S&P

Global,

Inc.

.........................

87,577

32,001,512

TPG,

Inc.

,

Class

A

........................

61,130

1,841,236

Tradeweb

Markets,

Inc.

,

Class

A

...............

130,857

10,494,731

XP,

Inc.

,

Class

A

.........................

90,594

2,088,192

880,319,130

a

Chemicals

 — 

0

.5

%

Axalta

Coating

Systems

Ltd.

(a)

................

77,784

2,092,390

Ecolab,

Inc.

............................

636,438

107,812,597

FMC

Corp.

.............................

61,140

4,094,546

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

415,833

752,658

Linde

PLC

.............................

152,221

56,679,489

PPG

Industries,

Inc.

.......................

193,686

25,140,443

RPM

International,

Inc.

.....................

79,820

7,567,734

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

135,641

7,009,927

Sherwin-Williams

Co.

(The)

..................

652,471

166,412,728

377,562,512

a

Commercial

Services

&

Supplies

 — 

0

.7

%

Cintas

Corp.

............................

253,872

122,114,971

Copart,

Inc.

(a)

...........................

2,824,637

121,713,608

MSA

Safety,

Inc.

.........................

20,458

3,225,204

RB

Global,

Inc.

(b)

.........................

456,613

28,538,312

Rollins,

Inc.

.............................

841,414

31,409,985

Tetra

Tech,

Inc.

..........................

31,516

4,791,377

Waste

Management,

Inc.

....................

1,204,088

183,551,175

495,344,632

a

Communications

Equipment

 — 

0

.4

%

Arista

Networks,

Inc.

(a)

.....................

825,658

151,863,276

Motorola

Solutions,

Inc.

....................

500,486

136,252,309

Ubiquiti,

Inc.

............................

11,523

1,674,292

289,789,877

a

Construction

&

Engineering

 — 

0

.1

%

EMCOR

Group,

Inc.

.......................

53,304

11,214,628

Quanta

Services,

Inc.

(b)

.....................

124,267

23,246,628

Valmont

Industries,

Inc.

.....................

4,494

1,079,504

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

162,851

6,772,973

42,313,733

a

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Construction

Materials

 — 

0

.0

%

Eagle

Materials,

Inc.

(b)

......................

75,942

$

12,645,862

Vulcan

Materials

Co.

......................

95,811

19,355,738

32,001,600

a

Consumer

Finance

 — 

0

.1

%

American

Express

Co.

.....................

639,478

95,403,723

SLM

Corp.

.............................

291,518

3,970,475

99,374,198

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

............

117,707

2,677,834

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

151,226

10,793,000

Casey's

General

Stores,

Inc.

.................

17,624

4,785,268

Costco

Wholesale

Corp.

....................

1,459,313

824,453,473

Dollar

General

Corp.

......................

721,263

76,309,625

Performance

Food

Group

Co.

(a)

(b)

..............

236,618

13,927,336

Sysco

Corp.

............................

1,670,867

110,360,765

Target

Corp.

............................

1,514,869

167,499,065

1,210,806,366

a

Containers

&

Packaging

 — 

0

.1

%

Ardagh

Metal

Packaging

SA

.................

438,238

1,371,685

Avery

Dennison

Corp.

......................

87,300

15,947,091

Graphic

Packaging

Holding

Co.

...............

535,252

11,925,414

Sealed

Air

Corp.

.........................

261,231

8,584,051

37,828,241

a

Distributors

 — 

0

.1

%

Pool

Corp.

.............................

125,072

44,538,139

a

Diversified

Consumer

Services

 — 

0

.0

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

23,426

1,908,282

Grand

Canyon

Education,

Inc.

(a)

(b)

..............

27,698

3,237,342

H&R

Block,

Inc.

..........................

323,282

13,920,523

Service

Corp.

International

..................

177,970

10,169,206

29,235,353

a

Diversified

Telecommunication

Services

 — 

0

.0

%

Iridium

Communications,

Inc.

.................

383,492

17,445,051

a

Electrical

Equipment

 — 

0

.2

%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

984,538

4,893,154

Hubbell,

Inc.

............................

80,289

25,163,376

Rockwell

Automation,

Inc.

...................

378,271

108,136,331

Vertiv

Holdings

Co.

,

Class

A

.................

82,997

3,087,488

141,280,349

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.4

%

Amphenol

Corp.

,

Class

A

...................

966,777

81,199,600

CDW

Corp.

.............................

418,696

84,476,105

Jabil,

Inc.

(b)

.............................

263,619

33,450,615

Keysight

Technologies,

Inc.

(a)

.................

149,321

19,756,662

National

Instruments

Corp.

..................

336,639

20,070,417

Vontier

Corp.

............................

172,822

5,343,656

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

...........

30,275

7,160,946

251,458,001

a

Energy

Equipment

&

Services

 — 

0

.0

%

Halliburton

Co.

..........................

593,660

24,043,230

a

Entertainment

 — 

1

.0

%

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

116,233

9,651,988

Netflix,

Inc.

(a)

............................

1,444,369

545,393,734

Playtika

Holding

Corp.

(a)

....................

65,654

632,248

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

1,514,286

43,853,723

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

50,208

3,544,183

Spotify

Technology

SA

(a)

....................

462,103

71,459,608

Security

Shares

Value

a

Entertainment

(continued)

TKO

Group

Holdings,

Inc.

,

Class

A

.............

141,884

$

11,926,769

686,462,253

a

Financial

Services

 — 

4

.2

%

Apollo

Global

Management,

Inc.

...............

1,717,546

154,166,929

Block,

Inc.

,

Class

A

(a)

......................

663,062

29,347,124

Equitable

Holdings,

Inc.

....................

1,174,656

33,348,484

Euronet

Worldwide,

Inc.

(a)

(b)

..................

77,533

6,154,570

Fiserv,

Inc.

(a)

............................

548,924

62,006,455

FleetCor

Technologies,

Inc.

(a)

.................

220,436

56,286,128

Jack

Henry

&

Associates,

Inc.

................

75,757

11,449,913

Mastercard,

Inc.

,

Class

A

....................

2,763,479

1,094,088,971

PayPal

Holdings,

Inc.

(a)

.....................

3,350,339

195,860,818

Rocket

Companies,

Inc.

,

Class

A

(a)

.............

147,377

1,205,544

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

..............

178,594

9,888,750

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

1,164,067

21,802,975

UWM

Holdings

Corp.

,

Class

A

(b)

...............

109,164

529,445

Visa,

Inc.

,

Class

A

........................

5,334,032

1,226,880,700

Western

Union

Co.

(The)

...................

181,435

2,391,313

WEX,

Inc.

(a)

.............................

64,345

12,102,651

2,917,510,770

a

Food

Products

 — 

0

.2

%

Freshpet,

Inc.

(a)

..........................

41,256

2,717,945

Hershey

Co.

(The)

........................

360,133

72,055,411

Lamb

Weston

Holdings,

Inc.

.................

452,682

41,854,978

116,628,334

a

Ground

Transportation

 — 

1

.0

%

Avis

Budget

Group,

Inc.

(a)

(b)

..................

23,098

4,150,480

CSX

Corp.

.............................

732,369

22,520,347

JB

Hunt

Transport

Services,

Inc.

..............

53,294

10,046,985

Landstar

System,

Inc.

......................

93,517

16,546,898

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

1,106,604

11,663,606

Old

Dominion

Freight

Line,

Inc.

(b)

..............

302,023

123,569,690

Saia,

Inc.

(a)

(b)

............................

9,595

3,825,047

Uber

Technologies,

Inc.

(a)

...................

6,387,852

293,777,313

U-Haul

Holding

Co.

(a)

......................

11,318

617,624

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

126,916

6,649,129

Union

Pacific

Corp.

.......................

859,315

174,982,313

668,349,432

a

Health

Care

Equipment

&

Supplies

 — 

1

.6

%

Abbott

Laboratories

.......................

358,631

34,733,412

Align

Technology,

Inc.

(a)

.....................

251,568

76,808,742

Dexcom,

Inc.

(a)

..........................

1,273,311

118,799,916

Edwards

Lifesciences

Corp.

(a)

(b)

...............

1,982,693

137,360,971

GE

HealthCare

Technologies,

Inc.

(b)

............

97,424

6,628,729

Globus

Medical,

Inc.

,

Class

A

(a)

...............

110,725

5,497,496

IDEXX

Laboratories,

Inc.

(a)

(b)

.................

271,102

118,544,771

Inspire

Medical

Systems,

Inc.

(a)

(b)

..............

94,471

18,746,825

Insulet

Corp.

(a)

...........................

228,483

36,440,754

Intuitive

Surgical,

Inc.

(a)

.....................

1,150,351

336,236,094

Masimo

Corp.

(a)

..........................

142,218

12,469,674

Novocure

Ltd.

(a)

..........................

344,760

5,567,874

Penumbra,

Inc.

(a)

(b)

........................

119,098

28,810,997

ResMed,

Inc.

...........................

478,206

70,712,321

Shockwave

Medical,

Inc.

(a)

(b)

.................

119,146

23,721,969

Stryker

Corp.

...........................

297,454

81,285,255

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

28,510

592,153

1,112,957,953

a

Health

Care

Providers

&

Services

 — 

2

.6

%

agilon

health,

Inc.

(a)

(b)

......................

854,129

15,169,331

Cardinal

Health,

Inc.

.......................

429,630

37,300,476

Cencora,

Inc.

...........................

532,441

95,823,407

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Chemed

Corp.

(b)

.........................

34,478

$

17,918,216

Cigna

Group

(The)

........................

71,056

20,326,990

DaVita,

Inc.

(a)

(b)

..........................

177,679

16,795,996

Elevance

Health,

Inc.

......................

103,707

45,156,102

Encompass

Health

Corp.

...................

22,062

1,481,684

HCA

Healthcare,

Inc.

......................

139,195

34,239,186

Humana,

Inc.

...........................

178,759

86,969,829

McKesson

Corp.

(b)

........................

169,952

73,903,627

Molina

Healthcare,

Inc.

(a)

(b)

...................

103,294

33,869,070

UnitedHealth

Group,

Inc.

....................

2,574,953

1,298,265,553

1,777,219,467

a

Health

Care

Technology

 — 

0

.2

%

Certara,

Inc.

(a)

(b)

..........................

142,026

2,065,058

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

169,559

3,598,042

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

476,545

96,953,080

102,616,180

a

Hotels,

Restaurants

&

Leisure

 — 

3

.0

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

1,334,865

183,156,827

Booking

Holdings,

Inc.

(a)

....................

122,199

376,855,606

Caesars

Entertainment,

Inc.

(a)

(b)

...............

276,443

12,813,133

Cava

Group,

Inc.

(a)

(b)

.......................

41,198

1,261,895

Chipotle

Mexican

Grill,

Inc.

(a)

.................

90,466

165,718,333

Choice

Hotels

International,

Inc.

(b)

..............

99,976

12,248,060

Churchill

Downs,

Inc.

(b)

.....................

234,036

27,157,537

Darden

Restaurants,

Inc.

...................

185,285

26,536,518

Domino's

Pizza,

Inc.

.......................

116,305

44,055,171

DoorDash,

Inc.

,

Class

A

(a)

(b)

..................

776,654

61,720,693

DraftKings,

Inc.

,

Class

A

(a)

(b)

..................

1,373,311

40,430,276

Expedia

Group,

Inc.

(a)

(b)

.....................

345,515

35,612,231

Hilton

Worldwide

Holdings,

Inc.

...............

388,405

58,330,663

Las

Vegas

Sands

Corp.

....................

1,017,310

46,633,490

Marriott

International,

Inc.

,

Class

A

.............

816,047

160,402,198

McDonald's

Corp.

........................

992,107

261,360,668

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

334,746

5,516,614

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

...............

133,582

6,569,563

Royal

Caribbean

Cruises

Ltd.

(a)

...............

231,560

21,335,938

Starbucks

Corp.

..........................

3,716,083

339,166,895

Texas

Roadhouse,

Inc.

.....................

219,662

21,109,518

Travel

+

Leisure

Co.

.......................

110,471

4,057,600

Vail

Resorts,

Inc.

.........................

12,232

2,714,159

Wendy's

Co.

(The)

........................

569,309

11,619,597

Wingstop,

Inc.

(b)

..........................

98,400

17,696,256

Wyndham

Hotels

&

Resorts,

Inc.

..............

19,607

1,363,471

Wynn

Resorts

Ltd.

........................

20,818

1,923,791

Yum!

Brands,

Inc.

........................

810,800

101,301,352

2,048,668,053

a

Household

Durables

 — 

0

.0

%

NVR,

Inc.

(a)

(b)

............................

865

5,158,255

Tempur

Sealy

International,

Inc.

...............

111,286

4,823,135

TopBuild

Corp.

(a)

.........................

6,768

1,702,829

11,684,219

a

Household

Products

 — 

0

.7

%

Church

&

Dwight

Co.,

Inc.

...................

721,531

66,113,886

Clorox

Co.

(The)

.........................

407,782

53,443,909

Kimberly-Clark

Corp.

......................

1,043,868

126,151,448

Procter

&

Gamble

Co.

(The)

.................

1,457,854

212,642,584

458,351,827

a

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

AES

Corp.

(The)

.........................

1,341,264

$

20,387,213

Vistra

Corp.

............................

352,959

11,711,179

32,098,392

a

Industrial

Conglomerates

 — 

0

.1

%

Honeywell

International,

Inc.

.................

283,508

52,375,268

a

Insurance

 — 

0

.8

%

Arch

Capital

Group

Ltd.

(a)

(b)

..................

165,774

13,213,845

Arthur

J

Gallagher

&

Co.

....................

39,010

8,891,549

Brighthouse

Financial,

Inc.

(a)

.................

22,336

1,093,124

Brown

&

Brown,

Inc.

.......................

303,909

21,225,005

Everest

Group

Ltd.

........................

19,306

7,175,461

Kinsale

Capital

Group,

Inc.

..................

71,712

29,698,091

Lincoln

National

Corp.

.....................

50,906

1,256,869

Marsh

&

McLennan

Companies,

Inc.

............

1,305,830

248,499,449

Primerica,

Inc.

...........................

77,345

15,005,703

Progressive

Corp.

(The)

....................

1,441,749

200,835,636

RenaissanceRe

Holdings

Ltd.

................

43,828

8,674,438

RLI

Corp.

..............................

29,195

3,967,308

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

........

304,803

14,752,465

Willis

Towers

Watson

PLC

...................

43,330

9,054,237

583,343,180

a

Interactive

Media

&

Services

 — 

10

.2

%

Alphabet,

Inc.

,

Class

A

(a)

....................

19,573,989

2,561,452,201

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

16,752,505

2,208,817,784

Match

Group,

Inc.

(a)

(b)

......................

825,382

32,334,340

Meta

Platforms,

Inc.

,

Class

A

(a)

................

7,285,688

2,187,236,394

Pinterest,

Inc.

,

Class

A

(a)

(b)

...................

1,950,088

52,710,879

ZoomInfo

Technologies,

Inc.

(a)

(b)

...............

529,929

8,690,835

7,051,242,433

a

IT

Services

 — 

1

.6

%

Accenture

PLC

,

Class

A

....................

2,081,239

639,169,309

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

948,455

59,790,603

EPAM

Systems,

Inc.

(a)

......................

182,903

46,766,468

Gartner,

Inc.

(a)

(b)

..........................

252,546

86,777,331

Globant

SA

(a)

............................

135,460

26,800,761

GoDaddy,

Inc.

,

Class

A

(a)

....................

307,041

22,868,414

MongoDB,

Inc.

,

Class

A

(a)

(b)

..................

216,196

74,773,549

Okta,

Inc.

,

Class

A

(a)

.......................

31,588

2,574,738

Snowflake,

Inc.

,

Class

A

(a)

(b)

..................

1,020,421

155,889,716

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

91,784

5,372,117

VeriSign,

Inc.

(a)

(b)

.........................

15,766

3,193,088

1,123,976,094

a

Leisure

Products

 — 

0

.0

%

Brunswick

Corp.

.........................

18,633

1,472,007

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

1,051,993

5,312,564

Polaris,

Inc.

(b)

...........................

15,585

1,623,022

YETI

Holdings,

Inc.

(a)

(b)

.....................

285,131

13,749,017

22,156,610

a

Life

Sciences

Tools

&

Services

 — 

1

.4

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

301,629

12,442,196

Agilent

Technologies,

Inc.

...................

791,011

88,450,850

Bio-Techne

Corp.

.........................

482,101

32,816,615

Bruker

Corp.

............................

349,362

21,765,253

ICON

PLC

(a)

............................

39,906

9,826,852

Illumina,

Inc.

(a)

...........................

154,888

21,263,025

IQVIA

Holdings,

Inc.

(a)

(b)

.....................

562,639

110,699,223

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

(b)

....

208,977

2,089,770

Medpace

Holdings,

Inc.

(a)

...................

76,543

18,533,357

Mettler-Toledo

International,

Inc.

(a)

(b)

............

71,695

79,443,079

Repligen

Corp.

(a)

(b)

........................

80,628

12,820,658

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Sotera

Health

Co.

(a)

(b)

......................

228,059

$

3,416,324

Thermo

Fisher

Scientific,

Inc.

.................

782,761

396,210,135

Waters

Corp.

(a)

(b)

.........................

193,157

52,965,581

West

Pharmaceutical

Services,

Inc.

............

243,272

91,278,087

954,021,005

a

Machinery

 — 

1

.4

%

Allison

Transmission

Holdings,

Inc.

.............

28,945

1,709,492

Caterpillar,

Inc.

..........................

1,275,763

348,283,299

Deere

&

Co.

............................

830,975

313,593,345

Donaldson

Co.,

Inc.

.......................

165,087

9,845,789

Graco,

Inc.

.............................

224,582

16,367,536

IDEX

Corp.

.............................

20,125

4,186,402

Illinois

Tool

Works,

Inc.

.....................

814,026

187,478,328

Lincoln

Electric

Holdings,

Inc.

................

171,473

31,172,077

Otis

Worldwide

Corp.

......................

80,190

6,440,059

Toro

Co.

(The)

...........................

342,614

28,471,223

Xylem,

Inc.

.............................

92,761

8,444,034

955,991,584

a

Media

 — 

0

.4

%

Cable

One,

Inc.

..........................

1,337

823,111

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

........

337,566

148,468,278

Liberty

Broadband

Corp.

,

Class

A

(a)

.............

11,213

1,019,374

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

(b)

.......

79,220

7,234,370

Nexstar

Media

Group,

Inc.

...................

38,564

5,528,921

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

.............

1,450,728

113,374,393

276,448,447

a

Metals

&

Mining

 — 

0

.0

%

Southern

Copper

Corp.

.....................

280,264

21,101,077

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.6

%

Antero

Midstream

Corp.

....................

372,031

4,456,931

APA

Corp.

.............................

903,265

37,124,192

Cheniere

Energy,

Inc.

......................

798,305

132,486,698

Hess

Corp.

.............................

511,354

78,237,162

New

Fortress

Energy,

Inc.

,

Class

A

.............

212,778

6,974,863

ONEOK,

Inc.

............................

80,803

5,125,334

Ovintiv,

Inc.

.............................

374,798

17,829,141

Targa

Resources

Corp.

.....................

736,421

63,126,008

Texas

Pacific

Land

Corp.

(b)

..................

18,990

34,629,404

379,989,733

a

Passenger

Airlines

 — 

0

.0

%

American

Airlines

Group,

Inc.

(a)

(b)

..............

791,874

10,143,906

Delta

Air

Lines,

Inc.

.......................

107,580

3,980,460

14,124,366

a

Personal

Care

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

239,175

34,572,746

Kenvue,

Inc.

............................

1,939,674

38,948,654

73,521,400

a

Pharmaceuticals

 — 

2

.8

%

Eli

Lilly

&

Co.

...........................

2,787,513

1,497,256,858

Jazz

Pharmaceuticals

PLC

(a)

.................

103,901

13,448,945

Merck

&

Co.,

Inc.

.........................

1,539,457

158,487,098

Zoetis,

Inc.

,

Class

A

.......................

1,524,474

265,227,987

1,934,420,888

a

Professional

Services

 — 

1

.1

%

Automatic

Data

Processing,

Inc.

...............

1,168,776

281,184,130

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

428,122

46,780,891

Broadridge

Financial

Solutions,

Inc.

............

322,235

57,696,177

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

41,682

2,828,124

Security

Shares

Value

a

Professional

Services

(continued)

Equifax,

Inc.

............................

278,088

$

50,940,160

FTI

Consulting,

Inc.

(a)

(b)

.....................

20,224

3,608,164

Genpact

Ltd.

............................

146,679

5,309,780

KBR,

Inc.

..............................

161,758

9,534,016

Paychex,

Inc.

...........................

1,060,855

122,348,407

Paycom

Software,

Inc.

.....................

170,397

44,178,830

Paycor

HCM,

Inc.

(a)

(b)

......................

83,136

1,897,995

Paylocity

Holding

Corp.

(a)

...................

137,997

25,074,055

Verisk

Analytics,

Inc.

.......................

469,737

110,970,669

762,351,398

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CoStar

Group,

Inc.

(a)

(b)

......................

571,442

43,938,175

a

Residential

REITs

 — 

0

.0

%

Equity

LifeStyle

Properties,

Inc.

...............

191,092

12,174,471

Sun

Communities,

Inc.

.....................

88,046

10,419,364

UDR,

Inc.

..............................

60,381

2,153,790

24,747,625

a

Retail

REITs

 — 

0

.0

%

Simon

Property

Group,

Inc.

..................

232,556

25,123,025

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.4

%

Advanced

Micro

Devices,

Inc.

(a)

...............

3,004,143

308,885,983

Allegro

MicroSystems,

Inc.

(a)

(b)

................

247,073

7,891,512

Applied

Materials,

Inc.

.....................

2,349,440

325,279,968

Broadcom,

Inc.

..........................

1,330,812

1,105,345,831

Enphase

Energy,

Inc.

(a)

(b)

....................

438,677

52,707,042

Entegris,

Inc.

(b)

..........................

25,517

2,396,302

KLA

Corp.

..............................

451,811

207,227,633

Lam

Research

Corp.

......................

418,423

262,254,984

Lattice

Semiconductor

Corp.

(a)

(b)

...............

447,527

38,455,995

Microchip

Technology,

Inc.

...................

1,263,244

98,596,194

Monolithic

Power

Systems,

Inc.

...............

149,395

69,020,490

NVIDIA

Corp.

...........................

7,826,709

3,404,540,148

QUALCOMM,

Inc.

........................

3,204,306

355,870,224

Teradyne,

Inc.

(b)

..........................

426,739

42,870,200

Texas

Instruments,

Inc.

.....................

1,219,902

193,976,617

Universal

Display

Corp.

....................

69,380

10,891,966

6,486,211,089

a

Software

 — 

18

.0

%

Adobe,

Inc.

(a)

............................

1,509,229

769,555,867

Alteryx,

Inc.

,

Class

A

(a)

(b)

....................

201,186

7,582,700

ANSYS,

Inc.

(a)

...........................

235,994

70,220,015

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

177,628

7,098,015

Atlassian

Corp.

,

Class

A

(a)

(b)

..................

475,929

95,904,453

Autodesk,

Inc.

(a)

(b)

.........................

707,578

146,404,964

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

585,328

29,360,052

Cadence

Design

Systems,

Inc.

(a)

..............

890,243

208,583,935

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

608,073

18,005,042

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

693,002

115,994,675

Datadog,

Inc.

,

Class

A

(a)

(b)

...................

899,831

81,965,606

DocuSign,

Inc.

(a)

.........................

664,719

27,918,198

DoubleVerify

Holdings,

Inc.

(a)

(b)

................

410,642

11,477,444

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

755,189

20,563,796

Dynatrace,

Inc.

(a)

(b)

........................

792,566

37,036,609

Elastic

NV

(a)

............................

255,519

20,758,364

Fair

Isaac

Corp.

(a)

(b)

.......................

79,685

69,208,813

Five9,

Inc.

(a)

(b)

...........................

233,603

15,020,673

Fortinet,

Inc.

(a)

...........................

2,162,485

126,894,620

Gen

Digital,

Inc.

..........................

283,992

5,020,979

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

289,061

13,071,338

HashiCorp,

Inc.

,

Class

A

(a)

(b)

..................

219,193

5,004,176

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

HubSpot,

Inc.

(a)

(b)

.........................

150,438

$

74,090,715

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

10,385

218,812

Intuit,

Inc.

..............................

899,808

459,747,899

Manhattan

Associates,

Inc.

(a)

(b)

................

202,510

40,028,127

Microsoft

Corp.

..........................

24,514,111

7,740,330,548

nCino,

Inc.

(a)

(b)

...........................

20,395

648,561

New

Relic,

Inc.

(a)

.........................

183,219

15,687,211

Nutanix,

Inc.

,

Class

A

(a)

.....................

183,414

6,397,480

Oracle

Corp.

............................

2,058,411

218,026,893

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

..........

6,172,100

98,753,600

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

992,663

232,719,914

Pegasystems,

Inc.

(b)

.......................

137,981

5,989,755

Procore

Technologies,

Inc.

(a)

(b)

................

257,855

16,843,089

PTC,

Inc.

(a)

.............................

197,280

27,950,630

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

280,805

8,320,252

Salesforce,

Inc.

(a)

.........................

2,350,738

476,682,652

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

101,639

1,713,634

ServiceNow,

Inc.

(a)

........................

670,606

374,841,930

Smartsheet,

Inc.

,

Class

A

(a)

..................

412,298

16,681,577

Splunk,

Inc.

(a)

...........................

503,502

73,637,167

Synopsys,

Inc.

(a)

(b)

........................

500,286

229,616,265

Teradata

Corp.

(a)

.........................

329,646

14,840,663

Tyler

Technologies,

Inc.

(a)

(b)

..................

103,408

39,929,965

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

946,696

16,197,969

Unity

Software,

Inc.

(a)

(b)

.....................

372,114

11,680,658

VMware,

Inc.

,

Class

A

(a)

....................

708,784

117,998,360

Workday,

Inc.

,

Class

A

(a)

(b)

...................

651,319

139,935,887

Zscaler,

Inc.

(a)

(b)

..........................

286,771

44,618,700

12,406,779,247

a

Specialized

REITs

 — 

0

.7

%

American

Tower

Corp.

.....................

1,533,340

252,157,763

Crown

Castle,

Inc.

........................

150,803

13,878,400

Equinix,

Inc.

............................

154,331

112,084,432

Iron

Mountain,

Inc.

........................

471,155

28,010,165

Lamar

Advertising

Co.

,

Class

A

...............

220,150

18,375,920

Public

Storage

...........................

299,482

78,919,497

SBA

Communications

Corp.

,

Class

A

............

35,650

7,136,061

510,562,238

a

Specialty

Retail

 — 

3

.3

%

AutoZone,

Inc.

(a)

.........................

49,813

126,524,522

Best

Buy

Co.,

Inc.

........................

87,723

6,094,117

Burlington

Stores,

Inc.

(a)

(b)

...................

212,326

28,727,708

CarMax,

Inc.

(a)

(b)

..........................

29,063

2,055,626

Dick's

Sporting

Goods,

Inc.

..................

14,611

1,586,462

Five

Below,

Inc.

(a)

(b)

........................

180,035

28,967,631

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

341,971

30,948,375

Home

Depot,

Inc.

(The)

....................

3,335,847

1,007,959,530

Lowe's

Companies,

Inc.

....................

1,415,738

294,246,986

Murphy

USA,

Inc.

........................

61,487

21,011,953

O'Reilly

Automotive,

Inc.

(a)

(b)

..................

167,236

151,994,111

RH

(a)

(b)

................................

9,404

2,486,041

Ross

Stores,

Inc.

.........................

1,031,545

116,513,008

Security

Shares

Value

a

Specialty

Retail

(continued)

TJX

Companies,

Inc.

(The)

..................

3,793,489

$

337,165,302

Tractor

Supply

Co.

........................

360,620

73,223,891

Ulta

Beauty,

Inc.

(a)

........................

164,859

65,852,928

Valvoline,

Inc.

(b)

..........................

141,520

4,562,605

Victoria's

Secret

&

Co.

(a)

....................

114,586

1,911,294

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

94,593

5,729,498

Williams-Sonoma,

Inc.

.....................

27,625

4,292,925

2,311,854,513

a

Technology

Hardware,

Storage

&

Peripherals

 — 

12

.3

%

Apple,

Inc.

.............................

49,156,766

8,416,129,907

HP,

Inc.

...............................

579,457

14,892,045

NetApp,

Inc.

............................

276,096

20,950,164

Pure

Storage,

Inc.

,

Class

A

(a)

(b)

................

722,669

25,741,470

8,477,713,586

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Crocs,

Inc.

(a)

............................

199,897

17,636,912

Deckers

Outdoor

Corp.

(a)

(b)

...................

86,126

44,276,516

Lululemon

Athletica,

Inc.

(a)

...................

366,331

141,260,897

Nike,

Inc.

,

Class

B

........................

2,087,642

199,620,328

Skechers

USA,

Inc.

,

Class

A

(a)

................

32,054

1,569,043

Tapestry,

Inc.

............................

49,624

1,426,690

405,790,386

a

Trading

Companies

&

Distributors

 — 

0

.3

%

Fastenal

Co.

............................

1,409,497

77,014,916

Ferguson

PLC

...........................

36,627

6,024,043

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

47,021

7,685,582

United

Rentals,

Inc.

.......................

46,232

20,553,360

Watsco,

Inc.

............................

27,167

10,261,519

WW

Grainger,

Inc.

........................

146,952

101,667,272

223,206,692

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

53,357,918,836

)

..............................

68,987,095,232

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

1,100,106,091

1,100,546,133

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(d)

............................

218,170,382

218,170,382

a

Total

Short-Term

Securities — 1.9%

(Cost:

$

1,318,044,404

)

...............................

1,318,716,515

Total

Investments

—

101.8%

(Cost:

$

54,675,963,240

)

..............................

70,305,811,747

Liabilities

in

Excess

of

Other

Assets

—

(

1

.8

)

%

...............

(

1,224,444,124

)

Net

Assets

—

100.0%

.................................

$

69,081,367,623

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

Russell

1000

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

25

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

1,194,613,409

‌

$

—

‌

$

(

94,188,881

)

(a)

$

134,892

‌

$

(

13,287

)

$

1,100,546,133

‌

1,100,106,091

‌

$

2,071,614

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

90,622,505

‌

127,547,877

(a)

—

‌

—

‌

—

‌

218,170,382

‌

218,170,382

‌

2,611,900

‌

—

‌

$

134,892

‌

$

(

13,287

)

$

1,318,716,515

‌

$

4,683,514

‌

$

—

‌

(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

NASDAQ

100

Index

..............................................................

238

12/15/23

$

70,765

$

(

2,913,079

)

E-Mini

S&P

500

Index

..................................................................

77

12/15/23

16,653

(

693,142

)

$

(

3,606,221

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

3,606,221

$

—

$

—

$

—

$

3,606,221

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

16,613,768

$

—

$

—

$

—

$

16,613,768

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

12,214,145

)

$

—

$

—

$

—

$

(

12,214,145

)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Growth

ETF

26

2023

iShares

Semi-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

...................................................................................

$

99,738,138

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

68,987,095,232

‌

$

—

‌

$

—

‌

$

68,987,095,232

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,318,716,515

‌

—

‌

—

‌

1,318,716,515

‌

$

70,305,811,747

‌

$

—

‌

$

—

‌

$

70,305,811,747

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

3,606,221

)

$

—

‌

$

—

‌

$

(

3,606,221

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.4

%

Boeing

Co.

(The)

(a)

........................

1,235,867

$

236,890,986

BWX

Technologies,

Inc.

....................

195,600

14,666,088

Curtiss-Wright

Corp.

.......................

98,198

19,210,475

General

Dynamics

Corp.

....................

627,760

138,716,127

HEICO

Corp.

(b)

..........................

11,348

1,837,582

HEICO

Corp.

,

Class

A

......................

20,184

2,608,176

Hexcel

Corp.

............................

217,607

14,174,920

Howmet

Aerospace,

Inc.

....................

972,225

44,965,406

Huntington

Ingalls

Industries,

Inc.

..............

100,756

20,612,662

L3Harris

Technologies,

Inc.

..................

484,994

84,447,155

Mercury

Systems,

Inc.

(a)

(b)

...................

127,009

4,710,764

Northrop

Grumman

Corp.

...................

346,236

152,409,625

RTX

Corp.

.............................

3,748,567

269,784,367

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

238,850

3,855,039

Textron,

Inc.

............................

506,876

39,607,291

TransDigm

Group,

Inc.

(a)

....................

111,689

94,168,347

Woodward,

Inc.

..........................

152,395

18,936,603

1,161,601,613

a

Air

Freight

&

Logistics

 — 

0

.9

%

CH

Robinson

Worldwide,

Inc.

................

64,780

5,579,501

Expeditors

International

of

Washington,

Inc.

(b)

......

337,275

38,661,833

FedEx

Corp.

............................

594,765

157,565,144

GXO

Logistics,

Inc.

(a)

(b)

.....................

301,336

17,673,356

United

Parcel

Service,

Inc.

,

Class

B

............

1,343,080

209,345,880

428,825,714

a

Automobile

Components

 — 

0

.3

%

Aptiv

PLC

(a)

.............................

693,912

68,412,784

BorgWarner,

Inc.

.........................

598,730

24,170,730

Gentex

Corp.

...........................

603,751

19,646,058

Lear

Corp.

.............................

151,021

20,267,018

Phinia,

Inc.

.............................

118,854

3,184,099

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

761,645

5,095,405

140,776,094

a

Automobiles

 — 

0

.7

%

Ford

Motor

Co.

..........................

10,063,498

124,988,645

General

Motors

Co.

.......................

3,520,226

116,061,851

Harley-Davidson,

Inc.

......................

339,661

11,229,193

Lucid

Group,

Inc.

(a)

(b)

.......................

1,927,650

10,775,564

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

1,699,312

41,259,295

Thor

Industries,

Inc.

.......................

132,237

12,579,706

316,894,254

a

Banks

 — 

6

.3

%

Bank

of

America

Corp.

.....................

17,868,193

489,231,124

Bank

OZK

.............................

276,587

10,253,080

BOK

Financial

Corp.

.......................

72,080

5,764,958

Citigroup,

Inc.

...........................

4,989,076

205,200,696

Citizens

Financial

Group,

Inc.

................

1,213,676

32,526,517

Columbia

Banking

System,

Inc.

...............

529,089

10,740,507

Comerica,

Inc.

...........................

339,799

14,118,648

Commerce

Bancshares,

Inc.

.................

295,196

14,163,504

Cullen/Frost

Bankers,

Inc.

...................

152,712

13,928,862

East

West

Bancorp,

Inc.

....................

361,808

19,070,900

Fifth

Third

Bancorp

.......................

1,740,049

44,075,441

First

Citizens

BancShares,

Inc.

,

Class

A

..........

24,779

34,197,498

First

Hawaiian,

Inc.

.......................

324,169

5,851,250

First

Horizon

Corp.

........................

1,433,003

15,791,693

FNB

Corp.

.............................

909,555

9,814,098

Huntington

Bancshares,

Inc.

.................

3,683,857

38,312,113

JPMorgan

Chase

&

Co.

....................

7,404,951

1,073,865,994

Security

Shares

Value

a

Banks

(continued)

KeyCorp

...............................

2,387,818

$

25,692,922

M&T

Bank

Corp.

.........................

424,017

53,616,950

New

York

Community

Bancorp,

Inc.

............

1,833,125

20,787,638

NU

Holdings,

Ltd.

,

Class

A

(a)

.................

1,849,553

13,409,259

Pinnacle

Financial

Partners,

Inc.

...............

191,447

12,834,607

PNC

Financial

Services

Group,

Inc.

(The)

........

1,021,414

125,398,997

Popular,

Inc.

............................

182,053

11,471,160

Prosperity

Bancshares,

Inc.

..................

225,251

12,294,200

Regions

Financial

Corp.

....................

2,392,790

41,155,988

Synovus

Financial

Corp.

....................

367,803

10,224,923

Truist

Financial

Corp.

......................

3,401,429

97,314,884

U.S.

Bancorp

...........................

3,930,452

129,940,743

Webster

Financial

Corp.

....................

442,656

17,843,463

Wells

Fargo

&

Co.

........................

9,414,522

384,677,369

Western

Alliance

Bancorp

...................

279,156

12,832,801

Wintrust

Financial

Corp.

....................

154,960

11,699,480

Zions

Bancorp

NA

........................

375,827

13,112,604

3,031,214,871

a

Beverages

 — 

1

.4

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

2,052

799,316

Brown-Forman

Corp.

,

Class

A

(b)

...............

25,693

1,492,763

Brown-Forman

Corp.

,

Class

B

,

NVS

............

96,579

5,571,643

Coca-Cola

Co.

(The)

......................

5,035,425

281,883,092

Constellation

Brands,

Inc.

,

Class

A

.............

371,682

93,414,837

Keurig

Dr

Pepper,

Inc.

.....................

2,444,009

77,157,364

Molson

Coors

Beverage

Co.

,

Class

B

...........

447,980

28,487,048

PepsiCo,

Inc.

...........................

1,091,994

185,027,463

673,833,526

a

Biotechnology

 — 

1

.8

%

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

..............

63,160

11,185,636

Amgen,

Inc.

............................

438,504

117,852,335

Biogen,

Inc.

(a)

...........................

369,390

94,936,924

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

..............

422,542

37,386,516

Exact

Sciences

Corp.

(a)

(b)

....................

298,813

20,385,023

Exelixis,

Inc.

(a)

...........................

214,069

4,677,408

Gilead

Sciences,

Inc.

......................

3,206,161

240,269,705

Horizon

Therapeutics

PLC

(a)

.................

66,305

7,670,826

Incyte

Corp.

(a)

...........................

123,155

7,114,664

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

50,424

2,287,233

Karuna

Therapeutics,

Inc.

(a)

(b)

.................

9,524

1,610,413

Mirati

Therapeutics,

Inc.

(a)

(b)

..................

116,939

5,093,863

Moderna,

Inc.

(a)

(b)

.........................

852,360

88,040,264

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

247,693

203,841,431

Roivant

Sciences,

Ltd.

(a)

....................

51,359

599,873

United

Therapeutics

Corp.

(a)

..................

115,686

26,129,997

Vertex

Pharmaceuticals,

Inc.

(a)

................

56,403

19,613,579

888,695,690

a

Broadline

Retail

 — 

0

.2

%

eBay,

Inc.

..............................

1,285,201

56,664,512

Etsy,

Inc.

(a)

(b)

............................

139,304

8,996,252

Kohl's

Corp.

............................

281,593

5,902,189

Macy's,

Inc.

............................

689,341

8,003,249

Nordstrom,

Inc.

..........................

290,718

4,343,327

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

106,598

8,227,234

92,136,763

a

Building

Products

 — 

1

.1

%

A

O

Smith

Corp.

.........................

282,006

18,649,057

Allegion

PLC

............................

16,712

1,741,390

Armstrong

World

Industries,

Inc.

...............

80,714

5,811,408

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

...............

339,976

10,110,886

Builders

FirstSource,

Inc.

(a)

(b)

.................

326,330

40,624,822

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Building

Products

(continued)

Carlisle

Companies,

Inc.

....................

127,166

$

32,969,057

Carrier

Global

Corp.

.......................

2,136,183

117,917,302

Fortune

Brands

Innovations,

Inc.

..............

325,058

20,205,605

Hayward

Holdings,

Inc.

(a)

(b)

...................

338,619

4,774,528

Johnson

Controls

International

PLC

............

1,761,760

93,743,250

Lennox

International,

Inc.

...................

81,910

30,670,380

Masco

Corp.

............................

576,291

30,802,754

Owens

Corning

..........................

230,109

31,389,169

Trane

Technologies

PLC

....................

411,620

83,521,814

522,931,422

a

Capital

Markets

 — 

5

.0

%

Affiliated

Managers

Group,

Inc.

...............

90,829

11,838,652

Bank

of

New

York

Mellon

Corp.

(The)

...........

1,999,460

85,276,969

BlackRock,

Inc.

(c)

.........................

381,301

246,507,283

Blue

Owl

Capital,

Inc.

,

Class

A

................

969,328

12,562,491

Carlyle

Group,

Inc.

(The)

....................

544,052

16,408,608

Cboe

Global

Markets,

Inc.

...................

269,575

42,110,311

Charles

Schwab

Corp.

(The)

.................

3,801,850

208,721,565

CME

Group,

Inc.

,

Class

A

...................

920,932

184,389,005

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

..............

427,150

32,070,422

Evercore,

Inc.

,

Class

A

.....................

90,662

12,500,477

Franklin

Resources,

Inc.

....................

732,935

18,015,542

Goldman

Sachs

Group,

Inc.

(The)

.............

828,194

267,978,733

Houlihan

Lokey,

Inc.

,

Class

A

.................

120,962

12,957,449

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

258,299

22,358,361

Intercontinental

Exchange,

Inc.

...............

1,451,912

159,739,358

Invesco

Ltd.

............................

930,596

13,512,254

Janus

Henderson

Group

PLC

................

340,827

8,800,153

Jefferies

Financial

Group,

Inc.

................

490,211

17,956,429

KKR

&

Co.,

Inc.

..........................

1,248,595

76,913,452

Lazard

Ltd.

,

Class

A

.......................

278,430

8,634,114

Moody's

Corp.

...........................

36,109

11,416,583

Morgan

Stanley

..........................

3,084,068

251,875,834

MSCI,

Inc.

,

Class

A

.......................

98,437

50,506,056

Nasdaq,

Inc.

............................

874,352

42,484,764

Northern

Trust

Corp.

.......................

524,691

36,455,531

Raymond

James

Financial,

Inc.

...............

485,023

48,710,860

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

............

1,712,159

16,796,280

S&P

Global,

Inc.

.........................

754,613

275,743,136

SEI

Investments

Co.

.......................

262,615

15,817,301

State

Street

Corp.

........................

815,624

54,614,183

Stifel

Financial

Corp.

......................

261,684

16,077,865

T

Rowe

Price

Group,

Inc.

...................

565,460

59,299,790

TPG,

Inc.

,

Class

A

........................

116,060

3,495,727

Tradeweb

Markets,

Inc.

,

Class

A

...............

193,394

15,510,199

Virtu

Financial,

Inc.

,

Class

A

..................

226,703

3,915,161

XP,

Inc.

,

Class

A

.........................

784,481

18,082,287

2,380,053,185

a

Chemicals

 — 

2

.9

%

Air

Products

and

Chemicals,

Inc.

..............

568,839

161,208,973

Albemarle

Corp.

.........................

300,129

51,033,935

Ashland,

Inc.

............................

122,251

9,985,462

Axalta

Coating

Systems

Ltd.

(a)

................

509,592

13,708,025

Celanese

Corp.

..........................

253,293

31,793,337

CF

Industries

Holdings,

Inc.

..................

501,114

42,965,514

Chemours

Co.

(The)

.......................

383,867

10,767,469

Corteva,

Inc.

............................

1,829,094

93,576,449

Dow,

Inc.

..............................

1,814,693

93,565,571

DuPont

de

Nemours,

Inc.

...................

1,177,201

87,807,423

Eastman

Chemical

Co.

.....................

304,547

23,364,846

Ecolab,

Inc.

............................

141,770

24,015,838

Element

Solutions,

Inc.

.....................

567,809

11,134,734

FMC

Corp.

.............................

272,675

18,261,045

Security

Shares

Value

a

Chemicals

(continued)

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

3,555,710

$

6,435,835

Huntsman

Corp.

.........................

433,338

10,573,447

International

Flavors

&

Fragrances,

Inc.

..........

654,564

44,621,628

Linde

PLC

.............................

1,140,130

424,527,405

LyondellBasell

Industries

NV

,

Class

A

...........

663,247

62,809,491

Mosaic

Co.

(The)

.........................

850,783

30,287,875

NewMarket

Corp.

.........................

15,923

7,245,602

Olin

Corp.

..............................

333,021

16,644,390

PPG

Industries,

Inc.

.......................

450,739

58,505,922

RPM

International,

Inc.

.....................

264,542

25,081,227

Sherwin-Williams

Co.

(The)

..................

101,875

25,983,219

Westlake

Corp.

(b)

.........................

82,290

10,259,094

1,396,163,756

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Cintas

Corp.

............................

24,679

11,870,846

Clean

Harbors,

Inc.

(a)

(b)

.....................

129,673

21,702,073

Driven

Brands

Holdings,

Inc.

(a)

................

165,850

2,088,052

MSA

Safety,

Inc.

.........................

79,129

12,474,687

RB

Global,

Inc.

(b)

.........................

108,804

6,800,250

Republic

Services,

Inc.

.....................

529,563

75,468,023

Stericycle,

Inc.

(a)

.........................

234,435

10,481,589

Tetra

Tech,

Inc.

..........................

111,767

16,991,937

Waste

Management,

Inc.

....................

105,896

16,142,786

174,020,243

a

Communications

Equipment

 — 

1

.4

%

Ciena

Corp.

(a)

...........................

382,770

18,089,710

Cisco

Systems,

Inc.

.......................

10,518,443

565,471,496

F5,

Inc.

(a)

(b)

.............................

155,028

24,981,212

Juniper

Networks,

Inc.

.....................

817,799

22,726,634

Lumentum

Holdings,

Inc.

(a)

(b)

.................

174,023

7,862,359

Motorola

Solutions,

Inc.

....................

33,756

9,189,733

Ubiquiti,

Inc.

............................

1,680

244,104

Viasat,

Inc.

(a)

(b)

...........................

301,241

5,560,909

654,126,157

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

...............................

335,487

27,858,841

EMCOR

Group,

Inc.

.......................

79,083

16,638,272

MasTec,

Inc.

(a)

...........................

160,200

11,529,594

MDU

Resources

Group,

Inc.

.................

515,125

10,086,148

Quanta

Services,

Inc.

......................

271,587

50,805,780

Valmont

Industries,

Inc.

.....................

50,044

12,021,069

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

379,092

15,766,436

144,706,140

a

Construction

Materials

 — 

0

.3

%

Eagle

Materials,

Inc.

.......................

31,089

5,176,940

Martin

Marietta

Materials,

Inc.

................

158,259

64,962,155

Vulcan

Materials

Co.

......................

264,913

53,517,724

123,656,819

a

Consumer

Finance

 — 

0

.8

%

Ally

Financial,

Inc.

........................

695,231

18,548,763

American

Express

Co.

.....................

1,019,861

152,153,062

Capital

One

Financial

Corp.

..................

972,021

94,334,638

Credit

Acceptance

Corp.

(a)

(b)

..................

16,398

7,545,048

Discover

Financial

Services

..................

639,578

55,406,642

OneMain

Holdings,

Inc.

.....................

290,608

11,650,475

SLM

Corp.

.............................

349,190

4,755,968

SoFi

Technologies,

Inc.

(a)

(b)

..................

2,361,001

18,864,398

Synchrony

Financial

.......................

1,067,140

32,622,470

395,881,464

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

............

979,253

$

22,278,006

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

221,927

15,838,930

Casey's

General

Stores,

Inc.

.................

82,098

22,291,249

Dollar

Tree,

Inc.

(a)

(b)

.......................

534,676

56,916,260

Grocery

Outlet

Holding

Corp.

(a)

(b)

...............

241,853

6,977,459

Kroger

Co.

(The)

.........................

1,673,000

74,866,750

Performance

Food

Group

Co.

(a)

(b)

..............

210,091

12,365,956

U.S.

Foods

Holding

Corp.

(a)

..................

581,910

23,101,827

Walgreens

Boots

Alliance,

Inc.

................

1,836,507

40,843,916

Walmart,

Inc.

............................

3,661,541

585,590,252

861,070,605

a

Containers

&

Packaging

 — 

0

.6

%

Amcor

PLC

.............................

3,789,928

34,715,741

AptarGroup,

Inc.

.........................

168,358

21,051,484

Ardagh

Group

SA

........................

42,326

230,888

Ardagh

Metal

Packaging

SA

.................

26,241

82,134

Avery

Dennison

Corp.

......................

139,159

25,420,175

Ball

Corp.

..............................

789,701

39,311,316

Berry

Global

Group,

Inc.

....................

305,541

18,916,043

Crown

Holdings,

Inc.

......................

272,411

24,102,925

Graphic

Packaging

Holding

Co.

...............

360,773

8,038,022

International

Paper

Co.

.....................

887,614

31,483,669

Packaging

Corp.

of

America

.................

226,760

34,818,998

Sealed

Air

Corp.

.........................

163,728

5,380,102

Silgan

Holdings,

Inc.

.......................

212,772

9,172,601

Sonoco

Products

Co.

......................

252,647

13,731,365

Westrock

Co.

...........................

648,920

23,231,336

289,686,799

a

Distributors

 — 

0

.2

%

Genuine

Parts

Co.

........................

359,566

51,914,139

LKQ

Corp.

.............................

682,228

33,777,108

85,691,247

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

..............................

538,440

3,230,640

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

130,304

10,614,564

Grand

Canyon

Education,

Inc.

(a)

...............

55,469

6,483,217

H&R

Block,

Inc.

..........................

136,102

5,860,552

Mister

Car

Wash,

Inc.

(a)

(b)

....................

190,721

1,050,873

Service

Corp.

International

..................

239,331

13,675,373

40,915,219

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

542,855

29,357,598

a

Diversified

Telecommunication

Services

 — 

1

.3

%

AT&T,

Inc.

..............................

18,365,319

275,847,091

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

623,702

9,760,936

Iridium

Communications,

Inc.

.................

20,368

926,540

Verizon

Communications,

Inc.

................

10,795,362

349,877,683

636,412,250

a

Electric

Utilities

 — 

3

.1

%

Alliant

Energy

Corp.

.......................

644,039

31,203,690

American

Electric

Power

Co.,

Inc.

..............

1,320,887

99,357,120

Avangrid,

Inc.

...........................

180,947

5,459,171

Constellation

Energy

Corp.

..................

840,060

91,633,745

Duke

Energy

Corp.

.......................

1,977,194

174,507,142

Edison

International

.......................

969,066

61,332,187

Entergy

Corp.

...........................

542,628

50,193,090

Evergy,

Inc.

.............................

570,763

28,937,684

Eversource

Energy

.......................

893,683

51,967,666

Exelon

Corp.

............................

2,549,158

96,332,681

FirstEnergy

Corp.

........................

1,396,126

47,719,587

Security

Shares

Value

a

Electric

Utilities

(continued)

Hawaiian

Electric

Industries,

Inc.

..............

279,221

$

3,437,210

IDACORP,

Inc.

..........................

128,676

12,050,507

NextEra

Energy,

Inc.

......................

5,192,958

297,504,564

NRG

Energy,

Inc.

.........................

593,730

22,870,480

OGE

Energy

Corp.

........................

514,932

17,162,684

PG&E

Corp.

(a)

...........................

5,119,883

82,583,713

Pinnacle

West

Capital

Corp.

.................

290,828

21,428,207

PPL

Corp.

.............................

1,892,185

44,579,879

Southern

Co.

(The)

.......................

2,795,128

180,900,684

Xcel

Energy,

Inc.

.........................

1,412,747

80,837,383

1,501,999,074

a

Electrical

Equipment

 — 

1

.3

%

Acuity

Brands,

Inc.

........................

79,987

13,622,586

AMETEK,

Inc.

...........................

589,680

87,131,117

Eaton

Corp.

PLC

.........................

1,021,501

217,865,733

Emerson

Electric

Co.

......................

1,463,800

141,359,166

Generac

Holdings,

Inc.

(a)

....................

156,457

17,047,555

Hubbell,

Inc.

............................

74,882

23,468,767

nVent

Electric

PLC

........................

423,213

22,426,057

Plug

Power,

Inc.

(a)

(b)

.......................

1,337,458

10,164,681

Regal

Rexnord

Corp.

......................

169,817

24,263,453

Sensata

Technologies

Holding

PLC

............

388,920

14,708,954

Sunrun,

Inc.

(a)

(b)

..........................

537,644

6,752,809

Vertiv

Holdings

Co.

,

Class

A

.................

815,441

30,334,405

609,145,283

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.8

%

Amphenol

Corp.

,

Class

A

...................

743,055

62,409,189

Arrow

Electronics,

Inc.

(a)

....................

147,478

18,470,145

Avnet,

Inc.

.............................

235,436

11,345,661

CDW

Corp.

.............................

20,009

4,037,016

Cognex

Corp.

...........................

443,759

18,833,132

Coherent

Corp.

(a)

(b)

........................

307,623

10,040,815

Corning,

Inc.

............................

1,949,968

59,415,525

Crane

NXT

Co.

..........................

122,620

6,813,993

IPG

Photonics

Corp.

.......................

76,413

7,758,976

Jabil,

Inc.

(b)

.............................

121,614

15,431,601

Keysight

Technologies,

Inc.

(a)

.................

338,457

44,781,246

Littelfuse,

Inc.

...........................

62,348

15,419,907

National

Instruments

Corp.

..................

72,769

4,338,488

TD

SYNNEX

Corp.

........................

105,856

10,570,780

Teledyne

Technologies,

Inc.

(a)

.................

119,437

48,799,569

Trimble,

Inc.

(a)

...........................

631,541

34,014,798

Vontier

Corp.

............................

262,571

8,118,695

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

...........

107,575

25,444,715

406,044,251

a

Energy

Equipment

&

Services

 — 

0

.9

%

Baker

Hughes

Co.

,

Class

A

..................

2,597,364

91,738,897

Halliburton

Co.

..........................

1,840,394

74,535,957

NOV,

Inc.

..............................

1,001,926

20,940,253

Schlumberger

Ltd.

........................

3,654,388

213,050,820

TechnipFMC

PLC

........................

1,122,178

22,825,101

423,091,028

a

Entertainment

 — 

1

.8

%

Activision

Blizzard,

Inc.

.....................

1,863,568

174,485,872

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

152,208

1,216,142

Electronic

Arts,

Inc.

.......................

702,387

84,567,395

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

(b)

60,553

3,423,666

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

497,046

30,965,966

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

49,933

1,593,861

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

(b)

......

119,198

3,826,256

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Entertainment

(continued)

Live

Nation

Entertainment,

Inc.

(a)

(b)

.............

310,445

$

25,779,353

Madison

Square

Garden

Sports

Corp.

,

Class

A

.....

47,441

8,363,848

Playtika

Holding

Corp.

(a)

....................

18,363

176,836

Roku,

Inc.

,

Class

A

(a)

(b)

.....................

278,224

19,639,832

Take-Two

Interactive

Software,

Inc.

(a)

............

422,745

59,349,170

Walt

Disney

Co.

(The)

(a)

....................

4,691,033

380,208,225

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

5,648,846

61,346,468

854,942,890

a

Financial

Services

 — 

4

.3

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

567,437

12,069,385

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

4,697,478

1,645,526,543

Block,

Inc.

,

Class

A

(a)

(b)

.....................

872,969

38,637,608

Euronet

Worldwide,

Inc.

(a)

...................

62,079

4,927,831

Fidelity

National

Information

Services,

Inc.

........

1,517,858

83,892,012

Fiserv,

Inc.

(a)

(b)

...........................

1,130,808

127,736,072

FleetCor

Technologies,

Inc.

(a)

.................

13,664

3,488,966

Global

Payments,

Inc.

.....................

670,735

77,396,112

Jack

Henry

&

Associates,

Inc.

................

127,306

19,241,029

MGIC

Investment

Corp.

....................

733,924

12,249,191

PayPal

Holdings,

Inc.

(a)

.....................

270,707

15,825,531

Rocket

Companies,

Inc.

,

Class

A

(a)

(b)

............

227,271

1,859,077

TFS

Financial

Corp.

.......................

128,270

1,516,151

UWM

Holdings

Corp.

,

Class

A

(b)

...............

182,332

884,310

Voya

Financial,

Inc.

.......................

251,007

16,679,415

Western

Union

Co.

(The)

...................

535,976

7,064,164

WEX,

Inc.

(a)

.............................

59,103

11,116,683

2,080,110,080

a

Food

Products

 — 

1

.8

%

Archer-Daniels-Midland

Co.

..................

1,369,046

103,253,449

Bunge

Ltd.

.............................

382,644

41,421,213

Campbell

Soup

Co.

.......................

491,702

20,199,118

Conagra

Brands,

Inc.

......................

1,217,787

33,391,720

Darling

Ingredients,

Inc.

(a)

(b)

..................

406,962

21,243,416

Flowers

Foods,

Inc.

.......................

478,597

10,615,282

Freshpet,

Inc.

(a)

..........................

84,408

5,560,799

General

Mills,

Inc.

........................

1,506,418

96,395,688

Hershey

Co.

(The)

........................

97,840

19,575,827

Hormel

Foods

Corp.

.......................

741,896

28,214,305

Ingredion,

Inc.

...........................

169,898

16,717,963

J

M

Smucker

Co.

(The)

.....................

252,999

31,096,107

Kellanova

..............................

666,034

39,635,683

Kraft

Heinz

Co.

(The)

......................

2,059,751

69,290,024

Lamb

Weston

Holdings,

Inc.

.................

20,789

1,922,151

McCormick

&

Co.,

Inc.

,

NVS

.................

644,188

48,726,380

Mondelez

International,

Inc.

,

Class

A

............

3,488,306

242,088,436

Pilgrim's

Pride

Corp.

(a)

(b)

....................

104,547

2,386,808

Post

Holdings,

Inc.

(a)

(b)

......................

138,463

11,871,818

Seaboard

Corp.

(b)

.........................

687

2,578,311

Tyson

Foods,

Inc.

,

Class

A

..................

711,845

35,941,054

882,125,552

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

369,036

39,091,984

National

Fuel

Gas

Co.

.....................

229,918

11,935,043

UGI

Corp.

..............................

539,548

12,409,604

63,436,631

a

Ground

Transportation

 — 

1

.2

%

Avis

Budget

Group,

Inc.

(a)

...................

34,223

6,149,531

CSX

Corp.

.............................

4,568,129

140,469,967

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

342,617

4,197,058

JB

Hunt

Transport

Services,

Inc.

(b)

.............

169,408

31,936,796

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

401,636

20,142,045

Security

Shares

Value

a

Ground

Transportation

(continued)

Landstar

System,

Inc.

......................

18,573

$

3,286,307

Norfolk

Southern

Corp.

.....................

582,712

114,753,474

Old

Dominion

Freight

Line,

Inc.

(b)

..............

17,310

7,082,214

Ryder

System,

Inc.

........................

115,118

12,311,870

Saia,

Inc.

(a)

.............................

60,785

24,231,940

Schneider

National,

Inc.

,

Class

B

..............

140,315

3,885,322

U-Haul

Holding

Co.

(a)

......................

14,117

770,365

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

159,301

8,345,779

Union

Pacific

Corp.

.......................

894,401

182,126,876

XPO,

Inc.

(a)

.............................

293,671

21,925,477

581,615,021

a

Health

Care

Equipment

&

Supplies

 — 

3

.4

%

Abbott

Laboratories

.......................

4,160,859

402,979,194

Baxter

International,

Inc.

....................

1,295,961

48,909,568

Becton

Dickinson

&

Co.

....................

726,929

187,932,954

Boston

Scientific

Corp.

(a)

....................

3,682,897

194,456,962

Cooper

Companies,

Inc.

(The)

................

124,532

39,602,421

Dentsply

Sirona,

Inc.

......................

543,733

18,573,919

Enovis

Corp.

(a)

...........................

133,622

7,045,888

Envista

Holdings

Corp.

(a)

....................

422,761

11,786,577

GE

HealthCare

Technologies,

Inc.

.............

923,786

62,854,400

Globus

Medical,

Inc.

,

Class

A

(a)

...............

215,996

10,724,201

Hologic,

Inc.

(a)

...........................

622,815

43,223,361

ICU

Medical,

Inc.

(a)

(b)

.......................

51,535

6,133,180

Integra

LifeSciences

Holdings

Corp.

(a)

...........

181,955

6,948,862

Medtronic

PLC

..........................

3,407,220

266,989,759

QuidelOrtho

Corp.

(a)

(b)

......................

136,115

9,941,840

STERIS

PLC

............................

254,262

55,790,168

Stryker

Corp.

...........................

679,786

185,765,120

Tandem

Diabetes

Care,

Inc.

(a)

(b)

...............

142,063

2,950,649

Teleflex,

Inc.

............................

120,408

23,649,335

Zimmer

Biomet

Holdings,

Inc.

................

538,375

60,416,443

1,646,674,801

a

Health

Care

Providers

&

Services

 — 

3

.1

%

Acadia

Healthcare

Co.,

Inc.

(a)

.................

231,034

16,244,001

agilon

health,

Inc.

(a)

(b)

......................

75,991

1,349,600

Amedisys,

Inc.

(a)

.........................

81,605

7,621,907

Cardinal

Health,

Inc.

.......................

318,915

27,688,200

Centene

Corp.

(a)

(b)

........................

1,387,149

95,546,823

Chemed

Corp.

(b)

.........................

10,604

5,510,899

Cigna

Group

(The)

........................

693,487

198,385,826

CVS

Health

Corp.

........................

3,284,669

229,335,590

Elevance

Health,

Inc.

......................

527,227

229,565,180

Encompass

Health

Corp.

...................

237,396

15,943,515

HCA

Healthcare,

Inc.

......................

415,875

102,296,933

Henry

Schein,

Inc.

(a)

(b)

......................

334,001

24,799,574

Humana,

Inc.

...........................

181,347

88,228,943

Laboratory

Corp.

of

America

Holdings

...........

226,794

45,596,934

McKesson

Corp.

.........................

215,246

93,599,723

Molina

Healthcare,

Inc.

(a)

....................

67,774

22,222,417

Premier,

Inc.

,

Class

A

......................

302,084

6,494,806

Quest

Diagnostics,

Inc.

.....................

286,727

34,940,552

R1

RCM,

Inc.

(a)

(b)

.........................

389,444

5,868,921

Tenet

Healthcare

Corp.

(a)

....................

259,690

17,110,974

UnitedHealth

Group,

Inc.

....................

379,139

191,158,092

Universal

Health

Services,

Inc.

,

Class

B

.........

155,824

19,591,752

1,479,101,162

a

Health

Care

REITs

 — 

0

.5

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

978,570

14,942,764

Healthpeak

Properties,

Inc.

..................

1,402,385

25,747,788

Medical

Properties

Trust,

Inc.

.................

1,531,044

8,344,190

Omega

Healthcare

Investors,

Inc.

..............

603,329

20,006,390

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

REITs

(continued)

Ventas,

Inc.

............................

1,024,178

$

43,148,619

Welltower,

Inc.

...........................

1,274,121

104,375,992

216,565,743

a

Health

Care

Technology

 — 

0

.0

%

Certara,

Inc.

(a)

(b)

..........................

194,060

2,821,632

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

169,739

3,601,862

Teladoc

Health,

Inc.

(a)

(b)

.....................

417,981

7,770,267

14,193,761

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

1,812,032

29,119,354

Park

Hotels

&

Resorts,

Inc.

..................

542,943

6,689,058

35,808,412

a

Hotels,

Restaurants

&

Leisure

 — 

1

.4

%

Aramark

...............................

601,488

20,871,634

Boyd

Gaming

Corp.

.......................

189,909

11,552,165

Caesars

Entertainment,

Inc.

(a)

(b)

...............

313,871

14,547,921

Carnival

Corp.

(a)

(b)

.........................

2,543,335

34,894,556

Cava

Group,

Inc.

(a)

(b)

.......................

9,437

289,055

Darden

Restaurants,

Inc.

...................

165,228

23,663,954

DoorDash,

Inc.

,

Class

A

(a)

...................

169,343

13,457,688

Expedia

Group,

Inc.

(a)

......................

99,860

10,292,570

Hilton

Worldwide

Holdings,

Inc.

...............

357,271

53,654,959

Hyatt

Hotels

Corp.

,

Class

A

(b)

.................

117,480

12,462,278

Las

Vegas

Sands

Corp.

....................

57,371

2,629,887

Marriott

Vacations

Worldwide

Corp.

.............

92,977

9,356,276

McDonald's

Corp.

........................

1,098,176

289,303,485

MGM

Resorts

International

(b)

.................

749,008

27,533,534

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

827,602

13,638,881

Penn

Entertainment,

Inc.

(a)

(b)

.................

390,484

8,961,608

Planet

Fitness,

Inc.

,

Class

A

(a)

................

113,579

5,585,815

Royal

Caribbean

Cruises

Ltd.

(a)

...............

418,757

38,584,270

Travel

+

Leisure

Co.

.......................

103,505

3,801,739

Vail

Resorts,

Inc.

.........................

87,998

19,525,876

Wyndham

Hotels

&

Resorts,

Inc.

..............

201,684

14,025,105

Wynn

Resorts

Ltd.

........................

250,372

23,136,877

Yum!

Brands,

Inc.

........................

87,126

10,885,522

662,655,655

a

Household

Durables

 — 

0

.8

%

DR

Horton,

Inc.

..........................

797,817

85,741,393

Garmin

Ltd.

.............................

394,459

41,497,087

Leggett

&

Platt,

Inc.

.......................

337,596

8,578,315

Lennar

Corp.

,

Class

A

......................

637,664

71,565,031

Lennar

Corp.

,

Class

B

(b)

....................

34,467

3,523,561

Mohawk

Industries,

Inc.

(a)

...................

136,456

11,709,289

Newell

Brands,

Inc.

.......................

969,230

8,752,147

NVR,

Inc.

(a)

.............................

6,900

41,146,770

PulteGroup,

Inc.

.........................

558,945

41,389,877

Tempur

Sealy

International,

Inc.

...............

343,068

14,868,567

Toll

Brothers,

Inc.

.........................

279,379

20,662,871

TopBuild

Corp.

(a)

.........................

76,260

19,187,016

Whirlpool

Corp.

..........................

137,680

18,407,816

387,029,740

a

Household

Products

 — 

1

.8

%

Church

&

Dwight

Co.,

Inc.

...................

64,798

5,937,441

Colgate-Palmolive

Co.

.....................

2,104,983

149,685,341

Kimberly-Clark

Corp.

......................

50,686

6,125,403

Procter

&

Gamble

Co.

(The)

.................

4,903,895

715,282,125

Reynolds

Consumer

Products,

Inc.

.............

139,130

3,565,902

Spectrum

Brands

Holdings,

Inc.

...............

102,318

8,016,615

888,612,827

a

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

671,228

$

10,202,666

Brookfield

Renewable

Corp.

,

Class

A

...........

343,445

8,222,073

Clearway

Energy,

Inc.

,

Class

A

................

88,303

1,758,996

Clearway

Energy,

Inc.

,

Class

C

...............

208,688

4,415,838

Vistra

Corp.

............................

669,919

22,227,912

46,827,485

a

Industrial

Conglomerates

 — 

1

.5

%

3M

Co.

................................

1,410,279

132,030,320

General

Electric

Co.

.......................

2,781,049

307,444,967

Honeywell

International,

Inc.

.................

1,487,581

274,815,714

714,291,001

a

Industrial

REITs

 — 

0

.8

%

Americold

Realty

Trust,

Inc.

..................

694,375

21,115,944

EastGroup

Properties,

Inc.

..................

112,897

18,800,737

First

Industrial

Realty

Trust,

Inc.

...............

339,945

16,177,983

Prologis,

Inc.

............................

2,366,521

265,547,321

Rexford

Industrial

Realty,

Inc.

................

526,725

25,993,879

STAG

Industrial,

Inc.

......................

462,971

15,977,129

363,612,993

a

Insurance

 — 

4

.0

%

Aflac,

Inc.

..............................

1,543,250

118,444,438

Allstate

Corp.

(The)

.......................

672,484

74,921,442

American

Financial

Group,

Inc.

...............

187,005

20,882,848

American

International

Group,

Inc.

.............

1,855,821

112,462,753

Aon

PLC

,

Class

A

........................

518,562

168,128,172

Arch

Capital

Group

Ltd.

(a)

...................

787,627

62,781,748

Arthur

J

Gallagher

&

Co.

....................

512,519

116,818,456

Assurant,

Inc.

...........................

135,877

19,509,220

Assured

Guaranty

Ltd.

.....................

144,725

8,758,757

Axis

Capital

Holdings

Ltd.

...................

198,213

11,173,267

Brighthouse

Financial,

Inc.

(a)

.................

152,175

7,447,445

Brown

&

Brown,

Inc.

.......................

370,714

25,890,666

Chubb

Ltd.

.............................

1,057,292

220,107,049

Cincinnati

Financial

Corp.

...................

393,417

40,242,625

CNA

Financial

Corp.

.......................

66,658

2,622,992

Everest

Group

Ltd.

........................

94,990

35,304,933

Fidelity

National

Financial,

Inc.

................

666,644

27,532,397

First

American

Financial

Corp.

................

255,378

14,426,303

Globe

Life,

Inc.

..........................

225,125

24,477,841

Hanover

Insurance

Group,

Inc.

(The)

...........

90,476

10,041,026

Hartford

Financial

Services

Group,

Inc.

(The)

......

780,706

55,359,862

Kemper

Corp.

...........................

152,851

6,424,328

Lincoln

National

Corp.

.....................

396,467

9,788,770

Loews

Corp.

............................

473,642

29,986,275

Markel

Group,

Inc.

(a)

(b)

......................

33,683

49,597,881

Marsh

&

McLennan

Companies,

Inc.

............

252,657

48,080,627

MetLife,

Inc.

............................

1,658,563

104,340,198

Old

Republic

International

Corp.

...............

688,249

18,541,428

Primerica,

Inc.

...........................

32,421

6,289,998

Principal

Financial

Group,

Inc.

................

619,711

44,662,572

Progressive

Corp.

(The)

....................

376,280

52,415,804

Prudential

Financial,

Inc.

....................

941,102

89,301,169

Reinsurance

Group

of

America,

Inc.

............

170,379

24,737,327

RenaissanceRe

Holdings

Ltd.

................

95,155

18,833,078

RLI

Corp.

..............................

79,873

10,853,942

Travelers

Companies,

Inc.

(The)

...............

591,150

96,540,706

Unum

Group

............................

504,792

24,830,718

W

R

Berkley

Corp.

........................

518,884

32,943,945

White

Mountains

Insurance

Group

Ltd.

(b)

.........

6,311

9,439,300

Willis

Towers

Watson

PLC

...................

236,124

49,340,471

1,904,282,777

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Interactive

Media

&

Services

 — 

0

.0

%

IAC,

Inc.

(a)

(b)

............................

189,834

$

9,565,735

Match

Group,

Inc.

(a)

(b)

......................

70,346

2,755,805

TripAdvisor,

Inc.

(a)

(b)

.......................

282,906

4,690,581

ZoomInfo

Technologies,

Inc.

(a)

(b)

...............

383,872

6,295,501

23,307,622

a

IT

Services

 — 

1

.3

%

Akamai

Technologies,

Inc.

(a)

..................

394,406

42,020,015

Amdocs

Ltd.

............................

304,864

25,757,959

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

1,302,480

88,229,995

DXC

Technology

Co.

(a)

(b)

....................

541,889

11,287,548

GoDaddy,

Inc.

,

Class

A

(a)

(b)

...................

154,779

11,527,940

International

Business

Machines

Corp.

..........

2,330,841

327,016,992

Kyndryl

Holdings,

Inc.

(a)

(b)

...................

585,336

8,838,574

Okta,

Inc.

,

Class

A

(a)

.......................

360,276

29,366,097

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

363,473

21,274,075

VeriSign,

Inc.

(a)

..........................

219,718

44,499,487

609,818,682

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

166,829

13,179,491

Hasbro,

Inc.

............................

336,224

22,237,855

Mattel,

Inc.

(a)

(b)

...........................

906,781

19,976,386

Polaris,

Inc.

(b)

...........................

126,695

13,194,017

68,587,749

a

Life

Sciences

Tools

&

Services

 — 

1

.8

%

Agilent

Technologies,

Inc.

...................

142,382

15,921,155

Avantor,

Inc.

(a)

(b)

..........................

1,729,128

36,450,018

Azenta,

Inc.

(a)

...........................

164,568

8,259,668

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

54,024

19,364,903

Bio-Techne

Corp.

.........................

22,533

1,533,821

Charles

River

Laboratories

International,

Inc.

(a)

.....

130,057

25,488,571

Danaher

Corp.

..........................

1,688,347

418,878,891

Fortrea

Holdings,

Inc.

(a)

.....................

226,801

6,484,241

ICON

PLC

(a)

............................

177,618

43,738,432

Illumina,

Inc.

(a)

...........................

284,564

39,064,946

IQVIA

Holdings,

Inc.

(a)

......................

34,380

6,764,265

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

(b)

....

117,770

1,177,700

QIAGEN

NV

(a)

...........................

583,938

23,649,489

Repligen

Corp.

(a)

(b)

........................

80,097

12,736,224

Revvity,

Inc.

............................

323,383

35,798,498

Sotera

Health

Co.

(a)

(b)

......................

74,686

1,118,796

Thermo

Fisher

Scientific,

Inc.

.................

380,022

192,355,736

888,785,354

a

Machinery

 — 

2

.5

%

AGCO

Corp.

............................

161,025

19,046,037

Allison

Transmission

Holdings,

Inc.

.............

208,932

12,339,524

Caterpillar,

Inc.

..........................

331,191

90,415,143

CNH

Industrial

N.V.

.......................

2,503,391

30,291,031

Crane

Co.

..............................

122,226

10,858,558

Cummins,

Inc.

...........................

363,543

83,055,034

Deere

&

Co.

............................

44,991

16,978,704

Donaldson

Co.,

Inc.

.......................

180,220

10,748,321

Dover

Corp.

............................

357,575

49,885,288

Esab

Corp.

.............................

143,696

10,090,333

Flowserve

Corp.

.........................

338,219

13,450,970

Fortive

Corp.

(b)

...........................

906,616

67,234,642

Gates

Industrial

Corp.

PLC

(a)

.................

270,988

3,146,171

Graco,

Inc.

.............................

254,020

18,512,978

IDEX

Corp.

.............................

178,095

37,047,322

Illinois

Tool

Works,

Inc.

.....................

143,817

33,122,493

Ingersoll

Rand,

Inc.

(b)

......................

1,037,606

66,116,254

ITT,

Inc.

...............................

212,742

20,829,569

Security

Shares

Value

a

Machinery

(continued)

Lincoln

Electric

Holdings,

Inc.

................

9,319

$

1,694,101

Middleby

Corp.

(The)

(a)

(b)

....................

136,872

17,519,616

Nordson

Corp.

...........................

146,571

32,710,250

Oshkosh

Corp.

..........................

168,298

16,060,678

Otis

Worldwide

Corp.

......................

997,380

80,099,588

PACCAR,

Inc.

...........................

1,314,609

111,768,057

Parker-Hannifin

Corp.

......................

327,667

127,632,850

Pentair

PLC

............................

421,040

27,262,340

RBC

Bearings,

Inc.

(a)

(b)

.....................

72,903

17,068,779

Snap-on,

Inc.

...........................

133,333

34,007,915

Stanley

Black

&

Decker,

Inc.

.................

392,279

32,786,679

Timken

Co.

(The)

.........................

161,389

11,860,478

Westinghouse

Air

Brake

Technologies

Corp.

.......

457,065

48,572,297

Xylem,

Inc.

.............................

535,588

48,754,576

1,200,966,576

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

154,174

12,765,607

a

Media

 — 

1

.4

%

Cable

One,

Inc.

..........................

13,363

8,226,797

Comcast

Corp.

,

Class

A

....................

10,496,214

465,402,129

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

634,212

3,716,482

Fox

Corp.

,

Class

A

,

NVS

....................

683,562

21,327,134

Fox

Corp.

,

Class

B

........................

342,061

9,878,722

Interpublic

Group

of

Companies,

Inc.

(The)

.......

986,751

28,280,284

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

............

33,358

3,032,576

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

238,065

21,740,096

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

(b)

...

189,191

4,814,911

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

(b)

.............................

391,618

9,970,594

New

York

Times

Co.

(The)

,

Class

A

.............

416,377

17,154,733

News

Corp.

,

Class

A

,

NVS

..................

979,400

19,646,764

News

Corp.

,

Class

B

......................

296,659

6,191,273

Nexstar

Media

Group,

Inc.

...................

57,290

8,213,667

Omnicom

Group,

Inc.

......................

505,750

37,668,260

Paramount

Global

,

Class

A

(b)

.................

25,884

408,709

Paramount

Global

,

Class

B

,

NVS

..............

1,483,339

19,135,073

Sirius

XM

Holdings,

Inc.

(b)

...................

1,641,566

7,419,878

692,228,082

a

Metals

&

Mining

 — 

1

.0

%

Alcoa

Corp.

.............................

458,649

13,328,340

Cleveland-Cliffs,

Inc.

(a)

.....................

1,307,266

20,432,568

Freeport-McMoRan,

Inc.

....................

3,663,710

136,619,746

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

264,962

5,060,774

Newmont

Corp.

..........................

2,040,396

75,392,632

Nucor

Corp.

............................

645,467

100,918,765

Reliance

Steel

&

Aluminum

Co.

...............

149,652

39,243,244

Royal

Gold,

Inc.

..........................

168,743

17,942,443

SSR

Mining,

Inc.

.........................

525,529

6,984,280

Steel

Dynamics,

Inc.

.......................

411,227

44,091,759

United

States

Steel

Corp.

...................

567,470

18,431,426

478,445,977

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

AGNC

Investment

Corp.

....................

1,531,236

14,454,868

Annaly

Capital

Management,

Inc.

..............

1,265,170

23,797,848

Rithm

Capital

Corp.

.......................

1,247,673

11,590,882

Starwood

Property

Trust,

Inc.

.................

761,017

14,725,679

64,569,277

a

Multi-Utilities

 — 

1

.3

%

Ameren

Corp.

...........................

671,353

50,237,345

CenterPoint

Energy,

Inc.

....................

1,617,879

43,440,051

CMS

Energy

Corp.

........................

744,648

39,548,255

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Multi-Utilities

(continued)

Consolidated

Edison,

Inc.

...................

889,665

$

76,093,048

Dominion

Energy,

Inc.

......................

2,143,661

95,757,337

DTE

Energy

Co.

.........................

528,182

52,437,909

NiSource,

Inc.

...........................

1,059,577

26,150,360

Public

Service

Enterprise

Group,

Inc.

...........

1,275,058

72,563,551

Sempra

...............................

1,615,759

109,920,085

WEC

Energy

Group,

Inc.

....................

809,037

65,167,930

631,315,871

a

Office

REITs

 — 

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

............

439,681

44,012,068

Boston

Properties,

Inc.

.....................

403,474

23,998,633

Cousins

Properties,

Inc.

....................

385,518

7,853,002

Highwoods

Properties,

Inc.

..................

265,062

5,462,928

Kilroy

Realty

Corp.

........................

302,574

9,564,364

Vornado

Realty

Trust

......................

458,604

10,401,139

101,292,134

a

Oil,

Gas

&

Consumable

Fuels

 — 

8

.2

%

Antero

Midstream

Corp.

....................

575,282

6,891,878

Antero

Resources

Corp.

(a)

...................

729,516

18,515,116

APA

Corp.

.............................

90,182

3,706,480

Chesapeake

Energy

Corp.

..................

325,120

28,035,098

Chevron

Corp.

...........................

4,538,886

765,346,957

ConocoPhillips

..........................

3,110,352

372,620,170

Coterra

Energy,

Inc.

.......................

1,913,605

51,763,015

Devon

Energy

Corp.

.......................

1,643,304

78,385,601

Diamondback

Energy,

Inc.

...................

464,442

71,932,777

DT

Midstream,

Inc.

........................

247,269

13,085,475

EOG

Resources,

Inc.

......................

1,507,418

191,080,306

EQT

Corp.

.............................

923,219

37,464,227

Exxon

Mobil

Corp.

........................

10,275,770

1,208,225,037

Hess

Corp.

.............................

314,945

48,186,585

HF

Sinclair

Corp.

.........................

360,590

20,528,389

Kinder

Morgan,

Inc.

,

Class

P

.................

5,028,950

83,379,991

Marathon

Oil

Corp.

........................

1,593,001

42,612,777

Marathon

Petroleum

Corp.

..................

1,087,530

164,586,790

Occidental

Petroleum

Corp.

..................

1,788,880

116,062,534

ONEOK,

Inc.

............................

1,082,821

68,683,336

Ovintiv,

Inc.

.............................

368,635

17,535,967

Phillips

66

..............................

1,181,642

141,974,286

Pioneer

Natural

Resources

Co.

...............

596,902

137,018,854

Range

Resources

Corp.

....................

603,494

19,559,241

Southwestern

Energy

Co.

(a)

(b)

.................

2,829,065

18,247,469

Valero

Energy

Corp.

.......................

902,916

127,952,226

Williams

Companies,

Inc.

(The)

...............

3,122,746

105,205,313

3,958,585,895

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

163,694

9,047,367

a

Passenger

Airlines

 — 

0

.3

%

Alaska

Air

Group,

Inc.

(a)

.....................

323,139

11,981,994

American

Airlines

Group,

Inc.

(a)

(b)

..............

1,053,218

13,491,723

Delta

Air

Lines,

Inc.

.......................

1,561,263

57,766,731

Southwest

Airlines

Co.

.....................

1,523,779

41,248,698

United

Airlines

Holdings,

Inc.

(a)

................

835,475

35,340,592

159,829,738

a

Personal

Care

Products

 — 

0

.3

%

Coty,

Inc.

,

Class

A

(a)

(b)

......................

918,715

10,078,304

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

403,859

58,377,818

Kenvue,

Inc.

............................

2,940,648

59,048,212

Olaplex

Holdings,

Inc.

(a)

....................

332,016

647,431

128,151,765

a

Security

Shares

Value

a

Pharmaceuticals

 — 

5

.1

%

Bristol-Myers

Squibb

Co.

....................

5,392,559

$

312,984,124

Catalent,

Inc.

(a)

(b)

.........................

462,762

21,069,554

Elanco

Animal

Health,

Inc.

(a)

(b)

................

1,251,993

14,072,401

Jazz

Pharmaceuticals

PLC

(a)

.................

74,901

9,695,185

Johnson

&

Johnson

.......................

6,182,337

962,898,988

Merck

&

Co.,

Inc.

.........................

5,316,993

547,384,429

Organon

&

Co.

..........................

659,500

11,448,920

Perrigo

Co.

PLC

.........................

348,870

11,146,397

Pfizer,

Inc.

.............................

14,494,559

480,784,522

Royalty

Pharma

PLC

,

Class

A

................

951,701

25,829,165

Viatris,

Inc.

.............................

3,066,188

30,232,614

2,427,546,299

a

Professional

Services

 — 

0

.7

%

Automatic

Data

Processing,

Inc.

...............

150,632

36,239,047

Broadridge

Financial

Solutions,

Inc.

............

48,934

8,761,633

CACI

International,

Inc.

,

Class

A

(a)

.............

58,118

18,244,984

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

346,416

23,504,326

Clarivate

PLC

(a)

(b)

.........................

1,199,159

8,046,357

Concentrix

Corp.

.........................

111,806

8,956,779

Dun

&

Bradstreet

Holdings,

Inc.

...............

706,903

7,061,961

Equifax,

Inc.

(b)

...........................

96,586

17,692,623

FTI

Consulting,

Inc.

(a)

(b)

.....................

69,018

12,313,501

Genpact

Ltd.

............................

342,935

12,414,247

Jacobs

Solutions,

Inc.

......................

322,312

43,995,588

KBR,

Inc.

..............................

222,268

13,100,476

Leidos

Holdings,

Inc.

......................

349,863

32,243,374

ManpowerGroup,

Inc.

......................

128,307

9,407,469

Paycor

HCM,

Inc.

(a)

(b)

......................

76,306

1,742,066

Robert

Half,

Inc.

(b)

........................

270,735

19,839,461

Science

Applications

International

Corp.

.........

138,637

14,631,749

SS&C

Technologies

Holdings,

Inc.

.............

556,960

29,262,678

TransUnion

(b)

............................

494,526

35,502,021

352,960,340

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

794,200

58,659,612

CoStar

Group,

Inc.

(a)

.......................

590,772

45,424,459

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

85,560

6,342,563

Jones

Lang

LaSalle,

Inc.

(a)

(b)

..................

122,127

17,241,890

Zillow

Group,

Inc.

,

Class

A

(a)

(b)

................

140,881

6,310,060

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

397,167

18,333,228

152,311,812

a

Residential

REITs

 — 

0

.8

%

American

Homes

4

Rent

,

Class

A

..............

853,377

28,750,271

Apartment

Income

REIT

Corp.

................

384,056

11,790,519

AvalonBay

Communities,

Inc.

................

363,337

62,399,496

Camden

Property

Trust

.....................

265,917

25,150,430

Equity

LifeStyle

Properties,

Inc.

...............

307,845

19,612,805

Equity

Residential

........................

956,252

56,141,555

Essex

Property

Trust,

Inc.

...................

163,486

34,673,746

Invitation

Homes,

Inc.

......................

1,566,777

49,651,163

Mid-America

Apartment

Communities,

Inc.

........

297,143

38,227,447

Sun

Communities,

Inc.

.....................

246,318

29,149,272

UDR,

Inc.

..............................

793,832

28,315,988

383,862,692

a

Retail

REITs

 — 

0

.6

%

Agree

Realty

Corp.

.......................

236,910

13,086,908

Brixmor

Property

Group,

Inc.

.................

771,603

16,033,910

Federal

Realty

Investment

Trust

...............

208,155

18,865,088

Kimco

Realty

Corp.

.......................

1,550,836

27,279,205

NNN

REIT,

Inc.

..........................

466,979

16,503,038

Realty

Income

Corp.

.......................

1,727,396

86,266,156

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Retail

REITs

(continued)

Regency

Centers

Corp.

....................

462,939

$

27,517,094

Simon

Property

Group,

Inc.

..................

650,600

70,284,318

Spirit

Realty

Capital,

Inc.

....................

364,001

12,204,954

288,040,671

a

Semiconductors

&

Semiconductor

Equipment

 — 

3

.7

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,772,195

182,217,090

Analog

Devices,

Inc.

.......................

1,296,767

227,050,934

Applied

Materials,

Inc.

.....................

335,636

46,468,804

Cirrus

Logic,

Inc.

(a)

(b)

.......................

140,562

10,395,966

Entegris,

Inc.

............................

362,475

34,040,027

First

Solar,

Inc.

(a)

.........................

272,792

44,080,459

GlobalFoundries,

Inc.

(a)

(b)

....................

199,937

11,634,334

Intel

Corp.

.............................

10,709,197

380,711,953

Lam

Research

Corp.

......................

18,424

11,547,611

Marvell

Technology,

Inc.

....................

2,191,276

118,613,770

Microchip

Technology,

Inc.

...................

395,784

30,890,941

Micron

Technology,

Inc.

.....................

2,803,399

190,715,234

MKS

Instruments,

Inc.

.....................

171,036

14,801,455

ON

Semiconductor

Corp.

(a)

(b)

.................

1,105,491

102,755,389

Qorvo,

Inc.

(a)

............................

250,870

23,950,559

QUALCOMM,

Inc.

........................

365,844

40,630,635

Skyworks

Solutions,

Inc.

....................

406,968

40,122,975

Teradyne,

Inc.

(b)

..........................

66,420

6,672,553

Texas

Instruments,

Inc.

.....................

1,378,528

219,199,737

Universal

Display

Corp.

....................

65,220

10,238,888

Wolfspeed,

Inc.

(a)

(b)

........................

319,337

12,166,740

1,758,906,054

a

Software

 — 

1

.6

%

ANSYS,

Inc.

(a)

(b)

..........................

38,712

11,518,756

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

402,336

16,077,347

Aspen

Technology,

Inc.

(a)

....................

71,154

14,533,916

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

35,686

1,790,010

BILL

Holdings,

Inc.

(a)

(b)

......................

262,855

28,538,167

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

512,544

6,842,462

Dolby

Laboratories,

Inc.

,

Class

A

..............

152,951

12,122,896

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

74,005

2,015,156

Gen

Digital,

Inc.

..........................

1,202,596

21,261,897

Guidewire

Software,

Inc.

(a)

...................

210,448

18,940,320

HashiCorp,

Inc.

,

Class

A

(a)

(b)

..................

82,516

1,883,840

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

99,732

2,101,353

nCino,

Inc.

(a)

(b)

...........................

160,640

5,108,352

NCR

Corp.

(a)

............................

325,090

8,767,677

Nutanix,

Inc.

,

Class

A

(a)

(b)

....................

443,897

15,483,127

Oracle

Corp.

............................

2,297,381

243,338,596

PTC,

Inc.

(a)

.............................

140,730

19,938,626

Roper

Technologies,

Inc.

....................

271,064

131,270,874

Salesforce,

Inc.

(a)

.........................

597,307

121,121,914

SentinelOne,

Inc.

,

Class

A

(a)

..................

513,676

8,660,577

Tyler

Technologies,

Inc.

(a)

...................

25,911

10,005,274

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

223,060

3,816,557

Unity

Software,

Inc.

(a)

(b)

.....................

449,066

14,096,182

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

.....

643,184

44,984,289

764,218,165

a

Specialized

REITs

 — 

1

.4

%

Crown

Castle,

Inc.

........................

991,904

91,284,925

CubeSmart

.............................

574,320

21,898,822

Digital

Realty

Trust,

Inc.

....................

765,571

92,649,402

EPR

Properties

..........................

188,948

7,848,900

Equinix,

Inc.

............................

119,234

86,594,885

Extra

Space

Storage,

Inc.

...................

536,144

65,184,388

Gaming

and

Leisure

Properties,

Inc.

............

641,702

29,229,526

Iron

Mountain,

Inc.

........................

376,456

22,380,309

Security

Shares

Value

a

Specialized

REITs

(continued)

Lamar

Advertising

Co.

,

Class

A

(b)

..............

50,707

$

4,232,513

National

Storage

Affiliates

Trust

...............

203,381

6,455,313

Public

Storage

...........................

168,336

44,359,903

Rayonier,

Inc.

...........................

380,633

10,832,815

SBA

Communications

Corp.

,

Class

A

............

247,500

49,542,075

VICI

Properties,

Inc.

.......................

2,573,715

74,895,106

Weyerhaeuser

Co.

........................

1,877,580

57,566,603

664,955,485

a

Specialty

Retail

 — 

0

.7

%

Advance

Auto

Parts,

Inc.

....................

151,517

8,474,346

AutoNation,

Inc.

(a)

(b)

.......................

75,376

11,411,926

AutoZone,

Inc.

(a)

.........................

7,670

19,481,723

Bath

&

Body

Works,

Inc.

....................

589,111

19,911,952

Best

Buy

Co.,

Inc.

........................

430,841

29,930,524

CarMax,

Inc.

(a)

(b)

..........................

382,150

27,029,470

Dick's

Sporting

Goods,

Inc.

..................

143,228

15,551,696

GameStop

Corp.

,

Class

A

(a)

(b)

.................

691,024

11,374,255

Gap,

Inc.

(The)

..........................

495,205

5,264,029

Lithia

Motors,

Inc.

........................

69,643

20,567,667

Lowe's

Companies,

Inc.

....................

401,626

83,473,948

Murphy

USA,

Inc.

(b)

.......................

2,736

934,973

O'Reilly

Automotive,

Inc.

(a)

...................

23,337

21,210,066

Penske

Automotive

Group,

Inc.

(b)

..............

51,174

8,549,129

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

226,073

924,639

RH

(a)

(b)

................................

37,201

9,834,456

Ross

Stores,

Inc.

.........................

57,377

6,480,732

Valvoline,

Inc.

(b)

..........................

312,963

10,089,927

Victoria's

Secret

&

Co.

(a)

....................

110,452

1,842,339

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

136,154

8,246,848

Williams-Sonoma,

Inc.

.....................

142,267

22,108,292

342,692,937

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.4

%

Hewlett

Packard

Enterprise

Co.

...............

3,315,684

57,593,431

HP,

Inc.

...............................

1,763,331

45,317,607

NetApp,

Inc.

............................

325,241

24,679,287

Pure

Storage,

Inc.

,

Class

A

(a)

.................

156,176

5,562,989

Western

Digital

Corp.

(a)

(b)

....................

818,874

37,365,221

170,518,535

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Capri

Holdings

Ltd.

(a)

......................

294,438

15,490,383

Carter's,

Inc.

............................

93,702

6,479,493

Columbia

Sportswear

Co.

...................

91,117

6,751,770

Nike,

Inc.

,

Class

B

........................

1,424,536

136,214,132

PVH

Corp.

.............................

161,306

12,341,522

Ralph

Lauren

Corp.

,

Class

A

.................

102,324

11,878,793

Skechers

USA,

Inc.

,

Class

A

(a)

................

317,030

15,518,619

Tapestry,

Inc.

............................

567,531

16,316,516

Under

Armour,

Inc.

,

Class

A

(a)

.................

482,931

3,308,077

Under

Armour,

Inc.

,

Class

C

(a)

(b)

...............

521,073

3,324,446

VF

Corp.

..............................

901,347

15,926,802

243,550,553

a

Tobacco

 — 

1

.2

%

Altria

Group,

Inc.

.........................

4,581,726

192,661,578

Philip

Morris

International,

Inc.

................

3,980,956

368,556,907

561,218,485

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Air

Lease

Corp.

,

Class

A

....................

263,304

10,376,811

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

277,999

8,020,271

Fastenal

Co.

............................

368,855

20,154,237

Ferguson

PLC

...........................

500,434

82,306,380

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

119,005

11,680,341

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

78,026

$

12,753,350

United

Rentals,

Inc.

.......................

139,832

62,165,112

Watsco,

Inc.

............................

64,080

24,204,297

WESCO

International,

Inc.

...................

113,899

16,380,954

248,041,753

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

...............

499,555

61,859,896

Essential

Utilities,

Inc.

......................

623,300

21,397,889

83,257,785

a

Wireless

Telecommunication

Services

 — 

0

.4

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(b)

(d)

................

250,091

3

T-Mobile

U.S.,

Inc.

........................

1,365,989

191,306,759

191,306,762

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

46,591,494,060

)

..............................

47,891,903,620

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(e)

(f)

......................

671,763,019

$

672,031,724

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.31

%

(c)

(e)

............................

387,072,305

387,072,305

a

Total

Short-Term

Securities — 2.2%

(Cost:

$

1,058,596,406

)

...............................

1,059,104,029

Total

Investments

—

101.9%

(Cost:

$

47,650,090,466

)

..............................

48,951,007,649

Liabilities

in

Excess

of

Other

Assets

—

(

1

.9

)

%

...............

(

913,251,719

)

Net

Assets

—

100.0%

.................................

$

48,037,755,930

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

697,020,816

$

—

$

(

25,071,042

)

(a)

$

18,421

$

63,529

$

672,031,724

671,763,019

$

6,095,899

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

75,727,321

311,344,984

(a)

—

—

—

387,072,305

387,072,305

2,131,165

—

BlackRock,

Inc.

..

272,483,730

39,675,556

(

56,965,548

)

800,065

(

9,486,520

)

246,507,283

381,301

3,925,005

—

$

818,486

$

(

9,422,991

)

$

1,305,611,312

$

12,152,069

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Russell

1000

Value

ETF

36

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

DJIA

Mini

e-CBOT

Index

................................................................

475

12/15/23

$

80,097

$

(

2,109,379

)

E-Mini

S&P

MidCap

400

Index

............................................................

229

12/15/23

57,717

(

1,347,291

)

$

(

3,456,670

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

3,456,670

$

—

$

—

$

—

$

3,456,670

(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

.................................

$

—

$

—

$

8,903,274

$

—

$

—

$

—

$

8,903,274

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

8,456,238

)

$

—

$

—

$

—

$

(

8,456,238

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

136,915,308

a

iShares

®

Russell

1000

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

37

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

47,891,672,729

‌

$

230,888

‌

$

3

‌

$

47,891,903,620

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,059,104,029

‌

—

‌

—

‌

1,059,104,029

‌

$

48,950,776,758

‌

$

230,888

‌

$

3

‌

$

48,951,007,649

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

3,456,670

)

$

—

‌

$

—

‌

$

(

3,456,670

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

38

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................

$

28,988,303,835

‌

$

68,987,095,232

‌

$

47,645,396,337

‌

Investments,

at

value

—

affiliated

(c)

........................................................

587,081,569

‌

1,318,716,515

‌

1,305,611,312

‌

Cash

............................................................................

3,810,786

‌

323,698

‌

12,367,029

‌

Cash

pledged:

Futures

contracts

..................................................................

3,242,000

‌

5,400,840

‌

7,885,740

‌

Receivables:

Securities

lending

income

—

affiliated

....................................................

121,423

‌

250,655

‌

571,873

‌

Capital

shares

sold

.................................................................

212,708

‌

56,749

‌

176,880

‌

Dividends

—

unaffiliated

.............................................................

19,573,141

‌

14,007,097

‌

57,537,313

‌

Dividends

—

affiliated

...............................................................

254,459

‌

497,500

‌

446,788

‌

Interest

—

unaffiliated

...............................................................

12,739

‌

10,783

‌

31,151

‌

Total

assets

.......................................................................

29,602,612,660

‌

70,326,359,069

‌

49,030,024,423

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................

352,022,482

‌

1,100,208,490

‌

671,570,346

‌

Payables:

Capital

shares

redeemed

.............................................................

—

‌

170,248

‌

43,896

‌

Income

dividend

distributions

..........................................................

124,752,060

‌

133,753,333

‌

312,320,161

‌

Investment

advisory

fees

.............................................................

3,721,572

‌

10,845,305

‌

7,685,565

‌

Variation

margin

on

futures

contracts

.....................................................

185,271

‌

14,070

‌

648,525

‌

Total

liabilities

......................................................................

480,681,385

‌

1,244,991,446

‌

992,268,493

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................

$

29,121,931,275

‌

$

69,081,367,623

‌

$

48,037,755,930

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................

$

26,186,725,597

‌

$

56,262,266,772

‌

$

48,355,278,983

‌

Accumulated

earnings

(loss)

............................................................

2,935,205,678

‌

12,819,100,851

‌

(

317,523,053

)

NET

ASSETS

......................................................................

$

29,121,931,275

‌

$

69,081,367,623

‌

$

48,037,755,930

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................

123,900,000

‌

259,700,000

‌

316,400,000

‌

Net

asset

value

.....................................................................

$

235.04

‌

$

266.00

‌

$

151.83

‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

None

None

None

(a)

Securities

loaned,

at

value

...........................................................

$

345,145,679

‌

$

1,083,162,543

‌

$

657,900,790

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................

$

26,006,411,735

‌

$

53,357,918,836

‌

$

46,361,107,446

‌

(c)

Investments,

at

cost

—

affiliated

........................................................

$

585,642,221

‌

$

1,318,044,404

‌

$

1,288,983,020

‌

39

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

iShares

Russell

1000

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................

$

230,554,424

‌

$

295,540,264

‌

$

576,064,145

‌

Dividends

—

affiliated

..............................................................

2,330,999

‌

2,611,900

‌

6,056,170

‌

Interest

—

unaffiliated

..............................................................

127,063

‌

247,079

‌

282,359

‌

Securities

lending

income

—

affiliated

—

net

...............................................

2,179,402

‌

2,071,614

‌

6,095,899

‌

Foreign

taxes

withheld

.............................................................

(

145,332

)

(

15,442

)

(

496,220

)

Total

investment

income

..............................................................

235,046,556

‌

300,455,415

‌

588,002,353

‌

EXPENSES

Investment

advisory

...............................................................

22,406,969

‌

63,785,857

‌

47,114,136

‌

Interest

expense

.................................................................

—

‌

—

‌

127

‌

Total

expenses

....................................................................

22,406,969

‌

63,785,857

‌

47,114,263

‌

Net

investment

income

...............................................................

212,639,587

‌

236,669,558

‌

540,888,090

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................

(

160,125,749

)

(

584,643,112

)

(

1,253,735,525

)

Investments

—

affiliated

...........................................................

(

39,247

)

134,892

‌

(

9,128,072

)

Futures

contracts

...............................................................

6,698,604

‌

16,613,768

‌

8,903,274

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................

1,313,293,149

‌

2,392,328,531

‌

2,652,869,786

‌

In-kind

redemptions

—

affiliated

(a)

....................................................

2,391,218

‌

—

‌

9,946,558

‌

1,162,217,975

‌

1,824,434,079

‌

1,408,856,021

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................

109,992,212

‌

3,765,921,669

‌

(

1,579,111,961

)

Investments

—

affiliated

...........................................................

(

4,661,953

)

(

13,287

)

(

9,422,991

)

Futures

contracts

...............................................................

(

5,604,532

)

(

12,214,145

)

(

8,456,238

)

99,725,727

‌

3,753,694,237

‌

(

1,596,991,190

)

Net

realized

and

unrealized

gain

(loss)

....................................................

1,261,943,702

‌

5,578,128,316

‌

(

188,135,169

)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................

$

1,474,583,289

‌

$

5,814,797,874

‌

$

352,752,921

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

40

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

212,639,587

‌

$

417,990,276

‌

$

236,669,558

‌

$

513,869,544

‌

Net

realized

gain

.............................................

1,162,217,975

‌

2,375,028,807

‌

1,824,434,079

‌

4,325,544,137

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

99,725,727

‌

(

5,296,023,611

)

3,753,694,237

‌

(

12,457,358,506

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

1,474,583,289

‌

(

2,503,004,528

)

5,814,797,874

‌

(

7,617,944,825

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

204,517,242

)

(

422,432,329

)

(

235,235,718

)

(

543,297,716

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

514,256,896

)

871,090,503

‌

(

51,454,253

)

979,744,660

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

755,809,151

‌

(

2,054,346,354

)

5,528,107,903

‌

(

7,181,497,881

)

Beginning

of

period

.............................................

28,366,122,124

‌

30,420,468,478

‌

63,553,259,720

‌

70,734,757,601

‌

End

of

period

.................................................

$

29,121,931,275

‌

$

28,366,122,124

‌

$

69,081,367,623

‌

$

63,553,259,720

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

41

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

540,888,090

‌

$

1,122,323,553

‌

Net

realized

gain

................................................................................

1,408,856,021

‌

3,224,884,404

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

(

1,596,991,190

)

(

7,721,902,538

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................................................

352,752,921

‌

(

3,374,694,581

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

515,589,892

)

(

1,145,296,254

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................................................

(

2,394,486,951

)

(

2,850,447,198

)

NET

ASSETS

Total

decrease

in

net

assets

..........................................................................

(

2,557,323,922

)

(

7,370,438,033

)

Beginning

of

period

................................................................................

50,595,079,852

‌

57,965,517,885

‌

End

of

period

....................................................................................

$

48,037,755,930

‌

$

50,595,079,852

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

42

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.....

$

225.22

‌

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

$

146.79

‌

Net

investment

income

(a)

.............

1

.69

‌

3

.31

‌

2

.88

‌

2

.74

‌

2

.96

‌

2

.74

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

9

.77

‌

(

24.81

)

26.40

‌

82.26

‌

(

15.46

)

10.60

‌

Net

increase

(decrease)

from

investment

operations

.......................

11.46

‌

(

21.50

)

29.28

‌

85.00

‌

(

12.50

)

13.34

‌

Distributions

from

net

investment

income

(c)

...

(

1

.64

)

(

3

.35

)

(

2

.93

)

(

2

.87

)

(

3

.18

)

(

2

.86

)

Net

asset

value,

end

of

period

..........

$

235.04

‌

$

225.22

‌

$

250.07

‌

$

223.72

‌

$

141.59

‌

$

157.27

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

5

.10

%

(e)

(

8

.51

)

%

13.09

%

60.37

%

(

8

.15

)

%

9

.18

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.....................

0

.15

%

(h)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

................

1

.42

%

(h)

1

.51

%

1

.17

%

1

.44

%

1

.78

%

1

.80

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

29,121,931

‌

$

28,366,122

‌

$

30,420,468

‌

$

27,147,851

‌

$

17,924,896

‌

$

19,312,905

‌

Portfolio

turnover

rate

(i)

................

2

%

5

%

6

%

5

%

5

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(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.

43

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Growth

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.......

$

244.48

‌

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

$

136.02

‌

Net

investment

income

(a)

...............

0

.92

‌

1

.96

‌

1

.53

‌

1

.54

‌

1

.72

‌

1

.69

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

21.50

‌

(

32.81

)

34.37

‌

92.34

‌

(

0

.62

)

15.31

‌

Net

increase

(decrease)

from

investment

operations

.........................

22.42

‌

(

30.85

)

35.90

‌

93.88

‌

1

.10

‌

17.00

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.90

)

(

2

.06

)

(

1

.56

)

(

1

.52

)

(

1

.74

)

(

1

.69

)

Net

asset

value,

end

of

period

............

$

266.00

‌

$

244.48

‌

$

277.39

‌

$

243.05

‌

$

150.69

‌

$

151.33

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

9

.18

%

(e)

(

11.06

)

%

14.77

%

62.44

%

0

.68

%

12.57

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.19

%

(g)

0

.19

%

0

.18

%

0

.19

%

0

.19

%

0

.19

%

Net

investment

income

..................

0

.69

%

(g)

0

.85

%

0

.55

%

0

.72

%

1

.05

%

1

.17

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

69,081,368

‌

$

63,553,260

‌

$

70,734,758

‌

$

63,155,924

‌

$

42,834,345

‌

$

42,729,330

‌

Portfolio

turnover

rate

(h)

..................

12

%

14

%

13

%

14

%

18

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

44

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Russell

1000

Value

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Year

Ended

03/31/19

Net

asset

value,

beginning

of

period

.....

$

152.35

‌

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

$

119.95

‌

Net

investment

income

(a)

.............

1

.67

‌

3

.24

‌

2

.83

‌

2

.69

‌

3

.14

‌

2

.86

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

0

.58

)

(

13.46

)

14.44

‌

52.15

‌

(

23.93

)

3

.67

‌

Net

increase

(decrease)

from

investment

operations

.......................

1

.09

‌

(

10.22

)

17.27

‌

54.84

‌

(

20.79

)

6

.53

‌

Distributions

from

net

investment

income

(c)

...

(

1

.61

)

(

3

.31

)

(

2

.82

)

(

2

.63

)

(

3

.47

)

(

3

.00

)

Net

asset

value,

end

of

period

..........

$

151.83

‌

$

152.35

‌

$

165.88

‌

$

151.43

‌

$

99.22

‌

$

123.48

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

0

.71

%

(e)

(

6

.07

)

%

11.45

%

55.84

%

(

17.30

)

%

5

.53

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.....................

0

.19

%

(h)

0

.19

%

0

.18

%

0

.19

%

0

.19

%

0

.19

%

Net

investment

income

................

2

.14

%

(h)

2

.12

%

1

.75

%

2

.15

%

2

.46

%

2

.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

48,037,756

‌

$

50,595,080

‌

$

57,965,518

‌

$

51,108,565

‌

$

31,175,791

‌

$

37,877,550

‌

Portfolio

turnover

rate

(i)

................

12

%

15

%

17

%

18

%

16

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

45

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

September

30,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

Russell

1000

........................................................................................................

Diversified

Russell

1000

Growth

..................................................................................................

Diversified

Russell

1000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

46

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(unaudited)

(

continued)

47

Notes

to

Financial

Statements

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

1000

Barclays

Bank

PLC

...............................................

$

25,231,796‌

$

(

25,231,796‌

)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

3,166,239‌

(

3,166,239‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

36,955,731‌

(

36,955,731‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

18,691,474‌

(

18,691,474‌

)

—‌

—‌

Citadel

Clearing

LLC

..............................................

698,261‌

(

698,261‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

32,338,141‌

(

32,338,141‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

30,804,731‌

(

30,804,731‌

)

—‌

—‌

HSBC

Bank

PLC

................................................

15,809,090‌

(

15,809,090‌

)

—‌

—‌

ING

Financial

Markets

LLC

.........................................

4,472‌

(

4,472‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

33,364,605‌

(

33,364,605‌

)

—‌

—‌

Jefferies

LLC

...................................................

3,910,715‌

(

3,910,715‌

)

—‌

—‌

Morgan

Stanley

.................................................

46,543,955‌

(

46,543,955‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

736,918‌

(

736,918‌

)

—‌

—‌

Natixis

SA

.....................................................

6,126,085‌

(

6,126,085‌

)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

4,309‌

(

4,309‌

)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

12,903,230‌

(

12,898,008‌

)

—‌

5,222‌

Scotia

Capital

(USA),

Inc.

..........................................

6,983,768‌

(

6,983,768‌

)

—‌

—‌

Scotia

Capital,

Inc.

...............................................

14,256,463‌

(

14,256,463‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

9,132‌

(

9,132‌

)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

154,059‌

(

154,059‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

34,117,885‌

(

34,117,885‌

)

—‌

—‌

UBS

AG

......................................................

15,337,145‌

(

15,263,965‌

)

—‌

73,180‌

UBS

Securities

LLC

..............................................

256,221‌

(

256,221‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

2,707,564‌

(

2,707,564‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

3,612,105‌

(

3,612,105‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

421,585‌

(

421,585‌

)

—‌

—‌

$

345,145,679‌

$

(

345,067,277‌

)

$

—‌

$

78,402‌

a

Russell

1000

Growth

Barclays

Bank

PLC

...............................................

62,519,202‌

(

62,519,202‌

)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

14,998,926‌

(

14,998,926‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

62,186,330‌

(

62,186,330‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

98,311,676‌

(

98,311,676‌

)

—‌

—‌

Citadel

Clearing

LLC

..............................................

13,422,829‌

(

13,422,829‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

152,616,613‌

(

152,616,613‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

43,323,066‌

(

43,323,066‌

)

—‌

—‌

HSBC

Bank

PLC

................................................

87,245,543‌

(

86,936,340‌

)

—‌

309,203‌

J.P.

Morgan

Securities

LLC

.........................................

65,926,204‌

(

65,926,204‌

)

—‌

—‌

Jefferies

LLC

...................................................

3,838,527‌

(

3,838,527‌

)

—‌

—‌

Morgan

Stanley

.................................................

66,775,100‌

(

66,775,100‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

21,179,111‌

(

21,179,111‌

)

—‌

—‌

Natixis

SA

.....................................................

30,529,316‌

(

30,529,316‌

)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

249,186‌

(

249,186‌

)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

88,191,987‌

(

88,191,987‌

)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

23,735,377‌

(

23,735,377‌

)

—‌

—‌

Scotia

Capital,

Inc.

...............................................

53,839,590‌

(

53,839,590‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

4,139,882‌

(

4,139,882‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

85,022,724‌

(

85,022,724‌

)

—‌

—‌

UBS

AG

......................................................

95,731,170‌

(

95,731,170‌

)

—‌

—‌

UBS

Securities

LLC

..............................................

2,597,712‌

(

2,597,712‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

2,650,060‌

(

2,650,060‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

4,085,735‌

(

4,085,735‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

46,677‌

(

46,174‌

)

—‌

503‌

$

1,083,162,543‌

$

(

1,082,852,837‌

)

$

—‌

$

309,706‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

48

2023

iShares

Semi-Annual

Report

to

Shareholders

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Russell

1000

Value

Barclays

Bank

PLC

...............................................

$

57,691,414‌

$

(

57,691,414‌

)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

1,773,266‌

(

1,773,266‌

)

—‌

—‌

BMO

Capital

Markets

Corp.

.........................................

8,508‌

(

8,508‌

)

—‌

—‌

BNP

Paribas

SA

.................................................

79,395,081‌

(

79,395,081‌

)

—‌

—‌

BofA

Securities,

Inc.

..............................................

45,794,722‌

(

45,794,722‌

)

—‌

—‌

Citadel

Clearing

LLC

..............................................

4,618,872‌

(

4,618,872‌

)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

26,682,106‌

(

26,682,106‌

)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

58,076,189‌

(

58,076,189‌

)

—‌

—‌

HSBC

Bank

PLC

................................................

14,306,282‌

(

14,306,282‌

)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

50,790,467‌

(

50,790,467‌

)

—‌

—‌

Jefferies

LLC

...................................................

2,068,506‌

(

2,068,506‌

)

—‌

—‌

Morgan

Stanley

.................................................

85,534,719‌

(

85,534,719‌

)

—‌

—‌

National

Financial

Services

LLC

......................................

908,003‌

(

908,003‌

)

—‌

—‌

Natixis

SA

.....................................................

5,110,905‌

(

5,110,905‌

)

—‌

—‌

Nomura

Securities

International,

Inc.

...................................

4,507‌

(

4,507‌

)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

45,080,456‌

(

45,080,456‌

)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

8,872,624‌

(

8,872,624‌

)

—‌

—‌

Scotia

Capital,

Inc.

...............................................

53,647,898‌

(

53,647,898‌

)

—‌

—‌

SG

Americas

Securities

LLC

........................................

3,595,720‌

(

3,595,720‌

)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

896‌

(

896‌

)

—‌

—‌

Toronto-Dominion

Bank

............................................

62,224,757‌

(

62,224,757‌

)

—‌

—‌

UBS

AG

......................................................

37,884,775‌

(

37,884,775‌

)

—‌

—‌

UBS

Securities

LLC

..............................................

357,057‌

(

357,057‌

)

—‌

—‌

Virtu

Americas

LLC

...............................................

1,748,545‌

(

1,748,545‌

)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

8,870,820‌

(

8,870,820‌

)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,853,695‌

(

2,853,695‌

)

—‌

—‌

$

657,900,790‌

$

(

657,900,790‌

)

$

—‌

$

—‌

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

September

30,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

49

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to the

following Fund,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

its

investment

advisory

services

to

each

of

the

iShares

Russell

1000

Growth

and

iShares

Russell

1000

Value

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended 

September

30,

2023

,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or

trustees

of

the

Trust

are

officers

and/or trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

iShares

ETF

Investment

Advisory

Fees

Russell

1000

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

0.15%

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1900

Over

$181

billion,

up

to

and

including

$231

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

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.

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.

.

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.

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.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1805

Over

$231

billion,

up

to

and

including

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1715

Over

$281

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.1630

iShares

ETF

Amounts

Russell

1000

.......................................................................................................

$

609,361

‌

Russell

1000

Growth

.................................................................................................

694,552

‌

Russell

1000

Value

..................................................................................................

1,529,194

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

50

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the

six

months

ended

September

30,

2023

,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2023

,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

September

30,

2023

,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses

as

follows:

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

1000

...................................................................

$

161,412,227

‌

$

120,364,187

‌

$

(

71,947,030

)

Russell

1000

Growth

.............................................................

3,288,184,355

‌

4,601,050,931

‌

(

442,357,362

)

Russell

1000

Value

..............................................................

5,111,995,742

‌

2,101,050,318

‌

(

436,656,916

)

iShares

ETF

Purchases

Sales

Russell

1000

.....................................................................................

$

563,700,536

‌

$

547,745,910

‌

Russell

1000

Growth

...............................................................................

7,894,991,791

‌

7,872,518,648

‌

Russell

1000

Value

................................................................................

6,253,186,006

‌

6,146,113,341

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

1000

.....................................................................................

$

2,690,429,171

‌

$

3,202,656,580

‌

Russell

1000

Growth

...............................................................................

4,491,957,252

‌

4,543,107,045

‌

Russell

1000

Value

................................................................................

6,507,288,674

‌

8,966,997,818

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Ordinary

Losses

Russell

1000

.....................................................................................

$

1,048,166,720

‌

$

36,782

‌

Russell

1000

Growth

...............................................................................

4,435,951,491

‌

—

‌

Russell

1000

Value

................................................................................

2,653,752,716

‌

67,584

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

1000

.................................................

$

26,756,541,118

‌

$

5,248,406,469

‌

$

(

2,431,687,039

)

$

2,816,719,430

‌

Russell

1000

Growth

...........................................

54,864,413,179

‌

17,222,510,834

‌

(

1,784,718,487

)

15,437,792,347

‌

Russell

1000

Value

............................................

48,039,769,131

‌

5,503,976,322

‌

(

4,596,194,474

)

907,781,848

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

51

Notes

to

Financial

Statements

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund's

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service. 

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund's

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund's

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

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.

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

52

2023

iShares

Semi-Annual

Report

to

Shareholders

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Russell

1000

Shares

sold

...............................................

11,350,000

‌

$

2,699,566,298

‌

37,350,000

‌

$

8,061,887,621

‌

Shares

redeemed

...........................................

(

13,400,000

)

(

3,213,823,194

)

(

33,050,000

)

(

7,190,797,118

)

(

2,050,000

)

$

(

514,256,896

)

4,300,000

‌

$

871,090,503

‌

Russell

1000

Growth

Shares

sold

...............................................

16,950,000

‌

$

4,501,728,986

‌

65,450,000

‌

$

14,964,701,868

‌

Shares

redeemed

...........................................

(

17,200,000

)

(

4,553,183,239

)

(

60,500,000

)

(

13,984,957,208

)

(

250,000

)

$

(

51,454,253

)

4,950,000

‌

$

979,744,660

‌

Russell

1000

Value

Shares

sold

...............................................

42,100,000

‌

$

6,538,238,514

‌

61,100,000

‌

$

9,177,683,939

‌

Shares

redeemed

...........................................

(

57,800,000

)

(

8,932,725,465

)

(

78,450,000

)

(

12,028,131,137

)

(

15,700,000

)

$

(

2,394,486,951

)

(

17,350,000

)

$

(

2,850,447,198

)

Board

Review

and

Approval

of

Investment

Advisory

Contract

53

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Russell

1000

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

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)

54

2023

iShares

Semi-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

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

Further,

with

respect

to

comparisons

with

one

or

more

open-end

index

mutual

funds

registered

under

the

1940

Act

managed

by

BFA

(or

an

affiliate)

that

track

the

same

index

as

the

Fund

or

have

a

similar

investment

strategy

or

mandate,

and

have

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

that

are

lower

than

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

Fund,

the

Board

gave

weight

to

management’s

explanations

of

the

relevant

circumstances

applicable

to

such

mutual

funds.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

55

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Russell

1000

Growth

ETF,

iShares

Russell

1000

Value

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)

56

2023

iShares

Semi-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

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates

:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates

:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

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)

57

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

September

30,

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.

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

1000

......................

$

1

.639122

‌

$

—

‌

$

—

‌

$

1

.639122

‌

100

%

—

%

—

%

100

%

Russell

1000

Value

.................

1

.612440

‌

—

‌

—

‌

1

.612440

‌

100

—

—

100

General

Information

58

2023

iShares

Semi-Annual

Report

to

Shareholders

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

.

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the Trust’s

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

59

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-317-0923

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

September

30,

2023

iShares

Trust

iShares

Focused

Value

Factor

ETF

|

FOVL

|

NYSE

Arca

iShares

US

Small

Cap

Value

Factor

ETF

|

SVAL

|

Cboe

BZX

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

moderating

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

September

30,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation

while

the

economy

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

substantial,

as

the

durability

of

consumer

sentiment

and

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

resumed

growth

in

the

third

quarter

of

2022

and

continued

to

expand

thereafter.

All

major

classes

of

equities

rose,

although

large-capitalization

U.S.

stocks

posted

significantly

higher

returns

than

small-capitalization

U.S.

stocks

due

primarily

to

the

performance

of

large

technology

companies.

International

developed

market

equities

also

advanced

strongly,

and

emerging

market

equities

posted

solid

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

benefited

from

improving

economic

sentiment,

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”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

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

two

of

its

meetings

late

in

the

period.

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

in

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

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

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,

euro

area

government

bonds

and

gilts,

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

September

30

,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

5.18

%

21.62

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(0.19

)

8.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(1.28

)

25.65

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(2.05

)

11.70

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.50

4.47

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.98

)

(2.90

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.05

)

0.64

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.05

)

2.66

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

2.22

10.28

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

6

Disclosure

of

Expenses

...................................................................................................

6

Schedules

of

Investments

.................................................................................................

7

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

17

Statements

of

Operations

................................................................................................

18

Statements

of

Changes

in

Net

Assets

........................................................................................

19

Financial

Highlights

.....................................................................................................

20

Notes

to

Financial

Statements

...............................................................................................

22

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

30

Supplemental

Information

.................................................................................................

34

General

Information

.....................................................................................................

35

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

36

iShares

®

Focused

Value

Factor

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

Focused

Value

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

large-

and

mid-capitalization

stocks

with

prominent

value

characteristics,

as

represented

by

the

Focused

Value

Select

Index

(the

“Index”)

and

determined

by

the

Index

provider,

FTSE

Russell.

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

March

19,

2019.

The

first

day

of

secondary

market

trading

was

March

21,

2019.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

................................................

1.27

%

13.59

%

3.59

%

13.59

%

17.33

%

Fund

Market

..............................................

1.38

13.66

3.58

–

%

13.66

17.31

Index

...................................................

1.44

13.89

3.88

13.89

18.81

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,012.70

‌

$

1.26

‌

$

1,000.00

‌

$

1,023.75

‌

$

1.26

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

49.4‌

%

Materials

.....................................

12.4‌

Communication

Services

...........................

7.4‌

Consumer

Discretionary

...........................

7.3‌

Real

Estate

....................................

7.0‌

Industrials

.....................................

6.8‌

Utilities

.......................................

4.5‌

Information

Technology

............................

2.7‌

Energy

.......................................

2.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Pinnacle

Financial

Partners,

Inc.

......................

3.1‌

%

White

Mountains

Insurance

Group

Ltd.

.................

2.8‌

Old

Republic

International

Corp.

......................

2.8‌

Webster

Financial

Corp.

...........................

2.8‌

Axis

Capital

Holdings

Ltd.

..........................

2.8‌

Westlake

Corp.

.................................

2.7‌

Interactive

Brokers

Group,

Inc.,

Class

A

.................

2.7‌

Hewlett

Packard

Enterprise

Co.

......................

2.7‌

Unum

Group

...................................

2.7‌

LyondellBasell

Industries

NV,

Class

A

..................

2.7‌

      aaa

aa

iShares

®

US

Small

Cap

Value

Factor

ETF

5

Fund

Summary

Fund

Summary

as

of

September

30,

2023

Investment

Objective

The

iShares

US

Small

Cap

Value

Factor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

small-capitalization

stocks

with

prominent

value

characteristics,

as

represented

by

the

Russell

2000

Focused

Value

Select

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

The

inception

date

of

the

Fund

was

October

27,

2020.

The

first

day

of

secondary

market

trading

was

October

29,

2020.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

Since

Inception

1

Year

Since

Inception

Fund

NAV

................................................

0.53

%

5.35

%

13.40

%

5.35

%

44.53

%

Fund

Market

..............................................

0.44

5.19

13.36

–

%

5.19

44.38

Index

...................................................

0.70

5.65

13.78

5.65

45.93

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(04/01/23)

Ending

Account

Value

(09/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,005.30

‌

$

1.00

‌

$

1,000.00

‌

$

1,024.00

‌

$

1.01

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Financials

.....................................

39.6‌

%

Industrials

.....................................

18.9‌

Consumer

Discretionary

...........................

15.7‌

Energy

.......................................

7.2‌

Information

Technology

............................

6.2‌

Materials

.....................................

4.9‌

Real

Estate

....................................

2.7‌

Consumer

Staples

...............................

2.2‌

Utilities

.......................................

1.2‌

Other

(each

representing

less

than

1%)

.................

1.4‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Sterling

Infrastructure,

Inc.

..........................

1.3‌

%

Chord

Energy

Corp.

..............................

1.1‌

Covenant

Logistics

Group,

Inc.,

Class

A

.................

1.0‌

Dorian

LPG,

Ltd.

................................

1.0‌

M/I

Homes,

Inc.

.................................

0.9‌

DHT

Holdings,

Inc.

...............................

0.9‌

Terex

Corp.

....................................

0.8‌

Group

1

Automotive,

Inc.

...........................

0.8‌

Encore

Wire

Corp.

...............................

0.8‌

Taylor

Morrison

Home

Corp.

........................

0.8‌

      aaa

aa

About

Fund

Performance

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market

Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated.

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

®

Focused

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Automobiles

 — 2.4%

Thor

Industries,

Inc.

.......................

4,470

$

425,231

a

Banks

 — 16.1%

First

Hawaiian,

Inc.

.......................

25,690

463,704

FNB

Corp.

.............................

40,443

436,380

JPMorgan

Chase

&

Co.

....................

3,181

461,309

Pinnacle

Financial

Partners,

Inc.

...............

8,167

547,516

Synovus

Financial

Corp.

....................

15,295

425,201

Webster

Financial

Corp.

....................

12,256

494,039

2,828,149

a

Building

Products

 — 2.4%

Builders

FirstSource,

Inc.

(a)

..................

3,402

423,515

a

Capital

Markets

 — 12.6%

Affiliated

Managers

Group,

Inc.

...............

3,087

402,359

Interactive

Brokers

Group,

Inc.,

Class

A

..........

5,570

482,139

Janus

Henderson

Group

PLC

................

16,979

438,398

State

Street

Corp.

........................

6,322

423,321

Stifel

Financial

Corp.

......................

7,754

476,406

2,222,623

a

Chemicals

 — 5.5%

LyondellBasell

Industries

NV,

Class

A

...........

5,038

477,099

Westlake

Corp.

..........................

3,873

482,847

959,946

a

Consumer

Finance

 — 4.3%

Capital

One

Financial

Corp.

..................

4,230

410,521

Discover

Financial

Services

..................

3,960

343,055

753,576

a

Diversified

Telecommunication

Services

 — 4.7%

AT&T,

Inc.

..............................

29,007

435,685

Frontier

Communications

Parent,

Inc.

(a)

..........

24,821

388,449

824,134

a

Electric

Utilities

 — 4.5%

Avangrid,

Inc.

...........................

12,279

370,458

Pinnacle

West

Capital

Corp.

.................

5,680

418,502

788,960

a

Entertainment

 — 0.6%

Liberty

Media

Corp.-Liberty

Live,

Series

C

(a)

.......

3,536

113,506

a

Ground

Transportation

 — 2.5%

Schneider

National,

Inc.,

Class

B

..............

16,110

446,086

a

Household

Durables

 — 2.5%

Toll

Brothers,

Inc.

.........................

5,851

432,740

a

Insurance

 — 16.3%

Axis

Capital

Holdings

Ltd.

...................

8,595

484,500

CNA

Financial

Corp.

.......................

11,980

471,413

Old

Republic

International

Corp.

...............

18,382

495,211

Principal

Financial

Group,

Inc.

................

6,101

439,699

Unum

Group

............................

9,700

477,143

White

Mountains

Insurance

Group

Ltd.

..........

333

498,065

2,866,031

a

Media

 — 2.0%

Liberty

Media

Corp.-Liberty

SiriusXM,

Series

C,

NVS

(a)

14,136

359,903

a

Security

Shares

Value

a

Metals

&

Mining

 — 5.0%

Cleveland-Cliffs,

Inc.

(a)

.....................

27,606

$

431,482

Nucor

Corp.

............................

2,821

441,063

872,545

a

Office

REITs

 — 2.3%

Cousins

Properties,

Inc.

....................

20,292

413,348

a

Oil,

Gas

&

Consumable

Fuels

 — 2.5%

Kinder

Morgan,

Inc.,

Class

P

.................

26,868

445,471

a

Paper

&

Forest

Products

 — 1.9%

Louisiana-Pacific

Corp.

.....................

6,171

341,071

a

Passenger

Airlines

 — 1.8%

Alaska

Air

Group,

Inc.

(a)

.....................

8,700

322,596

a

Real

Estate

Management

&

Development

 — 2.4%

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.............

9,206

424,949

a

Retail

REITs

 — 2.2%

Spirit

Realty

Capital,

Inc.

....................

11,749

393,944

a

Specialty

Retail

 — 2.4%

AutoNation,

Inc.

(a)(b)

.......................

2,811

425,585

a

Technology

Hardware,

Storage

&

Peripherals

 — 2.7%

Hewlett

Packard

Enterprise

Co.

...............

27,540

478,370

a

Total

Long-Term

Investments — 99.6%

(Cost:

$18,266,107)

.................................

17,562,279

a

Short-Term

Securities

Money

Market

Funds

 — 

3.4%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(c)(d)(e)

......................

433,981

434,155

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

(c)(d)

............................

163,854

163,854

a

Total

Short-Term

Securities — 3.4%

(Cost:

$597,954)

...................................

598,009

Total

Investments

—

103.0%

(Cost:

$18,864,061)

.................................

18,160,288

Liabilities

in

Excess

of

Other

Assets

—

(3.0)%

...............

(534,423)

Net

Assets

—

100.0%

.................................

$

17,625,865

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

Focused

Value

Factor

ETF

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

—

‌

$

433,992

(a)

$

—

‌

$

108

‌

$

55

‌

$

434,155

‌

433,981

‌

$

579

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

32,125

‌

131,729

(a)

—

‌

—

‌

—

‌

163,854

‌

163,854

‌

1,154

‌

—

‌

$

108

‌

$

55

‌

$

598,009

‌

$

1,733

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

...........................................................

6

12/15/23

$

54

$

(1,894

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,894

$

—

$

—

$

—

$

1,894

(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

..................................

$

—

$

—

$

3,423

$

—

$

—

$

—

$

3,423

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(4,348

)

$

—

$

—

$

—

$

(4,348

)

iShares

®

Focused

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

9

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

...................................................................................

$

55,535

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

17,562,279

‌

$

—

‌

$

—

‌

$

17,562,279

‌

Short-Term

Securities

Money

Market

Funds

......................................

598,009

‌

—

‌

—

‌

598,009

‌

$

18,160,288

‌

$

—

‌

$

—

‌

$

18,160,288

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(1,894

)

$

—

‌

$

—

‌

$

(1,894

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

September

30,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.6%

Moog,

Inc.,

Class

A

.......................

4,470

$

504,931

a

Air

Freight

&

Logistics

 — 0.8%

Air

Transport

Services

Group,

Inc.

(a)

............

11,734

244,888

Hub

Group,

Inc.,

Class

A

(a)

...................

5,083

399,219

644,107

a

Automobile

Components

 — 0.4%

Standard

Motor

Products,

Inc.

................

9,098

305,875

a

Automobiles

 — 0.5%

Winnebago

Industries,

Inc.

..................

7,264

431,845

a

Banks

 — 33.5%

1st

Source

Corp.

.........................

8,486

357,176

Amerant

Bancorp,

Inc.,

Class

A

...............

12,424

216,675

Ameris

Bancorp

..........................

8,945

343,399

Associated

Banc-Corp.

.....................

17,245

295,062

Atlantic

Union

Bankshares

Corp.

..............

10,453

300,837

Banc

of

California,

Inc.

.....................

20,124

249,135

BancFirst

Corp.

..........................

4,717

409,105

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

..........

10,939

296,228

BankUnited,

Inc.

.........................

8,863

201,190

Banner

Corp.

...........................

6,706

284,200

Berkshire

Hills

Bancorp,

Inc.

.................

13,337

267,407

Brookline

Bancorp,

Inc.

.....................

24,898

226,821

Byline

Bancorp,

Inc.

.......................

14,711

289,954

Cadence

Bank

..........................

13,107

278,131

Camden

National

Corp.

....................

8,344

235,468

Capitol

Federal

Financial,

Inc.

................

36,074

172,073

Cathay

General

Bancorp

....................

8,771

304,880

Central

Pacific

Financial

Corp.

................

13,909

232,002

City

Holding

Co.

.........................

4,987

450,575

Community

Trust

Bancorp,

Inc.

...............

9,526

326,361

ConnectOne

Bancorp,

Inc.

..................

12,261

218,614

Customers

Bancorp,

Inc.

(a)

...................

7,528

259,340

CVB

Financial

Corp.

.......................

16,786

278,144

Dime

Community

Bancshares,

Inc.

.............

11,353

226,606

Eagle

Bancorp,

Inc.

.......................

6,734

144,444

Eastern

Bankshares,

Inc.

...................

18,221

228,491

Enterprise

Financial

Services

Corp.

............

8,296

311,100

First

Bancorp

...........................

9,181

258,353

First

BanCorp

...........................

29,915

402,656

First

Bancshares,

Inc.

(The)

..................

11,660

314,470

First

Busey

Corp.

.........................

15,489

297,699

First

Commonwealth

Financial

Corp.

............

25,890

316,117

First

Financial

Bancorp

.....................

16,923

331,691

First

Financial

Corp.

.......................

9,069

306,623

First

Foundation,

Inc.

......................

16,158

98,241

First

Interstate

BancSystem,

Inc.,

Class

A

........

10,674

266,210

First

Merchants

Corp.

......................

9,435

262,482

Fulton

Financial

Corp.

......................

23,483

284,379

German

American

Bancorp,

Inc.

...............

10,331

279,867

Great

Southern

Bancorp,

Inc.

.................

6,651

318,716

Hancock

Whitney

Corp.

....................

7,526

278,387

Hanmi

Financial

Corp.

.....................

15,976

259,290

HarborOne

Bancorp,

Inc.

...................

27,995

266,512

Heartland

Financial

USA,

Inc.

................

8,206

241,503

Heritage

Financial

Corp.

....................

15,662

255,447

Hilltop

Holdings,

Inc.

.......................

13,350

378,606

Home

BancShares,

Inc.

....................

17,367

363,665

HomeStreet,

Inc.

.........................

8,252

64,283

Hope

Bancorp,

Inc.

.......................

24,229

214,427

Security

Shares

Value

a

Banks

(continued)

Horizon

Bancorp,

Inc.

......................

21,022

$

224,515

Independent

Bank

Corp.

....................

17,840

327,186

Independent

Bank

Group,

Inc.

................

5,516

218,158

Kearny

Financial

Corp.

.....................

30,473

211,178

Lakeland

Bancorp,

Inc.

.....................

23,502

296,595

National

Bank

Holdings

Corp.,

Class

A

..........

9,714

289,089

NBT

Bancorp,

Inc.

........................

10,863

344,248

Nicolet

Bankshares,

Inc.

(b)

...................

4,195

292,727

Northfield

Bancorp,

Inc.

....................

27,332

258,287

Northwest

Bancshares,

Inc.

..................

29,052

297,202

OceanFirst

Financial

Corp.

..................

19,527

282,556

OFG

Bancorp

...........................

14,733

439,927

Old

National

Bancorp

......................

23,961

348,393

Old

Second

Bancorp,

Inc.

...................

27,050

368,150

Origin

Bancorp,

Inc.

(b)

......................

9,281

267,942

Pacific

Premier

Bancorp,

Inc.

.................

11,015

239,686

Park

National

Corp.

.......................

2,987

282,331

Pathward

Financial,

Inc.

....................

7,147

329,405

Peapack-Gladstone

Financial

Corp.

............

11,295

289,717

Peoples

Bancorp,

Inc.

.....................

12,536

318,164

Premier

Financial

Corp.

....................

12,941

220,773

Provident

Financial

Services,

Inc.

..............

16,389

250,588

QCR

Holdings,

Inc.

.......................

6,936

336,535

Renasant

Corp.

..........................

11,579

303,254

S&T

Bancorp,

Inc.

........................

13,275

359,487

Sandy

Spring

Bancorp,

Inc.

..................

8,738

187,255

Seacoast

Banking

Corp.

of

Florida

.............

11,125

244,305

Simmons

First

National

Corp.,

Class

A

..........

30,062

509,851

Southside

Bancshares,

Inc.

..................

9,641

276,697

SouthState

Corp.

.........................

4,811

324,069

Stellar

Bancorp,

Inc.

.......................

25,121

535,580

Texas

Capital

Bancshares,

Inc.

(a)

..............

6,849

403,406

Towne

Bank

............................

13,109

300,589

TriCo

Bancshares

........................

9,805

314,054

TrustCo

Bank

Corp.

.......................

12,258

334,521

Trustmark

Corp.

.........................

12,974

281,925

UMB

Financial

Corp.

......................

4,040

250,682

United

Bankshares,

Inc.

....................

11,253

310,470

United

Community

Banks,

Inc.

................

11,278

286,574

Univest

Financial

Corp.

.....................

14,667

254,912

Valley

National

Bancorp

....................

30,145

258,041

Washington

Federal,

Inc.

....................

11,685

299,370

Washington

Trust

Bancorp,

Inc.

...............

7,476

196,843

WesBanco,

Inc.

..........................

11,423

278,950

WSFS

Financial

Corp.

.....................

8,418

307,257

27,014,486

a

Biotechnology

 — 0.2%

iTeos

Therapeutics,

Inc.

(a)

...................

12,197

133,557

a

Building

Products

 — 1.7%

Insteel

Industries,

Inc.

......................

10,611

344,433

Quanex

Building

Products

Corp.

...............

18,699

526,751

UFP

Industries,

Inc.

.......................

5,087

520,909

1,392,093

a

Capital

Markets

 — 0.6%

BGC

Group,

Inc.,

Class

A

(b)

..................

89,202

470,987

a

Chemicals

 — 1.2%

AdvanSix,

Inc.

...........................

7,682

238,756

American

Vanguard

Corp.

...................

19,315

211,113

Kronos

Worldwide,

Inc.

.....................

25,289

195,990

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Chemicals

(continued)

Minerals

Technologies,

Inc.

..................

5,933

$

324,891

970,750

a

Commercial

Services

&

Supplies

 — 2.1%

ABM

Industries,

Inc.

.......................

8,525

341,085

BrightView

Holdings,

Inc.

(a)

..................

28,838

223,495

CoreCivic,

Inc.

(a)

.........................

35,138

395,302

Interface,

Inc.

...........................

28,923

283,735

Matthews

International

Corp.,

Class

A

...........

12,129

471,939

1,715,556

a

Communications

Equipment

 — 0.7%

NETGEAR,

Inc.

(a)

.........................

15,903

200,219

NetScout

Systems,

Inc.

(a)

...................

12,235

342,825

543,044

a

Construction

&

Engineering

 — 1.9%

Argan,

Inc.

.............................

9,670

440,178

Sterling

Infrastructure,

Inc.

(a)

.................

14,645

1,076,115

1,516,293

a

Construction

Materials

 — 0.5%

Summit

Materials,

Inc.,

Class

A

(a)

..............

12,851

400,180

a

Consumer

Staples

Distribution

&

Retail

 — 1.0%

SpartanNash

Co.

.........................

11,897

261,734

Sprouts

Farmers

Market,

Inc.

(a)(b)

..............

12,273

525,284

787,018

a

Containers

&

Packaging

 — 0.5%

Greif,

Inc.,

Class

A

........................

6,033

403,065

a

Diversified

Consumer

Services

 — 1.3%

Adtalem

Global

Education,

Inc.

(a)

..............

13,211

566,091

Stride,

Inc.

(a)

............................

10,803

486,459

1,052,550

a

Diversified

REITs

 — 0.7%

Broadstone

Net

Lease,

Inc.

..................

18,021

257,700

CTO

Realty

Growth,

Inc.

....................

17,754

287,793

545,493

a

Diversified

Telecommunication

Services

 — 0.3%

EchoStar

Corp.,

Class

A

(a)

...................

16,125

270,094

a

Electric

Utilities

 — 0.8%

PNM

Resources,

Inc.

......................

8,233

367,274

Portland

General

Electric

Co.

.................

7,117

288,096

655,370

a

Electrical

Equipment

 — 1.5%

Atkore,

Inc.

(a)

............................

3,987

594,820

Encore

Wire

Corp.

........................

3,441

627,845

1,222,665

a

Electronic

Equipment,

Instruments

&

Components

 — 2.8%

Benchmark

Electronics,

Inc.

.................

15,674

380,251

Knowles

Corp.

(a)

.........................

18,230

269,986

Methode

Electronics,

Inc.

...................

9,075

207,364

Sanmina

Corp.

(a)

.........................

9,710

527,059

TTM

Technologies,

Inc.

(a)

....................

26,484

341,114

Vishay

Intertechnology,

Inc.

..................

20,025

495,018

2,220,792

a

Security

Shares

Value

a

Energy

Equipment

&

Services

 — 0.8%

Bristow

Group,

Inc.

(a)

......................

10,585

$

298,179

ProPetro

Holding

Corp.

(a)

....................

28,176

299,511

597,690

a

Financial

Services

 — 1.8%

A-Mark

Precious

Metals,

Inc.

.................

10,150

297,700

NMI

Holdings,

Inc.,

Class

A

(a)

.................

19,034

515,631

Radian

Group,

Inc.

........................

17,267

433,574

Waterstone

Financial,

Inc.

...................

20,294

222,219

1,469,124

a

Food

Products

 — 0.7%

Hostess

Brands,

Inc.,

Class

A

(a)

...............

17,889

595,883

a

Ground

Transportation

 — 2.5%

Covenant

Logistics

Group,

Inc.,

Class

A

..........

18,230

799,385

Heartland

Express,

Inc.

.....................

27,895

409,778

Marten

Transport

Ltd.

......................

22,100

435,591

Werner

Enterprises,

Inc.

....................

9,573

372,868

2,017,622

a

Health

Care

Technology

 — 0.2%

Computer

Programs

and

Systems,

Inc.

(a)

.........

11,393

181,604

a

Hotel

&

Resort

REITs

 — 0.3%

Chatham

Lodging

Trust

.....................

28,462

272,381

a

Hotels,

Restaurants

&

Leisure

 — 1.0%

Bloomin'

Brands,

Inc.

......................

17,889

439,891

Brinker

International,

Inc.

(a)(b)

.................

10,285

324,903

764,794

a

Household

Durables

 — 5.1%

Century

Communities,

Inc.

..................

7,327

489,297

Ethan

Allen

Interiors,

Inc.

...................

15,055

450,144

GoPro,

Inc.,

Class

A

(a)

......................

46,013

144,481

KB

Home

..............................

12,121

560,960

M/I

Homes,

Inc.

(a)

.........................

8,850

743,754

Meritage

Homes

Corp.

.....................

4,954

606,320

Taylor

Morrison

Home

Corp.

(a)(b)

...............

14,419

614,394

Tri

Pointe

Homes,

Inc.

(a)

....................

19,546

534,583

4,143,933

a

Household

Products

 — 0.5%

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

........

9,625

385,866

a

Insurance

 — 3.5%

Argo

Group

International

Holdings,

Ltd.

..........

9,508

283,719

CNO

Financial

Group,

Inc.

...................

15,643

371,208

Employers

Holdings,

Inc.

....................

9,243

369,258

Horace

Mann

Educators

Corp.

................

9,314

273,645

ProAssurance

Corp.

.......................

14,094

266,236

Safety

Insurance

Group,

Inc.

.................

4,288

292,399

Selective

Insurance

Group,

Inc.

...............

4,392

453,122

Stewart

Information

Services

Corp.

.............

6,476

283,649

United

Fire

Group,

Inc.

.....................

12,632

249,482

2,842,718

a

Interactive

Media

&

Services

 — 0.3%

Ziff

Davis,

Inc.

(a)(b)

.........................

4,055

258,263

a

Leisure

Products

 — 1.1%

Funko,

Inc.,

Class

A

(a)(b)

.....................

22,753

174,060

MasterCraft

Boat

Holdings,

Inc.

(a)

..............

15,948

354,365

Vista

Outdoor,

Inc.

(a)(b)

......................

10,997

364,221

892,646

a

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

(Percentages

shown

are

based

on

Net

Assets)

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Machinery

 — 1.9%

Hillenbrand,

Inc.

.........................

8,886

$

375,967

Mueller

Industries,

Inc.

.....................

7,246

544,609

Terex

Corp.

.............................

11,006

634,166

1,554,742

a

Marine

Transportation

 — 1.3%

Eagle

Bulk

Shipping,

Inc.

...................

5,763

242,219

Genco

Shipping

&

Trading

Ltd.

................

16,617

232,472

Matson,

Inc.

............................

3,254

288,695

Safe

Bulkers,

Inc.

........................

82,456

267,157

1,030,543

a

Metals

&

Mining

 — 2.0%

Commercial

Metals

Co.

.....................

9,430

465,936

Schnitzer

Steel

Industries,

Inc.,

Class

A

..........

7,557

210,463

TimkenSteel

Corp.

(a)

.......................

17,938

389,613

Warrior

Met

Coal,

Inc.

......................

10,576

540,222

1,606,234

a

Multi-Utilities

 — 0.4%

Unitil

Corp.

.............................

7,869

336,085

a

Office

REITs

 — 0.1%

City

Office

REIT,

Inc.

......................

22,095

93,904

a

Oil,

Gas

&

Consumable

Fuels

 — 6.4%

Berry

Corp.

.............................

38,032

311,862

Chord

Energy

Corp.

.......................

5,463

885,388

CNX

Resources

Corp.

(a)(b)

...................

18,943

427,733

CVR

Energy,

Inc.

.........................

15,368

522,973

DHT

Holdings,

Inc.

........................

67,671

697,011

Dorian

LPG,

Ltd.

.........................

27,087

778,210

Matador

Resources

Co.

....................

7,408

440,628

Murphy

Oil

Corp.

.........................

9,717

440,666

Sitio

Royalties

Corp.,

Class

A

.................

14,558

352,449

World

Kinect

Corp.

........................

14,515

325,572

5,182,492

a

Paper

&

Forest

Products

 — 0.7%

Clearwater

Paper

Corp.

(a)

...................

14,002

507,573

Glatfelter

Corp.

(a)

.........................

31,449

62,898

570,471

a

Passenger

Airlines

 — 0.7%

SkyWest,

Inc.

(a)

..........................

13,604

570,552

a

Pharmaceuticals

 — 0.3%

Innoviva,

Inc.

(a)

..........................

20,284

263,489

a

Professional

Services

 — 0.6%

CRA

International,

Inc.

.....................

4,658

469,340

a

Real

Estate

Management

&

Development

 — 0.4%

Anywhere

Real

Estate,

Inc.

(a)(b)

................

25,031

160,950

Newmark

Group,

Inc.,

Class

A

................

24,654

158,525

319,475

a

Retail

REITs

 — 0.7%

Acadia

Realty

Trust

.......................

17,979

257,999

SITE

Centers

Corp.

.......................

23,488

289,607

547,606

a

Semiconductors

&

Semiconductor

Equipment

 — 2.4%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

...........

7,182

214,311

Amkor

Technology,

Inc.

.....................

18,070

408,382

Cohu,

Inc.

(a)

............................

13,260

456,674

Kulicke

&

Soffa

Industries,

Inc.

................

7,006

340,702

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Photronics,

Inc.

(a)

.........................

23,128

$

467,417

1,887,486

a

Software

 — 0.4%

Adeia,

Inc.

.............................

22,661

242,020

Xperi,

Inc.

(a)

.............................

9,064

89,371

331,391

a

Specialized

REITs

 — 0.4%

PotlatchDeltic

Corp.

.......................

7,443

337,838

a

Specialty

Retail

 — 5.3%

Arko

Corp.

.............................

43,131

308,387

Caleres,

Inc.

............................

20,305

583,972

Genesco,

Inc.

(a)

..........................

6,170

190,159

Group

1

Automotive,

Inc.

....................

2,339

628,513

Haverty

Furniture

Cos.,

Inc.

..................

14,314

411,957

MarineMax,

Inc.

(a)

.........................

9,749

319,962

ODP

Corp.

(The)

(a)

........................

8,564

395,229

Shoe

Carnival,

Inc.

........................

13,460

323,444

Signet

Jewelers

Ltd.

.......................

5,399

387,702

Urban

Outfitters,

Inc.

(a)(b)

....................

15,631

510,977

Zumiez,

Inc.

(a)

...........................

10,272

182,841

4,243,143

a

Textiles,

Apparel

&

Luxury

Goods

 — 1.0%

G-III

Apparel

Group

Ltd.

(a)

...................

14,510

361,589

Oxford

Industries,

Inc.

.....................

4,337

416,916

778,505

a

Trading

Companies

&

Distributors

 — 3.2%

Boise

Cascade

Co.

.......................

5,650

582,176

DXP

Enterprises,

Inc.

(a)

.....................

14,488

506,211

Herc

Holdings,

Inc.

........................

2,349

279,390

MRC

Global,

Inc.

(a)

........................

32,955

337,789

Rush

Enterprises,

Inc.,

Class

A

...............

11,564

472,158

Titan

Machinery,

Inc.

(a)

.....................

13,889

369,169

2,546,893

a

Total

Long-Term

Investments — 99.6%

(Cost:

$91,314,587)

.................................

80,293,464

a

Short-Term

Securities

Money

Market

Funds

 — 

3.9%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(c)(d)(e)

......................

2,271,110

2,272,018

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.31%

(c)(d)

............................

892,383

892,383

a

Total

Short-Term

Securities — 3.9%

(Cost:

$3,163,137)

..................................

3,164,401

Total

Investments

—

103.5%

(Cost:

$94,477,724)

.................................

83,457,865

Liabilities

in

Excess

of

Other

Assets

—

(3.5)%

...............

(2,858,329)

Net

Assets

—

100.0%

.................................

$

80,599,536

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

13

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

September

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

09/30/23

  Shares

Held

at

09/30/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

3,856,572

$

—

$

(1,584,955

)

(a)

$

519

$

(118

)

$

2,272,018

2,271,110

$

11,788

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

286,846

605,537

(a)

—

—

—

892,383

892,383

10,666

—

$

519

$

(118

)

$

3,164,401

$

22,454

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

...........................................................

20

12/15/23

$

180

$

(6,904

)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long

.......

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

9,946

$

(927

)

(c)

$

9,482

–

%

(d)

Monthly

HSBC

Bank

PLC

(e)

02/10/28

50,858

(1,565

)

(f

)

50,280

0.1

Monthly

JPMorgan

Chase

Bank

NA

(g)

02/08/24

47,981

(2,103

)

(h)

47,548

0.1

$

(4,595

)

$

107,310

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

(c)

Amount

includes

$(463)

of

net

dividends,

payable

for

referenced

securities

and

financing

fees.

(d)

Rounds

to

less

than

0.1%.

(f)

Amount

includes

$(987)

of

net

dividends,

payable

for

referenced

securities

and

financing

fees.

(h)

Amount

includes

$(1,670)

of

net

dividends,

payable

for

referenced

securities

and

financing

fees.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(b)

(e)

(g)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Derivatives

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA

as

of

period

end,

termination

date

August

19,

2026

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

BankUnited,

Inc.

...................

75

$

1,702

17.9

%

CVB

Financial

Corp.

.................

124

2,055

21.7

Fulton

Financial

Corp.

................

132

1,599

16.9

Pacific

Premier

Bancorp,

Inc.

...........

28

609

6.4

Simmons

First

National

Corp.,

Class

A

....

46

780

8.2

Southside

Bancshares,

Inc.

............

28

804

8.5

Trustmark

Corp.

...................

33

717

7.6

WSFS

Financial

Corp.

...............

1

36

0.4

8,302

Financial

Services

Radian

Group,

Inc.

..................

47

1,180

12.4

a

Total

Reference

Entity

—

Long

9,482

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

...................................

$

9,482

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

PLC

as

of

period

end,

termination

date

February

10,

2028

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Atlantic

Union

Bankshares

Corp.

........

80

$

2,302

4.6

%

Banc

of

California,

Inc.

...............

112

1,386

2.8

Berkshire

Hills

Bancorp,

Inc.

...........

94

1,885

3.7

Cadence

Bank

....................

134

2,843

5.7

Central

Pacific

Financial

Corp.

..........

132

2,202

4.4

Eagle

Bancorp,

Inc.

.................

57

1,223

2.4

First

Bancorp

.....................

92

2,589

5.1

First

Financial

Bancorp

...............

105

2,058

4.1

Hope

Bancorp,

Inc.

.................

227

2,009

4.0

Provident

Financial

Services,

Inc.

........

165

2,523

5.0

Seacoast

Banking

Corp.

of

Florida

.......

108

2,372

4.7

TrustCo

Bank

Corp.

.................

34

928

1.8

Washington

Federal,

Inc.

..............

92

2,357

4.7

26,677

Shares

Value

%

of

Basket

Value

Financial

Services

Radian

Group,

Inc.

..................

358

$

8,989

17.9

%

a

Insurance

Employers

Holdings,

Inc.

..............

78

3,116

6.2

Horace

Mann

Educators

Corp.

..........

62

1,822

3.6

ProAssurance

Corp.

.................

357

6,744

13.4

Safety

Insurance

Group,

Inc.

...........

43

2,932

5.9

14,614

Total

Reference

Entity

—

Long

50,280

Net

Value

of

Reference

Entity

—

HSBC

Bank

PLC

....

$

50,280

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA

as

of

period

end,

termination

date

February

8,

2024

:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

Atlantic

Union

Bankshares

Corp.

........

164

$

4,720

9.9

%

Banc

of

California,

Inc.

...............

37

458

1.0

Berkshire

Hills

Bancorp,

Inc.

...........

117

2,346

4.9

Brookline

Bancorp,

Inc.

...............

88

802

1.7

Cadence

Bank

....................

173

3,671

7.7

Central

Pacific

Financial

Corp.

..........

27

450

1.0

Eagle

Bancorp,

Inc.

.................

94

2,016

4.2

First

Bancorp

.....................

123

3,461

7.3

Hanmi

Financial

Corp.

...............

28

454

1.0

National

Bank

Holdings

Corp.,

Class

A

....

30

893

1.9

Pacific

Premier

Bancorp,

Inc.

...........

60

1,306

2.8

Provident

Financial

Services,

Inc.

........

219

3,349

7.0

Renasant

Corp.

....................

155

4,060

8.5

Trustmark

Corp.

...................

3

65

0.1

Washington

Federal,

Inc.

..............

182

4,663

9.8

32,714

Insurance

Employers

Holdings,

Inc.

..............

247

9,868

20.8

Horace

Mann

Educators

Corp.

..........

7

205

0.4

ProAssurance

Corp.

.................

151

2,852

6.0

12,925

Retail

REITs

Acadia

Realty

Trust

.................

133

1,909

4.0

a

Total

Reference

Entity

—

Long

47,548

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

....................................

$

47,548

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

................................................................

$

—

$

—

$

—

$

(4,595

)

iShares

®

US

Small

Cap

Value

Factor

ETF

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

15

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

September

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

6,904

$

—

$

—

$

—

$

6,904

Swaps

-

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

—

—

4,595

—

—

—

4,595

$

—

$

—

$

11,499

$

—

$

—

$

—

$

11,499

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(1,308

)

$

—

$

—

$

—

$

(1,308

)

Swaps

.........................................

—

—

3,143

—

—

—

3,143

$

—

$

—

$

1,835

$

—

$

—

$

—

$

1,835

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(11,900

)

$

—

$

—

$

—

$

(11,900

)

Swaps

.........................................

—

—

(3,576

)

—

—

—

(3,576

)

$

—

$

—

$

(15,476

)

$

—

$

—

$

—

$

(15,476

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

194,634

Total

return

swaps

Average

notional

amount

...............................................................................................

$

210,619

a

Assets

Liabilities

Derivative

Financial

Instruments:

Futures

contracts

................................................................................

$

—

‌

$

1,050

‌

Swaps

—

OTC

(a)

................................................................................

—

‌

4,595

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

........................................

$

—

‌

$

5,645

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.....................................

—

‌

(1,050

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

........................................................

$

—

‌

$

4,595

‌

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

Schedule

of

Investments

(unaudited)

(continued)

September

30,

2023

iShares

®

US

Small

Cap

Value

Factor

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)

Goldman

Sachs

Bank

USA

..............................

$

927

‌

$

–

‌

$

–

‌

$

–

‌

$

927

‌

HSBC

Bank

PLC

.....................................

1,565

‌

–

‌

–

‌

–

‌

1,565

‌

JPMorgan

Chase

Bank

NA

..............................

2,103

‌

–

‌

–

‌

–

‌

2,103

‌

$

4,595

‌

$

–

‌

$

–

‌

$

–

‌

$

4,595

‌

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivatives

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

........................................

$

80,293,464

‌

$

—

‌

$

—

‌

$

80,293,464

‌

Short-Term

Securities

Money

Market

Funds

.....................................

3,164,401

‌

—

‌

—

‌

3,164,401

‌

$

83,457,865

‌

$

—

‌

$

—

‌

$

83,457,865

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

..........................................

$

(6,904

)

$

(4,595

)

$

—

‌

$

(11,499

)

a

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

17

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

September

30,

2023

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

17,562,279

‌

$

80,293,464

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

598,009

‌

3,164,401

‌

Cash

pledged:

Futures

contracts

.................................................................................

4,000

‌

14,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................................................

154

‌

596

‌

Dividends

—

unaffiliated

............................................................................

33,513

‌

87,097

‌

Dividends

—

affiliated

..............................................................................

262

‌

2,762

‌

Interest

—

unaffiliated

..............................................................................

4

‌

34

‌

Total

assets

......................................................................................

18,198,221

‌

83,562,354

‌

LIABILITIES

Bank

overdraft

.....................................................................................

745

‌

6,082

‌

Collateral

on

securities

loaned

..........................................................................

433,992

‌

2,271,144

‌

Payables:

Investments

purchased

.............................................................................

—

‌

69,962

‌

Income

dividend

distributions

.........................................................................

133,587

‌

596,297

‌

Investment

advisory

fees

............................................................................

3,733

‌

13,688

‌

Variation

margin

on

futures

contracts

....................................................................

299

‌

1,050

‌

Unrealized

depreciation

on:

OTC

swaps

.....................................................................................

—

‌

4,595

‌

Total

liabilities

.....................................................................................

572,356

‌

2,962,818

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

17,625,865

‌

$

80,599,536

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

23,311,056

‌

$

101,113,857

‌

Accumulated

loss

..................................................................................

(

5,685,191

)

(

20,514,321

)

NET

ASSETS

.....................................................................................

$

17,625,865

‌

$

80,599,536

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

350,000

‌

3,050,000

‌

Net

asset

value

....................................................................................

$

50.36

‌

$

26.43

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

421,194

‌

$

2,217,858

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

18,266,107

‌

$

91,314,587

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

597,954

‌

$

3,163,137

‌

18

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

Six

Months

Ended

September

30,

2023

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

263,075

‌

$

1,106,982

‌

Dividends

—

affiliated

..............................................................................

1,154

‌

10,666

‌

Interest

—

unaffiliated

..............................................................................

116

‌

680

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

579

‌

11,788

‌

Foreign

taxes

withheld

.............................................................................

(

303

)

(

1,469

)

Total

investment

income

..............................................................................

264,621

‌

1,128,647

‌

EXPENSES

Investment

advisory

...............................................................................

23,515

‌

104,679

‌

Total

expenses

....................................................................................

23,515

‌

104,679

‌

Less:

—

‌

(

20,456

)

Investment

advisory

fees

waived

.......................................................................

—

‌

(

20,456

)

Total

expenses

after

fees

waived

........................................................................

23,515

‌

84,223

‌

Net

investment

income

...............................................................................

241,106

‌

1,044,424

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

207,424

‌

(

1,973,479

)

Investments

—

affiliated

...........................................................................

108

‌

519

‌

Futures

contracts

...............................................................................

3,423

‌

(

1,308

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

(

5,656

)

(

994,584

)

Swaps  

......................................................................................

—

‌

3,143

‌

205,299

‌

(

2,965,709

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

265,574

)

1,727,608

‌

Investments

—

affiliated

...........................................................................

55

‌

(

118

)

Futures

contracts

...............................................................................

(

4,348

)

(

11,900

)

Swaps  

......................................................................................

—

‌

(

3,576

)

(

269,867

)

1,712,014

‌

Net

realized

and

unrealized

loss

.........................................................................

(

64,568

)

(

1,253,695

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....................................

$

176,538

‌

$

(

209,271

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

19

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

iShares

US

Small

Cap

Value

Factor

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

241,106

‌

$

718,331

‌

$

1,044,424

‌

$

3,236,064

‌

Net

realized

gain

(loss)

.........................................

205,299

‌

(

3,887,014

)

(

2,965,709

)

(

2,533,049

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

269,867

)

(

326,217

)

1,712,014

‌

(

16,723,433

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

176,538

‌

(

3,494,900

)

(

209,271

)

(

16,020,418

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

235,205

)

(

726,394

)

(

997,948

)

(

3,151,456

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

2,469,647

)

(

10,720,408

)

(

15,323,581

)

(

63,196,281

)

NET

ASSETS

Total

decrease

in

net

assets

.......................................

(

2,528,314

)

(

14,941,702

)

(

16,530,800

)

(

82,368,155

)

Beginning

of

period

.............................................

20,154,179

‌

35,095,881

‌

97,130,336

‌

179,498,491

‌

End

of

period

.................................................

$

17,625,865

‌

$

20,154,179

‌

$

80,599,536

‌

$

97,130,336

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Focused

Value

Factor

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Period

From

03/19/19

(a)

to

03/31/19

Net

asset

value,

beginning

of

period

.....

$

50.39

‌

$

58.49

‌

$

53.34

‌

$

30.23

‌

$

48.63

‌

$

49.43

‌

Net

investment

income

(b)

.............

0

.67

‌

1

.54

‌

1

.71

‌

1

.23

‌

1

.33

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...

(

0

.03

)

(

8

.03

)

5

.25

‌

23.04

‌

(

18.31

)

(

0

.84

)

Net

increase

(decrease)

from

investment

operations

.......................

0

.64

‌

(

6

.49

)

6

.96

‌

24.27

‌

(

16.98

)

(

0

.80

)

Distributions

from

net

investment

income

(d)

...

(

0

.67

)

(

1

.61

)

(

1

.81

)

(

1

.16

)

(

1

.42

)

—

‌

Net

asset

value,

end

of

period

..........

$

50.36

‌

$

50.39

‌

$

58.49

‌

$

53.34

‌

$

30.23

‌

$

48.63

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

..............

1

.27

%

(f)

(

11.02

)

%

13.20

%

81.85

%

(

35.71

)

%

(

1

.62

)

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.....................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

(h)

Net

investment

income

................

2

.56

%

(h)

2

.94

%

3

.01

%

3

.20

%

2

.76

%

2

.36

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

17,626

‌

$

20,154

‌

$

35,096

‌

$

40,003

‌

$

18,141

‌

$

31,607

‌

Portfolio

turnover

rate

(i)

................

74

%

133

%

138

%

70

%

149

%

0

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

21

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

US

Small

Cap

Value

Factor

ETF

Six

Months

Ended

09/30/23

(unaudited)

Year

Ended

03/31/23

Year

Ended

03/31/22

Period

From

10/27/20

(a)

to

03/31/21

Net

asset

value,

beginning

of

period

......................................

$

26.61

‌

$

30.68

‌

$

30.56

‌

$

19.56

‌

Net

investment

income

(b)

..............................................

0

.33

‌

0

.68

‌

0

.57

‌

0

.20

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................................

(

0

.18

)

(

4

.03

)

0

.28

‌

10.94

‌

Net

increase

(decrease)

from

investment

operations

.............................

0

.15

‌

(

3

.35

)

0

.85

‌

11.14

‌

Distributions

from

net

investment

income

(d)

....................................

(

0

.33

)

(

0

.72

)

(

0

.73

)

(

0

.14

)

Net

asset

value,

end

of

period

...........................................

$

26.43

‌

$

26.61

‌

$

30.68

‌

$

30.56

‌

Total

Return

(e)

–

–

–

–

Based

on

net

asset

value

...............................................

0

.53

%

(f)

(

10.95

)

%

2

.79

%

57.05

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

Total

expenses

......................................................

0

.25

%

(h)

0

.30

%

0

.30

%

0

.30

%

(h)

Total

expenses

after

fees

waived

..........................................

0

.20

%

(h)

0

.20

%

0

.20

%

0

.20

%

(h)

Net

investment

income

.................................................

2

.47

%

(h)

2

.39

%

1

.84

%

1

.74

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

80,600

‌

$

97,130

‌

$

179,498

‌

$

113,060

‌

Portfolio

turnover

rate

(i)

.................................................

2

%

71

%

13

%

14

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

Notes

to

Financial

Statements

(unaudited)

22

2023

iShares

Semi-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

September

30,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

Focused

Value

Factor

..................................................................................................

Diversified

US

Small

Cap

Value

Factor

..............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

23

Notes

to

Financial

Statements

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee,

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

Notes

to

Financial

Statements

(unaudited)

(continued)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Total

return

swaps

are

entered

into

by

the iShares

US

Small

Cap

Value

Factor

ETF

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Focused

Value

Factor

J.P.

Morgan

Securities

LLC

.....................................

$

421,194

‌

$

(

421,194

)

$

—

‌

$

—

‌

$

421,194

‌

$

(

421,194

)

$

—

‌

$

—

‌

a

US

Small

Cap

Value

Factor

Barclays

Bank

PLC

...........................................

615,848

‌

(

615,848

)

—

‌

—

‌

BNP

Paribas

SA

.............................................

167,446

‌

(

167,446

)

—

‌

—

‌

BofA

Securities,

Inc.

..........................................

98,003

‌

(

98,003

)

—

‌

—

‌

Goldman

Sachs

&

Co.

LLC

.....................................

195,314

‌

(

195,314

)

—

‌

—

‌

Jefferies

LLC

...............................................

196,140

‌

(

196,140

)

—

‌

—

‌

Morgan

Stanley

.............................................

20,972

‌

(

20,972

)

—

‌

—

‌

National

Financial

Services

LLC

..................................

308,855

‌

(

308,855

)

—

‌

—

‌

RBC

Capital

Markets

LLC

......................................

382

‌

(

382

)

—

‌

—

‌

Scotia

Capital

(USA),

Inc.

......................................

423,443

‌

(

423,443

)

—

‌

—

‌

State

Street

Bank

&

Trust

Co.

....................................

19,714

‌

(

19,714

)

—

‌

—

‌

Toronto-Dominion

Bank

........................................

9,645

‌

(

9,645

)

—

‌

—

‌

Virtu

Americas

LLC

...........................................

162,096

‌

(

162,096

)

—

‌

—

‌

$

2,217,858

‌

$

(

2,217,858

)

$

—

‌

$

—

‌

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.

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities. 

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

Expense

Waivers:

Prior

to

June

30,

2023,

BFA

had

contractually

agreed

to

waive

a

portion

of

its

management

fee

such

that

iShares

US

Small

Cap

Value

Factor

ETF’s

total

annual

fund

operating

expenses

after

the

fee

waiver

would

not

exceed

0.20%.

The

contractual

waiver

was

terminated

as

of

June

30,

2023,

by

written

agreement

of

the

Trust

and

BFA.

iShares

ETF

Investment

Advisory

Fees

Focused

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

US

Small

Cap

Value

Factor

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20

Notes

to

Financial

Statements

(unaudited)

(continued)

26

2023

iShares

Semi-Annual

Report

to

Shareholders

This

amount

is

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the six

months

ended

September

30,

2023,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. Each

Fund

does

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended 

September

30,

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

six

months

ended

September

30,

2023

,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

September

30,

2023

,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Waived

US

Small

Cap

Value

Factor

.............................................................................................................................................

$

20,456

‌

iShares

ETF

Amounts

Focused

Value

Factor

.................................................................................................

$

234

‌

US

Small

Cap

Value

Factor

.............................................................................................

3,421

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Focused

Value

Factor

.............................................................

$

1,379,654

‌

$

1,726,093

‌

$

26,188

‌

US

Small

Cap

Value

Factor

.........................................................

33,940

‌

143,731

‌

(

241,868

)

iShares

ETF

Purchases

Sales

Focused

Value

Factor

...............................................................................

$

13,990,105

‌

$

14,367,569

‌

US

Small

Cap

Value

Factor

...........................................................................

2,005,214

‌

4,976,361

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

27

Notes

to

Financial

Statements

For

the six

months ended

September

30,

2023

,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

September

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of March

31,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses

as

follows:

As

of

September

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

iShares

ETF

In-kind

Purchases

In-kind

Sales

Focused

Value

Factor

...............................................................................

$

—

‌

$

2,308,953

‌

US

Small

Cap

Value

Factor

...........................................................................

4,393,602

‌

16,858,510

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Ordinary

Losses

Focused

Value

Factor

...............................................................................

$

5,139,862

‌

$

—

‌

US

Small

Cap

Value

Factor

...........................................................................

6,226,922

‌

26,369

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Focused

Value

Factor

...........................................

$

18,926,521

‌

$

747,599

‌

$

(

1,515,726

)

$

(

768,127

)

US

Small

Cap

Value

Factor

.......................................

94,784,186

‌

7,047,722

‌

(

18,385,542

)

(

11,337,820

)

Notes

to

Financial

Statements

(unaudited)

(continued)

28

2023

iShares

Semi-Annual

Report

to

Shareholders

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.

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.

Six

Months

Ended

09/30/23

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Focused

Value

Factor

Shares

sold

...............................................

—

‌

$

—

‌

50,000

‌

$

2,482,133

‌

Shares

redeemed

...........................................

(

50,000

)

(

2,469,647

)

(

250,000

)

(

13,202,541

)

(

50,000

)

$

(

2,469,647

)

(

200,000

)

$

(

10,720,408

)

US

Small

Cap

Value

Factor

Shares

sold

...............................................

200,000

‌

$

5,373,660

‌

600,000

‌

$

16,584,672

‌

Shares

redeemed

...........................................

(

800,000

)

(

20,697,241

)

(

2,800,000

)

(

79,780,953

)

(

600,000

)

$

(

15,323,581

)

(

2,200,000

)

$

(

63,196,281

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

29

Notes

to

Financial

Statements

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

30

2023

iShares

Semi-Annual

Report

to

Shareholders

iShares

Focused

Value

Factor

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

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)

31

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

US

Small

Cap

Value

Factor

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)

32

2023

iShares

Semi-Annual

Report

to

Shareholders

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

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)

33

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

any

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

during

the

June

7-8,

2023

meeting,

the

Board

approved

a

permanent

reduction

to

the

advisory

fee

rate

charged

to

the

Fund.

In

addition,

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)

34

2023

iShares

Semi-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.

General

Information

35

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

36

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-320-0923

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.   Code of Ethics.

Not applicable to this semi-annual report.

Item 3.   Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.   Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.   Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.   Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

                Not applicable to the registrant.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

                Not applicable to the registrant.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

                Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

                There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	November 20, 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:		November 20, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		November 20, 2023