UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: BlackRock Fund Advisors 400 Howard Street, San Francisco, CA				94105
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	April 30, 2024
Date of reporting period:	October 31, 2023

Item 1.   Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

October

31,

2023

iShares

Trust

iShares

Dow

Jones

U.S.

ETF

|

IYY

|

NYSE

Arca

iShares

MSCI

KLD

400

Social

ETF

|

DSI

|

NYSE

Arca

iShares

MSCI

USA

ESG

Select

ETF

|

SUSA

|

NYSE

Arca

iShares

U.S.

Basic

Materials

ETF

|

IYM

|

NYSE

Arca

iShares

U.S.

Consumer

Discretionary

ETF

|

IYC

|

NYSE

Arca

iShares

U.S.

Consumer

Staples

ETF

|

IYK

|

NYSE

Arca

iShares

U.S.

Energy

ETF

|

IYE

|

NYSE

Arca

iShares

U.S.

Financial

Services

ETF

|

IYG

|

NYSE

Arca

iShares

U.S.

Financials

ETF

|

IYF

|

NYSE

Arca

iShares

U.S.

Healthcare

ETF

|

IYH

|

NYSE

Arca

iShares

U.S.

Industrials

ETF

|

IYJ

|

Cboe

BZX

iShares

U.S.

Technology

ETF

|

IYW

|

NYSE

Arca

iShares

U.S.

Transportation

ETF

|

IYT

|

Cboe

BZX

iShares

U.S.

Utilities

ETF

|

IDU

|

NYSE

Arca

2023

Semi-Annual

Report

(Unaudited)

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

October

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

as

the

annual

increase

in

the

Consumer

Price

Index

declined

to

its

long-term

average

of

approximately

3%

in

October

2023.

Meanwhile,

real

economic

growth

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

before

rising

slightly.

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

solid

during

the

period,

as

the

durability

of

consumer

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

However,

equity

returns

were

uneven,

as

the

performance

of

a

few

notable

technology

companies

supported

gains

among

large-capitalization

U.S.

stocks,

while

small-capitalization

U.S.

stocks

declined

overall.

Meanwhile,

international

developed

market

equities

advanced,

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,

but

slowed

and

then

paused

its

tightening

later

in

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

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

several

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.

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

October

31,

2023

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.39%

10.14%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(5.29)

(8.56)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(7.88)

14.40

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.78)

10.80

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.63

4.77

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.70)

(3.25)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.13)

0.36

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.65)

2.64

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

0.02

6.23

2

This

Page

is

not

Part

of

Your

Fund

Report

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

18

Disclosure

of

Expenses

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

18

Schedules

of

Investments

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

19

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

79

Statements

of

Operations

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

83

Statements

of

Changes

in

Net

Assets

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

87

Financial

Highlights

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

94

Notes

to

Financial

Statements

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

108

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

120

Supplemental

Information

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

130

General

Information

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

131

Glossary

of

Terms

Used

in

this

Report

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

132

iShares

®

Dow

Jones

U.S.

ETF

4

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

Dow

Jones

U.S.

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

Dow

Jones

U.S.

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

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

1.23

%

9.20

%

10.25

%

10.48

%

9.20

%

62.87

%

170.80

%

Fund

Market

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

1.29

9.17

10.25

10.47

–

%

9.17

62.89

170.67

Index

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

1.31

9.38

10.45

10.68

9.38

64.37

175.80

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,012.30

‌

$

1.01

‌

$

1,000.00

‌

$

1,024.13

‌

$

1.02

‌

0.20

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

27.4‌

%

Financials

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

13.1‌

Health

Care

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

12.8‌

Consumer

Discretionary

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

10.5‌

Industrials

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

9.3‌

Communication

Services

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

8.3‌

Consumer

Staples

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

6.2‌

Energy

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

4.6‌

Real

Estate

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

2.7‌

Materials

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

2.6‌

Utilities

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

2.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

6.5‌

%

Apple,

Inc.

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

6.5‌

Amazon.com,

Inc.

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

3.1‌

NVIDIA

Corp.

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

2.6‌

Alphabet,

Inc.,

Class

A

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

1.9‌

Meta

Platforms,

Inc.,

Class

A

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

1.7‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.6‌

Berkshire

Hathaway,

Inc.,

Class

B

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

1.6‌

Tesla,

Inc.

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

1.4‌

UnitedHealth

Group,

Inc.

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

1.3‌

      aaa

aa

iShares

®

MSCI

KLD

400

Social

ETF

5

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

MSCI

KLD

400

Social

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

KLD

400

Social

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

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

1.63

%

11.77

%

11.46

%

10.70

%

11.77

%

72.01

%

176.43

%

Fund

Market

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

1.63

11.83

11.46

10.70

–

%

11.83

72.04

176.29

Index

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

1.74

12.04

11.74

11.11

‌

12.04

74.22

186.76

‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,016.30

‌

$

1.27

‌

$

1,000.00

‌

$

1,023.88

‌

$

1.27

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

33.2‌

%

Financials

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

12.1‌

Health

Care

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

10.9‌

Consumer

Discretionary

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

9.8‌

Communication

Services

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

9.1‌

Industrials

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

9.0‌

Consumer

Staples

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

7.3‌

Real

Estate

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

3.0‌

Materials

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

2.8‌

Energy

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

1.7‌

Utilities

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

1.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

12.2‌

%

NVIDIA

Corp.

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

5.1‌

Alphabet,

Inc.,

Class

A

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

3.8‌

Alphabet,

Inc.,

Class

C,

NVS

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

3.4‌

Tesla,

Inc.

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

2.9‌

Visa,

Inc.,

Class

A

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

2.0‌

Procter

&

Gamble

Co.

(The)

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

1.8‌

Mastercard,

Inc.,

Class

A

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

1.6‌

Home

Depot,

Inc.

(The)

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

1.5‌

Merck

&

Co.,

Inc.

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

1.3‌

      aaa

aa

iShares

®

MSCI

USA

ESG

Select

ETF

6

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

MSCI

USA

ESG

Select

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

companies

that

have

positive

environmental,

social

and

governance

characteristics,

as

represented

by

the

MSCI

USA

Extended

ESG

Select

Index

(the

“Index”). 

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

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

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

(1.06

)

%

6.75

%

10.99

%

10.57

%

6.75

%

68.43

%

173.08

%

Fund

Market

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

(1.03

)

6.68

10.97

10.55

–

%

6.68

68.28

172.66

Index

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

(0.93

)

7.02

11.27

10.97

‌

7.02

70.58

183.26

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

989.40

‌

$

1.25

‌

$

1,000.00

‌

$

1,023.88

‌

$

1.27

‌

0.25

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

Sector

Percent

of

Total

Investments

(a)

Information

Technology

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

31.7‌

%

Health

Care

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

13.3‌

Industrials

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

11.6‌

Financials

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

9.8‌

Consumer

Staples

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

9.0‌

Consumer

Discretionary

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

7.2‌

Communication

Services

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

5.8‌

Energy

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

4.6‌

Real

Estate

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

3.3‌

Materials

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

2.9‌

Utilities

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

0.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Microsoft

Corp.

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

5.6‌

%

Apple,

Inc.

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

5.2‌

NVIDIA

Corp.

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

3.3‌

Coca-Cola

Co.

(The)

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

2.1‌

Alphabet,

Inc.,

Class

A

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

2.0‌

Home

Depot,

Inc.

(The)

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

1.7‌

Adobe,

Inc.

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

1.6‌

Tesla,

Inc.

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

1.5‌

ONEOK,

Inc.

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

1.5‌

Alphabet,

Inc.,

Class

C,

NVS

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

1.5‌

      aaa

aa

iShares

®

U.S.

Basic

Materials

ETF

7

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Basic

Materials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

basic

materials

sector,

as

represented

by

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Basic

Materials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Basic

Materials

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(5.57

)

%

5.16

%

8.67

%

6.59

%

5.16

%

51.57

%

89.31

%

Fund

Market

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

(5.63

)

5.12

8.67

6.58

–

%

5.12

51.54

89.18

Index

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

(5.37

)

5.58

9.10

7.01

5.58

54.59

96.86

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

944.30

‌

$

1.95

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Chemicals

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

60.1‌

%

Metals

&

Mining

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

28.0‌

Trading

Companies

&

Distributors

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

4.4‌

Containers

&

Packaging

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

4.2‌

Machinery

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

1.7‌

Other

(each

representing

less

than

1%)

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

1.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Linde

PLC

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

21.0‌

%

Air

Products

and

Chemicals,

Inc.

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

7.7‌

Freeport-McMoRan,

Inc.

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

6.0‌

Newmont

Corp.

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

5.7‌

Ecolab,

Inc.

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

5.4‌

Nucor

Corp.

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

4.9‌

Fastenal

Co.

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

4.4‌

Dow,

Inc.

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

4.2‌

LyondellBasell

Industries

NV,

Class

A

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

3.3‌

International

Flavors

&

Fragrances,

Inc.

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

2.8‌

      aaa

aa

iShares

®

U.S.

Consumer

Discretionary

ETF

8

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Consumer

Discretionary

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

discretionary

sector,

as

represented

by

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Consumer

Services

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Discretionary

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.68

%

6.23

%

6.58

%

9.32

%

6.23

%

37.55

%

143.78

%

Fund

Market

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

0.69

6.18

6.59

9.32

–

%

6.18

37.56

143.75

Index

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

0.85

6.56

7.07

9.77

6.56

40.71

153.98

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,006.80

‌

$

2.02

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Consumer

Discretionary

Distribution

&

Retail

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

32.8‌

%

Consumer

Services

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

18.5‌

Media

&

Entertainment

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

12.8‌

Consumer

Staples

Distribution

&

Retail

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

11.3‌

Automobiles

&

Components

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

10.8‌

Consumer

Durables

&

Apparel

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

8.2‌

Transportation

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

3.4‌

Commercial  &

Professional

Services

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

1.3‌

Other

(each

representing

less

than

1%)

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

0.9‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Amazon.com,

Inc.

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

14.9‌

%

Tesla,

Inc.

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

7.6‌

Costco

Wholesale

Corp.

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

4.5‌

Walmart,

Inc.

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

4.4‌

Home

Depot,

Inc.

(The)

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

4.3‌

McDonald's

Corp.

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

4.0‌

Netflix,

Inc.

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

3.9‌

Walt

Disney

Co.

(The)

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

3.3‌

Nike,

Inc.,

Class

B

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

2.7‌

Lowe's

Companies,

Inc.

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

2.5‌

      aaa

aa

iShares

®

U.S.

Consumer

Staples

ETF

9

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Consumer

Staples

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

consumer

staples

sector,

as

represented

by

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

Dow

Jones

U.S.

Consumer

Goods

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Consumer

Staples

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(10.04

)

%

(4.51

)

%

11.84

%

9.30

%

(4.51

)

%

74.98

%

143.44

%

Fund

Market

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

(10.08

)

(4.59

)

11.84

9.30

–

%

(4.59

)

74.99

143.44

Index

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

(9.86

)

(4.12

)

12.31

9.76

(4.12

)

78.66

153.80

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

899.60

‌

$

1.91

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Food,

Beverage

&

Tobacco

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

57.3‌

%

Household

&

Personal

Products

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

25.9‌

Health

Care

Equipment

&

Services

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

9.1‌

Consumer

Staples

Distribution

&

Retail

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

5.9‌

Materials

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

1.8‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Procter

&

Gamble

Co.

(The)

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

17.0‌

%

PepsiCo,

Inc.

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

10.9‌

Coca-Cola

Co.

(The)

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

10.7‌

Philip

Morris

International,

Inc.

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

6.8‌

Mondelez

International,

Inc.,

Class

A

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

4.5‌

CVS

Health

Corp.

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

4.4‌

Altria

Group,

Inc.

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

3.6‌

McKesson

Corp.

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

3.2‌

Colgate-Palmolive

Co.

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

3.1‌

Kimberly-Clark

Corp.

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

2.1‌

aaa

aa

iShares

®

U.S.

Energy

ETF

10

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Energy

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

energy

sector,

as

represented

by

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Oil

&

Gas

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Energy

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

1.83

%

(4.42

)

%

8.46

%

2.50

%

(4.42

)

%

50.09

%

28.01

%

Fund

Market

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

1.82

(4.45

)

8.47

2.50

–

%

(4.45

)

50.19

27.96

Index

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

2.03

(4.04

)

8.89

2.91

(4.04

)

53.07

33.18

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,018.30

‌

$

2.03

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

88.4‌

%

Energy

Equipment

&

Services

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

9.8‌

Semiconductors

&

Semiconductor

Equipment

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

1.6‌

Other

(each

representing

less

than

1%)

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Exxon

Mobil

Corp.

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

22.1‌

%

Chevron

Corp.

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

13.8‌

ConocoPhillips

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

7.9‌

Schlumberger

Ltd.

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

4.4‌

EOG

Resources,

Inc.

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

4.1‌

Marathon

Petroleum

Corp.

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

3.7‌

Pioneer

Natural

Resources

Co.

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

3.3‌

Phillips

66

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

3.1‌

Valero

Energy

Corp.

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

2.7‌

Occidental

Petroleum

Corp.

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

2.6‌

      aaa

aa

iShares

®

U.S.

Financial

Services

ETF

11

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Financial

Services

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financial

services

sector,

as

represented

by

the

Dow

Jones

U.S.

Financial

Services

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(2.40

)

%

(4.20

)

%

5.40

%

8.63

%

(4.20

)

%

30.10

%

128.72

%

Fund

Market

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

(2.34

)

(4.23

)

5.40

8.62

–

%

(4.23

)

30.10

128.63

Index

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

(2.19

)

(3.81

)

5.82

9.07

(3.81

)

32.70

138.27

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

976.00

‌

$

1.99

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Financial

Services

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

69.9‌

%

Banks

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

30.1‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

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

16.2‌

%

JPMorgan

Chase

&

Co.

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

10.5‌

Visa,

Inc.,

Class

A

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

9.8‌

Mastercard,

Inc.,

Class

A

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

8.1‌

Bank

of

America

Corp.

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

4.7‌

Wells

Fargo

&

Co.

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

3.8‌

S&P

Global,

Inc.

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

3.0‌

Goldman

Sachs

Group,

Inc.

(The)

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

2.6‌

Morgan

Stanley

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

2.3‌

BlackRock,

Inc.

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

2.2‌

      aaa

aa

iShares

®

U.S.

Financials

ETF

12

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Financials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

financials

sector,

as

represented

by

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Financials

Capped

(TR)

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Financials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

0.10

%

(1.97

)

%

6.62

%

8.55

%

(1.97

)

%

37.76

%

127.25

%

Fund

Market

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

0.09

(1.98

)

6.62

8.55

–

%

(1.98

)

37.75

127.10

Index

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

0.31

(1.58

)

7.05

9.00

(1.58

)

40.56

136.64

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,001.00

‌

$

2.01

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Financial

Services

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

46.6‌

%

Banks

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

28.2‌

Insurance

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

24.7‌

Commercial  &

Professional

Services

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

0.5‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Berkshire

Hathaway,

Inc.,

Class

B

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

13.5‌

%

JPMorgan

Chase

&

Co.

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

9.0‌

Bank

of

America

Corp.

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

4.4‌

Wells

Fargo

&

Co.

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

3.8‌

S&P

Global,

Inc.

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

2.9‌

Goldman

Sachs

Group,

Inc.

(The)

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

2.6‌

Marsh

&

McLennan

Companies,

Inc.

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

2.5‌

Progressive

Corp.

(The)

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

2.4‌

BlackRock,

Inc.

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

2.4‌

Chubb

Ltd.

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

2.3‌

      aaa

aa

iShares

®

U.S.

Healthcare

ETF

13

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Healthcare

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

healthcare

sector,

as

represented

by

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Health

Care

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Health

Care

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(6.95

)

%

(4.66

)

%

8.13

%

10.39

%

(4.66

)

%

47.85

%

168.72

%

Fund

Market

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

(6.92

)

(4.69

)

8.14

10.39

–

%

(4.69

)

47.90

168.70

Index

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

(6.77

)

(4.30

)

8.54

10.83

(4.30

)

50.65

179.68

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

930.50

‌

$

1.94

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Pharmaceuticals

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

31.1‌

%

Health

Care

Providers

&

Services

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

20.4‌

Health

Care

Equipment

&

Supplies

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

19.1‌

Biotechnology

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

18.1‌

Life

Sciences

Tools

&

Services

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

10.6‌

Other

(each

representing

less

than

1%)

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

0.7‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

UnitedHealth

Group,

Inc.

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

10.4‌

%

Eli

Lilly

&

Co.

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

9.8‌

Johnson

&

Johnson

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

7.5‌

Merck

&

Co.,

Inc.

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

5.5‌

AbbVie,

Inc.

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

5.2‌

Pfizer,

Inc.

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

3.6‌

Thermo

Fisher

Scientific,

Inc.

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

3.6‌

Abbott

Laboratories

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

3.4‌

Amgen,

Inc.

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

2.9‌

Danaher

Corp.

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

2.6‌

      aaa

aa

iShares

®

U.S.

Industrials

ETF

14

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Industrials

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

industrials

sector,

as

represented

by

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Industrials

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Industrials

40

Act

15/22.5

Daily

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(1.91

)

%

4.45

%

8.11

%

8.90

%

4.45

%

47.66

%

134.60

%

Fund

Market

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

(1.94

)

4.43

8.10

8.90

–

%

4.43

47.64

134.47

Index

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

(1.71

)

4.86

8.54

9.36

4.86

50.64

144.64

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

980.90

‌

$

1.99

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Capital

Goods

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

46.9‌

%

Financial

Services

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

22.5‌

Transportation

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

10.6‌

Commercial  &

Professional

Services

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

6.7‌

Materials

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

6.0‌

Software

&

Services

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

4.5‌

Technology

Hardware

&

Equipment

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

1.6‌

Other

(each

representing

less

than

1%)

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

1.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Visa,

Inc.,

Class

A

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

7.9‌

%

Mastercard,

Inc.,

Class

A

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

6.5‌

Accenture

PLC,

Class

A

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

3.9‌

Union

Pacific

Corp.

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

2.6‌

Honeywell

International,

Inc.

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

2.5‌

RTX

Corp.

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

2.5‌

General

Electric

Co.

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

2.4‌

Caterpillar,

Inc.

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

2.4‌

Boeing

Co.

(The)

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

2.2‌

Lockheed

Martin

Corp.

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

2.1‌

      aaa

aa

iShares

®

U.S.

Technology

ETF

15

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Technology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

technology

sector,

as

represented

by

the

Russell

1000

Technology

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Index

performance

through

June

23,

2019

reflects

the

performance

of

the

Dow

Jones

U.S.

Technology

Total

Return

Index.

Index

performance

beginning

on

June

24,

2019

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Technology

Capped

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Technology

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

11.66

%

36.47

%

19.19

%

18.55

%

36.47

%

140.52

%

448.18

%

Fund

Market

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

11.65

36.38

19.18

18.54

–

%

36.38

140.47

447.67

Index

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

11.89

37.01

19.65

19.06

37.01

145.21

472.17

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

1,116.60

‌

$

2.13

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Software

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

37.7‌

%

Semiconductors

&

Semiconductor

Equipment

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

21.2‌

Technology

Hardware,

Storage

&

Peripherals

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

19.1‌

Interactive

Media

&

Services

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

14.4‌

IT

Services

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

4.5‌

Electronic

Equipment,

Instruments

&

Components

..........

1.5‌

Other

(each

representing

less

than

1%)

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

1.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Apple,

Inc.

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

18.1‌

%

Microsoft

Corp.

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

18.0‌

Alphabet,

Inc.,

Class

A

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

5.5‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.7‌

NVIDIA

Corp.

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

4.2‌

Meta

Platforms,

Inc.,

Class

A

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

3.8‌

Broadcom,

Inc.

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

3.0‌

Adobe,

Inc.

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

2.8‌

Salesforce,

Inc.

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

2.3‌

Advanced

Micro

Devices,

Inc.

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

1.9‌

      aaa

aa

iShares

®

U.S.

Transportation

ETF

16

2023

iShares

Semi-Annual

Report

to

Shareholders

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Transportation

ETF

(the

“Fund”)

 seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

transportation

sector,

as

represented

by

the

S&P

Transportation

Select

Industry

FMC

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

July

18,

2021

reflects

the

performance

of

the

Dow

Jones

Transportation

Average

Index

TM

.

Index

performance

beginning

on

July

19,

2021

reflects

the

performance

of

the

S&P

Transportation

Select

Industry

FMC

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(1.32

)

%

4.06

%

4.79

%

6.94

%

4.06

%

26.39

%

95.66

%

Fund

Market

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

(1.35

)

4.06

4.81

6.94

–

%

4.06

26.45

95.64

Index

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

(1.12

)

4.46

5.77

7.56

4.46

32.37

107.20

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

986.80

‌

$

2.00

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Ground

Transportation

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

58.9‌

%

Air

Freight

&

Logistics

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

27.0‌

Passenger

Airlines

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

12.5‌

Marine

Transportation

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

1.6‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

Union

Pacific

Corp.

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

18.7‌

%

United

Parcel

Service,

Inc.,

Class

B

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

15.1‌

Uber

Technologies,

Inc.

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

12.7‌

CSX

Corp.

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

4.8‌

Norfolk

Southern

Corp.

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

4.8‌

FedEx

Corp.

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

4.7‌

Old

Dominion

Freight

Line,

Inc.

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

4.4‌

Delta

Air

Lines,

Inc.

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

3.7‌

Expeditors

International

of

Washington,

Inc.

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

3.2‌

JB

Hunt

Transport

Services,

Inc.

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

2.8‌

aaa

aa

iShares

®

U.S.

Utilities

ETF

17

Fund

Summary

Fund

Summary

as

of

October

31,

2023

Investment

Objective

The

iShares

U.S.

Utilities

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

equities

in

the

utilities

sector,

as

represented

by

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

September

19,

2021

reflects

the

performance

of

the

Dow

Jones

U.S.

Utilities

Index

TM

.

Index

performance

beginning

on

September

20,

2021

reflects

the

performance

of

the

Russell

1000

Utilities

RIC

22.5/45

Capped

Index.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance”

for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

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

(11.27

)

%

(7.10

)

%

4.73

%

7.50

%

(7.10

)

%

25.98

%

106.08

%

Fund

Market

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

(11.31

)

(7.17

)

4.71

7.49

–

%

(7.17

)

25.89

105.94

Index

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

(11.10

)

(6.74

)

5.15

7.95

(6.74

)

28.51

114.92

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00

‌

$

887.30

‌

$

1.90

‌

$

1,000.00

‌

$

1,023.13

‌

$

2.03

‌

0.40

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Electric

Utilities

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

57.5‌

%

Multi-Utilities

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

23.8‌

Commercial

Services

&

Supplies

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

10.5‌

Water

Utilities

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

3.0‌

Independent

Power

and

Renewable

Electricity

Producers

.....

2.6‌

Gas

Utilities

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

2.4‌

Other

(each

representing

less

than

1%)

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

0.2‌

a

a

(a)

Excludes

money

market

funds.

TEN

LARGEST

HOLDINGS

Security

Percent

of

Total

Investments

(a)

NextEra

Energy,

Inc.

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

11.4‌

%

Southern

Co.

(The)

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

7.1‌

Duke

Energy

Corp.

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

6.6‌

Waste

Management,

Inc.

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

6.4‌

Sempra

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

4.3‌

American

Electric

Power

Co.,

Inc.

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

3.7‌

Exelon

Corp.

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

3.7‌

Constellation

Energy

Corp.

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

3.6‌

Dominion

Energy,

Inc.

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

3.2‌

Xcel

Energy,

Inc.

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

3.1‌

      aaa

aa

About

Fund

Performance

18

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.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown

(which

are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the Period.”

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.6

%

Axon

Enterprise,

Inc.

(a)

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

2,770

$

566,437

Boeing

Co.

(The)

(a)

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

22,391

4,183,087

BWX

Technologies,

Inc.

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

3,690

274,093

Curtiss-Wright

Corp.

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

1,517

301,595

General

Dynamics

Corp.

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

8,937

2,156,587

HEICO

Corp.

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

1,559

246,961

HEICO

Corp.

,

Class

A

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

2,998

381,136

Hexcel

Corp.

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

3,370

208,670

Howmet

Aerospace,

Inc.

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

15,461

681,830

Huntington

Ingalls

Industries,

Inc.

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

1,591

349,734

L3Harris

Technologies,

Inc.

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

7,507

1,346,831

Lockheed

Martin

Corp.

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

8,848

4,022,655

Northrop

Grumman

Corp.

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

5,614

2,646,608

RTX

Corp.

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

57,461

4,676,751

Textron,

Inc.

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

7,742

588,392

TransDigm

Group,

Inc.

(a)

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

2,180

1,805,236

Woodward,

Inc.

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

2,430

303,021

24,739,624

a

Air

Freight

&

Logistics

 — 

0

.5

%

CH

Robinson

Worldwide,

Inc.

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

4,616

377,727

Expeditors

International

of

Washington,

Inc.

.......

5,839

637,911

FedEx

Corp.

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

9,102

2,185,390

GXO

Logistics,

Inc.

(a)

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

4,646

234,669

United

Parcel

Service,

Inc.

,

Class

B

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

28,554

4,033,253

7,468,950

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(a)

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

11,166

973,675

Autoliv,

Inc.

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

3,104

284,482

BorgWarner,

Inc.

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

9,205

339,665

Fox

Factory

Holding

Corp.

(a)

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

1,634

133,122

Gentex

Corp.

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

9,096

260,873

Lear

Corp.

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

2,312

300,005

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

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

3,009

107,331

QuantumScape

Corp.

,

Class

A

(a)

(b)

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

14,591

76,165

2,475,318

a

Automobiles

 — 

1

.7

%

Ford

Motor

Co.

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

155,069

1,511,923

General

Motors

Co.

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

54,322

1,531,880

Harley-Davidson,

Inc.

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

5,208

139,835

Lucid

Group,

Inc.

(a)

(b)

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

35,076

144,513

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

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

26,359

427,543

Tesla,

Inc.

(a)

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

109,008

21,893,167

Thor

Industries,

Inc.

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

2,148

188,873

25,837,734

a

Banks

 — 

3

.0

%

Bank

of

America

Corp.

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

273,150

7,194,771

Bank

OZK

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

4,185

149,865

BOK

Financial

Corp.

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

1,094

71,679

Citigroup,

Inc.

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

76,032

3,002,504

Citizens

Financial

Group,

Inc.

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

18,646

436,876

Comerica,

Inc.

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

5,169

203,659

Commerce

Bancshares,

Inc.

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

4,552

199,651

Cullen/Frost

Bankers,

Inc.

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

2,513

228,658

East

West

Bancorp,

Inc.

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

5,591

299,789

Fifth

Third

Bancorp

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

26,827

636,068

First

Citizens

BancShares,

Inc.

,

Class

A

..........

473

653,090

First

Financial

Bankshares,

Inc.

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

4,968

119,480

First

Horizon

Corp.

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

22,324

239,983

FNB

Corp.

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

14,000

149,660

Security

Shares

Value

a

Banks

(continued)

Glacier

Bancorp,

Inc.

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

4,438

$

133,983

Home

BancShares,

Inc.

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

7,368

150,676

Huntington

Bancshares,

Inc.

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

56,866

548,757

JPMorgan

Chase

&

Co.

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

114,721

15,953,102

KeyCorp

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

36,784

375,932

M&T

Bank

Corp.

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

6,520

735,130

New

York

Community

Bancorp,

Inc.

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

28,395

269,185

Pinnacle

Financial

Partners,

Inc.

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

3,044

189,824

PNC

Financial

Services

Group,

Inc.

(The)

........

15,784

1,806,794

Popular,

Inc.

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

2,981

193,884

Prosperity

Bancshares,

Inc.

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

3,709

202,289

Regions

Financial

Corp.

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

36,927

536,549

SouthState

Corp.

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

2,960

195,656

Synovus

Financial

Corp.

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

5,774

150,528

TFS

Financial

Corp.

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

2,063

24,467

Truist

Financial

Corp.

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

52,783

1,496,926

U.S.

Bancorp

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

61,470

1,959,664

UMB

Financial

Corp.

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

1,696

106,373

United

Bankshares,

Inc.

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

5,063

143,992

Valley

National

Bancorp

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

16,676

129,739

Webster

Financial

Corp.

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

6,949

263,853

Wells

Fargo

&

Co.

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

144,435

5,744,180

Western

Alliance

Bancorp

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

4,271

175,538

Wintrust

Financial

Corp.

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

2,346

175,223

Zions

Bancorp

NA

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

5,809

179,208

45,427,185

a

Beverages

 — 

1

.5

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

362

120,890

Brown-Forman

Corp.

,

Class

B

,

NVS

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

7,192

403,903

Celsius

Holdings,

Inc.

(a)

(b)

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

1,943

295,511

Coca-Cola

Co.

(The)

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

153,681

8,681,440

Constellation

Brands,

Inc.

,

Class

A

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

6,363

1,489,896

Keurig

Dr

Pepper,

Inc.

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

39,718

1,204,647

Molson

Coors

Beverage

Co.

,

Class

B

...........

7,411

428,134

Monster

Beverage

Corp.

(a)

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

29,372

1,500,909

National

Beverage

Corp.

(a)

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

951

44,107

PepsiCo,

Inc.

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

54,344

8,873,288

23,042,725

a

Biotechnology

 — 

2

.3

%

AbbVie,

Inc.

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

69,677

9,836,999

Alkermes

PLC

(a)

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

6,531

157,985

Alnylam

Pharmaceuticals,

Inc.

(a)

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

4,915

746,097

Amgen,

Inc.

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

21,116

5,399,361

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

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

3,906

190,066

Arrowhead

Pharmaceuticals,

Inc.

(a)

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

4,415

108,565

Biogen,

Inc.

(a)

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

5,711

1,356,591

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

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

7,459

607,535

Blueprint

Medicines

Corp.

(a)

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

2,305

135,672

CRISPR

Therapeutics

AG

(b)

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

3,054

118,892

Denali

Therapeutics,

Inc.

(a)

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

4,992

93,999

Exact

Sciences

Corp.

(a)

(b)

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

7,175

441,908

Exelixis,

Inc.

(a)

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

12,374

254,781

Gilead

Sciences,

Inc.

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

49,192

3,863,540

Halozyme

Therapeutics,

Inc.

(a)

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

5,266

178,359

Incyte

Corp.

(a)

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

7,348

396,278

Intellia

Therapeutics,

Inc.

(a)

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

3,360

84,168

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

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

5,534

244,990

Karuna

Therapeutics,

Inc.

(a)

(b)

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

1,412

235,253

Moderna,

Inc.

(a)

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

13,023

989,227

Natera,

Inc.

(a)

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

4,253

167,866

Neurocrine

Biosciences,

Inc.

(a)

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

3,924

435,329

Regeneron

Pharmaceuticals,

Inc.

(a)

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

4,214

3,286,456

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Biotechnology

(continued)

Roivant

Sciences,

Ltd.

(a)

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

12,741

$

110,082

Sarepta

Therapeutics,

Inc.

(a)

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

3,676

247,432

Seagen,

Inc.

(a)

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

5,527

1,176,201

Ultragenyx

Pharmaceutical,

Inc.

(a)

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

2,954

104,572

United

Therapeutics

Corp.

(a)

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

1,874

417,640

Vertex

Pharmaceuticals,

Inc.

(a)

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

10,196

3,692,074

35,077,918

a

Broadline

Retail

 — 

3

.2

%

Amazon.com,

Inc.

(a)

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

358,427

47,703,049

eBay,

Inc.

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

21,010

824,222

Etsy,

Inc.

(a)

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

4,900

305,270

Kohl's

Corp.

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

4,363

98,386

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

2,440

188,466

49,119,393

a

Building

Products

 — 

0

.6

%

A

O

Smith

Corp.

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

4,917

343,010

Advanced

Drainage

Systems,

Inc.

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

2,734

292,073

Allegion

PLC

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

3,473

341,604

Armstrong

World

Industries,

Inc.

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

1,794

136,147

Builders

FirstSource,

Inc.

(a)

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

4,931

535,112

Carlisle

Companies,

Inc.

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

1,955

496,746

Carrier

Global

Corp.

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

33,149

1,579,881

Fortune

Brands

Innovations,

Inc.

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

5,093

284,190

Johnson

Controls

International

PLC

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

26,860

1,316,677

Lennox

International,

Inc.

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

1,254

464,657

Masco

Corp.

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

8,828

459,851

Owens

Corning

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

3,542

401,557

Simpson

Manufacturing

Co.,

Inc.

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

1,684

224,275

Trane

Technologies

PLC

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

8,975

1,708,032

Trex

Co.,

Inc.

(a)

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

4,405

247,605

UFP

Industries,

Inc.

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

2,412

229,550

Zurn

Elkay

Water

Solutions

Corp.

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

5,703

150,901

9,211,868

a

Capital

Markets

 — 

2

.9

%

Affiliated

Managers

Group,

Inc.

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

1,423

174,687

Ameriprise

Financial,

Inc.

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

4,052

1,274,638

Ares

Management

Corp.

,

Class

A

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

6,515

642,314

Bank

of

New

York

Mellon

Corp.

(The)

...........

30,747

1,306,747

BlackRock,

Inc.

(c)

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

5,518

3,378,561

Blackstone,

Inc.

,

NVS

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

28,011

2,586,816

Blue

Owl

Capital,

Inc.

,

Class

A

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

15,972

196,935

Carlyle

Group,

Inc.

(The)

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

8,486

233,704

Cboe

Global

Markets,

Inc.

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

4,122

675,555

Charles

Schwab

Corp.

(The)

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

58,626

3,050,897

CME

Group,

Inc.

,

Class

A

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

14,225

3,036,468

Coinbase

Global,

Inc.

,

Class

A

(a)

(b)

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

6,775

522,488

FactSet

Research

Systems,

Inc.

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

1,522

657,337

Federated

Hermes,

Inc.

,

Class

B

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

3,314

105,054

Franklin

Resources,

Inc.

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

11,224

255,795

Goldman

Sachs

Group,

Inc.

(The)

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

13,019

3,952,699

Houlihan

Lokey,

Inc.

,

Class

A

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

1,963

197,321

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

4,223

338,136

Intercontinental

Exchange,

Inc.

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

22,639

2,432,334

Invesco

Ltd.

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

17,803

230,905

Janus

Henderson

Group

PLC

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

5,188

119,687

Jefferies

Financial

Group,

Inc.

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

6,978

224,552

KKR

&

Co.,

Inc.

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

25,556

1,415,802

Lazard

Ltd.

,

Class

A

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

4,445

123,438

LPL

Financial

Holdings,

Inc.

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

3,012

676,254

MarketAxess

Holdings,

Inc.

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

1,489

318,274

Moody's

Corp.

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

6,225

1,917,300

Morgan

Stanley

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

50,385

3,568,266

Security

Shares

Value

a

Capital

Markets

(continued)

Morningstar,

Inc.

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

1,052

$

266,408

MSCI,

Inc.

,

Class

A

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

3,123

1,472,651

Nasdaq,

Inc.

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

13,265

657,944

Northern

Trust

Corp.

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

8,243

543,296

Raymond

James

Financial,

Inc.

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

7,420

708,165

Robinhood

Markets,

Inc.

,

Class

A

(a)

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

21,177

193,558

S&P

Global,

Inc.

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

12,844

4,486,538

SEI

Investments

Co.

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

3,919

210,293

State

Street

Corp.

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

12,580

813,045

Stifel

Financial

Corp.

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

4,210

239,970

T

Rowe

Price

Group,

Inc.

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

8,917

806,988

TPG,

Inc.

,

Class

A

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

2,530

69,929

Tradeweb

Markets,

Inc.

,

Class

A

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

4,623

416,116

Virtu

Financial,

Inc.

,

Class

A

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

3,744

69,227

44,567,092

a

Chemicals

 — 

1

.6

%

Air

Products

and

Chemicals,

Inc.

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

8,739

2,468,243

Albemarle

Corp.

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

4,658

590,541

Ashland,

Inc.

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

2,091

160,233

Axalta

Coating

Systems

Ltd.

(a)

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

8,779

230,273

Celanese

Corp.

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

3,901

446,704

CF

Industries

Holdings,

Inc.

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

7,594

605,849

Chemours

Co.

(The)

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

5,889

141,984

Corteva,

Inc.

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

28,128

1,354,082

Dow,

Inc.

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

27,916

1,349,459

DuPont

de

Nemours,

Inc.

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

18,078

1,317,525

Eastman

Chemical

Co.

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

4,628

345,851

Ecolab,

Inc.

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

10,016

1,680,084

Element

Solutions,

Inc.

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

9,035

164,708

FMC

Corp.

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

4,993

265,628

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

55,557

76,113

Huntsman

Corp.

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

6,886

160,650

International

Flavors

&

Fragrances,

Inc.

..........

10,115

691,360

Linde

PLC

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

19,262

7,361,166

LyondellBasell

Industries

NV

,

Class

A

...........

9,958

898,610

Mosaic

Co.

(The)

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

13,069

424,481

NewMarket

Corp.

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

280

135,002

Olin

Corp.

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

4,983

212,874

PPG

Industries,

Inc.

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

9,305

1,142,375

RPM

International,

Inc.

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

5,109

466,298

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

1,586

70,482

Sherwin-Williams

Co.

(The)

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

9,359

2,229,407

Westlake

Corp.

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

1,260

145,354

25,135,336

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Cintas

Corp.

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

3,422

1,735,365

Clean

Harbors,

Inc.

(a)

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

2,003

307,801

Copart,

Inc.

(a)

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

34,306

1,492,997

MSA

Safety,

Inc.

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

1,457

230,031

RB

Global,

Inc.

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

7,172

469,049

Republic

Services,

Inc.

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

8,127

1,206,778

Rollins,

Inc.

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

11,085

416,907

Stericycle,

Inc.

(a)

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

3,660

150,938

Tetra

Tech,

Inc.

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

2,140

322,947

Veralto

Corp.

(a)

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

8,616

594,504

Vestis

Corp.

(a)

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

5,212

79,692

Waste

Management,

Inc.

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

14,539

2,389,194

9,396,203

a

Communications

Equipment

 — 

0

.9

%

Arista

Networks,

Inc.

(a)

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

9,861

1,975,848

Ciena

Corp.

(a)

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

5,889

248,516

Cisco

Systems,

Inc.

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

160,891

8,387,248

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Communications

Equipment

(continued)

F5,

Inc.

(a)

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

2,339

$

354,569

Juniper

Networks,

Inc.

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

12,653

340,619

Lumentum

Holdings,

Inc.

(a)

(b)

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

2,741

107,475

Motorola

Solutions,

Inc.

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

6,615

1,842,013

Ubiquiti,

Inc.

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

161

19,553

13,275,841

a

Construction

&

Engineering

 — 

0

.2

%

AECOM

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

5,548

424,700

API

Group

Corp.

(a)

(b)

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

8,099

209,521

EMCOR

Group,

Inc.

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

1,894

391,395

MasTec,

Inc.

(a)

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

2,344

139,327

MDU

Resources

Group,

Inc.

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

8,054

149,885

Quanta

Services,

Inc.

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

5,728

957,263

Valmont

Industries,

Inc.

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

824

162,254

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

(b)

....

7,605

299,713

2,734,058

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

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

1,390

213,935

Martin

Marietta

Materials,

Inc.

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

2,423

990,862

Vulcan

Materials

Co.

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

5,231

1,027,839

2,232,636

a

Consumer

Finance

 — 

0

.5

%

Ally

Financial,

Inc.

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

10,753

260,115

American

Express

Co.

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

22,972

3,354,601

Capital

One

Financial

Corp.

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

15,009

1,520,262

Credit

Acceptance

Corp.

(a)

(b)

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

236

94,973

Discover

Financial

Services

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

9,835

807,257

FirstCash

Holdings,

Inc.

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

1,537

167,410

OneMain

Holdings,

Inc.

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

4,840

173,901

SLM

Corp.

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

8,792

114,296

SoFi

Technologies,

Inc.

(a)

(b)

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

37,512

283,216

Synchrony

Financial

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

16,510

463,105

7,239,136

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Albertsons

Companies,

Inc.

,

Class

A

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

15,910

345,247

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

...........

5,359

365,055

Casey's

General

Stores,

Inc.

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

1,467

398,892

Costco

Wholesale

Corp.

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

17,494

9,664,385

Dollar

General

Corp.

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

8,644

1,028,982

Dollar

Tree,

Inc.

(a)

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

8,273

919,048

Kroger

Co.

(The)

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

25,900

1,175,083

Performance

Food

Group

Co.

(a)

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

6,063

350,199

Sprouts

Farmers

Market,

Inc.

(a)

(b)

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

4,029

169,299

Sysco

Corp.

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

20,043

1,332,659

Target

Corp.

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

18,213

2,017,818

U.S.

Foods

Holding

Corp.

(a)

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

9,041

352,056

Walgreens

Boots

Alliance,

Inc.

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

28,211

594,688

Walmart,

Inc.

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

56,340

9,206,519

27,919,930

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

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

58,513

520,181

AptarGroup,

Inc.

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

2,550

311,789

Avery

Dennison

Corp.

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

3,196

556,328

Ball

Corp.

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

12,299

592,197

Berry

Global

Group,

Inc.

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

4,639

255,145

Crown

Holdings,

Inc.

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

4,739

381,963

Graphic

Packaging

Holding

Co.

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

12,047

259,131

International

Paper

Co.

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

13,563

457,480

Packaging

Corp.

of

America

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

3,601

551,133

Sealed

Air

Corp.

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

5,737

176,642

Silgan

Holdings,

Inc.

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

3,236

129,634

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Sonoco

Products

Co.

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

3,849

$

199,417

Westrock

Co.

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

10,093

362,641

4,753,681

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

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

5,528

712,338

LKQ

Corp.

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

10,563

463,927

Pool

Corp.

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

1,547

488,496

1,664,761

a

Diversified

Consumer

Services

 — 

0

.1

%

ADT,

Inc.

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

8,406

47,578

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

2,291

169,671

Duolingo,

Inc.

,

Class

A

(a)

(b)

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

1,396

203,886

Grand

Canyon

Education,

Inc.

(a)

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

1,259

148,978

H&R

Block,

Inc.

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

5,968

244,986

Service

Corp.

International

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

5,856

318,684

1,133,783

a

Diversified

REITs

 — 

0

.0

%

WP

Carey,

Inc.

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

8,552

458,815

a

Diversified

Telecommunication

Services

 — 

0

.7

%

AT&T,

Inc.

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

282,117

4,344,602

Frontier

Communications

Parent,

Inc.

(a)

(b)

.........

8,724

156,334

Iridium

Communications,

Inc.

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

4,937

182,916

Liberty

Global

PLC

,

Class

A

(a)

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

6,839

106,415

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

(b)

...........

8,622

146,229

Verizon

Communications,

Inc.

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

165,958

5,830,104

10,766,600

a

Electric

Utilities

 — 

1

.6

%

ALLETE,

Inc.

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

2,286

122,392

Alliant

Energy

Corp.

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

9,865

481,313

American

Electric

Power

Co.,

Inc.

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

20,303

1,533,689

Avangrid,

Inc.

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

2,741

81,874

Constellation

Energy

Corp.

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

12,665

1,430,132

Duke

Energy

Corp.

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

30,497

2,710,878

Edison

International

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

15,143

954,918

Entergy

Corp.

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

8,341

797,316

Evergy,

Inc.

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

8,989

441,720

Eversource

Energy

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

13,668

735,202

Exelon

Corp.

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

39,207

1,526,721

FirstEnergy

Corp.

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

20,374

725,314

Hawaiian

Electric

Industries,

Inc.

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

4,361

56,606

IDACORP,

Inc.

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

1,965

186,105

NextEra

Energy,

Inc.

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

79,916

4,659,103

NRG

Energy,

Inc.

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

9,238

391,506

OGE

Energy

Corp.

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

7,866

269,017

PG&E

Corp.

(a)

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

82,564

1,345,793

Pinnacle

West

Capital

Corp.

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

4,412

327,282

PNM

Resources,

Inc.

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

3,458

146,135

Portland

General

Electric

Co.

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

4,196

167,924

PPL

Corp.

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

29,011

712,800

Southern

Co.

(The)

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

43,116

2,901,707

Xcel

Energy,

Inc.

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

21,651

1,283,255

23,988,702

a

Electrical

Equipment

 — 

0

.7

%

Acuity

Brands,

Inc.

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

1,251

202,624

AMETEK,

Inc.

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

9,063

1,275,799

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

10,151

25,784

Eaton

Corp.

PLC

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

15,730

3,270,424

Emerson

Electric

Co.

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

22,547

2,006,007

EnerSys

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

1,611

137,869

Fluence

Energy,

Inc.

,

Class

A

(a)

(b)

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

1,591

27,556

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

22

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Electrical

Equipment

(continued)

Generac

Holdings,

Inc.

(a)

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

2,503

$

210,427

Hubbell,

Inc.

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

2,145

579,364

NEXTracker,

Inc.

,

Class

A

(a)

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

1,801

62,603

nVent

Electric

PLC

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

6,638

319,487

Plug

Power,

Inc.

(a)

(b)

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

20,983

123,590

Regal

Rexnord

Corp.

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

2,672

316,392

Rockwell

Automation,

Inc.

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

4,547

1,194,997

Sensata

Technologies

Holding

PLC

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

6,015

191,758

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

......

6,958

106,875

Sunrun,

Inc.

(a)

(b)

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

8,445

81,494

Vertiv

Holdings

Co.

,

Class

A

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

13,821

542,751

10,675,801

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

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

23,553

1,897,194

Arrow

Electronics,

Inc.

(a)

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

2,166

245,646

Avnet,

Inc.

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

3,705

171,653

CDW

Corp.

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

5,306

1,063,322

Cognex

Corp.

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

6,814

245,236

Coherent

Corp.

(a)

(b)

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

5,433

160,817

Corning,

Inc.

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

30,592

818,642

Crane

NXT

Co.

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

1,845

95,940

IPG

Photonics

Corp.

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

1,248

107,203

Jabil,

Inc.

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

5,114

627,999

Keysight

Technologies,

Inc.

(a)

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

7,046

859,964

Littelfuse,

Inc.

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

966

209,303

TD

SYNNEX

Corp.

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

2,056

188,494

TE

Connectivity

Ltd.

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

12,344

1,454,740

Teledyne

Technologies,

Inc.

(a)

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

1,850

692,992

Trimble,

Inc.

(a)

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

9,738

458,952

Vontier

Corp.

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

5,958

176,119

Zebra

Technologies

Corp.

,

Class

A

(a)

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

2,015

422,002

9,896,218

a

Energy

Equipment

&

Services

 — 

0

.5

%

Baker

Hughes

Co.

,

Class

A

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

39,681

1,365,820

ChampionX

Corp.

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

7,761

239,039

Halliburton

Co.

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

35,547

1,398,419

Noble

Corp.

PLC

,

Class

A

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

4,276

199,647

NOV,

Inc.

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

15,242

304,230

Schlumberger

Ltd.

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

56,110

3,123,083

TechnipFMC

PLC

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

17,991

387,166

Transocean,

Ltd.

(a)

(b)

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

26,636

176,330

7,193,734

a

Entertainment

 — 

1

.2

%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

2,187

23,357

Electronic

Arts,

Inc.

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

9,733

1,204,848

Endeavor

Group

Holdings,

Inc.

,

Class

A

..........

7,422

168,925

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

913

52,543

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

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

8,189

529,747

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

762

23,805

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

.......

1,806

57,557

Live

Nation

Entertainment,

Inc.

(a)

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

5,563

445,151

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

....

687

115,512

Netflix,

Inc.

(a)

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

17,494

7,202,105

Playtika

Holding

Corp.

(a)

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

2,375

19,950

ROBLOX

Corp.

,

Class

A

(a)

(b)

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

19,017

604,931

Roku,

Inc.

,

Class

A

(a)

(b)

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

4,864

289,748

Take-Two

Interactive

Software,

Inc.

(a)

(b)

..........

6,218

831,657

TKO

Group

Holdings,

Inc.

,

Class

A

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

2,068

169,535

Walt

Disney

Co.

(The)

(a)

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

72,233

5,893,490

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

87,273

867,494

Security

Shares

Value

a

Entertainment

(continued)

Warner

Music

Group

Corp.

,

Class

A

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

5,462

$

170,961

18,671,316

a

Financial

Services

 — 

4

.2

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

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

8,452

148,840

Apollo

Global

Management,

Inc.

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

17,375

1,345,520

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

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

71,992

24,573,029

Block,

Inc.

,

Class

A

(a)

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

21,849

879,422

Equitable

Holdings,

Inc.

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

13,069

347,243

Essent

Group

Ltd.

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

4,405

208,092

Euronet

Worldwide,

Inc.

(a)

(b)

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

1,844

141,693

Fidelity

National

Information

Services,

Inc.

........

23,246

1,141,611

Fiserv,

Inc.

(a)

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

24,068

2,737,735

FleetCor

Technologies,

Inc.

(a)

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

2,933

660,424

Global

Payments,

Inc.

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

10,253

1,089,074

Jack

Henry

&

Associates,

Inc.

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

2,881

406,192

Marqeta,

Inc.

,

Class

A

(a)

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

19,419

100,396

Mastercard,

Inc.

,

Class

A

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

32,844

12,360,839

MGIC

Investment

Corp.

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

11,150

187,766

NCR

Atleos

Corp.

(a)

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

2,796

61,680

PayPal

Holdings,

Inc.

(a)

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

43,351

2,245,582

Radian

Group,

Inc.

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

6,472

164,001

Rocket

Companies,

Inc.

,

Class

A

(a)

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

5,364

39,640

Shift4

Payments,

Inc.

,

Class

A

(a)

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

2,375

105,735

Toast,

Inc.

,

Class

A

(a)

(b)

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

14,274

228,241

UWM

Holdings

Corp.

,

Class

A

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

5,004

24,269

Visa,

Inc.

,

Class

A

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

63,430

14,912,393

Voya

Financial,

Inc.

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

4,283

285,976

Western

Union

Co.

(The)

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

12,126

136,903

WEX,

Inc.

(a)

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

1,731

288,177

64,820,473

a

Food

Products

 — 

0

.9

%

Archer-Daniels-Midland

Co.

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

21,166

1,514,851

Bunge

Ltd.

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

5,906

625,918

Campbell

Soup

Co.

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

7,957

321,542

Conagra

Brands,

Inc.

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

18,838

515,408

Darling

Ingredients,

Inc.

(a)

(b)

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

6,238

276,281

Flowers

Foods,

Inc.

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

7,442

163,203

General

Mills,

Inc.

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

23,204

1,513,829

Hershey

Co.

(The)

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

5,916

1,108,363

Hormel

Foods

Corp.

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

11,325

368,629

Ingredion,

Inc.

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

2,644

247,425

J

M

Smucker

Co.

(The)

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

4,032

459,003

Kellanova

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

10,565

533,215

Kraft

Heinz

Co.

(The)

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

31,574

993,318

Lamb

Weston

Holdings,

Inc.

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

5,706

512,399

Lancaster

Colony

Corp.

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

798

134,998

McCormick

&

Co.,

Inc.

,

NVS

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

9,986

638,105

Mondelez

International,

Inc.

,

Class

A

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

53,630

3,550,842

Pilgrim's

Pride

Corp.

(a)

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

1,344

34,272

Post

Holdings,

Inc.

(a)

(b)

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

1,950

156,546

Seaboard

Corp.

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

10

35,069

Tyson

Foods,

Inc.

,

Class

A

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

11,219

520,001

WK

Kellogg

Co

(a)

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

2,561

25,661

14,248,878

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

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

5,862

631,103

National

Fuel

Gas

Co.

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

3,748

190,960

New

Jersey

Resources

Corp.

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

3,896

158,100

ONE

Gas,

Inc.

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

2,264

136,746

Southwest

Gas

Holdings,

Inc.

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

2,370

138,906

Spire,

Inc.

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

2,025

112,651

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

23

Schedule

of

Investments

Security

Shares

Value

a

Gas

Utilities

(continued)

UGI

Corp.

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

8,367

$

174,033

1,542,499

a

Ground

Transportation

 — 

1

.1

%

Avis

Budget

Group,

Inc.

(a)

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

780

126,984

CSX

Corp.

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

79,212

2,364,478

Hertz

Global

Holdings,

Inc.

(a)

(b)

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

4,979

41,973

JB

Hunt

Transport

Services,

Inc.

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

3,246

557,890

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

6,425

314,118

Landstar

System,

Inc.

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

1,386

228,385

Lyft,

Inc.

,

Class

A

(a)

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

14,139

129,655

Norfolk

Southern

Corp.

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

8,985

1,714,248

Old

Dominion

Freight

Line,

Inc.

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

3,534

1,331,116

Saia,

Inc.

(a)

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

1,066

382,150

Uber

Technologies,

Inc.

(a)

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

80,671

3,491,441

U-Haul

Holding

Co.

(a)

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

394

19,353

U-Haul

Holding

Co.

,

Series

N

,

NVS

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

3,902

184,214

Union

Pacific

Corp.

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

24,059

4,994,889

XPO,

Inc.

(a)

(b)

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

4,502

341,297

16,222,191

a

Health

Care

Equipment

&

Supplies

 — 

2

.4

%

Abbott

Laboratories

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

68,428

6,469,868

Align

Technology,

Inc.

(a)

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

2,795

515,929

Baxter

International,

Inc.

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

19,975

647,789

Becton

Dickinson

&

Co.

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

11,455

2,895,595

Boston

Scientific

Corp.

(a)

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

57,817

2,959,652

Cooper

Companies,

Inc.

(The)

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

1,955

609,471

Dentsply

Sirona,

Inc.

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

8,185

248,906

Dexcom,

Inc.

(a)

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

15,294

1,358,566

Edwards

Lifesciences

Corp.

(a)

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

23,921

1,524,246

Enovis

Corp.

(a)

(b)

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

1,901

87,256

Envista

Holdings

Corp.

(a)

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

6,627

154,210

GE

HealthCare

Technologies,

Inc.

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

15,428

1,027,042

Globus

Medical,

Inc.

,

Class

A

(a)

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

4,589

209,763

Haemonetics

Corp.

(a)

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

1,969

167,818

Hologic,

Inc.

(a)

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

9,795

648,135

ICU

Medical,

Inc.

(a)

(b)

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

834

81,782

IDEXX

Laboratories,

Inc.

(a)

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

3,278

1,309,463

Inspire

Medical

Systems,

Inc.

(a)

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

1,158

170,411

Insulet

Corp.

(a)

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

2,731

362,049

Integra

LifeSciences

Holdings

Corp.

(a)

...........

2,794

100,472

Intuitive

Surgical,

Inc.

(a)

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

13,878

3,639,089

Masimo

Corp.

(a)

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

1,731

140,436

Medtronic

PLC

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

52,495

3,704,047

Novocure

Ltd.

(a)

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

3,587

47,707

Penumbra,

Inc.

(a)

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

1,494

285,578

QuidelOrtho

Corp.

(a)

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

1,902

116,174

ResMed,

Inc.

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

5,771

814,981

Shockwave

Medical,

Inc.

(a)

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

1,430

294,952

STERIS

PLC

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

3,914

821,862

Stryker

Corp.

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

13,352

3,607,978

Teleflex,

Inc.

(b)

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

1,907

352,318

Zimmer

Biomet

Holdings,

Inc.

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

8,213

857,519

36,231,064

a

Health

Care

Providers

&

Services

 — 

3

.0

%

Acadia

Healthcare

Co.,

Inc.

(a)

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

3,738

274,780

agilon

health,

Inc.

(a)

(b)

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

11,502

207,036

Amedisys,

Inc.

(a)

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

1,278

116,924

Cardinal

Health,

Inc.

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

10,061

915,551

Cencora,

Inc.

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

6,582

1,218,657

Centene

Corp.

(a)

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

21,378

1,474,654

Chemed

Corp.

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

602

338,715

Cigna

Group

(The)

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

11,671

3,608,673

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

CVS

Health

Corp.

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

50,703

$

3,499,014

DaVita,

Inc.

(a)

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

2,182

168,516

Elevance

Health,

Inc.

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

9,302

4,186,737

Encompass

Health

Corp.

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

3,984

249,239

Guardant

Health,

Inc.

(a)

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

4,533

117,314

HCA

Healthcare,

Inc.

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

7,949

1,797,587

HealthEquity,

Inc.

(a)

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

3,467

248,515

Henry

Schein,

Inc.

(a)

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

5,148

334,517

Humana,

Inc.

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

4,892

2,561,892

Laboratory

Corp.

of

America

Holdings

...........

3,473

693,662

McKesson

Corp.

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

5,325

2,424,792

Molina

Healthcare,

Inc.

(a)

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

2,313

770,113

Option

Care

Health,

Inc.

(a)

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

7,101

196,911

Premier,

Inc.

,

Class

A

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

4,735

91,007

Quest

Diagnostics,

Inc.

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

4,379

569,708

R1

RCM,

Inc.

(a)

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

7,774

91,656

Tenet

Healthcare

Corp.

(a)

(b)

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

4,024

216,089

UnitedHealth

Group,

Inc.

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

36,567

19,583,823

Universal

Health

Services,

Inc.

,

Class

B

.........

2,499

314,599

46,270,681

a

Health

Care

REITs

 — 

0

.2

%

Healthcare

Realty

Trust,

Inc.

,

Class

A

...........

14,709

211,074

Healthpeak

Properties,

Inc.

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

21,581

335,584

Medical

Properties

Trust,

Inc.

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

23,038

110,122

Omega

Healthcare

Investors,

Inc.

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

9,690

320,739

Physicians

Realty

Trust

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

9,001

97,751

Sabra

Health

Care

REIT,

Inc.

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

9,425

128,557

Ventas,

Inc.

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

15,882

674,350

Welltower,

Inc.

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

20,480

1,712,333

3,590,510

a

Health

Care

Technology

 — 

0

.1

%

Doximity,

Inc.

,

Class

A

(a)

(b)

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

4,791

97,880

Teladoc

Health,

Inc.

(a)

(b)

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

6,174

102,118

Veeva

Systems,

Inc.

,

Class

A

(a)

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

5,749

1,107,890

1,307,888

a

Hotel

&

Resort

REITs

 — 

0

.0

%

Host

Hotels

&

Resorts,

Inc.

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

28,237

437,109

a

Hotels,

Restaurants

&

Leisure

 — 

2

.2

%

Airbnb,

Inc.

,

Class

A

(a)

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

16,833

1,991,176

Aramark

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

10,424

280,718

Booking

Holdings,

Inc.

(a)

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

1,409

3,930,490

Boyd

Gaming

Corp.

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

2,804

154,921

Caesars

Entertainment,

Inc.

(a)

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

8,554

341,219

Carnival

Corp.

(a)

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

39,453

452,131

Chipotle

Mexican

Grill,

Inc.

(a)

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

1,091

2,118,940

Choice

Hotels

International,

Inc.

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

995

109,948

Churchill

Downs,

Inc.

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

2,754

302,499

Darden

Restaurants,

Inc.

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

4,796

697,962

Domino's

Pizza,

Inc.

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

1,381

468,145

DoorDash,

Inc.

,

Class

A

(a)

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

11,844

887,708

DraftKings,

Inc.

,

Class

A

(a)

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

18,226

503,402

Dutch

Bros,

Inc.

,

Class

A

(a)

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

2,055

50,019

Expedia

Group,

Inc.

(a)

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

5,442

518,568

Hilton

Worldwide

Holdings,

Inc.

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

10,325

1,564,547

Hyatt

Hotels

Corp.

,

Class

A

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

1,899

194,534

Las

Vegas

Sands

Corp.

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

12,856

610,146

Light

&

Wonder,

Inc.

(a)

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

3,509

256,543

Marriott

International,

Inc.

,

Class

A

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

9,890

1,864,858

Marriott

Vacations

Worldwide

Corp.

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

1,339

120,323

McDonald's

Corp.

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

28,730

7,532,144

MGM

Resorts

International

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

11,082

386,983

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

(continued)

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

17,020

$

231,472

Penn

Entertainment,

Inc.

(a)

(b)

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

5,903

116,466

Planet

Fitness,

Inc.

,

Class

A

(a)

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

3,228

178,412

Royal

Caribbean

Cruises

Ltd.

(a)

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

9,305

788,413

Starbucks

Corp.

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

45,216

4,170,724

Texas

Roadhouse,

Inc.

.....................

2,581

262,075

Vail

Resorts,

Inc.

.........................

1,522

323,044

Wendy's

Co.

(The)

........................

6,506

123,744

Wyndham

Hotels

&

Resorts,

Inc.

..............

3,404

246,450

Wynn

Resorts

Ltd.

........................

3,823

335,583

Yum!

Brands,

Inc.

........................

11,112

1,342,996

33,457,303

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

12,020

1,254,888

Garmin

Ltd.

.............................

6,080

623,382

Helen

of

Troy

Ltd.

(a)

.......................

951

93,502

Leggett

&

Platt,

Inc.

.......................

5,331

124,905

Lennar

Corp.

,

Class

A

......................

9,944

1,060,826

Lennar

Corp.

,

Class

B

.....................

485

47,826

Mohawk

Industries,

Inc.

(a)

...................

2,146

172,496

Newell

Brands,

Inc.

.......................

14,616

98,220

NVR,

Inc.

(a)

.............................

129

698,228

PulteGroup,

Inc.

.........................

8,664

637,584

SharkNinja,

Inc.

(a)

.........................

1,974

82,434

Tempur

Sealy

International,

Inc.

...............

6,834

272,882

Toll

Brothers,

Inc.

.........................

4,317

305,255

TopBuild

Corp.

(a)

.........................

1,278

292,355

Whirlpool

Corp.

..........................

2,134

223,131

5,987,914

a

Household

Products

 — 

1

.3

%

Church

&

Dwight

Co.,

Inc.

...................

9,754

887,029

Clorox

Co.

(The)

.........................

4,858

571,786

Colgate-Palmolive

Co.

.....................

32,639

2,451,842

Kimberly-Clark

Corp.

......................

13,403

1,603,535

Procter

&

Gamble

Co.

(The)

.................

93,057

13,961,342

Reynolds

Consumer

Products,

Inc.

.............

2,340

59,506

19,535,040

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.1

%

AES

Corp.

(The)

.........................

26,322

392,198

Clearway

Energy,

Inc.

,

Class

A

................

1,344

27,377

Clearway

Energy,

Inc.

,

Class

C

...............

3,167

68,756

Vistra

Corp.

............................

13,835

452,681

941,012

a

Industrial

Conglomerates

 — 

0

.7

%

3M

Co.

................................

21,730

1,976,343

General

Electric

Co.

.......................

42,965

4,667,288

Honeywell

International,

Inc.

.................

26,204

4,802,145

11,445,776

a

Industrial

REITs

 — 

0

.3

%

Americold

Realty

Trust,

Inc.

..................

9,975

261,545

EastGroup

Properties,

Inc.

..................

1,821

297,278

First

Industrial

Realty

Trust,

Inc.

...............

5,263

222,625

LXP

Industrial

Trust

.......................

10,981

86,860

Prologis,

Inc.

............................

36,486

3,675,964

Rexford

Industrial

Realty,

Inc.

................

8,256

356,989

STAG

Industrial,

Inc.

......................

7,216

239,716

5,140,977

a

Insurance

 — 

2

.4

%

Aflac,

Inc.

..............................

21,343

1,667,102

Allstate

Corp.

(The)

.......................

10,387

1,330,886

Security

Shares

Value

a

Insurance

(continued)

American

Financial

Group,

Inc.

...............

2,565

$

280,508

American

International

Group,

Inc.

.............

27,849

1,707,422

Aon

PLC

,

Class

A

........................

8,010

2,478,294

Arch

Capital

Group

Ltd.

(a)

...................

14,693

1,273,589

Arthur

J

Gallagher

&

Co.

....................

8,524

2,007,317

Assurant,

Inc.

...........................

2,078

309,414

Axis

Capital

Holdings

Ltd.

...................

3,162

180,550

Brighthouse

Financial,

Inc.

(a)

.................

2,742

124,213

Brown

&

Brown,

Inc.

.......................

9,312

646,439

Chubb

Ltd.

.............................

16,217

3,480,493

Cincinnati

Financial

Corp.

...................

6,227

620,645

CNA

Financial

Corp.

.......................

1,055

42,622

Enstar

Group

Ltd.

(a)

.......................

504

119,433

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

988

272,876

Everest

Group

Ltd.

........................

1,729

684,027

F&G

Annuities

&

Life,

Inc.

...................

733

22,496

Fidelity

National

Financial,

Inc.

................

10,242

400,360

First

American

Financial

Corp.

................

3,941

202,725

Globe

Life,

Inc.

..........................

3,424

398,417

Hanover

Insurance

Group,

Inc.

(The)

...........

1,417

166,087

Hartford

Financial

Services

Group,

Inc.

(The)

......

12,074

886,835

Kemper

Corp.

...........................

2,253

89,850

Kinsale

Capital

Group,

Inc.

..................

869

290,168

Lincoln

National

Corp.

.....................

6,391

139,132

Loews

Corp.

............................

7,301

467,337

Markel

Group,

Inc.

(a)

.......................

521

766,141

Marsh

&

McLennan

Companies,

Inc.

............

19,469

3,692,296

MetLife,

Inc.

............................

24,940

1,496,649

Old

Republic

International

Corp.

...............

10,242

280,426

Primerica,

Inc.

...........................

1,456

278,329

Principal

Financial

Group,

Inc.

................

8,761

592,945

Progressive

Corp.

(The)

....................

23,127

3,656,147

Prudential

Financial,

Inc.

....................

14,291

1,306,769

Reinsurance

Group

of

America,

Inc.

............

2,658

397,291

RenaissanceRe

Holdings

Ltd.

................

2,053

450,818

RLI

Corp.

..............................

1,610

214,516

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(b)

........

3,952

170,726

Selective

Insurance

Group,

Inc.

...............

2,345

244,138

Travelers

Companies,

Inc.

(The)

...............

9,019

1,510,141

Unum

Group

............................

7,361

359,953

W

R

Berkley

Corp.

........................

7,967

537,135

White

Mountains

Insurance

Group

Ltd.

..........

102

145,937

Willis

Towers

Watson

PLC

...................

4,118

971,395

37,360,989

a

Interactive

Media

&

Services

 — 

5

.4

%

Alphabet,

Inc.

,

Class

A

(a)

....................

234,211

29,060,901

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

199,230

24,963,519

Bumble,

Inc.

,

Class

A

(a)

.....................

4,018

54,002

IAC,

Inc.

(a)

..............................

2,707

115,183

Match

Group,

Inc.

(a)

.......................

11,122

384,821

Meta

Platforms,

Inc.

,

Class

A

(a)

................

87,738

26,432,827

Pinterest,

Inc.

,

Class

A

(a)

....................

22,776

680,547

Snap,

Inc.

,

Class

A

,

NVS

(a)

(b)

.................

40,409

404,494

Ziff

Davis,

Inc.

(a)

(b)

.........................

1,869

113,000

ZoomInfo

Technologies,

Inc.

(a)

................

12,046

156,116

82,365,410

a

IT

Services

 — 

1

.4

%

Accenture

PLC

,

Class

A

....................

24,917

7,402,591

Akamai

Technologies,

Inc.

(a)

..................

6,005

620,497

Amdocs

Ltd.

............................

4,766

382,043

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

11,611

658,228

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

19,855

1,280,052

DXC

Technology

Co.

(a)

.....................

8,027

161,905

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

(continued)

EPAM

Systems,

Inc.

(a)

......................

2,288

$

497,800

Gartner,

Inc.

(a)

...........................

3,098

1,028,660

GoDaddy,

Inc.

,

Class

A

(a)

(b)

...................

5,796

424,441

International

Business

Machines

Corp.

..........

35,963

5,201,688

MongoDB,

Inc.

,

Class

A

(a)

...................

2,767

953,480

Okta,

Inc.

,

Class

A

(a)

.......................

6,200

417,942

Snowflake,

Inc.

,

Class

A

(a)

...................

12,866

1,867,243

Squarespace,

Inc.

,

Class

A

(a)

.................

1,706

48,467

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

7,220

370,097

VeriSign,

Inc.

(a)

..........................

3,576

713,984

22,029,118

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

2,843

197,503

Hasbro,

Inc.

............................

5,160

232,974

Mattel,

Inc.

(a)

............................

13,725

261,873

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

12,720

60,547

Polaris,

Inc.

.............................

2,148

185,630

Topgolf

Callaway

Brands

Corp.

(a)

..............

5,423

66,269

YETI

Holdings,

Inc.

(a)

......................

3,390

144,143

1,148,939

a

Life

Sciences

Tools

&

Services

 — 

1

.3

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

3,911

137,980

Agilent

Technologies,

Inc.

...................

11,639

1,203,123

Avantor,

Inc.

(a)

...........................

26,383

459,856

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

806

221,876

Bio-Techne

Corp.

.........................

6,128

334,773

Bruker

Corp.

............................

3,932

224,124

Charles

River

Laboratories

International,

Inc.

(a)

.....

2,011

338,572

Danaher

Corp.

..........................

25,941

4,981,191

Illumina,

Inc.

(a)

...........................

6,266

685,626

IQVIA

Holdings,

Inc.

(a)

......................

7,230

1,307,401

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

.....

4,226

28,990

Medpace

Holdings,

Inc.

(a)

...................

917

222,528

Mettler-Toledo

International,

Inc.

(a)

.............

872

859,094

Repligen

Corp.

(a)

(b)

........................

2,046

275,310

Revvity,

Inc.

............................

4,835

400,580

Sotera

Health

Co.

(a)

(b)

......................

3,834

48,538

Thermo

Fisher

Scientific,

Inc.

.................

15,247

6,781,408

Waters

Corp.

(a)

..........................

2,325

554,582

West

Pharmaceutical

Services,

Inc.

............

2,909

925,906

19,991,458

a

Machinery

 — 

1

.8

%

AGCO

Corp.

............................

2,496

286,191

Allison

Transmission

Holdings,

Inc.

.............

3,555

179,243

Caterpillar,

Inc.

..........................

20,127

4,549,708

Chart

Industries,

Inc.

(a)

.....................

1,644

191,082

CNH

Industrial

N.V.

.......................

38,458

422,269

Crane

Co.

..............................

1,845

179,574

Cummins,

Inc.

...........................

5,607

1,212,794

Deere

&

Co.

............................

10,765

3,933,101

Donaldson

Co.,

Inc.

.......................

4,739

273,251

Dover

Corp.

............................

5,473

711,216

Flowserve

Corp.

.........................

5,248

192,707

Fortive

Corp.

............................

13,885

906,413

Gates

Industrial

Corp.

PLC

(a)

.................

4,934

53,879

Graco,

Inc.

.............................

6,669

495,840

IDEX

Corp.

.............................

2,986

571,550

Illinois

Tool

Works,

Inc.

.....................

10,853

2,432,374

Ingersoll

Rand,

Inc.

.......................

15,966

968,817

ITT,

Inc.

...............................

3,197

298,440

Lincoln

Electric

Holdings,

Inc.

................

2,293

400,816

Middleby

Corp.

(The)

(a)

.....................

2,103

237,366

Security

Shares

Value

a

Machinery

(continued)

Nordson

Corp.

...........................

2,131

$

453,029

Oshkosh

Corp.

..........................

2,655

232,923

Otis

Worldwide

Corp.

......................

16,349

1,262,306

PACCAR,

Inc.

...........................

20,600

1,700,118

Parker-Hannifin

Corp.

......................

5,047

1,861,889

Pentair

PLC

............................

6,429

373,654

RBC

Bearings,

Inc.

(a)

......................

1,164

255,894

Snap-on,

Inc.

...........................

2,105

542,964

Stanley

Black

&

Decker,

Inc.

.................

6,059

515,318

Timken

Co.

(The)

.........................

2,606

180,127

Toro

Co.

(The)

...........................

4,152

335,648

Westinghouse

Air

Brake

Technologies

Corp.

.......

7,011

743,306

Xylem,

Inc.

.............................

9,591

897,142

27,850,949

a

Marine

Transportation

 — 

0

.0

%

Kirby

Corp.

(a)

............................

2,368

176,890

a

Media

 — 

0

.8

%

Cable

One,

Inc.

..........................

189

103,925

Charter

Communications,

Inc.

,

Class

A

(a)

.........

4,020

1,619,256

Comcast

Corp.

,

Class

A

....................

162,471

6,708,428

DISH

Network

Corp.

,

Class

A

(a)

(b)

..............

9,773

47,888

Fox

Corp.

,

Class

A

,

NVS

....................

10,016

304,386

Fox

Corp.

,

Class

B

........................

4,989

139,243

Interpublic

Group

of

Companies,

Inc.

(The)

.......

15,230

432,532

Liberty

Broadband

Corp.

,

Class

A

(a)

.............

670

55,824

Liberty

Broadband

Corp.

,

Class

C

,

NVS

(a)

........

4,490

374,062

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

2,915

71,389

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

5,826

143,028

New

York

Times

Co.

(The)

,

Class

A

.............

6,478

261,128

News

Corp.

,

Class

A

,

NVS

..................

15,302

316,445

News

Corp.

,

Class

B

......................

4,615

98,946

Nexstar

Media

Group,

Inc.

...................

1,316

184,345

Omnicom

Group,

Inc.

......................

7,800

584,298

Paramount

Global

,

Class

A

(b)

.................

354

4,921

Paramount

Global

,

Class

B

,

NVS

..............

18,514

201,432

Sirius

XM

Holdings,

Inc.

(b)

...................

27,432

117,409

TEGNA,

Inc.

............................

7,957

115,456

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

.............

17,578

1,247,335

13,131,676

a

Metals

&

Mining

 — 

0

.5

%

Alcoa

Corp.

.............................

6,920

177,429

Cleveland-Cliffs,

Inc.

(a)

.....................

20,246

339,728

Commercial

Metals

Co.

.....................

4,569

193,223

Freeport-McMoRan,

Inc.

....................

56,716

1,915,867

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

5,681

93,168

Newmont

Corp.

..........................

31,255

1,171,125

Nucor

Corp.

............................

9,819

1,451,150

Reliance

Steel

&

Aluminum

Co.

...............

2,320

590,162

Royal

Gold,

Inc.

..........................

2,580

269,171

Steel

Dynamics,

Inc.

.......................

6,148

654,823

United

States

Steel

Corp.

...................

8,716

295,385

7,151,231

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.1

%

AGNC

Investment

Corp.

....................

23,983

176,995

Annaly

Capital

Management,

Inc.

..............

19,485

304,161

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

.........

7,173

143,101

Rithm

Capital

Corp.

.......................

18,331

171,028

Starwood

Property

Trust,

Inc.

.................

12,164

215,911

1,011,196

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Multi-Utilities

 — 

0

.7

%

Ameren

Corp.

...........................

10,364

$

784,658

Avista

Corp.

............................

2,714

86,007

Black

Hills

Corp.

.........................

2,603

125,855

CenterPoint

Energy,

Inc.

....................

24,764

665,656

CMS

Energy

Corp.

........................

11,452

622,302

Consolidated

Edison,

Inc.

...................

13,682

1,201,143

Dominion

Energy,

Inc.

......................

33,214

1,339,189

DTE

Energy

Co.

.........................

8,132

783,762

NiSource,

Inc.

...........................

16,302

410,158

Northwestern

Energy

Group,

Inc.

..............

2,316

111,191

Public

Service

Enterprise

Group,

Inc.

...........

19,623

1,209,758

Sempra

...............................

24,880

1,742,346

WEC

Energy

Group,

Inc.

....................

12,395

1,008,829

10,090,854

a

Office

REITs

 — 

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

............

6,215

578,803

Boston

Properties,

Inc.

.....................

5,756

308,349

COPT

Defense

Properties

...................

4,262

97,173

Cousins

Properties,

Inc.

....................

5,863

104,772

Douglas

Emmett,

Inc.

......................

6,627

74,289

JBG

SMITH

Properties

.....................

3,482

44,813

Kilroy

Realty

Corp.

........................

4,181

119,493

Vornado

Realty

Trust

......................

6,266

120,307

1,447,999

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.1

%

Antero

Resources

Corp.

(a)

...................

11,023

324,517

APA

Corp.

.............................

12,178

483,710

Cheniere

Energy,

Inc.

......................

9,484

1,578,327

Chesapeake

Energy

Corp.

..................

4,441

382,281

Chevron

Corp.

...........................

70,041

10,207,075

Chord

Energy

Corp.

.......................

1,640

271,125

Civitas

Resources,

Inc.

.....................

3,369

254,124

ConocoPhillips

..........................

47,272

5,615,914

Coterra

Energy,

Inc.

.......................

29,887

821,892

Devon

Energy

Corp.

.......................

25,319

1,179,106

Diamondback

Energy,

Inc.

...................

7,060

1,131,859

DT

Midstream,

Inc.

........................

3,799

205,032

EOG

Resources,

Inc.

......................

22,985

2,901,856

EQT

Corp.

.............................

14,436

611,798

Equitrans

Midstream

Corp.

..................

17,864

158,454

Exxon

Mobil

Corp.

........................

158,031

16,727,581

Hess

Corp.

.............................

10,907

1,574,971

HF

Sinclair

Corp.

.........................

5,742

317,992

Kinder

Morgan,

Inc.

,

Class

P

.................

76,534

1,239,851

Marathon

Oil

Corp.

........................

23,913

653,064

Marathon

Petroleum

Corp.

..................

15,793

2,388,691

Matador

Resources

Co.

....................

4,388

270,696

Murphy

Oil

Corp.

.........................

5,857

262,803

New

Fortress

Energy,

Inc.

,

Class

A

.............

2,590

78,477

Occidental

Petroleum

Corp.

..................

26,205

1,619,731

ONEOK,

Inc.

............................

22,990

1,498,948

Ovintiv,

Inc.

.............................

10,018

480,864

Permian

Resources

Corp.

,

Class

A

.............

14,504

211,323

Phillips

66

..............................

17,581

2,005,465

Pioneer

Natural

Resources

Co.

...............

9,213

2,201,907

Range

Resources

Corp.

....................

9,699

347,612

Southwestern

Energy

Co.

(a)

..................

43,615

310,975

Targa

Resources

Corp.

.....................

8,751

731,671

Texas

Pacific

Land

Corp.

....................

248

457,796

Valero

Energy

Corp.

.......................

13,959

1,772,793

Williams

Companies,

Inc.

(The)

...............

47,849

1,646,006

62,926,287

a

Security

Shares

Value

a

Paper

&

Forest

Products

 — 

0

.0

%

Louisiana-Pacific

Corp.

.....................

2,534

$

129,944

a

Passenger

Airlines

 — 

0

.1

%

Alaska

Air

Group,

Inc.

(a)

.....................

4,964

157,011

American

Airlines

Group,

Inc.

(a)

................

26,137

291,427

Delta

Air

Lines,

Inc.

.......................

25,633

801,031

Joby

Aviation,

Inc.

(a)

(b)

......................

14,291

75,314

Southwest

Airlines

Co.

.....................

23,316

518,315

United

Airlines

Holdings,

Inc.

(a)

(b)

...............

12,897

451,524

2,294,622

a

Personal

Care

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

.......................

13,814

129,437

elf

Beauty,

Inc.

(a)

.........................

2,150

199,155

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

9,204

1,186,119

Kenvue,

Inc.

............................

68,421

1,272,631

2,787,342

a

Pharmaceuticals

 — 

3

.7

%

Bristol-Myers

Squibb

Co.

....................

82,470

4,249,679

Catalent,

Inc.

(a)

..........................

7,171

246,611

Elanco

Animal

Health,

Inc.

(a)

..................

18,749

165,179

Eli

Lilly

&

Co.

...........................

31,479

17,437,162

Jazz

Pharmaceuticals

PLC

(a)

.................

2,456

311,961

Johnson

&

Johnson

.......................

95,059

14,101,052

Merck

&

Co.,

Inc.

.........................

100,171

10,287,562

Organon

&

Co.

..........................

9,961

147,323

Perrigo

Co.

PLC

.........................

5,370

148,427

Pfizer,

Inc.

.............................

223,049

6,816,377

Royalty

Pharma

PLC

,

Class

A

................

15,501

416,512

Viatris,

Inc.

.............................

47,577

423,435

Zoetis,

Inc.

,

Class

A

.......................

18,176

2,853,632

57,604,912

a

Professional

Services

 — 

0

.9

%

Alight,

Inc.

,

Class

A

(a)

(b)

.....................

15,014

99,693

ASGN,

Inc.

(a)

............................

1,842

153,733

Automatic

Data

Processing,

Inc.

...............

16,263

3,548,912

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

5,231

627,354

Broadridge

Financial

Solutions,

Inc.

............

4,613

787,162

CACI

International,

Inc.

,

Class

A

(a)

.............

913

296,506

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

6,232

398,910

Clarivate

PLC

(a)

(b)

.........................

16,868

107,618

Concentrix

Corp.

.........................

1,687

128,566

Dun

&

Bradstreet

Holdings,

Inc.

...............

8,490

74,372

Equifax,

Inc.

............................

4,868

825,467

FTI

Consulting,

Inc.

(a)

......................

1,350

286,551

Genpact

Ltd.

............................

6,691

224,416

Insperity,

Inc.

............................

1,403

148,494

Jacobs

Solutions,

Inc.

......................

4,940

658,502

KBR,

Inc.

..............................

5,417

314,999

Leidos

Holdings,

Inc.

......................

5,492

544,367

ManpowerGroup,

Inc.

......................

1,940

135,742

Maximus,

Inc.

...........................

2,483

185,530

Paychex,

Inc.

...........................

12,658

1,405,671

Paycom

Software,

Inc.

.....................

1,964

481,121

Paylocity

Holding

Corp.

(a)

...................

1,700

304,980

Robert

Half,

Inc.

.........................

4,302

321,661

Science

Applications

International

Corp.

.........

2,143

234,101

SS&C

Technologies

Holdings,

Inc.

.............

8,553

429,788

TransUnion

.............................

7,740

339,631

TriNet

Group,

Inc.

(a)

(b)

......................

1,259

129,362

Verisk

Analytics,

Inc.

.......................

5,713

1,298,908

14,492,117

a

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

12,263

$

850,316

CoStar

Group,

Inc.

(a)

.......................

16,132

1,184,250

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

1,403

93,061

Jones

Lang

LaSalle,

Inc.

(a)

...................

1,877

240,106

Opendoor

Technologies,

Inc.

(a)

(b)

...............

19,692

37,415

Zillow

Group,

Inc.

,

Class

A

(a)

.................

1,946

69,141

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

(b)

............

6,226

225,693

2,699,982

a

Residential

REITs

 — 

0

.4

%

American

Homes

4

Rent

,

Class

A

..............

12,398

405,910

Apartment

Income

REIT

Corp.

................

5,872

171,521

AvalonBay

Communities,

Inc.

................

5,601

928,310

Camden

Property

Trust

.....................

4,187

355,393

Equity

LifeStyle

Properties,

Inc.

...............

7,355

483,959

Equity

Residential

........................

13,707

758,408

Essex

Property

Trust,

Inc.

...................

2,567

549,133

Invitation

Homes,

Inc.

......................

22,695

673,815

Mid-America

Apartment

Communities,

Inc.

........

4,641

548,334

Sun

Communities,

Inc.

.....................

4,848

539,291

UDR,

Inc.

..............................

11,868

377,521

5,791,595

a

Retail

REITs

 — 

0

.3

%

Agree

Realty

Corp.

.......................

3,716

207,873

Brixmor

Property

Group,

Inc.

.................

11,765

244,594

Federal

Realty

Investment

Trust

...............

2,912

265,545

Kimco

Realty

Corp.

.......................

24,373

437,252

NNN

REIT,

Inc.

..........................

7,097

257,834

Realty

Income

Corp.

.......................

27,983

1,325,835

Regency

Centers

Corp.

....................

6,496

391,449

Simon

Property

Group,

Inc.

..................

12,860

1,413,185

Spirit

Realty

Capital,

Inc.

....................

5,587

201,076

4,744,643

a

Semiconductors

&

Semiconductor

Equipment

 — 

6

.7

%

Advanced

Micro

Devices,

Inc.

(a)

...............

63,833

6,287,551

Allegro

MicroSystems,

Inc.

(a)

.................

2,666

69,209

Amkor

Technology,

Inc.

.....................

3,881

80,958

Analog

Devices,

Inc.

.......................

19,798

3,114,819

Applied

Materials,

Inc.

.....................

33,150

4,387,402

Axcelis

Technologies,

Inc.

(a)

..................

1,296

165,240

Broadcom,

Inc.

..........................

16,291

13,706,759

Cirrus

Logic,

Inc.

(a)

........................

2,251

150,659

Enphase

Energy,

Inc.

(a)

.....................

5,431

432,199

Entegris,

Inc.

............................

5,945

523,398

First

Solar,

Inc.

(a)

.........................

4,218

600,854

GlobalFoundries,

Inc.

(a)

(b)

....................

3,268

162,158

Intel

Corp.

.............................

165,483

6,040,130

KLA

Corp.

..............................

5,398

2,535,441

Lam

Research

Corp.

......................

5,262

3,095,214

Lattice

Semiconductor

Corp.

(a)

................

5,458

303,519

Marvell

Technology,

Inc.

....................

33,902

1,600,852

Microchip

Technology,

Inc.

...................

21,491

1,532,093

Micron

Technology,

Inc.

.....................

43,184

2,887,714

MKS

Instruments,

Inc.

.....................

2,523

165,660

Monolithic

Power

Systems,

Inc.

...............

1,887

833,563

NVIDIA

Corp.

...........................

97,506

39,762,947

NXP

Semiconductors

NV

...................

10,178

1,754,993

ON

Semiconductor

Corp.

(a)

(b)

.................

17,068

1,069,140

Power

Integrations,

Inc.

....................

2,183

151,347

Qorvo,

Inc.

(a)

............................

3,843

335,955

QUALCOMM,

Inc.

........................

44,055

4,801,554

Rambus,

Inc.

(a)

..........................

4,309

234,108

Silicon

Laboratories,

Inc.

(a)

...................

1,256

115,778

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Skyworks

Solutions,

Inc.

....................

6,251

$

542,212

SolarEdge

Technologies,

Inc.

(a)

(b)

..............

2,209

167,774

Teradyne,

Inc.

...........................

6,139

511,195

Texas

Instruments,

Inc.

.....................

35,843

5,090,064

Universal

Display

Corp.

....................

1,689

235,075

Wolfspeed,

Inc.

(a)

(b)

........................

4,798

162,364

103,609,898

a

Software

 — 

10

.9

%

Adobe,

Inc.

(a)

............................

17,993

9,573,355

Alteryx,

Inc.

,

Class

A

(a)

(b)

....................

2,318

74,199

ANSYS,

Inc.

(a)

...........................

3,444

958,327

Appfolio,

Inc.

,

Class

A

(a)

....................

776

145,554

Appian

Corp.

,

Class

A

(a)

....................

1,534

60,532

AppLovin

Corp.

,

Class

A

(a)

(b)

..................

5,193

189,233

Asana,

Inc.

,

Class

A

(a)

(b)

.....................

3,025

55,872

Aspen

Technology,

Inc.

(a)

....................

1,131

201,035

Atlassian

Corp.

,

Class

A

(a)

...................

6,011

1,085,827

Autodesk,

Inc.

(a)

..........................

8,438

1,667,602

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

9,062

440,776

BILL

Holdings,

Inc.

(a)

(b)

......................

3,838

350,371

Blackbaud,

Inc.

(a)

.........................

1,819

118,963

BlackLine,

Inc.

(a)

.........................

2,058

101,048

Braze,

Inc.

,

Class

A

(a)

......................

1,865

79,412

Cadence

Design

Systems,

Inc.

(a)

..............

10,730

2,573,590

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

7,987

86,020

Clear

Secure,

Inc.

,

Class

A

..................

3,363

56,566

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

8,366

241,861

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

8,845

1,563,531

Datadog,

Inc.

,

Class

A

(a)

....................

11,808

961,998

DocuSign,

Inc.

(a)

.........................

7,838

304,741

Dolby

Laboratories,

Inc.

,

Class

A

..............

2,322

187,943

DoubleVerify

Holdings,

Inc.

(a)

.................

4,957

137,953

Dropbox,

Inc.

,

Class

A

(a)

....................

10,181

267,760

Dynatrace,

Inc.

(a)

.........................

9,379

419,335

Elastic

NV

(a)

............................

3,210

240,878

Fair

Isaac

Corp.

(a)

.........................

987

834,874

Five9,

Inc.

(a)

............................

2,994

173,263

Fortinet,

Inc.

(a)

...........................

25,716

1,470,184

Gen

Digital,

Inc.

..........................

21,988

366,320

Gitlab,

Inc.

,

Class

A

(a)

......................

3,154

136,505

Guidewire

Software,

Inc.

(a)

(b)

..................

3,176

286,253

HashiCorp,

Inc.

,

Class

A

(a)

...................

3,922

77,224

HubSpot,

Inc.

(a)

..........................

1,961

831,013

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

1,938

37,171

Intuit,

Inc.

..............................

11,055

5,471,672

Manhattan

Associates,

Inc.

(a)

(b)

................

2,410

469,902

Microsoft

Corp.

..........................

293,298

99,166,987

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

................

485

205,344

nCino,

Inc.

(a)

(b)

...........................

2,393

67,243

NCR

Voyix

Corp.

(a)

(b)

.......................

5,592

85,502

New

Relic,

Inc.

(a)

.........................

2,088

180,967

Nutanix,

Inc.

,

Class

A

(a)

.....................

9,427

341,163

Oracle

Corp.

............................

62,074

6,418,452

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

75,169

1,112,501

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

12,072

2,933,737

Pegasystems,

Inc.

........................

1,561

66,717

Procore

Technologies,

Inc.

(a)

(b)

................

3,485

212,899

PTC,

Inc.

(a)

.............................

4,691

658,710

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

3,171

84,285

Roper

Technologies,

Inc.

....................

4,206

2,054,925

Salesforce,

Inc.

(a)

.........................

38,471

7,726,131

Samsara,

Inc.

,

Class

A

(a)

(b)

...................

6,044

139,435

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

9,828

153,612

ServiceNow,

Inc.

(a)

........................

8,055

4,686,802

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

(Percentages

shown

are

based

on

Net

Assets)

28

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

Smartsheet,

Inc.

,

Class

A

(a)

..................

5,260

$

207,980

Splunk,

Inc.

(a)

...........................

5,983

880,458

SPS

Commerce,

Inc.

(a)

.....................

1,447

232,012

Synopsys,

Inc.

(a)

.........................

6,016

2,824,151

Tyler

Technologies,

Inc.

(a)

...................

1,664

620,506

UiPath,

Inc.

,

Class

A

(a)

.....................

15,875

246,539

Unity

Software,

Inc.

(a)

(b)

.....................

9,537

241,954

Varonis

Systems,

Inc.

(a)

(b)

....................

4,141

139,303

VMware,

Inc.

,

Class

A

(a)

(b)

...................

8,665

1,262,057

Workday,

Inc.

,

Class

A

(a)

....................

8,118

1,718,662

Workiva,

Inc.

,

Class

A

(a)

(b)

...................

1,820

158,504

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

9,905

594,102

Zscaler,

Inc.

(a)

...........................

3,501

555,574

168,275,877

a

Specialized

REITs

 — 

1

.1

%

American

Tower

Corp.

.....................

18,402

3,279,052

Crown

Castle,

Inc.

........................

17,067

1,586,890

CubeSmart

.............................

8,969

305,753

Digital

Realty

Trust,

Inc.

....................

11,951

1,486,226

Equinix,

Inc.

............................

3,691

2,693,101

Extra

Space

Storage,

Inc.

...................

8,317

861,558

Gaming

and

Leisure

Properties,

Inc.

............

10,365

470,467

Iron

Mountain,

Inc.

........................

11,470

677,533

Lamar

Advertising

Co.

,

Class

A

...............

3,461

284,737

National

Storage

Affiliates

Trust

...............

3,489

99,506

PotlatchDeltic

Corp.

.......................

3,158

135,320

Public

Storage

...........................

6,232

1,487,641

Rayonier,

Inc.

...........................

5,385

135,918

SBA

Communications

Corp.

,

Class

A

............

4,318

900,864

VICI

Properties,

Inc.

.......................

40,162

1,120,520

Weyerhaeuser

Co.

........................

29,082

834,363

16,359,449

a

Specialty

Retail

 — 

2

.0

%

Advance

Auto

Parts,

Inc.

....................

2,334

121,438

AutoNation,

Inc.

(a)

(b)

.......................

1,060

137,885

AutoZone,

Inc.

(a)

.........................

717

1,776,102

Bath

&

Body

Works,

Inc.

....................

8,909

264,152

Best

Buy

Co.,

Inc.

........................

7,695

514,180

Burlington

Stores,

Inc.

(a)

....................

2,573

311,410

CarMax,

Inc.

(a)

...........................

6,271

383,095

Carvana

Co.

,

Class

A

(a)

(b)

....................

3,916

105,732

Chewy,

Inc.

,

Class

A

(a)

(b)

....................

4,589

88,705

Dick's

Sporting

Goods,

Inc.

..................

2,477

264,915

Five

Below,

Inc.

(a)

.........................

2,207

383,974

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

4,299

354,238

GameStop

Corp.

,

Class

A

(a)

(b)

.................

10,588

145,797

Gap,

Inc.

(The)

..........................

8,361

107,021

Home

Depot,

Inc.

(The)

....................

39,689

11,299,061

Lithia

Motors,

Inc.

........................

1,073

259,891

Lowe's

Companies,

Inc.

....................

23,132

4,408,265

Murphy

USA,

Inc.

........................

766

277,821

O'Reilly

Automotive,

Inc.

(a)

...................

2,384

2,218,169

Penske

Automotive

Group,

Inc.

(b)

..............

770

110,172

RH

(a)

(b)

................................

610

132,956

Ross

Stores,

Inc.

.........................

13,504

1,566,059

TJX

Companies,

Inc.

(The)

..................

45,373

3,996,000

Tractor

Supply

Co.

........................

4,281

824,349

Ulta

Beauty,

Inc.

(a)

........................

1,960

747,368

Valvoline,

Inc.

...........................

5,479

162,562

Wayfair,

Inc.

,

Class

A

(a)

.....................

3,563

151,819

Williams-Sonoma,

Inc.

.....................

2,536

381,009

31,494,145

a

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

 — 

6

.8

%

Apple,

Inc.

.............................

580,147

$

99,071,703

Dell

Technologies,

Inc.

,

Class

C

...............

10,117

676,929

Hewlett

Packard

Enterprise

Co.

...............

51,134

786,441

HP,

Inc.

...............................

34,107

898,037

NetApp,

Inc.

............................

8,323

605,748

Pure

Storage,

Inc.

,

Class

A

(a)

.................

11,406

385,637

Seagate

Technology

Holdings

PLC

.............

7,509

512,489

Super

Micro

Computer,

Inc.

(a)

.................

1,803

431,764

Western

Digital

Corp.

(a)

.....................

12,760

512,314

103,881,062

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.6

%

Capri

Holdings

Ltd.

(a)

......................

4,583

234,558

Columbia

Sportswear

Co.

...................

1,358

100,220

Crocs,

Inc.

(a)

(b)

...........................

2,484

221,871

Deckers

Outdoor

Corp.

(a)

....................

1,030

614,972

Levi

Strauss

&

Co.

,

Class

A

..................

3,825

52,288

Lululemon

Athletica,

Inc.

(a)

(b)

..................

4,540

1,786,399

Nike,

Inc.

,

Class

B

........................

48,361

4,970,060

PVH

Corp.

.............................

2,550

189,593

Ralph

Lauren

Corp.

,

Class

A

.................

1,616

181,849

Skechers

USA,

Inc.

,

Class

A

(a)

................

5,329

256,964

Tapestry,

Inc.

............................

9,315

256,721

Under

Armour,

Inc.

,

Class

A

(a)

.................

7,437

50,943

Under

Armour,

Inc.

,

Class

C

(a)

................

7,022

45,152

VF

Corp.

..............................

12,922

190,341

9,151,931

a

Tobacco

 — 

0

.5

%

Altria

Group,

Inc.

.........................

70,064

2,814,471

Philip

Morris

International,

Inc.

................

61,237

5,459,891

8,274,362

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Air

Lease

Corp.

,

Class

A

....................

4,108

142,260

Applied

Industrial

Technologies,

Inc.

............

1,558

239,168

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

4,143

124,621

Fastenal

Co.

............................

22,502

1,312,767

Ferguson

PLC

...........................

8,075

1,212,865

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

1,801

170,645

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

1,795

247,297

United

Rentals,

Inc.

.......................

2,696

1,095,304

Watsco,

Inc.

............................

1,309

456,697

WESCO

International,

Inc.

...................

1,748

224,094

WW

Grainger,

Inc.

........................

1,747

1,275,013

6,500,731

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

7,699

905,787

Essential

Utilities,

Inc.

......................

9,808

328,176

1,233,963

a

Wireless

Telecommunication

Services

 — 

0

.2

%

GCI

Liberty,

Inc.

,

Class

A

(a)

(d)

.................

4,053

—

T-Mobile

U.S.,

Inc.

(a)

.......................

20,437

2,940,067

2,940,067

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

883,933,964

)

................................

1,534,233,311

iShares

®

Dow

Jones

U.S.

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(e)

(f)

......................

23,093,894

$

23,103,131

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(e)

............................

1,964,856

1,964,856

a

Total

Short-Term

Securities — 1.6%

(Cost:

$

25,057,416

)

.................................

25,067,987

Total

Investments

—

101.4%

(Cost:

$

908,991,380

)

................................

1,559,301,298

Liabilities

in

Excess

of

Other

Assets

—

(

1

.4

)

%

...............

(

22,116,113

)

Net

Assets

—

100.0%

.................................

$

1,537,185,185

(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

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

28,309,826

$

—

$

(

5,213,789

)

(a)

$

5,147

$

1,947

$

23,103,131

23,093,894

$

114,649

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,099,591

—

(

134,735

)

(a)

—

—

1,964,856

1,964,856

67,492

—

BlackRock,

Inc.

...

4,018,474

111,556

(

431,206

)

54,881

(

375,144

)

3,378,561

5,518

59,405

—

$

60,028

$

(

373,197

)

$

28,446,548

$

241,546

$

—

(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

..................................................................

13

12/15/23

$

2,738

$

(

117,444

)

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)

.............

$

—

$

—

$

117,444

$

—

$

—

$

—

$

117,444

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Dow

Jones

U.S.

ETF

30

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

(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

..................................

$

—

$

—

$

169,463

$

—

$

—

$

—

$

169,463

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

228,169

)

$

—

$

—

$

—

$

(

228,169

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,984,056

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,534,233,311

‌

$

—

‌

$

—

‌

$

1,534,233,311

‌

Short-Term

Securities

Money

Market

Funds

......................................

25,067,987

‌

—

‌

—

‌

25,067,987

‌

$

1,559,301,298

‌

$

—

‌

$

—

‌

$

1,559,301,298

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

117,444

)

$

—

‌

$

—

‌

$

(

117,444

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

................

20,993

$

1,717,857

Expeditors

International

of

Washington,

Inc.

(a)

......

27,619

3,017,376

United

Parcel

Service,

Inc.

,

Class

B

............

131,544

18,580,590

23,315,823

a

Automobile

Components

 — 

0

.2

%

Aptiv

PLC

(b)

.............................

51,369

4,479,377

Autoliv,

Inc.

.............................

14,808

1,357,153

BorgWarner,

Inc.

.........................

42,148

1,555,261

7,391,791

a

Automobiles

 — 

3

.0

%

Harley-Davidson,

Inc.

......................

24,431

655,973

Lucid

Group,

Inc.

(a)

(b)

.......................

163,099

671,968

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

118,419

1,920,756

Tesla,

Inc.

(b)

.............................

518,211

104,077,497

107,326,194

a

Banks

 — 

0

.9

%

Bank

of

Hawaii

Corp.

......................

7,495

370,178

Cathay

General

Bancorp

....................

12,671

429,674

Citizens

Financial

Group,

Inc.

................

87,596

2,052,374

Comerica,

Inc.

...........................

23,618

930,549

Huntington

Bancshares,

Inc.

.................

262,112

2,529,381

International

Bancshares

Corp.

...............

10,372

454,605

KeyCorp

...............................

168,415

1,721,201

M&T

Bank

Corp.

.........................

30,055

3,388,701

Old

National

Bancorp

......................

48,711

667,341

PNC

Financial

Services

Group,

Inc.

(The)

........

72,502

8,299,304

Regions

Financial

Corp.

....................

169,549

2,463,547

Truist

Financial

Corp.

......................

241,893

6,860,085

Zions

Bancorp

NA

........................

27,001

832,981

30,999,921

a

Beverages

 — 

2

.5

%

Coca-Cola

Co.

(The)

......................

745,574

42,117,475

Keurig

Dr

Pepper,

Inc.

.....................

165,349

5,015,035

PepsiCo,

Inc.

...........................

249,824

40,791,263

87,923,773

a

Biotechnology

 — 

3

.2

%

AbbVie,

Inc.

............................

320,181

45,203,153

Amgen,

Inc.

............................

96,968

24,794,717

Biogen,

Inc.

(a)

(b)

..........................

26,283

6,243,264

BioMarin

Pharmaceutical,

Inc.

(b)

...............

33,875

2,759,119

Gilead

Sciences,

Inc.

......................

226,457

17,785,933

Vertex

Pharmaceuticals,

Inc.

(b)

................

46,761

16,932,626

113,718,812

a

Broadline

Retail

 — 

0

.0

%

Kohl's

Corp.

............................

20,794

468,904

Nordstrom,

Inc.

..........................

18,209

254,562

723,466

a

Building

Products

 — 

1

.0

%

A

O

Smith

Corp.

.........................

22,609

1,577,204

Allegion

PLC

............................

15,695

1,543,760

Builders

FirstSource,

Inc.

(b)

..................

23,277

2,526,020

Carrier

Global

Corp.

.......................

151,588

7,224,684

Fortune

Brands

Innovations,

Inc.

..............

23,209

1,295,062

Johnson

Controls

International

PLC

............

124,187

6,087,647

Lennox

International,

Inc.

...................

5,786

2,143,944

Masco

Corp.

............................

40,807

2,125,637

Owens

Corning

..........................

16,419

1,861,422

Security

Shares

Value

a

Building

Products

(continued)

Trane

Technologies

PLC

....................

41,252

$

7,850,668

34,236,048

a

Capital

Markets

 — 

3

.8

%

Ameriprise

Financial,

Inc.

...................

19,579

6,158,966

Bank

of

New

York

Mellon

Corp.

(The)

...........

141,438

6,011,115

BlackRock,

Inc.

(c)

.........................

27,129

16,610,544

Charles

Schwab

Corp.

(The)

.................

272,432

14,177,361

CME

Group,

Inc.

,

Class

A

...................

65,328

13,944,915

FactSet

Research

Systems,

Inc.

...............

6,916

2,986,951

Franklin

Resources,

Inc.

....................

54,706

1,246,750

Intercontinental

Exchange,

Inc.

...............

103,560

11,126,486

Invesco

Ltd.

............................

63,428

822,661

MarketAxess

Holdings,

Inc.

..................

6,828

1,459,485

Moody's

Corp.

...........................

29,991

9,237,228

Morgan

Stanley

..........................

227,379

16,102,981

Nasdaq,

Inc.

............................

62,470

3,098,512

Northern

Trust

Corp.

.......................

37,656

2,481,907

S&P

Global,

Inc.

.........................

59,521

20,791,281

State

Street

Corp.

........................

60,879

3,934,610

T

Rowe

Price

Group,

Inc.

...................

40,862

3,698,011

133,889,764

a

Chemicals

 — 

2

.3

%

Air

Products

and

Chemicals,

Inc.

..............

40,341

11,393,912

Albemarle

Corp.

.........................

21,393

2,712,205

Axalta

Coating

Systems

Ltd.

(b)

................

39,639

1,039,731

Ecolab,

Inc.

............................

46,546

7,807,626

HB

Fuller

Co.

...........................

9,973

659,714

International

Flavors

&

Fragrances,

Inc.

..........

46,334

3,166,929

Linde

PLC

.............................

88,851

33,955,298

LyondellBasell

Industries

NV

,

Class

A

...........

47,262

4,264,923

Minerals

Technologies,

Inc.

..................

5,925

320,305

Mosaic

Co.

(The)

.........................

60,066

1,950,944

PPG

Industries,

Inc.

.......................

42,586

5,228,283

Sherwin-Williams

Co.

(The)

..................

44,395

10,575,333

83,075,203

a

Commercial

Services

&

Supplies

 — 

0

.3

%

ACCO

Brands

Corp.

.......................

15,940

80,656

Copart,

Inc.

(b)

...........................

170,422

7,416,765

Deluxe

Corp.

............................

7,650

130,433

HNI

Corp.

..............................

8,865

307,527

Interface,

Inc.

...........................

10,767

95,719

Steelcase,

Inc.

,

Class

A

....................

14,969

163,312

Tetra

Tech,

Inc.

..........................

9,623

1,452,207

9,646,619

a

Communications

Equipment

 — 

1

.4

%

Cisco

Systems,

Inc.

.......................

746,529

38,916,557

CommScope

Holding

Co.,

Inc.

(b)

...............

24,280

35,934

F5,

Inc.

(b)

..............................

10,304

1,561,983

Motorola

Solutions,

Inc.

....................

30,460

8,481,892

48,996,366

a

Construction

&

Engineering

 — 

0

.2

%

EMCOR

Group,

Inc.

.......................

8,641

1,785,663

Granite

Construction,

Inc.

...................

8,306

336,227

MDU

Resources

Group,

Inc.

.................

34,988

651,127

Quanta

Services,

Inc.

......................

26,255

4,387,735

7,160,752

a

Consumer

Finance

 — 

0

.7

%

Ally

Financial,

Inc.

........................

48,361

1,169,852

American

Express

Co.

.....................

114,703

16,750,079

Discover

Financial

Services

..................

46,114

3,785,037

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Consumer

Finance

(continued)

Synchrony

Financial

.......................

77,493

$

2,173,679

23,878,647

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.6

%

Kroger

Co.

(The)

.........................

123,928

5,622,613

Sysco

Corp.

............................

91,669

6,095,072

Target

Corp.

............................

83,834

9,287,969

United

Natural

Foods,

Inc.

(a)

(b)

................

10,787

157,274

21,162,928

a

Containers

&

Packaging

 — 

0

.3

%

Avery

Dennison

Corp.

......................

14,664

2,552,562

Ball

Corp.

..............................

56,952

2,742,239

International

Paper

Co.

.....................

60,030

2,024,812

Sealed

Air

Corp.

.........................

26,446

814,272

Sonoco

Products

Co.

......................

18,060

935,689

9,069,574

a

Distributors

 — 

0

.1

%

LKQ

Corp.

.............................

48,344

2,123,269

Pool

Corp.

.............................

7,117

2,247,335

4,370,604

a

Diversified

Telecommunication

Services

 — 

0

.8

%

Liberty

Global

PLC

,

Class

C

,

NVS

(a)

(b)

...........

42,268

716,865

Lumen

Technologies,

Inc.

(b)

..................

186,051

271,635

Verizon

Communications,

Inc.

................

762,937

26,801,977

27,790,477

a

Electric

Utilities

 — 

0

.3

%

Eversource

Energy

.......................

63,232

3,401,249

Exelon

Corp.

............................

180,619

7,033,304

10,434,553

a

Electrical

Equipment

 — 

0

.6

%

Acuity

Brands,

Inc.

(a)

.......................

5,657

916,264

Eaton

Corp.

PLC

.........................

72,389

15,050,397

Rockwell

Automation,

Inc.

...................

20,797

5,465,660

Sensata

Technologies

Holding

PLC

............

27,310

870,643

22,302,964

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Cognex

Corp.

...........................

29,814

1,073,006

Corning,

Inc.

............................

146,678

3,925,103

Flex

Ltd.

(b)

..............................

80,549

2,071,720

Itron,

Inc.

(b)

.............................

8,432

482,985

Keysight

Technologies,

Inc.

(b)

.................

32,233

3,934,038

TE

Connectivity

Ltd.

.......................

57,230

6,744,555

Trimble,

Inc.

(b)

...........................

44,843

2,113,451

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

...........

9,291

1,945,814

22,290,672

a

Energy

Equipment

&

Services

 — 

0

.5

%

Baker

Hughes

Co.

,

Class

A

..................

184,094

6,336,516

Core

Laboratories,

Inc.

.....................

8,832

189,181

Halliburton

Co.

..........................

163,303

6,424,340

NOV,

Inc.

..............................

71,853

1,434,186

TechnipFMC

PLC

........................

79,819

1,717,705

16,101,928

a

Entertainment

 — 

1

.0

%

Electronic

Arts,

Inc.

.......................

46,944

5,811,198

Walt

Disney

Co.

(The)

(b)

....................

331,619

27,056,794

Warner

Bros

Discovery,

Inc.

,

Series

A

(b)

..........

420,304

4,177,822

37,045,814

a

Security

Shares

Value

a

Financial

Services

 — 

4

.1

%

Equitable

Holdings,

Inc.

....................

64,943

$

1,725,536

Fidelity

National

Information

Services,

Inc.

........

106,945

5,252,069

Mastercard,

Inc.

,

Class

A

....................

154,606

58,185,968

PayPal

Holdings,

Inc.

(b)

.....................

192,644

9,978,959

Visa,

Inc.

,

Class

A

........................

295,673

69,512,722

Voya

Financial,

Inc.

.......................

17,889

1,194,449

Western

Union

Co.

(The)

...................

53,986

609,502

146,459,205

a

Food

Products

 — 

1

.6

%

Archer-Daniels-Midland

Co.

..................

98,835

7,073,621

Bunge

Ltd.

.............................

27,348

2,898,341

Campbell

Soup

Co.

.......................

35,208

1,422,755

Conagra

Brands,

Inc.

......................

86,115

2,356,106

Darling

Ingredients,

Inc.

(b)

...................

27,772

1,230,022

General

Mills,

Inc.

........................

106,319

6,936,252

Hain

Celestial

Group,

Inc.

(The)

(b)

..............

17,077

188,701

Hormel

Foods

Corp.

.......................

52,781

1,718,022

Ingredion,

Inc.

...........................

11,884

1,112,105

J

M

Smucker

Co.

(The)

.....................

18,141

2,065,171

Kellanova

..............................

48,475

2,446,533

Kraft

Heinz

Co.

(The)

......................

156,015

4,908,232

Lamb

Weston

Holdings,

Inc.

.................

26,264

2,358,507

McCormick

&

Co.,

Inc.

,

NVS

.................

45,040

2,878,056

Mondelez

International,

Inc.

,

Class

A

............

247,252

16,370,555

55,962,979

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

26,133

2,813,479

New

Jersey

Resources

Corp.

.................

17,265

700,614

UGI

Corp.

..............................

38,163

793,790

4,307,883

a

Ground

Transportation

 — 

1

.4

%

ArcBest

Corp.

...........................

4,189

456,098

Avis

Budget

Group,

Inc.

(b)

...................

3,912

636,874

CSX

Corp.

.............................

372,024

11,104,917

JB

Hunt

Transport

Services,

Inc.

..............

15,028

2,582,862

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

29,122

1,423,775

Norfolk

Southern

Corp.

.....................

41,343

7,887,831

Ryder

System,

Inc.

........................

8,406

819,921

U-Haul

Holding

Co.

,

Series

N

,

NVS

(a)

...........

17,554

828,724

Union

Pacific

Corp.

.......................

110,643

22,970,593

48,711,595

a

Health

Care

Equipment

&

Supplies

 — 

1

.5

%

Align

Technology,

Inc.

(b)

.....................

13,185

2,433,819

Becton

Dickinson

&

Co.

....................

51,438

13,002,498

Cooper

Companies,

Inc.

(The)

(a)

...............

9,007

2,807,932

Dentsply

Sirona,

Inc.

......................

37,951

1,154,090

Dexcom,

Inc.

(b)

..........................

70,492

6,261,804

Edwards

Lifesciences

Corp.

(b)

................

110,104

7,015,827

Hologic,

Inc.

(b)

...........................

44,613

2,952,042

IDEXX

Laboratories,

Inc.

(b)

...................

15,077

6,022,809

Insulet

Corp.

(b)

...........................

12,622

1,673,299

ResMed,

Inc.

...........................

26,624

3,759,841

STERIS

PLC

............................

17,892

3,756,962

Zimmer

Biomet

Holdings,

Inc.

................

37,946

3,961,942

54,802,865

a

Health

Care

Providers

&

Services

 — 

2

.3

%

Cardinal

Health,

Inc.

.......................

46,120

4,196,920

Cencora,

Inc.

...........................

31,303

5,795,750

Centene

Corp.

(b)

.........................

99,604

6,870,684

Cigna

Group

(The)

........................

53,722

16,610,842

DaVita,

Inc.

(a)

(b)

..........................

9,382

724,572

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

33

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Elevance

Health,

Inc.

......................

43,030

$

19,367,373

HCA

Healthcare,

Inc.

......................

37,394

8,456,279

Henry

Schein,

Inc.

(b)

.......................

23,730

1,541,975

Humana,

Inc.

...........................

22,637

11,854,771

Laboratory

Corp.

of

America

Holdings

...........

16,091

3,213,855

Patterson

Companies,

Inc.

..................

15,836

482,365

Pediatrix

Medical

Group,

Inc.

(b)

................

14,588

167,178

Quest

Diagnostics,

Inc.

.....................

20,235

2,632,574

Select

Medical

Holdings

Corp.

................

17,682

401,912

82,317,050

a

Health

Care

REITs

 — 

0

.3

%

Healthpeak

Properties,

Inc.

..................

97,199

1,511,444

Ventas,

Inc.

............................

73,015

3,100,217

Welltower,

Inc.

...........................

90,270

7,547,475

12,159,136

a

Health

Care

Technology

 — 

0

.0

%

Teladoc

Health,

Inc.

(a)

(b)

.....................

29,213

483,183

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

128,604

1,990,790

a

Hotels,

Restaurants

&

Leisure

 — 

2

.9

%

Aramark

...............................

44,754

1,205,225

Booking

Holdings,

Inc.

(b)

....................

6,749

18,826,740

Choice

Hotels

International,

Inc.

...............

5,979

660,680

Darden

Restaurants,

Inc.

...................

21,873

3,183,178

Domino's

Pizza,

Inc.

.......................

6,417

2,175,299

Hilton

Worldwide

Holdings,

Inc.

...............

48,082

7,285,865

Jack

in

the

Box,

Inc.

.......................

3,755

237,241

Marriott

International,

Inc.

,

Class

A

.............

46,825

8,829,322

McDonald's

Corp.

........................

132,499

34,737,263

Royal

Caribbean

Cruises

Ltd.

(b)

...............

41,833

3,544,510

Starbucks

Corp.

..........................

208,087

19,193,945

Vail

Resorts,

Inc.

.........................

7,255

1,539,874

101,419,142

a

Household

Durables

 — 

0

.2

%

Ethan

Allen

Interiors,

Inc.

...................

4,120

108,191

Garmin

Ltd.

.............................

27,780

2,848,284

La-Z-Boy,

Inc.

...........................

8,471

247,692

Meritage

Homes

Corp.

.....................

6,761

770,889

Mohawk

Industries,

Inc.

(b)

...................

9,790

786,920

Newell

Brands,

Inc.

.......................

66,883

449,454

Whirlpool

Corp.

..........................

9,870

1,032,007

6,243,437

a

Household

Products

 — 

2

.5

%

Church

&

Dwight

Co.,

Inc.

...................

44,226

4,021,912

Clorox

Co.

(The)

.........................

22,203

2,613,293

Colgate-Palmolive

Co.

.....................

142,994

10,741,709

Kimberly-Clark

Corp.

......................

61,031

7,301,749

Procter

&

Gamble

Co.

(The)

.................

429,761

64,477,043

89,155,706

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.0

%

Ormat

Technologies,

Inc.

....................

8,817

542,598

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

................................

100,229

9,115,828

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

............................

167,636

16,889,327

a

Security

Shares

Value

a

Insurance

 — 

2

.6

%

Allstate

Corp.

(The)

.......................

47,599

$

6,098,860

Arthur

J

Gallagher

&

Co.

....................

38,907

9,162,210

Chubb

Ltd.

.............................

75,208

16,141,141

Hartford

Financial

Services

Group,

Inc.

(The)

......

56,502

4,150,072

Lincoln

National

Corp.

.....................

30,343

660,567

Loews

Corp.

............................

34,923

2,235,421

Marsh

&

McLennan

Companies,

Inc.

............

89,816

17,033,604

Principal

Financial

Group,

Inc.

................

44,211

2,992,201

Progressive

Corp.

(The)

....................

106,286

16,802,754

Prudential

Financial,

Inc.

....................

65,980

6,033,211

Travelers

Companies,

Inc.

(The)

...............

42,014

7,034,824

Willis

Towers

Watson

PLC

...................

19,026

4,488,043

92,832,908

a

Interactive

Media

&

Services

 — 

7

.1

%

Alphabet,

Inc.

,

Class

A

(b)

....................

1,073,061

133,145,409

Alphabet,

Inc.

,

Class

C

,

NVS

(b)

................

954,374

119,583,062

ZoomInfo

Technologies,

Inc.

(b)

................

47,494

615,522

253,343,993

a

IT

Services

 — 

2

.0

%

Accenture

PLC

,

Class

A

....................

115,148

34,209,319

Akamai

Technologies,

Inc.

(b)

..................

27,644

2,856,455

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

92,115

5,938,654

International

Business

Machines

Corp.

..........

164,793

23,835,660

Okta,

Inc.

,

Class

A

(b)

.......................

27,874

1,878,986

Twilio,

Inc.

,

Class

A

(b)

......................

31,230

1,600,850

70,319,924

a

Leisure

Products

 — 

0

.1

%

Hasbro,

Inc.

............................

23,330

1,053,349

Mattel,

Inc.

(b)

............................

63,920

1,219,594

Topgolf

Callaway

Brands

Corp.

(b)

..............

27,407

334,914

2,607,857

a

Life

Sciences

Tools

&

Services

 — 

1

.4

%

Agilent

Technologies,

Inc.

...................

53,665

5,547,351

Bio-Techne

Corp.

.........................

28,089

1,534,502

Danaher

Corp.

..........................

127,219

24,428,592

Illumina,

Inc.

(b)

...........................

28,712

3,141,667

IQVIA

Holdings,

Inc.

(b)

......................

33,736

6,100,481

Mettler-Toledo

International,

Inc.

(b)

.............

3,992

3,932,919

Waters

Corp.

(a)

(b)

.........................

10,463

2,495,739

West

Pharmaceutical

Services,

Inc.

............

13,417

4,270,497

51,451,748

a

Machinery

 — 

3

.1

%

AGCO

Corp.

............................

11,607

1,330,859

Caterpillar,

Inc.

..........................

93,523

21,140,874

Cummins,

Inc.

...........................

25,732

5,565,832

Deere

&

Co.

............................

50,553

18,470,044

Dover

Corp.

............................

25,485

3,311,776

Flowserve

Corp.

.........................

24,144

886,568

Fortive

Corp.

............................

63,880

4,170,086

Graco,

Inc.

.............................

30,662

2,279,720

IDEX

Corp.

.............................

13,506

2,585,183

Illinois

Tool

Works,

Inc.

.....................

55,127

12,355,063

Ingersoll

Rand,

Inc.

.......................

73,611

4,466,716

Lincoln

Electric

Holdings,

Inc.

................

10,417

1,820,892

Middleby

Corp.

(The)

(b)

.....................

9,417

1,062,897

PACCAR,

Inc.

...........................

94,908

7,832,757

Parker-Hannifin

Corp.

......................

23,300

8,595,603

Pentair

PLC

............................

29,684

1,725,234

Snap-on,

Inc.

...........................

9,581

2,471,323

Stanley

Black

&

Decker,

Inc.

.................

27,683

2,354,439

Tennant

Co.

............................

3,400

252,348

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

MSCI

KLD

400

Social

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Machinery

(continued)

Timken

Co.

(The)

.........................

11,970

$

827,366

Westinghouse

Air

Brake

Technologies

Corp.

.......

32,554

3,451,375

Xylem,

Inc.

.............................

43,439

4,063,284

111,020,239

a

Media

 — 

0

.1

%

Cable

One,

Inc.

..........................

763

419,551

John

Wiley

&

Sons,

Inc.

,

Class

A

..............

6,910

209,166

New

York

Times

Co.

(The)

,

Class

A

.............

26,672

1,075,148

Omnicom

Group,

Inc.

......................

36,428

2,728,822

Scholastic

Corp.

.........................

4,737

174,795

4,607,482

a

Metals

&

Mining

 — 

0

.2

%

Compass

Minerals

International,

Inc.

............

6,077

149,737

Newmont

Corp.

..........................

209,077

7,834,115

Schnitzer

Steel

Industries,

Inc.

,

Class

A

..........

3,360

76,306

8,060,158

a

Multi-Utilities

 — 

0

.5

%

Avista

Corp.

............................

13,148

416,660

CMS

Energy

Corp.

........................

52,750

2,866,435

Consolidated

Edison,

Inc.

...................

63,105

5,539,988

Sempra

...............................

114,404

8,011,712

16,834,795

a

Office

REITs

 — 

0

.1

%

Boston

Properties,

Inc.

.....................

27,125

1,453,086

COPT

Defense

Properties

...................

19,496

444,509

1,897,595

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.3

%

Cheniere

Energy,

Inc.

......................

44,040

7,329,137

HF

Sinclair

Corp.

.........................

28,177

1,560,442

Marathon

Petroleum

Corp.

..................

77,073

11,657,291

ONEOK,

Inc.

............................

105,684

6,890,597

Phillips

66

..............................

83,060

9,474,654

Valero

Energy

Corp.

.......................

65,684

8,341,868

45,253,989

a

Passenger

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

.......................

29,673

927,281

Southwest

Airlines

Co.

.....................

26,652

592,474

1,519,755

a

Personal

Care

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

42,151

5,431,999

a

Pharmaceuticals

 — 

2

.3

%

Bristol-Myers

Squibb

Co.

....................

381,257

19,646,173

Jazz

Pharmaceuticals

PLC

(b)

.................

11,273

1,431,896

Merck

&

Co.,

Inc.

.........................

460,485

47,291,810

Zoetis,

Inc.

,

Class

A

.......................

83,934

13,177,638

81,547,517

a

Professional

Services

 — 

0

.8

%

ASGN,

Inc.

(b)

............................

8,941

746,216

Automatic

Data

Processing,

Inc.

...............

74,977

16,361,481

Broadridge

Financial

Solutions,

Inc.

............

21,493

3,667,566

Exponent,

Inc.

...........................

9,404

689,219

Heidrick

&

Struggles

International,

Inc.

..........

3,327

80,979

ICF

International,

Inc.

......................

3,531

447,484

Kelly

Services,

Inc.

,

Class

A

,

NVS

.............

6,321

112,830

ManpowerGroup,

Inc.

......................

9,205

644,074

Paycom

Software,

Inc.

.....................

9,465

2,318,641

Resources

Connection,

Inc.

..................

3,886

52,344

Robert

Half,

Inc.

.........................

19,781

1,479,025

Security

Shares

Value

a

Professional

Services

(continued)

TransUnion

.............................

35,036

$

1,537,380

TrueBlue,

Inc.

(b)

..........................

3,202

35,446

28,172,685

a

Real

Estate

Management

&

Development

 — 

0

.1

%

Anywhere

Real

Estate,

Inc.

(a)

(b)

................

15,815

73,856

CBRE

Group,

Inc.

,

Class

A

(a)

(b)

................

56,211

3,897,671

Jones

Lang

LaSalle,

Inc.

(b)

...................

8,647

1,106,124

5,077,651

a

Residential

REITs

 — 

0

.3

%

AvalonBay

Communities,

Inc.

................

25,791

4,274,600

Equity

Residential

........................

65,229

3,609,120

UDR,

Inc.

..............................

56,560

1,799,174

9,682,894

a

Retail

REITs

 — 

0

.2

%

Federal

Realty

Investment

Trust

...............

13,317

1,214,377

Macerich

Co.

(The)

.......................

38,628

375,464

Simon

Property

Group,

Inc.

..................

59,382

6,525,488

8,115,329

a

Semiconductors

&

Semiconductor

Equipment

 — 

9

.5

%

Advanced

Micro

Devices,

Inc.

(b)

...............

293,665

28,926,002

Analog

Devices,

Inc.

.......................

91,950

14,466,494

Applied

Materials,

Inc.

.....................

154,974

20,510,809

First

Solar,

Inc.

(b)

.........................

18,635

2,654,556

Intel

Corp.

.............................

759,990

27,739,635

Lam

Research

Corp.

......................

24,704

14,531,387

Microchip

Technology,

Inc.

...................

100,267

7,148,034

NVIDIA

Corp.

...........................

444,418

181,233,660

NXP

Semiconductors

NV

...................

48,362

8,339,060

ON

Semiconductor

Corp.

(a)

(b)

.................

79,483

4,978,815

Skyworks

Solutions,

Inc.

....................

29,024

2,517,542

Texas

Instruments,

Inc.

.....................

165,865

23,554,489

336,600,483

a

Software

 — 

19

.2

%

Adobe,

Inc.

(b)

............................

83,101

44,214,718

ANSYS,

Inc.

(b)

...........................

15,955

4,439,638

Atlassian

Corp.

,

Class

A

(b)

...................

27,586

4,983,135

Autodesk,

Inc.

(b)

..........................

38,671

7,642,550

Cadence

Design

Systems,

Inc.

(b)

..............

50,690

12,157,997

Fair

Isaac

Corp.

(b)

.........................

4,627

3,913,840

Fortinet,

Inc.

(b)

...........................

122,301

6,991,948

Gen

Digital,

Inc.

..........................

103,673

1,727,192

Guidewire

Software,

Inc.

(a)

(b)

..................

14,029

1,264,434

HubSpot,

Inc.

(b)

..........................

8,722

3,696,122

Intuit,

Inc.

..............................

51,215

25,348,864

Microsoft

Corp.

..........................

1,276,285

431,524,721

Oracle

Corp.

............................

297,232

30,733,789

PTC,

Inc.

(b)

.............................

20,445

2,870,887

RingCentral,

Inc.

,

Class

A

(b)

..................

13,667

363,269

Roper

Technologies,

Inc.

....................

19,586

9,569,132

Salesforce,

Inc.

(b)

.........................

177,883

35,724,243

ServiceNow,

Inc.

(b)

........................

37,419

21,772,245

Splunk,

Inc.

(b)

...........................

28,437

4,184,789

Synopsys,

Inc.

(b)

.........................

28,144

13,211,919

Teradata

Corp.

(b)

.........................

18,599

794,549

VMware,

Inc.

,

Class

A

(a)

(b)

...................

42,987

6,261,057

Workday,

Inc.

,

Class

A

(a)

(b)

...................

37,852

8,013,647

681,404,685

a

Specialized

REITs

 — 

1

.4

%

American

Tower

Corp.

.....................

84,416

15,042,087

Crown

Castle,

Inc.

........................

78,481

7,297,163

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

Specialized

REITs

(continued)

Digital

Realty

Trust,

Inc.

....................

52,993

$

6,590,210

Equinix,

Inc.

............................

16,986

12,393,665

Iron

Mountain,

Inc.

........................

53,035

3,132,777

PotlatchDeltic

Corp.

.......................

13,969

598,572

SBA

Communications

Corp.

,

Class

A

............

19,654

4,100,414

49,154,888

a

Specialty

Retail

 — 

2

.4

%

AutoNation,

Inc.

(a)

(b)

.......................

5,384

700,351

Best

Buy

Co.,

Inc.

........................

35,493

2,371,642

Buckle,

Inc.

(The)

........................

5,171

174,625

CarMax,

Inc.

(a)

(b)

..........................

28,625

1,748,701

Foot

Locker,

Inc.

.........................

14,854

311,785

GameStop

Corp.

,

Class

A

(a)

(b)

.................

49,817

685,980

Gap,

Inc.

(The)

..........................

40,109

513,395

Home

Depot,

Inc.

(The)

....................

182,450

51,941,691

Lowe's

Companies,

Inc.

....................

106,347

20,266,548

ODP

Corp.

(The)

(b)

........................

6,346

285,062

Signet

Jewelers

Ltd.

.......................

7,770

542,579

Tractor

Supply

Co.

........................

19,877

3,827,515

Ulta

Beauty,

Inc.

(b)

........................

9,079

3,461,914

86,831,788

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.4

%

Dell

Technologies,

Inc.

,

Class

C

...............

46,302

3,098,067

Hewlett

Packard

Enterprise

Co.

...............

234,994

3,614,208

HP,

Inc.

...............................

161,592

4,254,717

Seagate

Technology

Holdings

PLC

.............

33,612

2,294,019

Xerox

Holdings

Corp.

......................

18,532

237,951

13,498,962

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.8

%

Capri

Holdings

Ltd.

(b)

......................

21,320

1,091,158

Columbia

Sportswear

Co.

...................

6,747

497,928

Deckers

Outdoor

Corp.

(b)

....................

4,735

2,827,079

Hanesbrands,

Inc.

........................

64,631

270,804

Nike,

Inc.

,

Class

B

........................

223,595

22,978,858

PVH

Corp.

.............................

11,342

843,278

Under

Armour,

Inc.

,

Class

A

(b)

.................

33,591

230,098

Under

Armour,

Inc.

,

Class

C

(b)

................

34,264

220,318

Security

Shares

Value

a

Textiles,

Apparel

&

Luxury

Goods

(continued)

VF

Corp.

..............................

60,448

$

890,399

Wolverine

World

Wide,

Inc.

..................

14,534

116,999

29,966,919

a

Trading

Companies

&

Distributors

 — 

0

.7

%

Air

Lease

Corp.

,

Class

A

....................

19,209

665,208

Applied

Industrial

Technologies,

Inc.

............

7,084

1,087,465

Fastenal

Co.

............................

103,930

6,063,276

Ferguson

PLC

...........................

37,117

5,574,973

United

Rentals,

Inc.

.......................

12,483

5,071,469

WW

Grainger,

Inc.

........................

8,182

5,971,469

24,433,860

a

Water

Utilities

 — 

0

.2

%

American

Water

Works

Co.,

Inc.

...............

35,258

4,148,103

Essential

Utilities,

Inc.

......................

44,330

1,483,282

5,631,385

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

3,016,068,365

)

...............................

3,538,714,905

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

26,618,737

26,629,384

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

5,913,990

5,913,990

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

32,539,618

)

.................................

32,543,374

Total

Investments

—

100.7%

(Cost:

$

3,048,607,983

)

...............................

3,571,258,279

Liabilities

in

Excess

of

Other

Assets

—

(

0

.7

)

%

...............

(

23,260,089

)

Net

Assets

—

100.0%

.................................

$

3,547,998,190

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

18,347,044

$

8,287,657

(a)

$

—

$

(

6,030

)

$

713

$

26,629,384

26,618,737

$

82,449

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

10,014,471

—

(

4,100,481

)

(a)

—

—

5,913,990

5,913,990

247,460

—

BlackRock,

Inc.

.

18,394,236

379,128

(

583,897

)

110,291

(

1,689,214

)

16,610,544

27,129

270,035

—

$

104,261

$

(

1,688,501

)

$

49,153,918

$

599,944

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

MSCI

KLD

400

Social

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(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

..................................................................

40

12/15/23

$

8,425

$

(

316,728

)

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)

.............

$

—

$

—

$

316,728

$

—

$

—

$

—

$

316,728

(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

..................................

$

—

$

—

$

538,641

$

—

$

—

$

—

$

538,641

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

1,010,935

)

$

—

$

—

$

—

$

(

1,010,935

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

9,403,563

a

iShares

®

MSCI

KLD

400

Social

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

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

.........................................

$

3,538,714,905

‌

$

—

‌

$

—

‌

$

3,538,714,905

‌

Short-Term

Securities

Money

Market

Funds

......................................

32,543,374

‌

—

‌

—

‌

32,543,374

‌

$

3,571,258,279

‌

$

—

‌

$

—

‌

$

3,571,258,279

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

316,728

)

$

—

‌

$

—

‌

$

(

316,728

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

MSCI

USA

ESG

Select

ETF

(Percentages

shown

are

based

on

Net

Assets)

38

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 0.6%

Axon

Enterprise,

Inc.

(a)

.....................

49,147

$

10,050,070

L3Harris

Technologies,

Inc.

..................

101,599

18,227,877

28,277,947

a

Air

Freight

&

Logistics

 — 1.5%

CH

Robinson

Worldwide,

Inc.

................

202,362

16,559,283

Expeditors

International

of

Washington,

Inc.

.......

449,461

49,103,614

65,662,897

a

Automobile

Components

 — 0.3%

Aptiv

PLC

(a)

.............................

149,251

13,014,687

a

Automobiles

 — 1.6%

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.............

282,734

4,585,945

Tesla,

Inc.

(a)(b)

...........................

341,334

68,553,521

73,139,466

a

Banks

 — 1.3%

Huntington

Bancshares,

Inc.

.................

2,089,539

20,164,051

PNC

Financial

Services

Group,

Inc.

(The)

........

89,281

10,219,996

Regions

Financial

Corp.

....................

1,594,086

23,162,070

Truist

Financial

Corp.

......................

165,843

4,703,307

58,249,424

a

Beverages

 — 3.7%

Coca-Cola

Co.

(The)

......................

1,628,169

91,975,267

Keurig

Dr

Pepper,

Inc.

.....................

261,004

7,916,251

PepsiCo,

Inc.

...........................

398,563

65,077,367

164,968,885

a

Biotechnology

 — 2.7%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

25,067

3,805,171

Amgen,

Inc.

............................

146,941

37,572,814

Biogen,

Inc.

(a)(b)

..........................

39,040

9,273,561

Gilead

Sciences,

Inc.

......................

694,166

54,519,798

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

6,387

4,981,157

Vertex

Pharmaceuticals,

Inc.

(a)

................

24,358

8,820,275

118,972,776

a

Broadline

Retail

 — 0.2%

MercadoLibre

,

Inc.

(a)

.......................

7,421

9,207,532

a

Building

Products

 — 3.0%

Carrier

Global

Corp.

.......................

178,030

8,484,910

Fortune

Brands

Innovations,

Inc.

..............

346,807

19,351,831

Johnson

Controls

International

PLC

............

805,906

39,505,512

Lennox

International,

Inc.

...................

17,453

6,467,035

Owens

Corning

..........................

105,957

12,012,345

Trane

Technologies

PLC

....................

255,743

48,670,450

134,492,083

a

Capital

Markets

 — 3.4%

Bank

of

New

York

Mellon

Corp.

(The)

...........

543,116

23,082,430

BlackRock,

Inc.

(c)

.........................

9,261

5,670,325

FactSet

Research

Systems,

Inc.

...............

20,888

9,021,318

Invesco

Ltd.

............................

416,505

5,402,070

Moody's

Corp.

...........................

71,738

22,095,304

Morgan

Stanley

..........................

531,356

37,630,632

Nasdaq,

Inc.

............................

200,375

9,938,600

Northern

Trust

Corp.

.......................

107,166

7,063,311

S&P

Global,

Inc.

.........................

74,054

25,867,803

State

Street

Corp.

........................

84,146

5,438,356

151,210,149

a

Security

Shares

Value

a

Chemicals

 — 2.2%

Ecolab,

Inc.

............................

340,941

$

57,189,443

International

Flavors

&

Fragrances,

Inc.

..........

108,871

7,441,333

Linde

PLC

.............................

59,246

22,641,452

Mosaic

Co.

(The)

.........................

151,236

4,912,145

PPG

Industries,

Inc.

.......................

35,208

4,322,486

96,506,859

a

Commercial

Services

&

Supplies

 — 0.1%

Veralto

Corp.

(a)

..........................

54,466

3,758,154

a

Communications

Equipment

 — 1.1%

Cisco

Systems,

Inc.

.......................

801,210

41,767,077

Motorola

Solutions,

Inc.

....................

24,621

6,855,964

48,623,041

a

Construction

&

Engineering

 — 0.2%

Quanta

Services,

Inc.

......................

47,692

7,970,287

a

Consumer

Finance

 — 0.8%

American

Express

Co.

.....................

223,717

32,669,393

Synchrony

Financial

.......................

183,973

5,160,443

37,829,836

a

Consumer

Staples

Distribution

&

Retail

 — 0.8%

Costco

Wholesale

Corp.

....................

22,681

12,529,892

Kroger

Co.

(The)

.........................

220,086

9,985,302

Target

Corp.

............................

109,737

12,157,762

34,672,956

a

Containers

&

Packaging

 — 0.4%

Amcor

PLC

.............................

1,223,027

10,872,710

Ball

Corp.

..............................

143,904

6,928,978

17,801,688

a

Distributors

 — 0.5%

LKQ

Corp.

.............................

535,738

23,529,613

a

Diversified

Telecommunication

Services

 — 0.6%

Verizon

Communications,

Inc.

................

753,353

26,465,291

a

Electric

Utilities

 — 0.5%

Eversource

Energy

.......................

407,880

21,939,865

a

Electronic

Equipment,

Instruments

&

Components

 — 0.6%

Keysight

Technologies,

Inc.

(a)

.................

140,122

17,101,890

Trimble,

Inc.

(a)

...........................

228,419

10,765,388

27,867,278

a

Energy

Equipment

&

Services

 — 1.7%

Baker

Hughes

Co.,

Class

A

..................

749,115

25,784,538

Halliburton

Co.

..........................

628,042

24,707,172

Schlumberger

Ltd.

........................

491,631

27,364,182

77,855,892

a

Entertainment

 — 1.2%

Electronic

Arts,

Inc.

.......................

133,440

16,518,538

Netflix,

Inc.

(a)(b)

...........................

20,193

8,313,256

Walt

Disney

Co.

(The)

(a)

....................

371,264

30,291,430

55,123,224

a

Financial

Services

 — 2.3%

Fidelity

National

Information

Services,

Inc.

........

200,104

9,827,107

Mastercard

,

Inc.,

Class

A

....................

115,198

43,354,767

PayPal

Holdings,

Inc.

(a)

.....................

79,842

4,135,816

Visa,

Inc.,

Class

A

........................

200,028

47,026,583

104,344,273

a

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

39

Schedule

of

Investments

Security

Shares

Value

a

Food

Products

 — 3.0%

Bunge

Ltd.

.............................

314,384

$

33,318,416

General

Mills,

Inc.

........................

719,006

46,907,951

Kellanova

..............................

884,329

44,632,085

Kraft

Heinz

Co.

(The)

......................

146,203

4,599,546

McCormick

&

Co.,

Inc.,

NVS

.................

102,054

6,521,251

135,979,249

a

Health

Care

Equipment

&

Supplies

 — 2.5%

Cooper

Companies,

Inc.

(The)

................

31,884

9,939,837

Dexcom

,

Inc.

(a)

..........................

87,984

7,815,619

Edwards

Lifesciences

Corp.

(a)

................

286,700

18,268,524

Hologic

,

Inc.

(a)

...........................

148,956

9,856,419

IDEXX

Laboratories,

Inc.

(a)

...................

57,902

23,130,112

Insulet

Corp.

(a)

...........................

45,094

5,978,112

ResMed

,

Inc.

...........................

42,038

5,936,606

STERIS

PLC

............................

83,004

17,429,180

Zimmer

Biomet

Holdings,

Inc.

................

123,950

12,941,619

111,296,028

a

Health

Care

Providers

&

Services

 — 2.3%

DaVita,

Inc.

(a)(b)

..........................

106,926

8,257,895

Elevance

Health,

Inc.

......................

82,639

37,194,987

HCA

Healthcare,

Inc.

......................

43,378

9,809,501

Humana,

Inc.

...........................

18,533

9,705,547

Laboratory

Corp.

of

America

Holdings

...........

47,386

9,464,406

Molina

Healthcare,

Inc.

(a)

....................

17,611

5,863,582

Quest

Diagnostics,

Inc.

.....................

175,836

22,876,264

103,172,182

a

Health

Care

REITs

 — 0.5%

Welltower

,

Inc.

...........................

259,101

21,663,435

a

Hotels,

Restaurants

&

Leisure

 — 0.7%

Booking

Holdings,

Inc.

(a)(b)

...................

2,450

6,834,422

Hilton

Worldwide

Holdings,

Inc.

...............

91,711

13,896,968

Vail

Resorts,

Inc.

.........................

51,495

10,929,814

31,661,204

a

Household

Products

 — 1.4%

Church

&

Dwight

Co.,

Inc.

...................

123,474

11,228,726

Clorox

Co.

(The)

.........................

41,835

4,923,979

Kimberly-Clark

Corp.

......................

189,066

22,619,856

Procter

&

Gamble

Co.

(The)

.................

167,672

25,155,830

63,928,391

a

Industrial

Conglomerates

 — 0.8%

3M

Co.

................................

374,615

34,071,234

a

Industrial

REITs

 — 0.3%

Prologis,

Inc.

............................

126,107

12,705,280

a

Insurance

 — 1.8%

Marsh

&

McLennan

Companies,

Inc.

............

110,154

20,890,706

Progressive

Corp.

(The)

....................

35,924

5,679,225

Prudential

Financial,

Inc.

....................

401,638

36,725,779

Travelers

Companies,

Inc.

(The)

...............

109,006

18,251,965

81,547,675

a

Interactive

Media

&

Services

 — 3.6%

Alphabet,

Inc.,

Class

A

(a)

....................

706,015

87,602,341

Alphabet,

Inc.,

Class

C,

NVS

(a)

................

529,177

66,305,878

ZoomInfo

Technologies,

Inc.

(a)

................

562,070

7,284,427

161,192,646

a

IT

Services

 — 2.6%

Accenture

PLC,

Class

A

....................

161,694

48,037,670

Akamai

Technologies,

Inc.

(a)

..................

52,163

5,390,003

Security

Shares

Value

a

IT

Services

(continued)

International

Business

Machines

Corp.

..........

226,537

$

32,766,312

MongoDB,

Inc.,

Class

A

(a)

...................

31,755

10,942,455

Okta

,

Inc.,

Class

A

(a)

.......................

65,027

4,383,470

Snowflake,

Inc.,

Class

A

(a)(b)

..................

31,181

4,525,299

Twilio

,

Inc.,

Class

A

(a)

......................

201,344

10,320,893

116,366,102

a

Leisure

Products

 — 0.5%

Hasbro,

Inc.

............................

466,435

21,059,540

a

Life

Sciences

Tools

&

Services

 — 2.5%

Agilent

Technologies,

Inc.

...................

185,125

19,136,371

Avantor

,

Inc.

(a)

...........................

251,728

4,387,619

Danaher

Corp.

..........................

163,791

31,451,148

Mettler

-Toledo

International,

Inc.

(a)

.............

12,375

12,191,850

Repligen

Corp.

(a)

.........................

29,546

3,975,710

Waters

Corp.

(a)(b)

.........................

104,863

25,012,971

West

Pharmaceutical

Services,

Inc.

............

46,600

14,832,314

110,987,983

a

Machinery

 — 2.2%

Caterpillar,

Inc.

..........................

21,255

4,804,693

Cummins,

Inc.

...........................

116,200

25,134,060

Deere

&

Co.

............................

12,434

4,542,886

Pentair

PLC

............................

654,157

38,019,605

Xylem,

Inc.

.............................

259,824

24,303,937

96,805,181

a

Media

 — 

0.3%

Comcast

Corp.,

Class

A

....................

110,209

4,550,530

Interpublic

Group

of

Companies,

Inc.

(The)

.......

286,506

8,136,770

12,687,300

a

Metals

&

Mining

 — 0.4%

Newmont

Corp.

..........................

233,485

8,748,683

Nucor

Corp.

............................

48,970

7,237,276

15,985,959

a

Multi-Utilities

 — 0.3%

Consolidated

Edison,

Inc.

...................

173,666

15,246,138

a

Oil,

Gas

&

Consumable

Fuels

 — 2.9%

Cheniere

Energy,

Inc.

......................

241,972

40,268,980

Kinder

Morgan,

Inc.,

Class

P

.................

274,560

4,447,872

ONEOK,

Inc.

............................

1,037,022

67,613,835

Valero

Energy

Corp.

.......................

121,422

15,420,594

127,751,281

a

Pharmaceuticals

 — 3.3%

Eli

Lilly

&

Co.

...........................

103,521

57,343,387

Merck

&

Co.,

Inc.

.........................

432,937

44,462,630

Zoetis,

Inc.,

Class

A

.......................

278,998

43,802,686

145,608,703

a

Professional

Services

 — 1.4%

Automatic

Data

Processing,

Inc.

...............

272,766

59,522,997

Robert

Half,

Inc.

.........................

73,994

5,532,531

65,055,528

a

Real

Estate

Management

&

Development

 — 0.8%

CBRE

Group,

Inc.,

Class

A

(a)

.................

497,888

34,523,554

a

Semiconductors

&

Semiconductor

Equipment

 — 7.8%

Advanced

Micro

Devices,

Inc.

(a)

...............

159,221

15,683,268

Applied

Materials,

Inc.

.....................

237,432

31,424,125

Broadcom,

Inc.

..........................

8,836

7,434,345

First

Solar,

Inc.

(a)

.........................

43,117

6,142,017

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

MSCI

USA

ESG

Select

ETF

(Percentages

shown

are

based

on

Net

Assets)

40

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Intel

Corp.

.............................

814,944

$

29,745,456

Lam

Research

Corp.

......................

39,399

23,175,280

Marvell

Technology,

Inc.

....................

99,758

4,710,573

NVIDIA

Corp.

...........................

361,209

147,301,030

NXP

Semiconductors

NV

...................

106,127

18,299,479

QUALCOMM,

Inc.

........................

57,382

6,254,064

Texas

Instruments,

Inc.

.....................

399,014

56,663,978

346,833,615

a

Software

 — 13.5%

Adobe,

Inc.

(a)

............................

130,258

69,305,071

ANSYS,

Inc.

(a)

...........................

43,419

12,081,771

Atlassian

Corp.,

Class

A

(a)

...................

49,476

8,937,345

Autodesk,

Inc.

(a)

..........................

126,093

24,919,759

Cadence

Design

Systems,

Inc.

(a)

..............

148,853

35,702,392

HubSpot

,

Inc.

(a)

..........................

17,090

7,242,229

Intuit,

Inc.

..............................

86,984

43,052,731

Microsoft

Corp.

..........................

738,225

249,601,255

Palo

Alto

Networks,

Inc.

(a)

...................

34,556

8,397,799

PTC,

Inc.

(a)(b)

............................

43,930

6,168,651

Salesforce,

Inc.

(a)

.........................

229,489

46,088,276

ServiceNow

,

Inc.

(a)

........................

55,345

32,202,488

Splunk

,

Inc.

(a)

...........................

56,410

8,301,296

Synopsys,

Inc.

(a)

.........................

34,263

16,084,423

VMware,

Inc.,

Class

A

(a)

....................

73,383

10,688,234

Workday,

Inc.,

Class

A

(a)

....................

108,106

22,887,121

601,660,841

a

Specialized

REITs

 — 1.7%

American

Tower

Corp.

.....................

111,320

19,836,111

Crown

Castle,

Inc.

........................

248,440

23,099,951

Equinix

,

Inc.

............................

39,109

28,535,491

Iron

Mountain,

Inc.

........................

114,851

6,784,248

78,255,801

a

Specialty

Retail

 — 3.1%

Best

Buy

Co.,

Inc.

........................

361,615

24,163,114

Home

Depot,

Inc.

(The)

....................

258,624

73,627,667

Lowe's

Companies,

Inc.

....................

172,969

32,962,702

Security

Shares

Value

a

Specialty

Retail

(continued)

Tractor

Supply

Co.

........................

31,693

$

6,102,804

136,856,287

a

Technology

Hardware,

Storage

&

Peripherals

 — 6.1%

Apple,

Inc.

.............................

1,351,444

230,786,092

Hewlett

Packard

Enterprise

Co.

...............

1,975,956

30,390,203

HP,

Inc.

...............................

350,497

9,228,586

270,404,881

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.3%

Deckers

Outdoor

Corp.

(a)

....................

12,588

7,515,791

Lululemon

Athletica

,

Inc.

(a)

...................

14,428

5,677,130

13,192,921

a

Trading

Companies

&

Distributors

 — 1.8%

Ferguson

PLC

...........................

269,500

40,478,900

WW

Grainger,

Inc.

........................

55,896

40,794,578

81,273,478

a

Total

Long-Term

Investments — 99.7%

(Cost:

$4,608,243,350)

...............................

4,449,256,520

a

Short-Term

Securities

Money

Market

Funds

 — 

2.0%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(c)(d)(e)

......................

82,517,278

82,550,285

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

(c)(d)

............................

6,430,287

6,430,287

a

Total

Short-Term

Securities — 2.0%

(Cost:

$88,971,674)

.................................

88,980,572

Total

Investments

—

101.7%

(Cost:

$4,697,215,024)

...............................

4,538,237,092

Liabilities

in

Excess

of

Other

Assets

—

(1.7)%

...............

(76,699,902)

Net

Assets

—

100.0%

.................................

$

4,461,537,190

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

20,907,295

$

61,635,501

(a)

$

—

$

4,626

$

2,863

$

82,550,285

82,517,278

$

75,949

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

4,450,515

1,979,772

(a)

—

—

—

6,430,287

6,430,287

176,495

—

BlackRock,

Inc.

...

5,954,886

2,601,845

(2,446,555

)

297,771

(737,622

)

5,670,325

9,261

81,515

—

$

302,397

$

(734,759

)

$

94,650,897

$

333,959

$

—

iShares

®

MSCI

USA

ESG

Select

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(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

..................................................................

55

12/15/23

$

11,584

$

(456,672

)

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)

.............

$

—

$

—

$

456,672

$

—

$

—

$

—

$

456,672

(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

..................................

$

—

$

—

$

366,623

$

—

$

—

$

—

$

366,623

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(746,766

)

$

—

$

—

$

—

$

(746,766

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

10,983,156

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

MSCI

USA

ESG

Select

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

.........................................

$

4,449,256,520

$

—

$

—

$

4,449,256,520

Short-Term

Securities

Money

Market

Funds

......................................

88,980,572

—

—

88,980,572

$

4,538,237,092

$

—

$

—

$

4,538,237,092

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(456,672

)

$

—

$

—

$

(456,672

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

43

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.8

%

Hexcel

Corp.

............................

85,280

$

5,280,538

a

Chemicals

 — 

59

.9

%

Air

Products

and

Chemicals,

Inc.

..............

168,626

47,626,727

Albemarle

Corp.

.........................

110,519

14,011,599

Ashland,

Inc.

............................

47,985

3,677,091

Celanese

Corp.

..........................

100,031

11,454,550

CF

Industries

Holdings,

Inc.

..................

197,903

15,788,701

Chemours

Co.

(The)

.......................

150,421

3,626,650

Dow,

Inc.

..............................

539,136

26,061,834

Eastman

Chemical

Co.

.....................

120,003

8,967,824

Ecolab,

Inc.

............................

199,332

33,435,950

Element

Solutions,

Inc.

.....................

225,850

4,117,246

FMC

Corp.

.............................

126,388

6,723,842

Huntsman

Corp.

.........................

171,140

3,992,696

International

Flavors

&

Fragrances,

Inc.

..........

258,503

17,668,680

Linde

PLC

.............................

342,452

130,871,456

LyondellBasell

Industries

NV

,

Class

A

...........

229,007

20,665,592

Mosaic

Co.

(The)

.........................

334,965

10,879,663

NewMarket

Corp.

.........................

6,302

3,038,509

Olin

Corp.

..............................

130,673

5,582,351

Scotts

Miracle-Gro

Co.

(The)

,

Class

A

...........

41,775

1,856,481

Westlake

Corp.

..........................

32,744

3,777,348

373,824,790

a

Containers

&

Packaging

 — 

4

.2

%

Avery

Dennison

Corp.

......................

81,729

14,226,567

International

Paper

Co.

.....................

350,540

11,823,714

26,050,281

a

Machinery

 — 

1

.7

%

RBC

Bearings,

Inc.

(a)

(b)

.....................

28,608

6,289,183

Timken

Co.

(The)

.........................

63,239

4,371,079

10,660,262

a

Metals

&

Mining

 — 

27

.9

%

Alcoa

Corp.

.............................

179,903

4,612,713

Cleveland-Cliffs,

Inc.

(a)

.....................

514,311

8,630,139

Security

Shares

Value

a

Metals

&

Mining

(continued)

Freeport-McMoRan,

Inc.

....................

1,103,378

$

37,272,109

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

105,239

1,725,920

Newmont

Corp.

..........................

954,267

35,756,384

Nucor

Corp.

............................

204,140

30,169,851

Reliance

Steel

&

Aluminum

Co.

...............

59,183

15,054,971

Royal

Gold,

Inc.

..........................

66,351

6,922,400

Southern

Copper

Corp.

.....................

86,320

6,120,088

SSR

Mining,

Inc.

.........................

208,715

2,896,964

Steel

Dynamics,

Inc.

.......................

162,616

17,320,230

United

States

Steel

Corp.

...................

224,115

7,595,257

174,077,026

a

Specialty

Retail

 — 

0

.8

%

Valvoline,

Inc.

...........................

167,477

4,969,043

a

Trading

Companies

&

Distributors

 — 

4

.4

%

Fastenal

Co.

............................

465,280

27,144,435

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

749,411,305

)

................................

622,006,375

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

7,667,786

7,670,853

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

869,525

869,525

a

Total

Short-Term

Securities — 1.4%

(Cost:

$

8,537,771

)

..................................

8,540,378

Total

Investments

—

101.1%

(Cost:

$

757,949,076

)

................................

630,546,753

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

...............

(

6,898,963

)

Net

Assets

—

100.0%

.................................

$

623,647,790

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

7,526,758

$

142,840

(a)

$

—

$

2,334

$

(

1,079

)

$

7,670,853

7,667,786

$

9,935

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

1,207,959

—

(

338,434

)

(a)

—

—

869,525

869,525

32,477

—

$

2,334

$

(

1,079

)

$

8,540,378

$

42,412

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Basic

Materials

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Materials

Select

Sector

Index

........................................................

19

12/15/23

$

1,537

$

(

95,934

)

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)

.............

$

—

$

—

$

95,934

$

—

$

—

$

—

$

95,934

(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

..................................

$

—

$

—

$

85,732

$

—

$

—

$

—

$

85,732

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

139,710

)

$

—

$

—

$

—

$

(

139,710

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,864,100

a

iShares

®

U.S.

Basic

Materials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

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

.........................................

$

622,006,375

‌

$

—

‌

$

—

‌

$

622,006,375

‌

Short-Term

Securities

Money

Market

Funds

......................................

8,540,378

‌

—

‌

—

‌

8,540,378

‌

$

630,546,753

‌

$

—

‌

$

—

‌

$

630,546,753

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

95,934

)

$

—

‌

$

—

‌

$

(

95,934

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

U.S.

Consumer

Discretionary

ETF

(Percentages

shown

are

based

on

Net

Assets)

46

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Automobile

Components

 — 

1

.1

%

Aptiv

PLC

(a)

.............................

45,532

$

3,970,390

BorgWarner,

Inc.

.........................

39,225

1,447,403

Gentex

Corp.

...........................

39,400

1,129,992

Lear

Corp.

.............................

9,873

1,281,120

Phinia,

Inc.

.............................

7,778

201,295

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

48,839

254,940

8,285,140

a

Automobiles

 — 

9

.8

%

Ford

Motor

Co.

..........................

660,330

6,438,218

General

Motors

Co.

.......................

230,985

6,513,777

Harley-Davidson,

Inc.

......................

22,026

591,398

Lucid

Group,

Inc.

(a)

(b)

.......................

125,265

516,092

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

111,502

1,808,562

Tesla,

Inc.

(a)

.............................

289,562

58,155,632

Thor

Industries,

Inc.

.......................

8,612

757,253

74,780,932

a

Broadline

Retail

 — 

16

.2

%

Amazon.com,

Inc.

(a)

.......................

858,244

114,223,694

Coupang,

Inc.

(a)

(b)

.........................

184,294

3,132,998

eBay,

Inc.

..............................

89,903

3,526,895

Etsy,

Inc.

(a)

.............................

20,635

1,285,560

Kohl's

Corp.

............................

18,358

413,973

Macy's,

Inc.

............................

45,593

555,323

Nordstrom,

Inc.

..........................

19,184

268,192

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

..........

10,362

800,361

124,206,996

a

Commercial

Services

&

Supplies

 — 

1

.3

%

Copart,

Inc.

(a)

...........................

144,345

6,281,894

Driven

Brands

Holdings,

Inc.

(a)

................

10,772

122,585

RB

Global,

Inc.

(b)

.........................

30,544

1,997,578

Rollins,

Inc.

.............................

42,926

1,614,447

10,016,504

a

Consumer

Staples

Distribution

&

Retail

 — 

11

.3

%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

22,365

1,523,504

Costco

Wholesale

Corp.

....................

62,203

34,363,425

Dollar

General

Corp.

......................

36,859

4,387,695

Dollar

Tree,

Inc.

(a)

.........................

35,083

3,897,371

Target

Corp.

............................

77,414

8,576,697

Walmart,

Inc.

............................

207,452

33,899,731

86,648,423

a

Distributors

 — 

0

.9

%

Genuine

Parts

Co.

........................

23,594

3,040,323

LKQ

Corp.

.............................

44,801

1,967,660

Pool

Corp.

.............................

6,389

2,017,454

7,025,437

a

Diversified

Consumer

Services

 — 

0

.5

%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

.........

9,656

715,123

Grand

Canyon

Education,

Inc.

(a)

...............

5,079

600,998

H&R

Block,

Inc.

..........................

25,530

1,048,007

Mister

Car

Wash,

Inc.

(a)

(b)

....................

12,121

63,029

Service

Corp.

International

..................

24,692

1,343,739

3,770,896

a

Entertainment

 — 

10

.5

%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

9,888

105,604

Electronic

Arts,

Inc.

.......................

46,087

5,705,110

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

A

(a)

.

4,000

230,200

Security

Shares

Value

a

Entertainment

(continued)

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

32,615

$

2,109,864

Liberty

Media

Corp.-Liberty

Live

,

Series

A

(a)

.......

3,173

99,125

Liberty

Media

Corp.-Liberty

Live

,

Series

C

(a)

.......

7,812

248,968

Live

Nation

Entertainment,

Inc.

(a)

..............

26,318

2,105,966

Madison

Square

Garden

Sports

Corp.

,

Class

A

(a)

....

3,133

526,783

Netflix,

Inc.

(a)

............................

71,739

29,534,229

Playtika

Holding

Corp.

(a)

....................

3,859

32,416

ROBLOX

Corp.

,

Class

A

(a)

(b)

..................

77,220

2,456,368

Spotify

Technology

SA

(a)

....................

23,583

3,885,535

Take-Two

Interactive

Software,

Inc.

(a)

............

27,739

3,710,091

TKO

Group

Holdings,

Inc.

,

Class

A

.............

7,249

594,273

Walt

Disney

Co.

(The)

(a)

....................

307,809

25,114,136

Warner

Bros

Discovery,

Inc.

,

Series

A

(a)

(b)

.........

370,658

3,684,341

80,143,009

a

Ground

Transportation

 — 

2

.1

%

Avis

Budget

Group,

Inc.

(a)

...................

3,435

559,218

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

22,352

188,427

Lyft,

Inc.

,

Class

A

(a)

........................

56,456

517,701

Uber

Technologies,

Inc.

(a)

...................

326,432

14,127,977

U-Haul

Holding

Co.

(a)

......................

1,273

62,530

U-Haul

Holding

Co.

,

Series

N

,

NVS

(b)

...........

16,866

796,244

16,252,097

a

Hotels,

Restaurants

&

Leisure

 — 

17

.9

%

Airbnb,

Inc.

,

Class

A

(a)

(b)

.....................

68,215

8,069,152

Aramark

...............................

39,375

1,060,369

Booking

Holdings,

Inc.

(a)

(b)

...................

6,244

17,418,013

Boyd

Gaming

Corp.

.......................

12,353

682,503

Caesars

Entertainment,

Inc.

(a)

................

34,588

1,379,715

Carnival

Corp.

(a)

(b)

.........................

167,166

1,915,722

Cava

Group,

Inc.

(a)

(b)

.......................

2,675

84,503

Chipotle

Mexican

Grill,

Inc.

(a)

.................

4,624

8,980,733

Choice

Hotels

International,

Inc.

(b)

..............

5,110

564,655

Churchill

Downs,

Inc.

......................

11,955

1,313,137

Darden

Restaurants,

Inc.

...................

20,304

2,954,841

Domino's

Pizza,

Inc.

.......................

5,951

2,017,330

DraftKings,

Inc.

,

Class

A

(a)

...................

70,308

1,941,907

Expedia

Group,

Inc.

(a)

......................

24,155

2,301,730

Hilton

Worldwide

Holdings,

Inc.

...............

43,251

6,553,824

Hyatt

Hotels

Corp.

,

Class

A

..................

7,710

789,813

Las

Vegas

Sands

Corp.

....................

55,665

2,641,861

Marriott

International,

Inc.

,

Class

A

.............

41,702

7,863,329

Marriott

Vacations

Worldwide

Corp.

.............

6,146

552,280

McDonald's

Corp.

........................

116,949

30,660,519

MGM

Resorts

International

..................

49,209

1,718,378

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

.........

71,077

966,647

Penn

Entertainment,

Inc.

(a)

...................

25,803

509,093

Planet

Fitness,

Inc.

,

Class

A

(a)

................

14,330

792,019

Royal

Caribbean

Cruises

Ltd.

(a)

...............

39,368

3,335,651

Starbucks

Corp.

..........................

189,899

17,516,284

Texas

Roadhouse,

Inc.

.....................

11,240

1,141,310

Travel

+

Leisure

Co.

.......................

12,090

411,423

Vail

Resorts,

Inc.

.........................

6,429

1,364,555

Wendy's

Co.

(The)

........................

29,115

553,767

Wingstop,

Inc.

...........................

5,035

920,247

Wyndham

Hotels

&

Resorts,

Inc.

..............

14,134

1,023,302

Wynn

Resorts

Ltd.

........................

17,467

1,533,253

Yum!

Brands,

Inc.

........................

47,170

5,700,966

137,232,831

a

Household

Durables

 — 

3

.0

%

DR

Horton,

Inc.

..........................

52,350

5,465,340

Garmin

Ltd.

.............................

25,844

2,649,785

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

47

Schedule

of

Investments

Security

Shares

Value

a

Household

Durables

(continued)

Leggett

&

Platt,

Inc.

.......................

22,287

$

522,184

Lennar

Corp.

,

Class

A

......................

41,842

4,463,705

Lennar

Corp.

,

Class

B

.....................

2,300

226,803

Newell

Brands,

Inc.

.......................

64,243

431,713

NVR,

Inc.

(a)

(b)

............................

497

2,690,072

PulteGroup,

Inc.

.........................

36,676

2,698,987

Tempur

Sealy

International,

Inc.

...............

28,052

1,120,116

Toll

Brothers,

Inc.

.........................

18,331

1,296,185

Whirlpool

Corp.

..........................

8,996

940,622

22,505,512

a

Interactive

Media

&

Services

 — 

0

.1

%

TripAdvisor,

Inc.

(a)

........................

18,672

275,599

a

Leisure

Products

 — 

0

.5

%

Hasbro,

Inc.

............................

21,971

991,991

Mattel,

Inc.

(a)

............................

59,185

1,129,250

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

............

52,531

250,048

Polaris,

Inc.

.............................

9,063

783,224

YETI

Holdings,

Inc.

(a)

......................

14,566

619,346

3,773,859

a

Media

 — 

2

.3

%

Fox

Corp.

,

Class

A

,

NVS

....................

44,584

1,354,908

Fox

Corp.

,

Class

B

........................

22,585

630,347

Interpublic

Group

of

Companies,

Inc.

(The)

.......

64,836

1,841,342

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

A

(a)

....

12,404

303,774

Liberty

Media

Corp.-Liberty

SiriusXM

,

Series

C

,

NVS

(a)

(b)

.............................

25,819

633,857

New

York

Times

Co.

(The)

,

Class

A

.............

27,152

1,094,497

News

Corp.

,

Class

A

,

NVS

..................

64,019

1,323,913

News

Corp.

,

Class

B

......................

19,376

415,421

Nexstar

Media

Group,

Inc.

...................

5,752

805,740

Omnicom

Group,

Inc.

......................

33,186

2,485,963

Paramount

Global

,

Class

A

(b)

.................

1,705

23,700

Paramount

Global

,

Class

B

,

NVS

..............

96,999

1,055,349

Sirius

XM

Holdings,

Inc.

(b)

...................

108,561

464,641

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

74,136

5,260,691

17,694,143

a

Passenger

Airlines

 — 

1

.2

%

Alaska

Air

Group,

Inc.

(a)

.....................

21,076

666,634

American

Airlines

Group,

Inc.

(a)

................

109,224

1,217,848

Delta

Air

Lines,

Inc.

.......................

107,949

3,373,406

Southwest

Airlines

Co.

.....................

99,985

2,222,667

United

Airlines

Holdings,

Inc.

(a)

................

54,941

1,923,484

9,404,039

a

Personal

Care

Products

 — 

0

.7

%

Coty,

Inc.

,

Class

A

(a)

.......................

60,584

567,672

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

38,685

4,985,336

5,553,008

a

Specialty

Retail

 — 

15

.4

%

Advance

Auto

Parts,

Inc.

....................

10,009

520,768

AutoNation,

Inc.

(a)

(b)

.......................

4,946

643,376

AutoZone,

Inc.

(a)

.........................

3,049

7,552,769

Bath

&

Body

Works,

Inc.

....................

38,527

1,142,325

Best

Buy

Co.,

Inc.

........................

32,767

2,189,491

Burlington

Stores,

Inc.

(a)

(b)

...................

10,866

1,315,112

CarMax,

Inc.

(a)

...........................

26,562

1,622,673

Dick's

Sporting

Goods,

Inc.

..................

10,107

1,080,944

Five

Below,

Inc.

(a)

.........................

9,213

1,602,878

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

.........

17,500

1,442,000

GameStop

Corp.

,

Class

A

(a)

(b)

.................

45,031

620,077

Gap,

Inc.

(The)

..........................

32,953

421,798

Security

Shares

Value

a

Specialty

Retail

(continued)

Home

Depot,

Inc.

(The)

....................

116,024

$

33,030,872

Lithia

Motors,

Inc.

........................

4,550

1,102,055

Lowe's

Companies,

Inc.

....................

98,700

18,809,259

Murphy

USA,

Inc.

........................

3,322

1,204,856

O'Reilly

Automotive,

Inc.

(a)

...................

10,079

9,377,905

Penske

Automotive

Group,

Inc.

(b)

..............

3,382

483,896

Petco

Health

&

Wellness

Co.,

Inc.

,

Class

A

(a)

(b)

.....

13,322

46,094

RH

(a)

.................................

2,902

632,520

Ross

Stores,

Inc.

.........................

56,499

6,552,189

TJX

Companies,

Inc.

(The)

..................

193,855

17,072,810

Tractor

Supply

Co.

........................

18,423

3,547,533

Ulta

Beauty,

Inc.

(a)

........................

8,415

3,208,724

Victoria's

Secret

&

Co.

(a)

....................

13,103

234,282

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

13,829

589,254

Williams-Sonoma,

Inc.

.....................

10,717

1,610,122

117,656,582

a

Textiles,

Apparel

&

Luxury

Goods

 — 

5

.0

%

Capri

Holdings

Ltd.

(a)

......................

19,206

982,963

Carter's,

Inc.

............................

6,226

418,138

Columbia

Sportswear

Co.

...................

6,037

445,531

Crocs,

Inc.

(a)

............................

10,229

913,654

Deckers

Outdoor

Corp.

(a)

....................

4,408

2,631,841

Lululemon

Athletica,

Inc.

(a)

(b)

..................

18,721

7,366,339

Nike,

Inc.

,

Class

B

........................

200,157

20,570,135

PVH

Corp.

.............................

10,484

779,485

Ralph

Lauren

Corp.

,

Class

A

.................

6,714

755,527

Skechers

USA,

Inc.

,

Class

A

(a)

................

22,392

1,079,742

Tapestry,

Inc.

............................

39,682

1,093,636

Under

Armour,

Inc.

,

Class

A

(a)

(b)

...............

31,845

218,138

Under

Armour,

Inc.

,

Class

C

(a)

................

33,516

215,508

VF

Corp.

..............................

58,778

865,800

38,336,437

a

Trading

Companies

&

Distributors

 — 

0

.1

%

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

.............

7,474

1,029,693

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

916,376,665

)

................................

764,591,137

a

Short-Term

Securities

Money

Market

Funds

 — 

6

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

47,332,128

47,351,061

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

948,206

948,206

a

Total

Short-Term

Securities — 6.3%

(Cost:

$

48,288,122

)

.................................

48,299,267

Total

Investments

—

106.2%

(Cost:

$

964,664,787

)

................................

812,890,404

Liabilities

in

Excess

of

Other

Assets

—

(

6

.2

)

%

...............

(

47,182,405

)

Net

Assets

—

100.0%

.................................

$

765,707,999

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Consumer

Discretionary

ETF

48

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

23,593,656

‌

$

23,749,843

(a)

$

—

‌

$

4,754

‌

$

2,808

‌

$

47,351,061

‌

47,332,128

‌

$

271,990

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,197,915

‌

—

‌

(

249,709

)

(a)

—

‌

—

‌

948,206

‌

948,206

‌

31,260

‌

—

‌

$

4,754

‌

$

2,808

‌

$

48,299,267

‌

$

303,250

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

Communication

Services

Select

Sector

Index

..........................................

1

12/15/23

$

85

$

(

990

)

E-Mini

S&P

Consumer

Discretionary

Select

Sector

Index

..........................................

4

12/15/23

618

(

40,970

)

E-Mini

S&P

MidCap

400

Index

............................................................

1

12/15/23

238

(

23,019

)

$

(

64,979

)

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)

.............

$

—

$

—

$

64,979

$

—

$

—

$

—

$

64,979

(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

.................................

$

—

$

—

$

123,834

$

—

$

—

$

—

$

123,834

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

115,448

)

$

—

$

—

$

—

$

(

115,448

)

iShares

®

U.S.

Consumer

Discretionary

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

49

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,051,336

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

764,591,137

‌

$

—

‌

$

—

‌

$

764,591,137

‌

Short-Term

Securities

Money

Market

Funds

......................................

48,299,267

‌

—

‌

—

‌

48,299,267

‌

$

812,890,404

‌

$

—

‌

$

—

‌

$

812,890,404

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

64,979

)

$

—

‌

$

—

‌

$

(

64,979

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

U.S.

Consumer

Staples

ETF

(Percentages

shown

are

based

on

Net

Assets)

50

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Beverages

 — 

28

.5

%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

,

NVS

(a)

.......

6,552

$

2,188,040

Brown-Forman

Corp.

,

Class

A

................

33,923

1,947,859

Brown-Forman

Corp.

,

Class

B

,

NVS

............

127,989

7,187,862

Celsius

Holdings,

Inc.

(a)

(b)

....................

33,288

5,062,772

Coca-Cola

Co.

(The)

......................

2,570,373

145,200,371

Constellation

Brands,

Inc.

,

Class

A

.............

112,148

26,259,454

Keurig

Dr

Pepper,

Inc.

.....................

663,690

20,129,718

Molson

Coors

Beverage

Co.

,

Class

B

...........

121,645

7,027,431

Monster

Beverage

Corp.

(a)

...................

518,107

26,475,268

PepsiCo,

Inc.

...........................

908,368

148,318,327

389,797,102

a

Chemicals

 — 

1

.8

%

Corteva,

Inc.

............................

496,704

23,911,331

a

Consumer

Staples

Distribution

&

Retail

 — 

6

.0

%

Albertsons

Companies,

Inc.

,

Class

A

............

290,007

6,293,152

Casey's

General

Stores,

Inc.

.................

25,922

7,048,451

Grocery

Outlet

Holding

Corp.

(a)

................

65,793

1,820,492

Kroger

Co.

(The)

.........................

454,315

20,612,271

Performance

Food

Group

Co.

(a)

...............

106,709

6,163,512

Sysco

Corp.

............................

353,371

23,495,638

U.S.

Foods

Holding

Corp.

(a)

..................

157,519

6,133,790

Walgreens

Boots

Alliance,

Inc.

................

498,850

10,515,758

82,083,064

a

Food

Products

 — 

18

.1

%

Archer-Daniels-Midland

Co.

..................

371,775

26,607,937

Bunge

Ltd.

.............................

103,969

11,018,635

Campbell

Soup

Co.

.......................

132,957

5,372,792

Conagra

Brands,

Inc.

......................

330,917

9,053,889

Darling

Ingredients,

Inc.

(a)

(b)

..................

110,138

4,878,012

Flowers

Foods,

Inc.

.......................

130,894

2,870,505

Freshpet,

Inc.

(a)

..........................

31,887

1,830,314

General

Mills,

Inc.

........................

409,080

26,688,379

Hershey

Co.

(The)

........................

102,568

19,216,115

Hormel

Foods

Corp.

.......................

201,467

6,557,751

Ingredion,

Inc.

...........................

45,866

4,292,140

J

M

Smucker

Co.

(The)

.....................

68,687

7,819,328

Kellanova

..............................

180,993

9,134,717

Kraft

Heinz

Co.

(The)

......................

559,341

17,596,868

Lamb

Weston

Holdings,

Inc.

.................

101,097

9,078,511

McCormick

&

Co.,

Inc.

,

NVS

.................

174,963

11,180,136

Mondelez

International,

Inc.

,

Class

A

............

920,429

60,941,604

Pilgrim's

Pride

Corp.

(a)

.....................

28,697

731,773

Post

Holdings,

Inc.

(a)

(b)

......................

37,248

2,990,269

Seaboard

Corp.

..........................

182

638,265

Tyson

Foods,

Inc.

,

Class

A

..................

193,263

8,957,740

Security

Shares

Value

a

Food

Products

(continued)

WK

Kellogg

Co

(a)

.........................

45,116

$

452,062

247,907,742

a

Health

Care

Providers

&

Services

 — 

9

.1

%

Cencora,

Inc.

...........................

112,535

20,835,855

CVS

Health

Corp.

........................

871,726

60,157,812

McKesson

Corp.

.........................

94,428

42,998,734

123,992,401

a

Household

Products

 — 

24

.2

%

Church

&

Dwight

Co.,

Inc.

...................

170,057

15,464,984

Clorox

Co.

(The)

.........................

86,111

10,135,265

Colgate-Palmolive

Co.

.....................

570,259

42,837,856

Kimberly-Clark

Corp.

......................

234,608

28,068,501

Procter

&

Gamble

Co.

(The)

.................

1,543,346

231,548,200

Reynolds

Consumer

Products,

Inc.

.............

37,666

957,846

Spectrum

Brands

Holdings,

Inc.

...............

28,010

2,109,713

331,122,365

a

Personal

Care

Products

 — 

1

.7

%

Kenvue,

Inc.

............................

1,208,102

22,470,697

Olaplex

Holdings,

Inc.

(a)

....................

92,544

131,413

22,602,110

a

Tobacco

 — 

10

.3

%

Altria

Group,

Inc.

.........................

1,220,779

49,038,693

Philip

Morris

International,

Inc.

................

1,035,126

92,291,834

141,330,527

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,512,446,252

)

...............................

1,362,746,642

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

13,408,727

13,414,091

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

2,044,989

2,044,989

a

Total

Short-Term

Securities — 1.1%

(Cost:

$

15,457,431

)

.................................

15,459,080

Total

Investments

—

100.8%

(Cost:

$

1,527,903,683

)

...............................

1,378,205,722

Liabilities

in

Excess

of

Other

Assets

—

(

0

.8

)

%

...............

(

10,815,184

)

Net

Assets

—

100.0%

.................................

$

1,367,390,538

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

iShares

®

U.S.

Consumer

Staples

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

51

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

4,945,999

‌

$

8,467,357

(a)

$

—

‌

$

(

59

)

$

794

‌

$

13,414,091

‌

13,408,727

‌

$

10,723

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

2,141,939

‌

—

‌

(

96,950

)

(a)

—

‌

—

‌

2,044,989

‌

2,044,989

‌

67,676

‌

—

‌

$

(

59

)

$

794

‌

$

15,459,080

‌

$

78,399

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Consumer

Staples

Select

Sector

Index

.................................................

65

12/15/23

$

4,462

$

(

87,673

)

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)

.............

$

—

$

—

$

87,673

$

—

$

—

$

—

$

87,673

(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

..................................

$

—

$

—

$

(

459,061

)

$

—

$

—

$

—

$

(

459,061

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

213,165

)

$

—

$

—

$

—

$

(

213,165

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Consumer

Staples

ETF

52

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

...................................................................................

$

4,644,330

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,362,746,642

‌

$

—

‌

$

—

‌

$

1,362,746,642

‌

Short-Term

Securities

Money

Market

Funds

......................................

15,459,080

‌

—

‌

—

‌

15,459,080

‌

$

1,378,205,722

‌

$

—

‌

$

—

‌

$

1,378,205,722

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

87,673

)

$

—

‌

$

—

‌

$

(

87,673

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

53

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Electrical

Equipment

 — 

0

.2

%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

241,378

$

613,100

Plug

Power,

Inc.

(a)

(b)

.......................

422,329

2,487,518

3,100,618

a

Energy

Equipment

&

Services

 — 

9

.7

%

Baker

Hughes

Co.

,

Class

A

..................

814,227

28,025,693

Halliburton

Co.

..........................

722,072

28,406,312

NOV,

Inc.

..............................

315,109

6,289,576

Schlumberger

Ltd.

........................

1,020,516

56,801,921

TechnipFMC

PLC

........................

352,625

7,588,490

127,111,992

a

Oil,

Gas

&

Consumable

Fuels

 — 

88

.2

%

Antero

Midstream

Corp.

....................

272,320

3,360,429

Antero

Resources

Corp.

(a)

...................

227,148

6,687,237

APA

Corp.

.............................

249,278

9,901,322

Cheniere

Energy,

Inc.

......................

194,901

32,435,424

Chesapeake

Energy

Corp.

..................

101,918

8,773,101

Chevron

Corp.

...........................

1,230,439

179,311,876

ConocoPhillips

..........................

863,171

102,544,715

Coterra

Energy,

Inc.

.......................

599,883

16,496,783

Devon

Energy

Corp.

.......................

515,147

23,990,396

Diamondback

Energy,

Inc.

...................

145,592

23,341,309

DT

Midstream,

Inc.

........................

77,936

4,206,206

EOG

Resources,

Inc.

......................

426,933

53,900,291

EQT

Corp.

.............................

289,655

12,275,579

Exxon

Mobil

Corp.

........................

2,718,177

287,719,035

Hess

Corp.

.............................

223,375

32,255,350

HF

Sinclair

Corp.

.........................

113,407

6,280,480

Kinder

Morgan,

Inc.

,

Class

P

.................

1,576,494

25,539,203

Marathon

Oil

Corp.

........................

499,411

13,638,914

Marathon

Petroleum

Corp.

..................

318,696

48,202,770

New

Fortress

Energy,

Inc.

,

Class

A

.............

51,875

1,571,813

Occidental

Petroleum

Corp.

..................

557,075

34,432,806

ONEOK,

Inc.

............................

359,199

23,419,775

Ovintiv,

Inc.

.............................

206,215

9,898,320

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

Phillips

66

..............................

356,036

$

40,613,027

Pioneer

Natural

Resources

Co.

...............

178,349

42,625,411

Range

Resources

Corp.

....................

188,041

6,739,389

Southwestern

Energy

Co.

(a)

..................

881,180

6,282,813

Targa

Resources

Corp.

.....................

179,667

15,021,958

Texas

Pacific

Land

Corp.

....................

4,643

8,570,746

Valero

Energy

Corp.

.......................

279,297

35,470,719

Williams

Companies,

Inc.

(The)

...............

978,925

33,675,020

1,149,182,217

a

Semiconductors

&

Semiconductor

Equipment

 — 

1

.6

%

Enphase

Energy,

Inc.

(a)

(b)

....................

106,940

8,510,285

First

Solar,

Inc.

(a)

(b)

........................

85,515

12,181,612

20,691,897

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

1,074,768,766

)

...............................

1,300,086,724

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

8,753,612

8,757,113

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

2,259,629

2,259,629

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

11,012,832

)

.................................

11,016,742

Total

Investments

—

100.6%

(Cost:

$

1,085,781,598

)

...............................

1,311,103,466

Liabilities

in

Excess

of

Other

Assets

—

(

0

.6

)

%

...............

(

7,534,431

)

Net

Assets

—

100.0%

.................................

$

1,303,569,035

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

11,919,612

$

—

$

(

3,164,448

)

(a)

$

2,768

$

(

819

)

$

8,757,113

8,753,612

$

86,764

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,781,854

—

(

522,225

)

(a)

—

—

2,259,629

2,259,629

52,674

—

$

2,768

$

(

819

)

$

11,016,742

$

139,438

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Energy

ETF

54

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

.........................................................

36

12/15/23

$

3,226

$

(

190,297

)

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)

.............

$

—

$

—

$

190,297

$

—

$

—

$

—

$

190,297

(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

..................................

$

—

$

—

$

598,596

$

—

$

—

$

—

$

598,596

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

348,306

)

$

—

$

—

$

—

$

(

348,306

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,718,720

a

iShares

®

U.S.

Energy

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

55

Schedule

of

Investments

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,300,086,724

‌

$

—

‌

$

—

‌

$

1,300,086,724

‌

Short-Term

Securities

Money

Market

Funds

......................................

11,016,742

‌

—

‌

—

‌

11,016,742

‌

$

1,311,103,466

‌

$

—

‌

$

—

‌

$

1,311,103,466

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

190,297

)

$

—

‌

$

—

‌

$

(

190,297

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

U.S.

Financial

Services

ETF

(Percentages

shown

are

based

on

Net

Assets)

56

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Banks

 — 

29

.9

%

Bank

of

America

Corp.

.....................

1,937,048

$

51,021,844

Bank

OZK

.............................

29,793

1,066,887

BOK

Financial

Corp.

.......................

7,979

522,784

Citigroup,

Inc.

...........................

539,562

21,307,303

Citizens

Financial

Group,

Inc.

................

132,585

3,106,467

Comerica,

Inc.

...........................

37,231

1,466,901

Commerce

Bancshares,

Inc.

.................

32,155

1,410,318

Cullen/Frost

Bankers,

Inc.

...................

18,153

1,651,741

East

West

Bancorp,

Inc.

....................

39,807

2,134,451

Fifth

Third

Bancorp

.......................

190,536

4,517,609

First

Citizens

BancShares,

Inc.

,

Class

A

..........

3,337

4,607,529

First

Financial

Bankshares,

Inc.

...............

36,550

879,028

First

Horizon

Corp.

........................

158,122

1,699,812

FNB

Corp.

.............................

101,935

1,089,685

Glacier

Bancorp,

Inc.

......................

31,585

953,551

Home

BancShares,

Inc.

....................

53,332

1,090,639

Huntington

Bancshares,

Inc.

.................

406,271

3,920,515

JPMorgan

Chase

&

Co.

....................

814,254

113,230,161

KeyCorp

...............................

262,963

2,687,482

M&T

Bank

Corp.

.........................

46,423

5,234,193

New

York

Community

Bancorp,

Inc.

............

203,202

1,926,355

Pinnacle

Financial

Partners,

Inc.

...............

21,756

1,356,704

PNC

Financial

Services

Group,

Inc.

(The)

........

111,585

12,773,135

Popular,

Inc.

............................

20,403

1,327,011

Prosperity

Bancshares,

Inc.

..................

26,564

1,448,801

Regions

Financial

Corp.

....................

263,269

3,825,299

SouthState

Corp.

.........................

21,485

1,420,159

Synovus

Financial

Corp.

....................

41,492

1,081,696

TFS

Financial

Corp.

.......................

15,117

179,288

Truist

Financial

Corp.

......................

372,731

10,570,651

U.S.

Bancorp

...........................

436,244

13,907,459

UMB

Financial

Corp.

......................

12,400

777,728

United

Bankshares,

Inc.

....................

38,223

1,087,062

Valley

National

Bancorp

....................

121,210

943,014

Webster

Financial

Corp.

....................

48,765

1,851,607

Wells

Fargo

&

Co.

........................

1,025,154

40,770,375

Western

Alliance

Bancorp

...................

31,033

1,275,456

Wintrust

Financial

Corp.

....................

17,314

1,293,183

Zions

Bancorp

NA

........................

41,870

1,291,690

322,705,573

a

Capital

Markets

 — 

29

.3

%

Affiliated

Managers

Group,

Inc.

...............

9,914

1,217,043

Ameriprise

Financial,

Inc.

...................

28,756

9,045,775

Ares

Management

Corp.

,

Class

A

..............

46,183

4,553,182

Bank

of

New

York

Mellon

Corp.

(The)

...........

218,206

9,273,755

BlackRock,

Inc.

(a)

.........................

39,323

24,076,686

Blackstone,

Inc.

,

NVS

......................

198,867

18,365,367

Blue

Owl

Capital,

Inc.

,

Class

A

................

114,718

1,414,473

Carlyle

Group,

Inc.

(The)

....................

61,089

1,682,391

Cboe

Global

Markets,

Inc.

...................

29,526

4,839,016

Charles

Schwab

Corp.

(The)

.................

416,639

21,681,894

CME

Group,

Inc.

,

Class

A

...................

100,798

21,516,341

Coinbase

Global,

Inc.

,

Class

A

(b)

(c)

..............

47,454

3,659,652

FactSet

Research

Systems,

Inc.

...............

10,673

4,609,562

Federated

Hermes,

Inc.

,

Class

B

..............

25,157

797,477

Franklin

Resources,

Inc.

....................

80,420

1,832,772

Goldman

Sachs

Group,

Inc.

(The)

.............

92,371

28,044,759

Houlihan

Lokey,

Inc.

,

Class

A

.................

14,571

1,464,677

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

30,064

2,407,224

Intercontinental

Exchange,

Inc.

...............

160,363

17,229,401

Invesco

Ltd.

............................

126,905

1,645,958

Security

Shares

Value

a

Capital

Markets

(continued)

Janus

Henderson

Group

PLC

................

37,694

$

869,601

Jefferies

Financial

Group,

Inc.

................

50,006

1,609,193

KKR

&

Co.,

Inc.

..........................

181,368

10,047,787

Lazard

Ltd.

,

Class

A

.......................

32,062

890,362

LPL

Financial

Holdings,

Inc.

..................

21,351

4,793,727

MarketAxess

Holdings,

Inc.

..................

10,632

2,272,590

Moody's

Corp.

...........................

44,217

13,618,836

Morgan

Stanley

..........................

357,486

25,317,159

Morningstar,

Inc.

.........................

7,362

1,864,353

MSCI,

Inc.

,

Class

A

.......................

22,159

10,449,076

Nasdaq,

Inc.

............................

94,867

4,705,403

Northern

Trust

Corp.

.......................

58,089

3,828,646

Raymond

James

Financial,

Inc.

...............

52,596

5,019,762

Robinhood

Markets,

Inc.

,

Class

A

(b)

.............

155,445

1,420,767

S&P

Global,

Inc.

.........................

91,173

31,847,641

SEI

Investments

Co.

.......................

28,478

1,528,129

State

Street

Corp.

........................

89,166

5,762,799

Stifel

Financial

Corp.

......................

29,490

1,680,930

T

Rowe

Price

Group,

Inc.

...................

62,873

5,690,007

TPG,

Inc.

,

Class

A

........................

17,199

475,380

Tradeweb

Markets,

Inc.

,

Class

A

...............

32,217

2,899,852

Virtu

Financial,

Inc.

,

Class

A

..................

27,138

501,782

316,451,187

a

Consumer

Finance

 — 

4

.8

%

Ally

Financial,

Inc.

........................

77,904

1,884,498

American

Express

Co.

.....................

163,016

23,805,227

Capital

One

Financial

Corp.

..................

106,876

10,825,470

Credit

Acceptance

Corp.

(b)

...................

1,817

731,215

Discover

Financial

Services

..................

70,068

5,751,181

FirstCash

Holdings,

Inc.

....................

10,483

1,141,808

OneMain

Holdings,

Inc.

.....................

34,147

1,226,902

SLM

Corp.

.............................

64,408

837,304

SoFi

Technologies,

Inc.

(b)

....................

268,474

2,026,979

Synchrony

Financial

.......................

117,825

3,304,991

51,535,575

a

Financial

Services

 — 

35

.8

%

Apollo

Global

Management,

Inc.

...............

122,843

9,512,962

Berkshire

Hathaway,

Inc.

,

Class

B

(b)

............

510,977

174,411,779

Equitable

Holdings,

Inc.

....................

92,078

2,446,512

Essent

Group

Ltd.

........................

30,241

1,428,585

Mastercard,

Inc.

,

Class

A

....................

233,121

87,735,088

MGIC

Investment

Corp.

....................

79,837

1,344,455

NCR

Atleos

Corp.

(b)

.......................

18,736

413,316

Radian

Group,

Inc.

........................

45,179

1,144,836

Rocket

Companies,

Inc.

,

Class

A

(b)

.............

35,494

262,301

UWM

Holdings

Corp.

,

Class

A

................

28,460

138,031

Visa,

Inc.

,

Class

A

........................

450,205

105,843,196

Voya

Financial,

Inc.

.......................

29,913

1,997,291

386,678,352

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,288,387,344

)

...............................

1,077,370,687

iShares

®

U.S.

Financial

Services

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

57

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(a)

(d)

(e)

.....................

3,535,266

$

3,536,680

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(a)

(d)

............................

956,607

956,607

a

Total

Short-Term

Securities — 0.4%

(Cost:

$

4,492,571

)

..................................

4,493,287

Total

Investments

—

100.2%

(Cost:

$

1,292,879,915

)

...............................

1,081,863,974

Liabilities

in

Excess

of

Other

Assets

—

(

0

.2

)

%

...............

(

1,702,719

)

Net

Assets

—

100.0%

.................................

$

1,080,161,255

(a)

Affiliate

of

the

Fund.

(b)

Non-income

producing

security.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,173,755

$

—

$

(

6,637,871

)

(a)

$

1,666

$

(

870

)

$

3,536,680

3,535,266

$

33,432

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,545,343

—

(

588,736

)

(a)

—

—

956,607

956,607

64,179

—

BlackRock,

Inc.

..

35,714,552

3,278,700

(

12,783,197

)

(

2,058,425

)

(

74,944

)

24,076,686

39,323

516,485

—

$

(

2,056,759

)

$

(

75,814

)

$

28,569,973

$

614,096

$

—

(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

........................................................

25

12/15/23

$

2,502

$

(

75,835

)

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)

.............

$

—

$

—

$

75,835

$

—

$

—

$

—

$

75,835

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Financial

Services

ETF

58

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

(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

..................................

$

—

$

—

$

62,976

$

—

$

—

$

—

$

62,976

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

198,374

)

$

—

$

—

$

—

$

(

198,374

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,837,756

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,077,370,687

‌

$

—

‌

$

—

‌

$

1,077,370,687

‌

Short-Term

Securities

Money

Market

Funds

......................................

4,493,287

‌

—

‌

—

‌

4,493,287

‌

$

1,081,863,974

‌

$

—

‌

$

—

‌

$

1,081,863,974

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

75,835

)

$

—

‌

$

—

‌

$

(

75,835

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

59

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Banks

 — 

28

.0

%

Bank

of

America

Corp.

.....................

2,962,652

$

78,036,254

Bank

OZK

.............................

50,574

1,811,055

BOK

Financial

Corp.

.......................

13,215

865,847

Citigroup,

Inc.

...........................

912,643

36,040,272

Citizens

Financial

Group,

Inc.

................

220,940

5,176,624

Columbia

Banking

System,

Inc.

...............

98,342

1,934,387

Comerica,

Inc.

...........................

61,871

2,437,717

Commerce

Bancshares,

Inc.

.................

53,839

2,361,379

Cullen/Frost

Bankers,

Inc.

...................

27,848

2,533,889

East

West

Bancorp,

Inc.

....................

65,496

3,511,895

Fifth

Third

Bancorp

.......................

316,712

7,509,241

First

Citizens

BancShares,

Inc.

,

Class

A

..........

5,058

6,983,783

First

Hawaiian,

Inc.

.......................

60,256

1,080,390

First

Horizon

Corp.

........................

260,417

2,799,483

FNB

Corp.

.............................

168,520

1,801,479

Huntington

Bancshares,

Inc.

.................

671,063

6,475,758

JPMorgan

Chase

&

Co.

....................

1,147,407

159,558,417

KeyCorp

...............................

436,833

4,464,433

M&T

Bank

Corp.

.........................

77,177

8,701,707

New

York

Community

Bancorp,

Inc.

............

334,125

3,167,505

NU

Holdings,

Ltd.

,

Class

A

(a)

.................

1,076,271

8,825,422

Pinnacle

Financial

Partners,

Inc.

...............

35,109

2,189,397

PNC

Financial

Services

Group,

Inc.

(The)

........

186,628

21,363,307

Popular,

Inc.

............................

33,153

2,156,271

Prosperity

Bancshares,

Inc.

..................

40,623

2,215,578

Regions

Financial

Corp.

....................

436,071

6,336,112

Synovus

Financial

Corp.

....................

68,336

1,781,520

TFS

Financial

Corp.

.......................

24,689

292,812

Truist

Financial

Corp.

......................

619,092

17,557,449

U.S.

Bancorp

...........................

715,384

22,806,442

Webster

Financial

Corp.

....................

81,696

3,101,997

Wells

Fargo

&

Co.

........................

1,715,889

68,240,906

Western

Alliance

Bancorp

...................

51,029

2,097,292

Wintrust

Financial

Corp.

....................

28,703

2,143,827

Zions

Bancorp

NA

........................

67,855

2,093,327

500,453,174

a

Capital

Markets

 — 

29

.6

%

Affiliated

Managers

Group,

Inc.

...............

16,789

2,061,018

Ameriprise

Financial,

Inc.

...................

49,064

15,434,062

Ares

Management

Corp.

,

Class

A

..............

74,766

7,371,180

Bank

of

New

York

Mellon

Corp.

(The)

...........

363,927

15,466,897

BlackRock,

Inc.

(b)

.........................

69,401

42,492,844

Blackstone,

Inc.

,

NVS

......................

332,682

30,723,183

Blue

Owl

Capital,

Inc.

,

Class

A

................

210,478

2,595,194

Carlyle

Group,

Inc.

(The)

....................

99,209

2,732,216

Cboe

Global

Markets,

Inc.

...................

49,070

8,042,082

Charles

Schwab

Corp.

(The)

.................

691,972

36,010,223

CME

Group,

Inc.

,

Class

A

...................

167,919

35,843,990

Coinbase

Global,

Inc.

,

Class

A

(a)

(c)

..............

77,747

5,995,849

Evercore,

Inc.

,

Class

A

.....................

16,786

2,185,201

FactSet

Research

Systems,

Inc.

...............

17,899

7,730,399

Franklin

Resources,

Inc.

....................

132,764

3,025,692

Goldman

Sachs

Group,

Inc.

(The)

.............

151,159

45,893,384

Houlihan

Lokey,

Inc.

,

Class

A

.................

23,698

2,382,123

Interactive

Brokers

Group,

Inc.

,

Class

A

..........

47,350

3,791,315

Intercontinental

Exchange,

Inc.

...............

264,262

28,392,309

Invesco

Ltd.

............................

170,147

2,206,807

Janus

Henderson

Group

PLC

................

63,071

1,455,048

Jefferies

Financial

Group,

Inc.

................

89,082

2,866,659

KKR

&

Co.,

Inc.

..........................

301,407

16,697,948

Lazard

Ltd.

,

Class

A

.......................

51,733

1,436,625

Security

Shares

Value

a

Capital

Markets

(continued)

LPL

Financial

Holdings,

Inc.

..................

36,390

$

8,170,283

MarketAxess

Holdings,

Inc.

..................

17,374

3,713,692

Moody's

Corp.

...........................

74,082

22,817,256

Morgan

Stanley

..........................

562,260

39,819,253

Morningstar,

Inc.

.........................

11,984

3,034,828

MSCI,

Inc.

,

Class

A

.......................

35,837

16,898,937

Nasdaq,

Inc.

............................

159,358

7,904,157

Northern

Trust

Corp.

.......................

95,583

6,299,876

Raymond

James

Financial,

Inc.

...............

88,274

8,424,871

Robinhood

Markets,

Inc.

,

Class

A

(a)

(c)

............

312,141

2,852,969

S&P

Global,

Inc.

.........................

149,773

52,317,207

SEI

Investments

Co.

.......................

47,868

2,568,597

State

Street

Corp.

........................

148,456

9,594,711

Stifel

Financial

Corp.

......................

48,323

2,754,411

T

Rowe

Price

Group,

Inc.

...................

102,917

9,313,988

TPG,

Inc.

,

Class

A

........................

30,630

846,613

Tradeweb

Markets,

Inc.

,

Class

A

...............

53,532

4,818,415

Virtu

Financial,

Inc.

,

Class

A

..................

42,784

791,076

XP,

Inc.

,

Class

A

.........................

154,927

3,098,540

528,871,928

a

Consumer

Finance

 — 

1

.1

%

Ally

Financial,

Inc.

........................

125,787

3,042,787

Credit

Acceptance

Corp.

(a)

(c)

..................

3,027

1,218,156

Discover

Financial

Services

..................

116,939

9,598,353

OneMain

Holdings,

Inc.

.....................

52,848

1,898,829

SLM

Corp.

.............................

106,014

1,378,182

SoFi

Technologies,

Inc.

(a)

(c)

...................

430,896

3,253,265

20,389,572

a

Financial

Services

 — 

15

.1

%

Apollo

Global

Management,

Inc.

...............

243,466

18,854,007

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

702,249

239,698,651

Equitable

Holdings,

Inc.

....................

167,818

4,458,925

MGIC

Investment

Corp.

....................

134,669

2,267,826

Rocket

Companies,

Inc.

,

Class

A

(a)

.............

60,126

444,331

UWM

Holdings

Corp.

,

Class

A

................

47,253

229,177

Voya

Financial,

Inc.

.......................

45,947

3,067,881

269,020,798

a

Insurance

 — 

24

.7

%

Aflac,

Inc.

..............................

281,266

21,969,687

Allstate

Corp.

(The)

.......................

122,771

15,730,648

American

Financial

Group,

Inc.

...............

34,164

3,736,175

American

International

Group,

Inc.

.............

338,307

20,741,602

Aon

PLC

,

Class

A

........................

94,386

29,203,028

Arch

Capital

Group

Ltd.

(a)

...................

167,419

14,511,879

Arthur

J

Gallagher

&

Co.

....................

98,819

23,270,886

Assurant,

Inc.

...........................

24,613

3,664,876

Assured

Guaranty

Ltd.

.....................

26,502

1,653,725

Axis

Capital

Holdings

Ltd.

...................

38,687

2,209,028

Brighthouse

Financial,

Inc.

(a)

.................

31,079

1,407,879

Brown

&

Brown,

Inc.

.......................

110,616

7,678,963

Chubb

Ltd.

.............................

192,921

41,404,705

Cincinnati

Financial

Corp.

...................

71,631

7,139,462

CNA

Financial

Corp.

.......................

13,972

564,469

Everest

Group

Ltd.

........................

20,091

7,948,401

Fidelity

National

Financial,

Inc.

................

117,355

4,587,407

First

American

Financial

Corp.

................

46,735

2,404,048

Globe

Life,

Inc.

..........................

42,488

4,943,904

Hanover

Insurance

Group,

Inc.

(The)

...........

16,657

1,952,367

Hartford

Financial

Services

Group,

Inc.

(The)

......

144,604

10,621,164

Kemper

Corp.

...........................

28,511

1,137,019

Kinsale

Capital

Group,

Inc.

..................

10,184

3,400,539

Lincoln

National

Corp.

.....................

77,653

1,690,506

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Financials

ETF

(Percentages

shown

are

based

on

Net

Assets)

60

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Insurance

(continued)

Loews

Corp.

............................

88,289

$

5,651,379

Markel

Group,

Inc.

(a)

.......................

6,124

9,005,464

Marsh

&

McLennan

Companies,

Inc.

............

231,092

43,826,598

MetLife,

Inc.

............................

304,484

18,272,085

Old

Republic

International

Corp.

...............

125,839

3,445,472

Primerica,

Inc.

...........................

17,054

3,260,043

Principal

Financial

Group,

Inc.

................

112,791

7,633,695

Progressive

Corp.

(The)

....................

273,358

43,215,166

Prudential

Financial,

Inc.

....................

171,559

15,687,355

Reinsurance

Group

of

America,

Inc.

............

31,431

4,697,992

RenaissanceRe

Holdings

Ltd.

................

23,530

5,166,953

RLI

Corp.

..............................

18,930

2,522,233

Ryan

Specialty

Holdings,

Inc.

,

Class

A

(a)

(c)

........

43,779

1,891,253

Travelers

Companies,

Inc.

(The)

...............

107,991

18,082,013

Unum

Group

............................

94,157

4,604,277

W

R

Berkley

Corp.

........................

95,487

6,437,733

White

Mountains

Insurance

Group

Ltd.

(c)

.........

1,154

1,651,085

Willis

Towers

Watson

PLC

...................

49,169

11,598,475

440,221,638

a

Mortgage

Real

Estate

Investment

Trusts

(REITs)

 — 

0

.6

%

AGNC

Investment

Corp.

....................

278,286

2,053,751

Annaly

Capital

Management,

Inc.

..............

231,732

3,617,337

Rithm

Capital

Corp.

.......................

231,028

2,155,491

Starwood

Property

Trust,

Inc.

.................

138,699

2,461,907

10,288,486

a

Security

Shares

Value

a

Professional

Services

 — 

0

.5

%

Broadridge

Financial

Solutions,

Inc.

............

54,680

$

9,330,595

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

1,972,392,568

)

...............................

1,778,576,191

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(b)

(d)

(e)

.....................

11,286,460

11,290,974

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(b)

(d)

............................

4,930,272

4,930,272

a

Total

Short-Term

Securities — 0.9%

(Cost:

$

16,219,503

)

.................................

16,221,246

Total

Investments

—

100.5%

(Cost:

$

1,988,612,071

)

...............................

1,794,797,437

Liabilities

in

Excess

of

Other

Assets

—

(

0

.5

)

%

...............

(

9,672,053

)

Net

Assets

—

100.0%

.................................

$

1,785,125,384

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

10,407,784

$

884,869

(a)

$

—

$

1,047

$

(

2,726

)

$

11,290,974

11,286,460

$

62,933

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,803,006

2,127,266

(a)

—

—

—

4,930,272

4,930,272

124,283

—

BlackRock,

Inc.

...

47,538,411

3,821,952

(

4,758,521

)

(

175,268

)

(

3,933,730

)

42,492,844

69,401

682,545

—

$

(

174,221

)

$

(

3,936,456

)

$

58,714,090

$

869,761

$

—

(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

........................................................

58

12/15/23

$

5,805

$

(

214,428

)

E-Mini

S&P

MidCap

400

Index

............................................................

2

12/15/23

475

(

5,365

)

$

(

219,793

)

iShares

®

U.S.

Financials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

61

Schedule

of

Investments

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

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)

.............

$

—

$

—

$

219,793

$

—

$

—

$

—

$

219,793

(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

.................................

$

—

$

—

$

160,296

$

—

$

—

$

—

$

160,296

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

368,227

)

$

—

$

—

$

—

$

(

368,227

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

6,614,680

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,778,576,191

‌

$

—

‌

$

—

‌

$

1,778,576,191

‌

Short-Term

Securities

Money

Market

Funds

......................................

16,221,246

‌

—

‌

—

‌

16,221,246

‌

$

1,794,797,437

‌

$

—

‌

$

—

‌

$

1,794,797,437

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

219,793

)

$

—

‌

$

—

‌

$

(

219,793

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

U.S.

Healthcare

ETF

(Percentages

shown

are

based

on

Net

Assets)

62

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Biotechnology

 — 

18

.0

%

AbbVie,

Inc.

............................

1,052,127

$

148,539,290

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

73,755

11,196,009

Amgen,

Inc.

............................

318,489

81,437,637

Apellis

Pharmaceuticals,

Inc.

(a)

(b)

...............

59,341

2,887,533

Biogen,

Inc.

(a)

...........................

85,855

20,393,997

BioMarin

Pharmaceutical,

Inc.

(a)

(b)

..............

111,475

9,079,639

Exact

Sciences

Corp.

(a)

.....................

106,359

6,550,651

Exelixis,

Inc.

(a)

...........................

191,069

3,934,111

Gilead

Sciences,

Inc.

......................

745,179

58,526,359

Incyte

Corp.

(a)

...........................

109,804

5,921,730

Ionis

Pharmaceuticals,

Inc.

(a)

(b)

................

84,512

3,741,346

Karuna

Therapeutics,

Inc.

(a)

(b)

.................

21,210

3,533,798

Mirati

Therapeutics,

Inc.

(a)

(b)

..................

27,324

1,517,302

Moderna,

Inc.

(a)

..........................

198,111

15,048,511

Natera,

Inc.

(a)

...........................

61,984

2,446,508

Neurocrine

Biosciences,

Inc.

(a)

................

57,559

6,385,595

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

............

61,766

48,170,686

Roivant

Sciences,

Ltd.

(a)

....................

205,761

1,777,775

Sarepta

Therapeutics,

Inc.

(a)

(b)

................

53,275

3,585,940

Seagen,

Inc.

(a)

...........................

83,503

17,770,273

Ultragenyx

Pharmaceutical,

Inc.

(a)

..............

40,414

1,430,656

United

Therapeutics

Corp.

(a)

..................

26,888

5,992,260

Vertex

Pharmaceuticals,

Inc.

(a)

................

153,590

55,616,475

515,484,081

a

Chemicals

 — 

0

.1

%

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

916,351

1,255,401

a

Health

Care

Equipment

&

Supplies

 — 

19

.1

%

Abbott

Laboratories

.......................

1,032,092

97,584,298

Align

Technology,

Inc.

(a)

.....................

45,486

8,396,261

Baxter

International,

Inc.

....................

301,209

9,768,208

Becton

Dickinson

&

Co.

....................

168,954

42,708,192

Boston

Scientific

Corp.

(a)

....................

855,977

43,817,463

Cooper

Companies,

Inc.

(The)

................

28,941

9,022,357

Dentsply

Sirona,

Inc.

......................

125,982

3,831,112

Dexcom,

Inc.

(a)

(b)

.........................

230,478

20,473,361

Edwards

Lifesciences

Corp.

(a)

................

358,889

22,868,407

Enovis

Corp.

(a)

(b)

..........................

31,343

1,438,644

Envista

Holdings

Corp.

(a)

(b)

...................

97,388

2,266,219

GE

HealthCare

Technologies,

Inc.

.............

232,368

15,468,738

Globus

Medical,

Inc.

,

Class

A

(a)

...............

70,645

3,229,183

Hologic,

Inc.

(a)

...........................

144,753

9,578,306

ICU

Medical,

Inc.

(a)

(b)

.......................

12,009

1,177,602

IDEXX

Laboratories,

Inc.

(a)

...................

49,072

19,602,792

Inspire

Medical

Systems,

Inc.

(a)

...............

17,179

2,528,062

Insulet

Corp.

(a)

(b)

..........................

41,286

5,473,285

Integra

LifeSciences

Holdings

Corp.

(a)

...........

42,696

1,535,348

Intuitive

Surgical,

Inc.

(a)

.....................

208,227

54,601,284

Masimo

Corp.

(a)

..........................

25,554

2,073,196

Medtronic

PLC

..........................

791,903

55,876,676

Novocure

Ltd.

(a)

..........................

61,929

823,656

Penumbra,

Inc.

(a)

.........................

21,632

4,134,957

QuidelOrtho

Corp.

(a)

(b)

......................

31,717

1,937,274

ResMed,

Inc.

...........................

86,512

12,217,225

Shockwave

Medical,

Inc.

(a)

(b)

.................

21,601

4,455,422

STERIS

PLC

............................

59,091

12,407,928

Stryker

Corp.

...........................

211,786

57,228,813

Tandem

Diabetes

Care,

Inc.

(a)

................

37,771

653,438

Teleflex,

Inc.

............................

28,006

5,174,108

Zimmer

Biomet

Holdings,

Inc.

................

125,126

13,064,406

545,416,221

a

Security

Shares

Value

a

Health

Care

Providers

&

Services

 — 

20

.4

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

................

53,575

$

3,938,298

agilon

health,

Inc.

(a)

(b)

......................

173,658

3,125,844

Amedisys,

Inc.

(a)

.........................

19,051

1,742,976

Cardinal

Health,

Inc.

.......................

151,893

13,822,263

Centene

Corp.

(a)

.........................

322,405

22,239,497

Chemed

Corp.

...........................

8,740

4,917,561

Cigna

Group

(The)

........................

174,062

53,819,970

DaVita,

Inc.

(a)

............................

31,985

2,470,202

Elevance

Health,

Inc.

......................

141,338

63,614,820

Encompass

Health

Corp.

...................

58,601

3,666,079

HCA

Healthcare,

Inc.

......................

121,889

27,563,978

Henry

Schein,

Inc.

(a)

.......................

77,643

5,045,242

Humana,

Inc.

...........................

74,469

38,998,671

Laboratory

Corp.

of

America

Holdings

...........

52,709

10,527,569

Molina

Healthcare,

Inc.

(a)

(b)

...................

34,420

11,460,139

Premier,

Inc.

,

Class

A

......................

69,807

1,341,691

Quest

Diagnostics,

Inc.

.....................

66,720

8,680,272

R1

RCM,

Inc.

(a)

(b)

.........................

91,667

1,080,754

Tenet

Healthcare

Corp.

(a)

....................

60,196

3,232,525

UnitedHealth

Group,

Inc.

....................

554,211

296,813,243

Universal

Health

Services,

Inc.

,

Class

B

.........

36,090

4,543,370

582,644,964

a

Health

Care

Technology

 — 

0

.7

%

Certara,

Inc.

(a)

(b)

..........................

70,537

859,846

Doximity,

Inc.

,

Class

A

(a)

(b)

...................

70,923

1,448,957

Teladoc

Health,

Inc.

(a)

(b)

.....................

96,337

1,593,414

Veeva

Systems,

Inc.

,

Class

A

(a)

(b)

..............

86,295

16,629,909

20,532,126

a

Life

Sciences

Tools

&

Services

 — 

10

.5

%

10X

Genomics,

Inc.

,

Class

A

(a)

................

54,527

1,923,713

Agilent

Technologies,

Inc.

...................

175,981

18,191,156

Avantor,

Inc.

(a)

(b)

..........................

401,938

7,005,779

Azenta,

Inc.

(a)

...........................

38,022

1,728,100

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

..........

12,514

3,444,854

Bio-Techne

Corp.

.........................

92,693

5,063,819

Bruker

Corp.

............................

63,293

3,607,701

Charles

River

Laboratories

International,

Inc.

(a)

.....

30,237

5,090,701

Danaher

Corp.

..........................

392,403

75,349,224

Fortrea

Holdings,

Inc.

(a)

(b)

....................

52,381

1,487,620

ICON

PLC

(a)

............................

48,550

11,844,258

Illumina,

Inc.

(a)

...........................

94,215

10,309,005

IQVIA

Holdings,

Inc.

(a)

......................

109,865

19,866,888

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

(b)

....

65,589

449,941

Medpace

Holdings,

Inc.

(a)

(b)

..................

13,913

3,376,268

QIAGEN

NV

(a)

...........................

135,506

5,071,990

Repligen

Corp.

(a)

.........................

33,108

4,455,012

Revvity,

Inc.

............................

75,221

6,232,060

Sotera

Health

Co.

(a)

.......................

58,202

736,837

Thermo

Fisher

Scientific,

Inc.

.................

230,011

102,301,992

West

Pharmaceutical

Services,

Inc.

............

44,097

14,035,634

301,572,552

a

Pharmaceuticals

 — 

31

.0

%

Bristol-Myers

Squibb

Co.

....................

1,253,339

64,584,559

Catalent,

Inc.

(a)

(b)

.........................

107,382

3,692,867

Elanco

Animal

Health,

Inc.

(a)

..................

293,240

2,583,444

Eli

Lilly

&

Co.

...........................

504,569

279,495,906

Jazz

Pharmaceuticals

PLC

(a)

.................

36,358

4,618,193

Johnson

&

Johnson

.......................

1,436,903

213,150,191

Merck

&

Co.,

Inc.

.........................

1,514,429

155,531,858

Organon

&

Co.

..........................

151,909

2,246,734

Perrigo

Co.

PLC

.........................

80,679

2,229,968

Pfizer,

Inc.

.............................

3,368,827

102,951,353

iShares

®

U.S.

Healthcare

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

63

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Pharmaceuticals

(continued)

Royalty

Pharma

PLC

,

Class

A

................

221,203

$

5,943,725

Viatris,

Inc.

.............................

712,648

6,342,567

Zoetis,

Inc.

,

Class

A

.......................

275,947

43,323,679

886,695,044

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

2,848,129,716

)

...............................

2,853,600,389

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.9

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

50,292,563

50,312,680

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

4,075,721

4,075,721

a

Total

Short-Term

Securities — 1.9%

(Cost:

$

54,372,027

)

.................................

54,388,401

Total

Investments

—

101.7%

(Cost:

$

2,902,501,743

)

...............................

2,907,988,790

Liabilities

in

Excess

of

Other

Assets

—

(

1

.7

)

%

...............

(

47,504,486

)

Net

Assets

—

100.0%

.................................

$

2,860,484,304

(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.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

45,927,072

‌

$

4,393,328

(a)

$

—

‌

$

(

4,805

)

$

(

2,915

)

$

50,312,680

‌

50,292,563

‌

$

406,172

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

3,447,581

‌

628,140

(a)

—

‌

—

‌

—

‌

4,075,721

‌

4,075,721

‌

113,079

‌

—

‌

$

(

4,805

)

$

(

2,915

)

$

54,388,401

‌

$

519,251

‌

$

—

‌

(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

......................................................

54

12/15/23

$

6,823

$

(

275,944

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Healthcare

ETF

64

2023

iShares

Semi-Annual

Report

to

Shareholders

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

275,944

$

—

$

—

$

—

$

275,944

(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

.................................

$

—

$

—

$

52,929

$

—

$

—

$

—

$

52,929

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

405,467

)

$

—

$

—

$

—

$

(

405,467

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

7,973,415

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,853,600,389

‌

$

—

‌

$

—

‌

$

2,853,600,389

‌

Short-Term

Securities

Money

Market

Funds

......................................

54,388,401

‌

—

‌

—

‌

54,388,401

‌

$

2,907,988,790

‌

$

—

‌

$

—

‌

$

2,907,988,790

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

275,944

)

$

—

‌

$

—

‌

$

(

275,944

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

65

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

13

.0

%

Axon

Enterprise,

Inc.

(a)

.....................

14,995

$

3,066,327

Boeing

Co.

(The)

(a)

........................

120,373

22,488,084

BWX

Technologies,

Inc.

....................

19,701

1,463,390

Curtiss-Wright

Corp.

.......................

8,222

1,634,616

General

Dynamics

Corp.

....................

52,828

12,747,925

HEICO

Corp.

(b)

..........................

9,768

1,547,349

HEICO

Corp.

,

Class

A

......................

17,231

2,190,577

Howmet

Aerospace,

Inc.

....................

81,817

3,608,130

Huntington

Ingalls

Industries,

Inc.

..............

8,444

1,856,160

L3Harris

Technologies,

Inc.

..................

40,814

7,322,440

Lockheed

Martin

Corp.

.....................

48,816

22,193,706

Mercury

Systems,

Inc.

(a)

(b)

...................

10,664

383,691

Northrop

Grumman

Corp.

...................

30,898

14,566,244

RTX

Corp.

.............................

315,458

25,675,127

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

.......

22,902

517,585

Textron,

Inc.

............................

42,657

3,241,932

TransDigm

Group,

Inc.

(a)

....................

11,310

9,365,698

Woodward,

Inc.

..........................

12,755

1,590,548

135,459,529

a

Air

Freight

&

Logistics

 — 

3

.9

%

CH

Robinson

Worldwide,

Inc.

................

24,895

2,037,158

Expeditors

International

of

Washington,

Inc.

.......

32,812

3,584,711

FedEx

Corp.

............................

50,052

12,017,485

GXO

Logistics,

Inc.

(a)

......................

25,222

1,273,963

United

Parcel

Service,

Inc.

,

Class

B

............

156,329

22,081,472

40,994,789

a

Building

Products

 — 

4

.6

%

A

O

Smith

Corp.

.........................

26,459

1,845,780

Advanced

Drainage

Systems,

Inc.

(b)

............

14,702

1,570,615

Allegion

PLC

............................

18,916

1,860,578

Armstrong

World

Industries,

Inc.

...............

9,654

732,642

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

...............

28,635

750,237

Builders

FirstSource,

Inc.

(a)

..................

27,462

2,980,176

Carlisle

Companies,

Inc.

....................

10,688

2,715,714

Carrier

Global

Corp.

.......................

179,770

8,567,838

Fortune

Brands

Innovations,

Inc.

..............

27,260

1,521,108

Hayward

Holdings,

Inc.

(a)

(b)

...................

28,657

300,899

Johnson

Controls

International

PLC

............

148,258

7,267,607

Lennox

International,

Inc.

...................

6,912

2,561,172

Masco

Corp.

............................

48,497

2,526,209

Owens

Corning

..........................

19,365

2,195,410

Trane

Technologies

PLC

....................

49,132

9,350,311

Trex

Co.,

Inc.

(a)

(b)

.........................

23,415

1,316,157

48,062,453

a

Chemicals

 — 

2

.8

%

Axalta

Coating

Systems

Ltd.

(a)

................

47,711

1,251,459

DuPont

de

Nemours,

Inc.

...................

99,066

7,219,930

PPG

Industries,

Inc.

.......................

50,642

6,217,318

RPM

International,

Inc.

.....................

27,425

2,503,080

Sherwin-Williams

Co.

(The)

..................

51,336

12,228,749

29,420,536

a

Commercial

Services

&

Supplies

 — 

1

.5

%

Cintas

Corp.

............................

18,695

9,480,608

MSA

Safety,

Inc.

.........................

7,944

1,254,199

Tetra

Tech,

Inc.

..........................

11,453

1,728,372

Veralto

Corp.

(a)

(b)

.........................

47,361

3,267,909

Vestis

Corp.

(a)

...........................

25,251

386,088

16,117,176

a

Security

Shares

Value

a

Construction

&

Engineering

 — 

1

.3

%

AECOM

...............................

28,217

$

2,160,011

EMCOR

Group,

Inc.

.......................

10,110

2,089,232

MasTec,

Inc.

(a)

(b)

..........................

13,381

795,367

MDU

Resources

Group,

Inc.

.................

43,925

817,444

Quanta

Services,

Inc.

(b)

.....................

31,011

5,182,558

Valmont

Industries,

Inc.

.....................

4,476

881,369

WillScot

Mobile

Mini

Holdings

Corp.

,

Class

A

(a)

.....

42,390

1,670,590

13,596,571

a

Construction

Materials

 — 

1

.2

%

Eagle

Materials,

Inc.

.......................

7,632

1,174,641

Martin

Marietta

Materials,

Inc.

................

13,318

5,446,263

Vulcan

Materials

Co.

......................

28,581

5,615,881

12,236,785

a

Consumer

Finance

 — 

2

.8

%

American

Express

Co.

.....................

127,716

18,650,368

Capital

One

Financial

Corp.

..................

81,801

8,285,623

Synchrony

Financial

.......................

89,804

2,519,002

29,454,993

a

Containers

&

Packaging

 — 

1

.9

%

Amcor

PLC

.............................

319,199

2,837,679

AptarGroup,

Inc.

.........................

14,105

1,724,618

Ardagh

Group

SA

........................

5,329

32,267

Ardagh

Metal

Packaging

SA

.................

31,843

107,311

Ball

Corp.

..............................

66,457

3,199,905

Berry

Global

Group,

Inc.

....................

25,712

1,414,160

Crown

Holdings,

Inc.

......................

22,973

1,851,624

Graphic

Packaging

Holding

Co.

...............

65,661

1,412,368

Packaging

Corp.

of

America

.................

19,069

2,918,510

Sealed

Air

Corp.

.........................

30,982

953,936

Silgan

Holdings,

Inc.

.......................

18,025

722,082

Sonoco

Products

Co.

......................

21,200

1,098,372

Westrock

Co.

...........................

54,784

1,968,389

20,241,221

a

Diversified

Consumer

Services

 — 

0

.0

%

ADT,

Inc.

..............................

44,896

254,111

a

Electrical

Equipment

 — 

5

.0

%

Acuity

Brands,

Inc.

........................

6,774

1,097,185

AMETEK,

Inc.

...........................

49,624

6,985,571

Eaton

Corp.

PLC

.........................

85,963

17,872,567

Emerson

Electric

Co.

......................

123,185

10,959,769

Generac

Holdings,

Inc.

(a)

....................

13,115

1,102,578

Hubbell,

Inc.

............................

11,555

3,121,006

nVent

Electric

PLC

........................

35,472

1,707,267

Regal

Rexnord

Corp.

(b)

.....................

14,264

1,689,000

Rockwell

Automation,

Inc.

...................

24,792

6,515,586

Sensata

Technologies

Holding

PLC

............

32,530

1,037,056

52,087,585

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.7

%

Cognex

Corp.

...........................

37,251

1,340,664

Crane

NXT

Co.

..........................

10,462

544,024

Keysight

Technologies,

Inc.

(a)

.................

38,283

4,672,440

Littelfuse,

Inc.

...........................

5,218

1,130,584

Teledyne

Technologies,

Inc.

(a)

.................

10,051

3,765,004

Trimble,

Inc.

(a)

...........................

53,147

2,504,818

Vontier

Corp.

............................

33,578

992,566

Zebra

Technologies

Corp.

,

Class

A

(a)

............

11,026

2,309,175

17,259,275

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Industrials

ETF

(Percentages

shown

are

based

on

Net

Assets)

66

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Financial

Services

 — 

19

.6

%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

...............

47,439

$

835,401

Block,

Inc.

,

Class

A

(a)

......................

116,981

4,708,485

Euronet

Worldwide,

Inc.

(a)

...................

10,271

789,224

Fidelity

National

Information

Services,

Inc.

........

127,735

6,273,066

Fiserv,

Inc.

(a)

............................

131,077

14,910,009

FleetCor

Technologies,

Inc.

(a)

.................

15,504

3,491,036

Global

Payments,

Inc.

.....................

56,445

5,995,588

Jack

Henry

&

Associates,

Inc.

................

15,685

2,211,428

Mastercard,

Inc.

,

Class

A

....................

181,118

68,163,759

NCR

Atleos

Corp.

(a)

.......................

13,873

306,038

PayPal

Holdings,

Inc.

(a)

.....................

242,362

12,554,351

Shift4

Payments,

Inc.

,

Class

A

(a)

...............

11,932

531,213

Visa,

Inc.

,

Class

A

........................

349,590

82,188,609

Western

Union

Co.

(The)

...................

68,980

778,784

WEX,

Inc.

(a)

.............................

9,283

1,545,434

205,282,425

a

Ground

Transportation

 — 

6

.6

%

CSX

Corp.

.............................

432,427

12,907,946

JB

Hunt

Transport

Services,

Inc.

..............

17,753

3,051,208

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

33,674

1,646,322

Landstar

System,

Inc.

......................

7,713

1,270,948

Norfolk

Southern

Corp.

.....................

49,038

9,355,960

Old

Dominion

Freight

Line,

Inc.

...............

21,283

8,016,455

Ryder

System,

Inc.

........................

9,757

951,698

Saia,

Inc.

(a)

.............................

5,726

2,052,714

Schneider

National,

Inc.

,

Class

B

..............

11,928

302,136

Union

Pacific

Corp.

.......................

131,586

27,318,569

XPO,

Inc.

(a)

.............................

24,563

1,862,121

68,736,077

a

Household

Durables

 — 

0

.2

%

Mohawk

Industries,

Inc.

(a)

...................

11,481

922,843

TopBuild

Corp.

(a)

.........................

6,831

1,562,659

2,485,502

a

Industrial

Conglomerates

 — 

6

.0

%

3M

Co.

................................

118,681

10,794,037

General

Electric

Co.

.......................

234,036

25,423,331

Honeywell

International,

Inc.

.................

143,727

26,339,410

62,556,778

a

IT

Services

 — 

3

.9

%

Accenture

PLC

,

Class

A

....................

136,404

40,524,264

a

Leisure

Products

 — 

0

.1

%

Brunswick

Corp.

.........................

15,292

1,062,335

a

Life

Sciences

Tools

&

Services

 — 

0

.7

%

Mettler-Toledo

International,

Inc.

(a)

.............

4,699

4,629,455

Waters

Corp.

(a)

..........................

12,631

3,012,872

7,642,327

a

Machinery

 — 

14

.4

%

AGCO

Corp.

............................

13,494

1,547,222

Allison

Transmission

Holdings,

Inc.

.............

19,596

988,030

Caterpillar,

Inc.

..........................

111,483

25,200,732

CNH

Industrial

N.V.

.......................

210,808

2,314,672

Crane

Co.

..............................

10,388

1,011,064

Cummins,

Inc.

...........................

30,594

6,617,482

Deere

&

Co.

............................

58,248

21,281,489

Donaldson

Co.,

Inc.

.......................

26,107

1,505,330

Dover

Corp.

............................

30,092

3,910,456

Esab

Corp.

.............................

12,179

770,931

Flowserve

Corp.

.........................

28,305

1,039,360

Fortive

Corp.

............................

76,295

4,980,538

Security

Shares

Value

a

Machinery

(continued)

Gates

Industrial

Corp.

PLC

(a)

.................

22,961

$

250,734

Graco,

Inc.

.............................

36,132

2,686,414

IDEX

Corp.

.............................

16,308

3,121,514

Illinois

Tool

Works,

Inc.

.....................

65,462

14,671,344

Ingersoll

Rand,

Inc.

.......................

87,319

5,298,517

ITT,

Inc.

...............................

17,818

1,663,310

Lincoln

Electric

Holdings,

Inc.

................

12,026

2,102,145

Middleby

Corp.

(The)

(a)

.....................

11,457

1,293,152

Nordson

Corp.

...........................

12,325

2,620,172

Oshkosh

Corp.

..........................

14,047

1,232,343

Otis

Worldwide

Corp.

......................

89,197

6,886,900

PACCAR,

Inc.

...........................

110,629

9,130,211

Parker-Hannifin

Corp.

......................

27,575

10,172,693

Pentair

PLC

............................

35,454

2,060,587

Snap-on,

Inc.

...........................

11,224

2,895,119

Stanley

Black

&

Decker,

Inc.

.................

32,982

2,805,119

Toro

Co.

(The)

...........................

22,430

1,813,241

Westinghouse

Air

Brake

Technologies

Corp.

.......

38,464

4,077,953

Xylem,

Inc.

.............................

51,160

4,785,506

150,734,280

a

Marine

Transportation

 — 

0

.1

%

Kirby

Corp.

(a)

............................

12,849

959,820

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

13,853

710,382

a

Professional

Services

 — 

5

.2

%

Automatic

Data

Processing,

Inc.

...............

89,279

19,482,463

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

28,050

3,364,037

Equifax,

Inc.

............................

26,289

4,457,826

FTI

Consulting,

Inc.

(a)

......................

7,172

1,522,329

Genpact

Ltd.

............................

38,750

1,299,675

Jacobs

Solutions,

Inc.

......................

27,139

3,617,629

ManpowerGroup,

Inc.

......................

10,842

758,615

Paychex,

Inc.

...........................

69,529

7,721,195

Paylocity

Holding

Corp.

(a)

...................

9,057

1,624,826

Robert

Half,

Inc.

.........................

22,681

1,695,858

TransUnion

.............................

41,646

1,827,426

Verisk

Analytics,

Inc.

.......................

30,786

6,999,505

54,371,384

a

Semiconductors

&

Semiconductor

Equipment

 — 

0

.1

%

MKS

Instruments,

Inc.

.....................

14,310

939,595

a

Software

 — 

0

.6

%

BILL

Holdings,

Inc.

(a)

(b)

......................

22,121

2,019,426

Fair

Isaac

Corp.

(a)

.........................

5,228

4,422,208

6,441,634

a

Trading

Companies

&

Distributors

 — 

2

.5

%

Air

Lease

Corp.

,

Class

A

....................

22,321

772,976

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

................

23,411

704,203

Ferguson

PLC

...........................

44,518

6,686,604

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

..........

9,905

938,499

United

Rentals,

Inc.

.......................

14,801

6,013,202

Watsco,

Inc.

............................

7,160

2,498,052

WESCO

International,

Inc.

...................

9,604

1,231,233

WW

Grainger,

Inc.

........................

9,630

7,028,263

25,873,032

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,160,509,620

)

...............................

1,043,504,859

iShares

®

U.S.

Industrials

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

67

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

10,899,772

$

10,904,132

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

1,482,022

1,482,022

a

Total

Short-Term

Securities — 1.2%

(Cost:

$

12,381,080

)

.................................

12,386,154

Total

Investments

—

101.0%

(Cost:

$

1,172,890,700

)

...............................

1,055,891,013

Liabilities

in

Excess

of

Other

Assets

—

(

1

.0

)

%

...............

(

10,287,480

)

Net

Assets

—

100.0%

.................................

$

1,045,603,533

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

9,936,866

$

966,833

(a)

$

—

$

(

965

)

$

1,398

$

10,904,132

10,899,772

$

18,236

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

......

1,899,968

—

(

417,946

)

(a)

—

—

1,482,022

1,482,022

46,941

—

$

(

965

)

$

1,398

$

12,386,154

$

65,177

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

........................................................

17

12/15/23

$

1,691

$

(

106,182

)

E-Mini

Technology

Select

Sector

Index

......................................................

1

12/15/23

166

(

942

)

$

(

107,124

)

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)

.............

$

—

$

—

$

107,124

$

—

$

—

$

—

$

107,124

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Industrials

ETF

68

2023

iShares

Semi-Annual

Report

to

Shareholders

For

the period

ended

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Fair

Value

Hierarchy

as

of

Period

End 

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

(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

..................................

$

—

$

—

$

104,947

$

—

$

—

$

—

$

104,947

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

124,732

)

$

—

$

—

$

—

$

(

124,732

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,857,780

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,043,472,592

‌

$

32,267

‌

$

—

‌

$

1,043,504,859

‌

Short-Term

Securities

Money

Market

Funds

......................................

12,386,154

‌

—

‌

—

‌

12,386,154

‌

$

1,055,858,746

‌

$

32,267

‌

$

—

‌

$

1,055,891,013

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

107,124

)

$

—

‌

$

—

‌

$

(

107,124

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Technology

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

69

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Communications

Equipment

 — 

0

.1

%

F5,

Inc.

(a)

..............................

82,442

$

12,497,383

a

Electrical

Equipment

 — 

0

.2

%

Vertiv

Holdings

Co.

,

Class

A

.................

470,123

18,461,730

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

Amphenol

Corp.

,

Class

A

...................

799,200

64,375,560

Arrow

Electronics,

Inc.

(a)

(b)

...................

78,384

8,889,529

Avnet,

Inc.

.............................

124,237

5,755,900

CDW

Corp.

.............................

185,531

37,180,412

Coherent

Corp.

(a)

(b)

........................

162,966

4,823,794

Corning,

Inc.

............................

1,044,142

27,941,240

IPG

Photonics

Corp.

.......................

40,846

3,508,671

Jabil,

Inc.

(b)

.............................

174,846

21,471,089

TD

SYNNEX

Corp.

........................

64,279

5,893,099

179,839,294

a

Financial

Services

 — 

0

.1

%

Toast,

Inc.

,

Class

A

(a)

(b)

.....................

484,366

7,745,012

a

Hotels,

Restaurants

&

Leisure

 — 

0

.3

%

DoorDash,

Inc.

,

Class

A

(a)

(b)

..................

414,325

31,053,659

a

Interactive

Media

&

Services

 — 

14

.4

%

Alphabet,

Inc.

,

Class

A

(a)

(b)

...................

5,047,642

626,311,419

Alphabet,

Inc.

,

Class

C

,

NVS

(a)

................

4,319,919

541,285,851

IAC,

Inc.

(a)

..............................

101,551

4,320,995

Match

Group,

Inc.

(a)

.......................

381,220

13,190,212

Meta

Platforms,

Inc.

,

Class

A

(a)

................

1,464,787

441,296,380

Pinterest,

Inc.

,

Class

A

(a)

....................

815,966

24,381,064

ZoomInfo

Technologies,

Inc.

(a)

................

426,699

5,530,019

1,656,315,940

a

IT

Services

 — 

4

.4

%

Akamai

Technologies,

Inc.

(a)

..................

211,537

21,858,118

Amdocs

Ltd.

............................

162,730

13,044,437

Cloudflare,

Inc.

,

Class

A

(a)

(b)

..................

395,281

22,408,480

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

697,056

44,939,200

DXC

Technology

Co.

(a)

(b)

....................

288,054

5,810,049

EPAM

Systems,

Inc.

(a)

......................

76,084

16,553,596

Gartner,

Inc.

(a)

(b)

..........................

105,052

34,881,466

Globant

SA

(a)

(b)

..........................

56,598

9,638,074

GoDaddy,

Inc.

,

Class

A

(a)

....................

210,864

15,441,571

International

Business

Machines

Corp.

..........

1,246,288

180,263,096

Kyndryl

Holdings,

Inc.

(a)

.....................

311,098

4,551,364

MongoDB,

Inc.

,

Class

A

(a)

...................

90,153

31,065,822

Okta,

Inc.

,

Class

A

(a)

.......................

205,348

13,842,509

Snowflake,

Inc.

,

Class

A

(a)

...................

424,757

61,644,983

Twilio,

Inc.

,

Class

A

(a)

(b)

.....................

231,662

11,874,994

VeriSign,

Inc.

(a)

..........................

124,351

24,827,921

512,645,680

a

Professional

Services

 — 

0

.9

%

CACI

International,

Inc.

,

Class

A

(a)

.............

30,842

10,016,248

Ceridian

HCM

Holding,

Inc.

(a)

(b)

................

201,697

12,910,625

Clarivate

PLC

(a)

(b)

.........................

643,532

4,105,734

Concentrix

Corp.

.........................

60,037

4,575,420

Dun

&

Bradstreet

Holdings,

Inc.

...............

372,445

3,262,618

KBR,

Inc.

..............................

185,130

10,765,309

Leidos

Holdings,

Inc.

......................

186,719

18,507,587

Paycom

Software,

Inc.

.....................

71,030

17,400,219

Paycor

HCM,

Inc.

(a)

(b)

......................

79,175

1,708,597

Science

Applications

International

Corp.

.........

73,495

8,028,594

Security

Shares

Value

a

Professional

Services

(continued)

SS&C

Technologies

Holdings,

Inc.

.............

297,211

$

14,934,853

106,215,804

a

Semiconductors

&

Semiconductor

Equipment

 — 

21

.1

%

Advanced

Micro

Devices,

Inc.

(a)

...............

2,198,827

216,584,459

Allegro

MicroSystems,

Inc.

(a)

.................

102,665

2,665,183

Analog

Devices,

Inc.

.......................

693,219

109,064,145

Applied

Materials,

Inc.

.....................

1,157,733

153,225,963

Broadcom,

Inc.

..........................

413,430

347,847,599

Cirrus

Logic,

Inc.

(a)

........................

75,480

5,051,876

Entegris,

Inc.

(b)

..........................

204,243

17,981,554

GlobalFoundries,

Inc.

(a)

(b)

....................

107,298

5,324,127

Intel

Corp.

.............................

5,726,877

209,031,010

KLA

Corp.

..............................

188,285

88,437,464

Lam

Research

Corp.

......................

184,111

108,297,772

Lattice

Semiconductor

Corp.

(a)

(b)

...............

186,290

10,359,587

Marvell

Technology,

Inc.

....................

1,171,030

55,296,037

Microchip

Technology,

Inc.

...................

737,245

52,558,196

Micron

Technology,

Inc.

.....................

1,500,155

100,315,365

Monolithic

Power

Systems,

Inc.

...............

62,313

27,526,145

NVIDIA

Corp.

(b)

..........................

1,174,762

479,067,944

ON

Semiconductor

Corp.

(a)

(b)

.................

591,219

37,033,958

Qorvo,

Inc.

(a)

............................

134,236

11,734,911

QUALCOMM,

Inc.

........................

1,530,313

166,788,814

Skyworks

Solutions,

Inc.

....................

218,707

18,970,645

Teradyne,

Inc.

(b)

..........................

214,257

17,841,180

Texas

Instruments,

Inc.

.....................

1,245,257

176,838,947

Universal

Display

Corp.

....................

63,853

8,887,061

Wolfspeed,

Inc.

(a)

(b)

........................

169,395

5,732,327

2,432,462,269

a

Software

 — 

37

.6

%

Adobe,

Inc.

(a)

............................

599,106

318,760,338

Alteryx,

Inc.

,

Class

A

(a)

.....................

83,695

2,679,077

ANSYS,

Inc.

(a)

...........................

119,056

33,128,523

AppLovin

Corp.

,

Class

A

(a)

...................

287,867

10,489,873

Aspen

Technology,

Inc.

(a)

(b)

...................

38,177

6,785,962

Atlassian

Corp.

,

Class

A

(a)

...................

198,655

35,885,039

Autodesk,

Inc.

(a)

..........................

294,625

58,226,739

Bentley

Systems,

Inc.

,

Class

B

(b)

...............

262,707

12,778,069

Cadence

Design

Systems,

Inc.

(a)

..............

370,587

88,885,292

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

275,056

2,962,353

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

253,069

7,316,225

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

288,851

51,060,191

Datadog,

Inc.

,

Class

A

(a)

....................

374,846

30,538,704

DocuSign,

Inc.

(a)

.........................

276,596

10,754,053

Dolby

Laboratories,

Inc.

,

Class

A

..............

80,737

6,534,853

DoubleVerify

Holdings,

Inc.

(a)

.................

171,105

4,761,852

Dropbox,

Inc.

,

Class

A

(a)

(b)

...................

353,590

9,299,417

Dynatrace,

Inc.

(a)

.........................

329,591

14,736,014

Elastic

NV

(a)

............................

106,330

7,979,003

Five9,

Inc.

(a)

............................

97,195

5,624,675

Fortinet,

Inc.

(a)

...........................

900,343

51,472,609

Gen

Digital,

Inc.

..........................

757,569

12,621,100

Gitlab,

Inc.

,

Class

A

(a)

(b)

.....................

120,164

5,200,698

Guidewire

Software,

Inc.

(a)

...................

111,563

10,055,173

HashiCorp,

Inc.

,

Class

A

(a)

...................

133,232

2,623,338

HubSpot,

Inc.

(a)

..........................

62,735

26,585,211

Informatica,

Inc.

,

Class

A

(a)

(b)

.................

58,160

1,115,509

Intuit,

Inc.

..............................

374,726

185,470,634

Manhattan

Associates,

Inc.

(a)

.................

84,277

16,432,329

Microsoft

Corp.

..........................

6,111,657

2,066,412,348

nCino,

Inc.

(a)

(b)

...........................

95,373

2,679,981

NCR

Voyix

Corp.

(a)

........................

166,039

2,538,736

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Technology

ETF

(Percentages

shown

are

based

on

Net

Assets)

70

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Software

(continued)

New

Relic,

Inc.

(a)

.........................

77,209

$

6,691,704

Nutanix,

Inc.

,

Class

A

(a)

.....................

314,062

11,365,904

Oracle

Corp.

............................

2,085,802

215,671,927

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

2,570,870

38,048,876

Palo

Alto

Networks,

Inc.

(a)

(b)

..................

413,496

100,487,798

Pegasystems,

Inc.

........................

57,301

2,449,045

Procore

Technologies,

Inc.

(a)

.................

107,361

6,558,684

PTC,

Inc.

(a)

.............................

156,979

22,042,991

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

116,597

3,099,148

Roper

Technologies,

Inc.

....................

144,947

70,816,756

Salesforce,

Inc.

(a)

.........................

1,298,461

260,769,923

SentinelOne,

Inc.

,

Class

A

(a)

(b)

................

315,275

4,927,748

ServiceNow,

Inc.

(a)

........................

279,247

162,479,867

Smartsheet,

Inc.

,

Class

A

(a)

..................

171,586

6,784,510

Splunk,

Inc.

(a)

...........................

209,265

30,795,437

Synopsys,

Inc.

(a)

(b)

........................

208,485

97,871,198

Teradata

Corp.

(a)

.........................

139,017

5,938,806

Tyler

Technologies,

Inc.

(a)

...................

57,200

21,329,880

UiPath,

Inc.

,

Class

A

(a)

(b)

....................

513,608

7,976,332

Unity

Software,

Inc.

(a)

(b)

.....................

393,078

9,972,389

VMware,

Inc.

,

Class

A

(a)

(b)

...................

292,439

42,593,740

Workday,

Inc.

,

Class

A

(a)

....................

271,247

57,425,702

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

......

343,922

20,628,442

Zscaler,

Inc.

(a)

(b)

..........................

119,342

18,938,382

4,328,059,107

a

Technology

Hardware,

Storage

&

Peripherals

 — 

19

.1

%

Apple,

Inc.

.............................

12,196,884

2,082,861,881

Hewlett

Packard

Enterprise

Co.

...............

1,776,347

27,320,217

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

HP,

Inc.

...............................

1,186,282

$

31,234,805

NetApp,

Inc.

............................

288,850

21,022,503

Pure

Storage,

Inc.

,

Class

A

(a)

.................

384,566

13,002,176

Western

Digital

Corp.

(a)

.....................

436,974

17,544,506

2,192,986,088

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

10,103,472,296

)

..............................

11,478,281,966

a

Short-Term

Securities

Money

Market

Funds

 — 

2

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

220,139,428

220,227,484

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

18,162,809

18,162,809

a

Total

Short-Term

Securities — 2.1%

(Cost:

$

238,322,878

)

................................

238,390,293

Total

Investments

—

101.9%

(Cost:

$

10,341,795,174

)

..............................

11,716,672,259

Liabilities

in

Excess

of

Other

Assets

—

(

1

.9

)

%

...............

(

221,009,823

)

Net

Assets

—

100.0%

.................................

$

11,495,662,436

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

172,354,320

$

47,871,618

(a)

$

—

$

(

19,847

)

$

21,393

$

220,227,484

220,139,428

$

339,657

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.

12,704,612

5,458,197

(a)

—

—

—

18,162,809

18,162,809

328,818

—

$

(

19,847

)

$

21,393

$

238,390,293

$

668,475

$

—

(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.

Technology

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

71

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

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

..........................................

31

12/15/23

$

2,637

$

(

106,204

)

E-Mini

Technology

Select

Sector

Index

......................................................

82

12/15/23

13,627

(

455,925

)

$

(

562,129

)

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)

.............

$

—

$

—

$

562,129

$

—

$

—

$

—

$

562,129

(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

.................................

$

—

$

—

$

1,950,146

$

—

$

—

$

—

$

1,950,146

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.................................

$

—

$

—

$

(

1,067,512

)

$

—

$

—

$

—

$

(

1,067,512

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

13,103,724

a

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Technology

ETF

72

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

.........................................

$

11,478,281,966

‌

$

—

‌

$

—

‌

$

11,478,281,966

‌

Short-Term

Securities

Money

Market

Funds

......................................

238,390,293

‌

—

‌

—

‌

238,390,293

‌

$

11,716,672,259

‌

$

—

‌

$

—

‌

$

11,716,672,259

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

562,129

)

$

—

‌

$

—

‌

$

(

562,129

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(unaudited)

October

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

73

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

27

.0

%

Air

Transport

Services

Group,

Inc.

(a)

(b)

...........

86,697

$

1,696,660

CH

Robinson

Worldwide,

Inc.

................

182,519

14,935,530

Expeditors

International

of

Washington,

Inc.

(b)

......

231,964

25,342,067

FedEx

Corp.

............................

156,268

37,519,947

Forward

Air

Corp.

........................

40,339

2,598,235

GXO

Logistics,

Inc.

(a)

(b)

.....................

186,444

9,417,286

Hub

Group,

Inc.

,

Class

A

(a)

...................

49,292

3,388,825

United

Parcel

Service,

Inc.

,

Class

B

............

846,867

119,619,964

214,518,514

a

Ground

Transportation

 — 

58

.8

%

ArcBest

Corp.

...........................

37,684

4,103,034

Avis

Budget

Group,

Inc.

(a)

(b)

..................

30,979

5,043,381

CSX

Corp.

.............................

1,282,324

38,277,371

Heartland

Express,

Inc.

.....................

72,009

839,625

Hertz

Global

Holdings,

Inc.

(a)

(b)

................

210,444

1,774,043

JB

Hunt

Transport

Services,

Inc.

..............

128,063

22,010,188

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

252,844

12,361,543

Landstar

System,

Inc.

......................

56,348

9,285,023

Lyft,

Inc.

,

Class

A

(a)

........................

532,911

4,886,794

Marten

Transport

Ltd.

......................

90,694

1,594,401

Norfolk

Southern

Corp.

.....................

199,846

38,128,618

Old

Dominion

Freight

Line,

Inc.

...............

93,580

35,247,843

RXO,

Inc.

(a)

(b)

............................

183,572

3,214,346

Ryder

System,

Inc.

........................

71,451

6,969,331

Saia,

Inc.

(a)

.............................

41,596

14,911,750

Schneider

National,

Inc.

,

Class

B

..............

59,014

1,494,825

Uber

Technologies,

Inc.

(a)

...................

2,336,807

101,137,007

U-Haul

Holding

Co.

(a)

......................

15,102

741,810

Union

Pacific

Corp.

.......................

713,663

148,163,575

Werner

Enterprises,

Inc.

....................

99,456

3,612,242

XPO,

Inc.

(a)

.............................

181,792

13,781,651

467,578,401

a

Marine

Transportation

 — 

1

.6

%

Genco

Shipping

&

Trading

Ltd.

................

66,772

879,387

Kirby

Corp.

(a)

............................

93,272

6,967,419

Security

Shares

Value

a

Marine

Transportation

(continued)

Matson,

Inc.

............................

55,343

$

4,817,608

12,664,414

a

Passenger

Airlines

 — 

12

.4

%

Alaska

Air

Group,

Inc.

(a)

.....................

199,687

6,316,100

Allegiant

Travel

Co.

.......................

23,768

1,583,424

American

Airlines

Group,

Inc.

(a)

................

1,024,219

11,420,042

Delta

Air

Lines,

Inc.

.......................

951,039

29,719,969

Hawaiian

Holdings,

Inc.

(a)

(b)

..................

82,931

349,140

JetBlue

Airways

Corp.

(a)

(b)

...................

523,487

1,968,311

Joby

Aviation,

Inc.

(a)

(b)

......................

577,002

3,040,801

SkyWest,

Inc.

(a)

..........................

66,030

2,784,485

Southwest

Airlines

Co.

.....................

934,306

20,769,622

Spirit

Airlines,

Inc.

........................

171,494

1,968,751

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

...........

63,350

824,817

United

Airlines

Holdings,

Inc.

(a)

................

514,598

18,016,076

98,761,538

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,004,376,651

)

...............................

793,522,867

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

9,421,479

9,425,247

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

859,661

859,661

a

Total

Short-Term

Securities — 1.3%

(Cost:

$

10,278,857

)

.................................

10,284,908

Total

Investments

—

101.1%

(Cost:

$

1,014,655,508

)

...............................

803,807,775

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

...............

(

8,820,715

)

Net

Assets

—

100.0%

.................................

$

794,987,060

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

23,884,603

$

—

$

(

14,458,005

)

(a)

$

6,418

$

(

7,769

)

$

9,425,247

9,421,479

$

33,539

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

951,661

—

(

92,000

)

(a)

—

—

859,661

859,661

35,213

—

$

6,418

$

(

7,769

)

$

10,284,908

$

68,752

$

—

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Transportation

ETF

74

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

October

31,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Industrial

Select

Sector

Index

........................................................

7

12/15/23

$

696

$

(

49,652

)

E-Mini

S&P

Consumer

Discretionary

Select

Sector

Index

..........................................

4

12/15/23

618

(

90

)

$

(

49,742

)

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)

.............

$

—

$

—

$

49,742

$

—

$

—

$

—

$

49,742

(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

..................................

$

—

$

—

$

3,782

$

—

$

—

$

—

$

3,782

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

73,121

)

$

—

$

—

$

—

$

(

73,121

)

Futures

contracts

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,416,525

a

iShares

®

U.S.

Transportation

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

75

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

.........................................

$

793,522,867

‌

$

—

‌

$

—

‌

$

793,522,867

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,284,908

‌

—

‌

—

‌

10,284,908

‌

$

803,807,775

‌

$

—

‌

$

—

‌

$

803,807,775

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

49,742

)

$

—

‌

$

—

‌

$

(

49,742

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

U.S.

Utilities

ETF

(Percentages

shown

are

based

on

Net

Assets)

76

2023

iShares

Semi-Annual

Report

to

Shareholders

Security

Shares

Value

a

Common

Stocks

Commercial

Services

&

Supplies

 — 

10

.5

%

Clean

Harbors,

Inc.

(a)

(b)

.....................

38,084

$

5,852,369

Republic

Services,

Inc.

.....................

155,504

23,090,789

Stericycle,

Inc.

(a)

.........................

69,209

2,854,179

Waste

Management,

Inc.

....................

306,300

50,334,279

82,131,616

a

Electric

Utilities

 — 

57

.4

%

Alliant

Energy

Corp.

.......................

189,118

9,227,067

American

Electric

Power

Co.,

Inc.

..............

387,873

29,299,926

Avangrid,

Inc.

...........................

53,396

1,594,939

Constellation

Energy

Corp.

..................

246,680

27,855,106

Duke

Energy

Corp.

.......................

580,591

51,608,734

Edison

International

.......................

284,561

17,944,417

Entergy

Corp.

...........................

159,339

15,231,215

Evergy,

Inc.

.............................

167,602

8,235,962

Eversource

Energy

.......................

262,424

14,115,787

Exelon

Corp.

............................

748,546

29,148,381

FirstEnergy

Corp.

........................

409,967

14,594,825

Hawaiian

Electric

Industries,

Inc.

..............

82,254

1,067,657

IDACORP,

Inc.

..........................

37,951

3,594,339

NextEra

Energy,

Inc.

......................

1,524,890

88,901,087

NRG

Energy,

Inc.

.........................

173,677

7,360,431

OGE

Energy

Corp.

........................

150,499

5,147,066

PG&E

Corp.

(a)

...........................

1,503,429

24,505,893

Pinnacle

West

Capital

Corp.

.................

85,215

6,321,249

PPL

Corp.

.............................

555,631

13,651,854

Southern

Co.

(The)

.......................

820,777

55,238,292

Xcel

Energy,

Inc.

.........................

414,848

24,588,041

449,232,268

a

Electrical

Equipment

 — 

0

.2

%

Sunrun,

Inc.

(a)

(b)

..........................

158,600

1,530,490

a

Gas

Utilities

 — 

2

.3

%

Atmos

Energy

Corp.

.......................

108,492

11,680,249

National

Fuel

Gas

Co.

.....................

66,906

3,408,861

UGI

Corp.

..............................

157,037

3,266,369

18,355,479

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

2

.6

%

AES

Corp.

(The)

.........................

502,756

7,491,064

Brookfield

Renewable

Corp.

,

Class

A

...........

100,137

2,279,118

Clearway

Energy,

Inc.

,

Class

A

................

26,264

534,998

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Clearway

Energy,

Inc.

,

Class

C

...............

61,561

$

1,336,489

Vistra

Corp.

............................

277,465

9,078,655

20,720,324

a

Multi-Utilities

 — 

23

.8

%

Ameren

Corp.

...........................

197,139

14,925,394

CenterPoint

Energy,

Inc.

....................

475,086

12,770,312

CMS

Energy

Corp.

........................

218,935

11,896,928

Consolidated

Edison,

Inc.

...................

261,246

22,934,786

Dominion

Energy,

Inc.

......................

629,475

25,380,432

DTE

Energy

Co.

.........................

155,096

14,948,152

NiSource,

Inc.

...........................

311,138

7,828,232

Public

Service

Enterprise

Group,

Inc.

...........

374,414

23,082,623

Sempra

...............................

474,460

33,226,434

WEC

Energy

Group,

Inc.

....................

237,572

19,335,985

186,329,278

a

Water

Utilities

 — 

3

.0

%

American

Water

Works

Co.,

Inc.

...............

146,690

17,258,078

Essential

Utilities,

Inc.

......................

182,728

6,114,079

23,372,157

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

892,444,619

)

................................

781,671,612

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.54

%

(c)

(d)

(e)

......................

430,039

430,211

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.33

%

(c)

(d)

............................

1,114,349

1,114,349

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

1,544,466

)

..................................

1,544,560

Total

Investments

—

100.0%

(Cost:

$

893,989,085

)

................................

783,216,172

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

14,376

Net

Assets

—

100.0%

.................................

$

783,230,548

(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.

Utilities

ETF

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

77

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure 

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows: 

For

the period

ended

October

31,

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

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

  Shares

Held

at

10/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

28,258,427

$

—

$

(

27,828,558

)

(a)

$

259

$

83

$

430,211

430,039

$

12,199

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,350,795

—

(

236,446

)

(a)

—

—

1,114,349

1,114,349

38,870

—

$

259

$

83

$

1,544,560

$

51,069

$

—

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Utilities

Select

Sector

Index

.........................................................

25

12/15/23

$

1,510

$

(

26,506

)

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)

.............

$

—

$

—

$

26,506

$

—

$

—

$

—

$

26,506

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

..................................

$

—

$

—

$

(

332,364

)

$

—

$

—

$

—

$

(

332,364

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

..................................

$

—

$

—

$

(

66,043

)

$

—

$

—

$

—

$

(

66,043

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

U.S.

Utilities

ETF

78

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

...................................................................................

$

1,808,845

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

781,671,612

‌

$

—

‌

$

—

‌

$

781,671,612

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,544,560

‌

—

‌

—

‌

1,544,560

‌

$

783,216,172

‌

$

—

‌

$

—

‌

$

783,216,172

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

26,506

)

$

—

‌

$

—

‌

$

(

26,506

)

a

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

79

Financial

Statements

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2023

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

1,530,854,750

‌

$

3,522,104,361

‌

$

4,443,586,195

‌

$

622,006,375

‌

Investments,

at

value

—

affiliated

(c)

........................................

28,446,548

‌

49,153,918

‌

94,650,897

‌

8,540,378

‌

Cash

............................................................

29,108

‌

96,022

‌

100,635

‌

15,206

‌

Cash

pledged:

Futures

contracts

..................................................

148,000

‌

453,000

‌

548,000

‌

93,000

‌

Receivables:

Investments

sold

..................................................

3,292

‌

14,704

‌

—

‌

—

‌

Securities

lending

income

—

affiliated

....................................

8,787

‌

9,460

‌

14,067

‌

1,580

‌

Capital

shares

sold

.................................................

—

‌

—

‌

1,053,514

‌

—

‌

Dividends

—

unaffiliated

.............................................

1,079,345

‌

3,487,000

‌

4,925,714

‌

860,019

‌

Dividends

—

affiliated

...............................................

11,422

‌

37,579

‌

31,927

‌

4,713

‌

Interest

—

unaffiliated

...............................................

1,827

‌

805

‌

3,496

‌

16

‌

Variation

margin

on

futures

contracts

.....................................

17,225

‌

53,000

‌

71,887

‌

6,650

‌

Total

assets

.......................................................

1,560,600,304

‌

3,575,409,849

‌

4,544,986,332

‌

631,527,937

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................

23,098,040

‌

26,649,705

‌

82,540,192

‌

7,658,037

‌

Payables:

Investments

purchased

..............................................

51,634

‌

—

‌

—

‌

—

‌

Interest

expense

..................................................

—

‌

—

‌

—

‌

10

‌

Investment

advisory

fees

.............................................

265,445

‌

761,954

‌

908,950

‌

222,100

‌

Total

liabilities

......................................................

23,415,119

‌

27,411,659

‌

83,449,142

‌

7,880,147

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

1,537,185,185

‌

$

3,547,998,190

‌

$

4,461,537,190

‌

$

623,647,790

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

891,747,234

‌

$

3,094,615,616

‌

$

4,756,265,892

‌

$

927,996,559

‌

Accumulated

earnings

(loss)

............................................

645,437,951

‌

453,382,574

‌

(

294,728,702

)

(

304,348,769

)

NET

ASSETS

......................................................

$

1,537,185,185

‌

$

3,547,998,190

‌

$

4,461,537,190

‌

$

623,647,790

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

15,100,000

‌

44,850,000

‌

51,400,000

‌

5,100,000

‌

Net

asset

value

.....................................................

$

101.80

‌

$

79.11

‌

$

86.80

‌

$

122.28

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

22,858,306

‌

$

26,008,975

‌

$

81,898,209

‌

$

7,421,500

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

881,667,256

‌

$

2,999,223,728

‌

$

4,603,143,126

‌

$

749,411,305

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

27,324,124

‌

$

49,384,255

‌

$

94,071,898

‌

$

8,537,771

‌

80

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................

$

764,591,137

‌

$

1,362,746,642

‌

$

1,300,086,724

‌

$

1,053,294,001

‌

Investments,

at

value

—

affiliated

(c)

.......................................

48,299,267

‌

15,459,080

‌

11,016,742

‌

28,569,973

‌

Cash

...........................................................

13,015

‌

79,496

‌

380,450

‌

932,953

‌

Cash

pledged:

Futures

contracts

.................................................

54,000

‌

199,000

‌

242,000

‌

146,000

‌

Receivables:

Securities

lending

income

—

affiliated

...................................

16,746

‌

2,407

‌

11,851

‌

948

‌

Capital

shares

sold

................................................

—

‌

31,795

‌

—

‌

—

‌

Dividends

—

unaffiliated

............................................

272,253

‌

2,701,417

‌

1,002,564

‌

1,096,705

‌

Dividends

—

affiliated

..............................................

6,477

‌

10,035

‌

10,678

‌

9,570

‌

Interest

—

unaffiliated

..............................................

4,593

‌

340

‌

124

‌

191

‌

Due

from

broker

..................................................

—

‌

14,980

‌

—

‌

—

‌

Variation

margin

on

futures

contracts

....................................

7,055

‌

16,250

‌

8,020

‌

27,188

‌

Total

assets

......................................................

813,264,543

‌

1,381,261,442

‌

1,312,759,153

‌

1,084,077,529

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................

47,293,705

‌

13,404,772

‌

8,730,565

‌

3,535,170

‌

Payables:

Investment

advisory

fees

............................................

262,839

‌

466,132

‌

459,553

‌

381,104

‌

Total

liabilities

.....................................................

47,556,544

‌

13,870,904

‌

9,190,118

‌

3,916,274

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................

$

765,707,999

‌

$

1,367,390,538

‌

$

1,303,569,035

‌

$

1,080,161,255

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................

$

1,069,768,733

‌

$

1,543,624,446

‌

$

1,371,162,732

‌

$

1,443,002,121

‌

Accumulated

loss

..................................................

(

304,060,734

)

(

176,233,908

)

(

67,593,697

)

(

362,840,866

)

NET

ASSETS

.....................................................

$

765,707,999

‌

$

1,367,390,538

‌

$

1,303,569,035

‌

$

1,080,161,255

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................

11,850,000

‌

7,450,000

‌

29,100,000

‌

7,250,000

‌

Net

asset

value

....................................................

$

64.62

‌

$

183.54

‌

$

44.80

‌

$

148.99

‌

Shares

authorized

..................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

..........................................

$

46,521,233

‌

$

12,799,874

‌

$

8,691,357

‌

$

3,623,020

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................

$

916,376,665

‌

$

1,512,446,252

‌

$

1,074,768,766

‌

$

1,255,865,532

‌

(c)

Investments,

at

cost

—

affiliated

.......................................

$

48,288,122

‌

$

15,457,431

‌

$

11,012,832

‌

$

37,014,383

‌

81

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................

$

1,736,083,347

‌

$

2,853,600,389

‌

$

1,043,504,859

‌

$

11,478,281,966

‌

Investments,

at

value

—

affiliated

(c)

........................................

58,714,090

‌

54,388,401

‌

12,386,154

‌

238,390,293

‌

Cash

............................................................

96,214

‌

398,767

‌

22,446

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................

403,000

‌

299,999

‌

100,000

‌

944,000

‌

Receivables:

Investments

sold

..................................................

—

‌

—

‌

18,774

‌

—

‌

Securities

lending

income

—

affiliated

....................................

6,050

‌

8,205

‌

2,868

‌

52,608

‌

Capital

shares

sold

.................................................

—

‌

31,558

‌

—

‌

193,294

‌

Dividends

—

unaffiliated

.............................................

1,699,529

‌

3,021,643

‌

802,119

‌

1,652,202

‌

Dividends

—

affiliated

...............................................

22,119

‌

23,191

‌

7,460

‌

56,159

‌

Interest

—

unaffiliated

...............................................

314

‌

9,499

‌

318

‌

1,599

‌

Variation

margin

on

futures

contracts

.....................................

67,335

‌

40,500

‌

14,000

‌

116,063

‌

Total

assets

.......................................................

1,797,091,998

‌

2,911,822,152

‌

1,056,858,998

‌

11,719,688,184

‌

LIABILITIES

Bank

overdraft

......................................................

—

‌

—

‌

—

‌

22,026

‌

Collateral

on

securities

loaned

...........................................

11,292,657

‌

50,300,717

‌

10,886,215

‌

220,184,719

‌

Payables:

Capital

shares

redeemed

.............................................

56,612

‌

—

‌

—

‌

—

‌

Investment

advisory

fees

.............................................

617,345

‌

1,037,131

‌

369,250

‌

3,819,003

‌

Total

liabilities

......................................................

11,966,614

‌

51,337,848

‌

11,255,465

‌

224,025,748

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................

$

1,785,125,384

‌

$

2,860,484,304

‌

$

1,045,603,533

‌

$

11,495,662,436

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................

$

2,149,359,071

‌

$

2,885,180,165

‌

$

1,236,860,573

‌

$

8,838,752,432

‌

Accumulated

earnings

(loss)

............................................

(

364,233,687

)

(

24,695,861

)

(

191,257,040

)

2,656,910,004

‌

NET

ASSETS

......................................................

$

1,785,125,384

‌

$

2,860,484,304

‌

$

1,045,603,533

‌

$

11,495,662,436

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................

24,600,000

‌

11,000,000

‌

10,750,000

‌

110,800,000

‌

Net

asset

value

.....................................................

$

72.57

‌

$

260.04

‌

$

97.27

‌

$

103.75

‌

Shares

authorized

...................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

...........................................

$

11,564,630

‌

$

49,290,306

‌

$

10,751,967

‌

$

216,375,592

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................

$

1,914,992,337

‌

$

2,848,129,716

‌

$

1,160,509,620

‌

$

10,103,472,296

‌

(c)

Investments,

at

cost

—

affiliated

........................................

$

73,619,734

‌

$

54,372,027

‌

$

12,381,080

‌

$

238,322,878

‌

82

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

793,522,867

‌

$

781,671,612

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

10,284,908

‌

1,544,560

‌

Cash

...........................................................................................

8,260

‌

215,649

‌

Cash

pledged:

Futures

contracts

.................................................................................

38,000

‌

81,000

‌

Receivables:

Investments

sold

.................................................................................

1,536,168

‌

—

‌

Securities

lending

income

—

affiliated

...................................................................

3,613

‌

1,146

‌

Dividends

—

unaffiliated

............................................................................

96,373

‌

430,788

‌

Dividends

—

affiliated

..............................................................................

4,772

‌

5,764

‌

Interest

—

unaffiliated

..............................................................................

94

‌

89

‌

Variation

margin

on

futures

contracts

....................................................................

5,160

‌

13,465

‌

Total

assets

......................................................................................

805,500,215

‌

783,964,073

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

9,449,185

‌

425,609

‌

Payables:

Investments

purchased

.............................................................................

774,383

‌

—

‌

Capital

shares

redeemed

............................................................................

—

‌

42,249

‌

Investment

advisory

fees

............................................................................

289,587

‌

265,667

‌

Total

liabilities

.....................................................................................

10,513,155

‌

733,525

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

794,987,060

‌

$

783,230,548

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

1,104,924,123

‌

$

948,692,619

‌

Accumulated

loss

..................................................................................

(

309,937,063

)

(

165,462,071

)

NET

ASSETS

.....................................................................................

$

794,987,060

‌

$

783,230,548

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

3,650,000

‌

10,500,000

‌

Net

asset

value

....................................................................................

$

217.80

‌

$

74.59

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

9,077,985

‌

$

438,940

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

1,004,376,651

‌

$

892,444,619

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

10,278,857

‌

$

1,544,466

‌

83

Financial

Statements

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2023

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

12,495,597

‌

$

28,036,940

‌

$

32,354,388

‌

$

8,302,399

‌

Dividends

—

affiliated

..............................................

126,897

‌

517,495

‌

258,010

‌

32,477

‌

Interest

—

unaffiliated

..............................................

3,696

‌

4,394

‌

20,291

‌

3,050

‌

Securities

lending

income

—

affiliated

—

net

...............................

114,649

‌

82,449

‌

75,949

‌

9,935

‌

Foreign

taxes

withheld

.............................................

(

3,540

)

(

14,223

)

(

24,562

)

(

4,966

)

Total

investment

income

..............................................

12,737,299

‌

28,627,055

‌

32,684,076

‌

8,342,895

‌

EXPENSES

Investment

advisory

...............................................

1,626,097

‌

4,631,206

‌

4,706,026

‌

1,516,527

‌

Interest

expense

.................................................

—

‌

—

‌

—

‌

10

‌

Total

expenses

....................................................

1,626,097

‌

4,631,206

‌

4,706,026

‌

1,516,537

‌

Net

investment

income

...............................................

11,111,202

‌

23,995,849

‌

27,978,050

‌

6,826,358

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

4,409,109

)

(

13,723,800

)

(

48,638,846

)

(

5,790,103

)

Investments

—

affiliated

...........................................

(

45,409

)

(

65,744

)

125,847

‌

2,334

‌

Futures

contracts

...............................................

169,463

‌

538,641

‌

366,623

‌

85,732

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

42,718,720

‌

41,099,704

‌

93,042,713

‌

28,255,244

‌

In-kind

redemptions

—

affiliated

(a)

....................................

105,437

‌

170,005

‌

176,550

‌

—

‌

38,539,102

‌

28,018,806

‌

45,072,887

‌

22,553,207

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

29,739,821

)

10,626,540

‌

(

174,366,435

)

(

67,884,471

)

Investments

—

affiliated

...........................................

(

373,197

)

(

1,688,501

)

(

734,759

)

(

1,079

)

Futures

contracts

...............................................

(

228,169

)

(

1,010,935

)

(

746,766

)

(

139,710

)

(

30,341,187

)

7,927,104

‌

(

175,847,960

)

(

68,025,260

)

Net

realized

and

unrealized

gain

(loss)

....................................

8,197,915

‌

35,945,910

‌

(

130,775,073

)

(

45,472,053

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

19,309,117

‌

$

59,941,759

‌

$

(

102,797,023

)

$

(

38,645,695

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

84

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2023

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

3,601,165

‌

$

23,850,329

‌

$

21,811,859

‌

$

13,295,653

‌

Dividends

—

affiliated

..............................................

31,260

‌

67,676

‌

52,674

‌

580,664

‌

Interest

—

unaffiliated

..............................................

7,769

‌

8,786

‌

3,203

‌

1,912

‌

Securities

lending

income

—

affiliated

—

net

...............................

271,990

‌

10,723

‌

86,764

‌

33,432

‌

Foreign

taxes

withheld

.............................................

(

406

)

—

‌

—

‌

(

2,721

)

Total

investment

income

..............................................

3,911,778

‌

23,937,514

‌

21,954,500

‌

13,908,940

‌

EXPENSES

Investment

advisory

...............................................

1,564,369

‌

3,314,866

‌

2,726,451

‌

2,343,563

‌

Total

expenses

....................................................

1,564,369

‌

3,314,866

‌

2,726,451

‌

2,343,563

‌

Net

investment

income

...............................................

2,347,409

‌

20,622,648

‌

19,228,049

‌

11,565,377

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

371,250

)

(

11,933,374

)

2,138,592

‌

(

48,929,963

)

Investments

—

affiliated

...........................................

4,754

‌

(

59

)

2,768

‌

(

1,967,205

)

Futures

contracts

...............................................

123,834

‌

(

459,061

)

598,596

‌

62,976

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

18,323,258

‌

33,126,896

‌

89,361,287

‌

2,292,317

‌

In-kind

redemptions

—

affiliated

(a)

....................................

—

‌

—

‌

—

‌

(

89,554

)

18,080,596

‌

20,734,402

‌

92,101,243

‌

(

48,631,429

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

(

18,561,364

)

(

211,742,721

)

(

98,745,835

)

10,534,988

‌

Investments

—

affiliated

...........................................

2,808

‌

794

‌

(

819

)

(

75,814

)

Futures

contracts

...............................................

(

115,448

)

(

213,165

)

(

348,306

)

(

198,374

)

(

18,674,004

)

(

211,955,092

)

(

99,094,960

)

10,260,800

‌

Net

realized

and

unrealized

loss

.........................................

(

593,408

)

(

191,220,690

)

(

6,993,717

)

(

38,370,629

)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

1,754,001

‌

$

(

170,598,042

)

$

12,234,332

‌

$

(

26,805,252

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

85

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2023

Financial

Statements

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

20,490,113

‌

$

25,522,941

‌

$

8,478,381

‌

$

40,464,196

‌

Dividends

—

affiliated

..............................................

806,828

‌

113,079

‌

46,941

‌

328,818

‌

Interest

—

unaffiliated

..............................................

15,106

‌

15,562

‌

1,678

‌

16,524

‌

Securities

lending

income

—

affiliated

—

net

...............................

62,933

‌

406,172

‌

18,236

‌

339,657

‌

Foreign

taxes

withheld

.............................................

(

3,577

)

—

‌

(

478

)

—

‌

Total

investment

income

..............................................

21,371,403

‌

26,057,754

‌

8,544,758

‌

41,149,195

‌

EXPENSES

Investment

advisory

...............................................

3,625,270

‌

6,336,307

‌

2,300,504

‌

23,110,546

‌

Interest

expense

.................................................

—

‌

—

‌

13

‌

—

‌

Total

expenses

....................................................

3,625,270

‌

6,336,307

‌

2,300,517

‌

23,110,546

‌

Net

investment

income

...............................................

17,746,133

‌

19,721,447

‌

6,244,241

‌

18,038,649

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

(

29,227,005

)

(

20,114,156

)

(

4,787,148

)

(

20,788,751

)

Investments

—

affiliated

...........................................

(

35,564

)

(

4,805

)

(

965

)

(

19,847

)

Futures

contracts

...............................................

160,296

‌

52,929

‌

104,947

‌

1,950,146

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

14,385,771

‌

95,965,396

‌

32,258,715

‌

1,586,477,183

‌

In-kind

redemptions

—

affiliated

(a)

....................................

(

138,657

)

—

‌

—

‌

—

‌

(

14,855,159

)

75,899,364

‌

27,575,549

‌

1,567,618,731

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

1,217,142

‌

(

316,066,340

)

(

60,541,681

)

(

251,423,272

)

Investments

—

affiliated

...........................................

(

3,936,456

)

(

2,915

)

1,398

‌

21,393

‌

Futures

contracts

...............................................

(

368,227

)

(

405,467

)

(

124,732

)

(

1,067,512

)

(

3,087,541

)

(

316,474,722

)

(

60,665,015

)

(

252,469,391

)

Net

realized

and

unrealized

gain

(loss)

....................................

(

17,942,700

)

(

240,575,358

)

(

33,089,466

)

1,315,149,340

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....

$

(

196,567

)

$

(

220,853,911

)

$

(

26,845,225

)

$

1,333,187,989

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

86

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2023

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

8,131,526

‌

$

14,317,929

‌

Dividends

—

affiliated

..............................................................................

35,213

‌

38,870

‌

Interest

—

unaffiliated

..............................................................................

1,344

‌

2,283

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

33,539

‌

12,199

‌

Foreign

taxes

withheld

.............................................................................

—

‌

(

10,386

)

Total

investment

income

..............................................................................

8,201,622

‌

14,360,895

‌

EXPENSES

Investment

advisory

...............................................................................

1,939,687

‌

1,748,764

‌

Total

expenses

....................................................................................

1,939,687

‌

1,748,764

‌

Net

investment

income

...............................................................................

6,261,935

‌

12,612,131

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

3,659,238

)

(

2,402,538

)

Investments

—

affiliated

...........................................................................

6,418

‌

259

‌

Futures

contracts

...............................................................................

3,782

‌

(

332,364

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

19,969,939

‌

13,190,233

‌

16,320,901

‌

10,455,590

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

49,446,818

)

(

125,964,002

)

Investments

—

affiliated

...........................................................................

(

7,769

)

83

‌

Futures

contracts

...............................................................................

(

73,121

)

(

66,043

)

(

49,527,708

)

(

126,029,962

)

Net

realized

and

unrealized

loss

.........................................................................

(

33,206,807

)

(

115,574,372

)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..............................................

$

(

26,944,872

)

$

(

102,962,241

)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

87

Financial

Statements

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

iShares

MSCI

KLD

400

Social

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

11,111,202

‌

$

22,189,315

‌

$

23,995,849

‌

$

50,357,422

‌

Net

realized

gain

.............................................

38,539,102

‌

62,920,884

‌

28,018,806

‌

211,202,214

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

30,341,187

)

(

63,484,282

)

7,927,104

‌

(

229,137,253

)

Net

increase

in

net

assets

resulting

from

operations

........................

19,309,117

‌

21,625,917

‌

59,941,759

‌

32,422,383

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

10,498,302

)

(

22,417,559

)

(

22,479,044

)

(

50,565,891

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

25,645,412

)

(

4,614,827

)

(

25,929,760

)

(

59,105,660

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

16,834,597

)

(

5,406,469

)

11,532,955

‌

(

77,249,168

)

Beginning

of

period

.............................................

1,554,019,782

‌

1,559,426,251

‌

3,536,465,235

‌

3,613,714,403

‌

End

of

period

.................................................

$

1,537,185,185

‌

$

1,554,019,782

‌

$

3,547,998,190

‌

$

3,536,465,235

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

88

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

MSCI

USA

ESG

Select

ETF

iShares

U.S.

Basic

Materials

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

27,978,050

‌

$

51,462,121

‌

$

6,826,358

‌

$

18,254,644

‌

Net

realized

gain

(loss)

.........................................

45,072,887

‌

11,681,306

‌

22,553,207

‌

(

62,615,858

)

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

175,847,960

)

(

42,634,731

)

(

68,025,260

)

(

46,835,243

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

102,797,023

)

20,508,696

‌

(

38,645,695

)

(

91,196,457

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

25,402,394

)

(

50,432,428

)

(

7,138,981

)

(

18,732,865

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

1,329,708,779

‌

(

372,694,673

)

(

246,008,595

)

(

100,955,756

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

1,201,509,362

‌

(

402,618,405

)

(

291,793,271

)

(

210,885,078

)

Beginning

of

period

.............................................

3,260,027,828

‌

3,662,646,233

‌

915,441,061

‌

1,126,326,139

‌

End

of

period

.................................................

$

4,461,537,190

‌

$

3,260,027,828

‌

$

623,647,790

‌

$

915,441,061

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

89

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Discretionary

ETF

iShares

U.S.

Consumer

Staples

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

2,347,409

‌

$

4,894,973

‌

$

20,622,648

‌

$

39,191,841

‌

Net

realized

gain

(loss)

.........................................

18,080,596

‌

(

61,660,767

)

20,734,402

‌

51,112,517

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

18,674,004

)

18,657,011

‌

(

211,955,092

)

(

28,313,240

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

1,754,001

‌

(

38,108,783

)

(

170,598,042

)

61,991,118

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

2,400,885

)

(

4,983,461

)

(

22,634,272

)

(

36,324,935

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

67,754,952

‌

(

115,173,704

)

(

250,756,714

)

650,759,054

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

67,108,068

‌

(

158,265,948

)

(

443,989,028

)

676,425,237

‌

Beginning

of

period

.............................................

698,599,931

‌

856,865,879

‌

1,811,379,566

‌

1,134,954,329

‌

End

of

period

.................................................

$

765,707,999

‌

$

698,599,931

‌

$

1,367,390,538

‌

$

1,811,379,566

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

90

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Energy

ETF

iShares

U.S.

Financial

Services

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

19,228,049

‌

$

76,923,261

‌

$

11,565,377

‌

$

27,909,618

‌

Net

realized

gain

(loss)

.........................................

92,101,243

‌

862,277,987

‌

(

48,631,429

)

14,910,443

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

99,094,960

)

(

570,031,462

)

10,260,800

‌

(

118,687,739

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

12,234,332

‌

369,169,786

‌

(

26,805,252

)

(

75,867,678

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

17,806,352

)

(

81,833,379

)

(

11,369,021

)

(

30,227,687

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

..............

(

245,971,159

)

(

2,285,005,157

)

(

84,021,524

)

(

720,578,894

)

NET

ASSETS

Total

decrease

in

net

assets

.......................................

(

251,543,179

)

(

1,997,668,750

)

(

122,195,797

)

(

826,674,259

)

Beginning

of

period

.............................................

1,555,112,214

‌

3,552,780,964

‌

1,202,357,052

‌

2,029,031,311

‌

End

of

period

.................................................

$

1,303,569,035

‌

$

1,555,112,214

‌

$

1,080,161,255

‌

$

1,202,357,052

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

91

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Financials

ETF

iShares

U.S.

Healthcare

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

17,746,133

‌

$

38,793,620

‌

$

19,721,447

‌

$

36,644,552

‌

Net

realized

gain

(loss)

.........................................

(

14,855,159

)

(

23,505,030

)

75,899,364

‌

117,385,072

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

3,087,541

)

(

57,581,882

)

(

316,474,722

)

(

32,842,820

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

196,567

)

(

42,293,292

)

(

220,853,911

)

121,186,804

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

16,330,169

)

(

37,169,793

)

(

19,761,532

)

(

36,619,957

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

27,323,561

)

(

191,510,087

)

(

160,892,789

)

350,643,267

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

43,850,297

)

(

270,973,172

)

(

401,508,232

)

435,210,114

‌

Beginning

of

period

.............................................

1,828,975,681

‌

2,099,948,853

‌

3,261,992,536

‌

2,826,782,422

‌

End

of

period

.................................................

$

1,785,125,384

‌

$

1,828,975,681

‌

$

2,860,484,304

‌

$

3,261,992,536

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

92

2023

iShares

Semi-Annual

Report

to

Shareholders

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Industrials

ETF

iShares

U.S.

Technology

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

6,244,241

‌

$

12,971,777

‌

$

18,038,649

‌

$

36,351,089

‌

Net

realized

gain

.............................................

27,575,549

‌

44,381,417

‌

1,567,618,731

‌

323,150,313

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

60,665,015

)

(

41,180,782

)

(

252,469,391

)

461,668,956

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(

26,845,225

)

16,172,412

‌

1,333,187,989

‌

821,170,358

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

6,098,848

)

(

12,823,027

)

(

16,935,564

)

(

41,892,148

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

(

98,135,371

)

(

75,758,298

)

(

372,907,271

)

2,434,605,506

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

131,079,444

)

(

72,408,913

)

943,345,154

‌

3,213,883,716

‌

Beginning

of

period

.............................................

1,176,682,977

‌

1,249,091,890

‌

10,552,317,282

‌

7,338,433,566

‌

End

of

period

.................................................

$

1,045,603,533

‌

$

1,176,682,977

‌

$

11,495,662,436

‌

$

10,552,317,282

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

93

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

U.S.

Transportation

ETF

iShares

U.S.

Utilities

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.........................................

$

6,261,935

‌

$

11,216,360

‌

$

12,612,131

‌

$

23,309,552

‌

Net

realized

gain

(loss)

.........................................

16,320,901

‌

(

55,555,146

)

10,455,590

‌

40,681,978

‌

Net

change

in

unrealized

appreciation

(depreciation)

.....................

(

49,527,708

)

(

42,364,306

)

(

126,029,962

)

(

64,998,136

)

Net

decrease

in

net

assets

resulting

from

operations

.......................

(

26,944,872

)

(

86,703,092

)

(

102,962,241

)

(

1,006,606

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..............

(

6,441,385

)

(

11,528,316

)

(

11,795,942

)

(

24,453,499

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

......

5,842,549

‌

(

257,513,837

)

(

103,560,150

)

56,018,765

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

................................

(

27,543,708

)

(

355,745,245

)

(

218,318,333

)

30,558,660

‌

Beginning

of

period

.............................................

822,530,768

‌

1,178,276,013

‌

1,001,548,881

‌

970,990,221

‌

End

of

period

.................................................

$

794,987,060

‌

$

822,530,768

‌

$

783,230,548

‌

$

1,001,548,881

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

94

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Dow

Jones

U.S.

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

.......

$

101.24

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

$

73.44

‌

$

66.25

‌

Net

investment

income

(b)

...............

0

.73

‌

1

.43

‌

1

.23

‌

1

.19

‌

1

.28

‌

1

.20

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

0

.52

‌

(

0

.01

)

(

3

.87

)

33.68

‌

(

1

.75

)

7

.23

‌

Net

increase

(decrease)

from

investment

operations

.........................

1

.25

‌

1

.42

‌

(

2

.64

)

34.87

‌

(

0

.47

)

8

.43

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.69

)

(

1

.44

)

(

1

.22

)

(

1

.25

)

(

1

.47

)

(

1

.24

)

Net

asset

value,

end

of

period

............

$

101.80

‌

$

101.24

‌

$

101.26

‌

$

105.12

‌

$

71.50

‌

$

73.44

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

1

.23

%

(f)

1

.50

%

(

2

.61

)

%

49.18

%

(

0

.63

)

%

12.89

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.20

%

(h)

0

.20

%

0

.20

%

0

.20

%

0

.20

%

0

.20

%

Net

investment

income

..................

1

.36

%

(h)

1

.48

%

1

.11

%

1

.35

%

1

.72

%

1

.74

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,537,185

‌

$

1,554,020

‌

$

1,559,426

‌

$

1,613,580

‌

$

1,158,276

‌

$

1,241,141

‌

Portfolio

turnover

rate

(i)

..................

2

%

4

%

4

%

4

%

4

%

5

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

95

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

KLD

400

Social

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

.......

$

78.33

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

$

54.88

‌

$

49.07

‌

Net

investment

income

(b)

...............

0

.54

‌

1

.05

‌

0

.92

‌

0

.86

‌

0

.90

‌

0

.83

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

0

.74

‌

(

0

.31

)

(

1

.61

)

25.19

‌

0

.14

‌

5

.82

‌

Net

increase

(decrease)

from

investment

operations

.........................

1

.28

‌

0

.74

‌

(

0

.69

)

26.05

‌

1

.04

‌

6

.65

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.50

)

(

1

.05

)

(

0

.91

)

(

0

.84

)

(

0

.89

)

(

0

.84

)

Net

asset

value,

end

of

period

............

$

79.11

‌

$

78.33

‌

$

78.64

‌

$

80.24

‌

$

55.03

‌

$

54.88

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

1

.63

%

(f)

1

.03

%

(

0

.95

)

%

47.69

%

1

.95

%

13.70

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.28

%

Total

expenses

after

fees

waived

...........

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Net

investment

income

..................

1

.29

%

(h)

1

.40

%

1

.07

%

1

.27

%

1

.61

%

1

.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

3,547,998

‌

$

3,536,465

‌

$

3,613,714

‌

$

3,109,465

‌

$

1,793,824

‌

$

1,415,953

‌

Portfolio

turnover

rate

(i)

..................

3

%

4

%

6

%

5

%

6

%

13

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

96

2023

iShares

Semi-Annual

Report

to

Shareholders

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

USA

ESG

Select

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

.......

$

88.35

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

$

61.08

‌

$

55.42

‌

Net

investment

income

(b)

...............

0

.68

‌

1

.32

‌

1

.09

‌

1

.03

‌

1

.00

‌

0

.98

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

(

1

.60

)

(

0

.26

)

(

3

.54

)

30.38

‌

0

.65

‌

5

.62

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

0

.92

)

1

.06

‌

(

2

.45

)

31.41

‌

1

.65

‌

6

.60

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.63

)

(

1

.29

)

(

1

.08

)

(

0

.98

)

(

1

.05

)

(

0

.94

)

Net

asset

value,

end

of

period

............

$

86.80

‌

$

88.35

‌

$

88.58

‌

$

92.11

‌

$

61.68

‌

$

61.08

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

1

.06

)

%

(f)

1

.30

%

(

2

.77

)

%

51.29

%

2

.76

%

12.07

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.28

%

Total

expenses

after

fees

waived

...........

0

.25

%

(h)

0

.25

%

0

.25

%

0

.25

%

0

.25

%

0

.25

%

Net

investment

income

..................

1

.48

%

(h)

1

.55

%

1

.11

%

1

.31

%

1

.61

%

1

.71

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

4,461,537

‌

$

3,260,028

‌

$

3,662,646

‌

$

3,057,931

‌

$

1,289,055

‌

$

1,001,715

‌

Portfolio

turnover

rate

(i)

..................

8

%

18

%

19

%

27

%

13

%

21

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

97

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Basic

Materials

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

.....

$

130.78

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

$

94.03

‌

$

97.37

‌

Net

investment

income

(a)

.............

1

.17

‌

2

.65

‌

2

.16

‌

1

.78

‌

1

.65

‌

1

.63

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

8

.41

)

(

9

.96

)

9

.70

‌

49.62

‌

(

12.42

)

(

3

.49

)

Net

increase

(decrease)

from

investment

operations

.......................

(

7

.24

)

(

7

.31

)

11.86

‌

51.40

‌

(

10.77

)

(

1

.86

)

Distributions

from

net

investment

income

(c)

...

(

1

.26

)

(

2

.70

)

(

2

.08

)

(

1

.66

)

(

1

.99

)

(

1

.48

)

Net

asset

value,

end

of

period

..........

$

122.28

‌

$

130.78

‌

$

140.79

‌

$

131.01

‌

$

81.27

‌

$

94.03

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

5

.57

)

%

(e)

(

5

.07

)

%

9

.13

%

63.81

%

(

11.59

)

%

(

1

.89

)

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.....................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.42

%

Net

investment

income

................

1

.79

%

(g)

2

.09

%

1

.60

%

1

.64

%

1

.83

%

1

.71

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

623,648

‌

$

915,441

‌

$

1,126,326

‌

$

779,484

‌

$

256,007

‌

$

423,128

‌

Portfolio

turnover

rate

(h)

................

7

%

30

%

47

%

28

%

11

%

28

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

98

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.

Consumer

Discretionary

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

......

$

64.39

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

$

54.31

‌

$

46.36

‌

Net

investment

income

(b)

..............

0

.21

‌

0

.42

‌

0

.31

‌

0

.44

‌

0

.52

‌

0

.40

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

0

.24

‌

(

2

.28

)

(

11.31

)

26.82

‌

(

3

.11

)

7

.94

‌

Net

increase

(decrease)

from

investment

operations

........................

0

.45

‌

(

1

.86

)

(

11.00

)

27.26

‌

(

2

.59

)

8

.34

‌

Distributions

from

net

investment

income

(d)

....

(

0

.22

)

(

0

.43

)

(

0

.33

)

(

0

.42

)

(

0

.55

)

(

0

.39

)

Net

asset

value,

end

of

period

...........

$

64.62

‌

$

64.39

‌

$

66.68

‌

$

78.01

‌

$

51.17

‌

$

54.31

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

0

.68

%

(f)

(

2

.75

)

%

(

14.16

)

%

53.48

%

(

4

.79

)

%

18.09

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.42

%

Net

investment

income

.................

0

.60

%

(h)

0

.68

%

0

.39

%

0

.67

%

0

.96

%

0

.81

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

765,708

‌

$

698,600

‌

$

856,866

‌

$

1,583,666

‌

$

798,171

‌

$

934,120

‌

Portfolio

turnover

rate

(i)

.................

6

%

27

%

45

%

20

%

31

%

15

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

99

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Consumer

Staples

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

......

$

207.01

‌

$

206.36

‌

$

181.99

‌

$

119.38

‌

$

123.43

‌

$

114.08

‌

Net

investment

income

(a)

..............

2

.45

‌

4

.86

‌

3

.80

‌

2

.44

‌

2

.77

‌

3

.04

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

(

23.13

)

0

.27

‌

23.80

‌

62.57

‌

(

3

.83

)

9

.24

‌

Net

increase

(decrease)

from

investment

operations

........................

(

20.68

)

5

.13

‌

27.60

‌

65.01

‌

(

1

.06

)

12.28

‌

Distributions

from

net

investment

income

(c)

....

(

2

.79

)

(

4

.48

)

(

3

.23

)

(

2

.40

)

(

2

.99

)

(

2

.93

)

Net

asset

value,

end

of

period

...........

$

183.54

‌

$

207.01

‌

$

206.36

‌

$

181.99

‌

$

119.38

‌

$

123.43

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

10.04

)

%

(e)

2

.65

%

15.33

%

54.87

%

(

0

.86

)

%

10.95

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.42

%

Net

investment

income

.................

2

.47

%

(g)

2

.46

%

1

.99

%

1

.57

%

2

.22

%

2

.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,367,391

‌

$

1,811,380

‌

$

1,134,954

‌

$

691,548

‌

$

471,555

‌

$

469,043

‌

Portfolio

turnover

rate

(h)

.................

5

%

6

%

33

%

4

%

5

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

100

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.

Energy

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

......

$

44.56

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

$

35.96

‌

$

40.47

‌

Net

investment

income

(a)

..............

0

.63

‌

1

.49

‌

1

.07

‌

0

.80

‌

1

.02

‌

0

.89

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

0

.19

‌

4

.77

‌

13.56

‌

6

.36

‌

(

14.81

)

(

4

.43

)

Net

increase

(decrease)

from

investment

operations

........................

0

.82

‌

6

.26

‌

14.63

‌

7

.16

‌

(

13.79

)

(

3

.54

)

Distributions

from

net

investment

income

(c)

....

(

0

.58

)

(

1

.62

)

(

1

.11

)

(

0

.82

)

(

2

.11

)

(

0

.97

)

Net

asset

value,

end

of

period

...........

$

44.80

‌

$

44.56

‌

$

39.92

‌

$

26.40

‌

$

20.06

‌

$

35.96

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

...............

1

.83

%

(e)

15.97

%

56.56

%

37.20

%

(

39.91

)

%

(

8

.83

)

%

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

.80

%

(g)

3

.40

%

3

.38

%

3

.62

%

3

.42

%

2

.33

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,303,569

‌

$

1,555,112

‌

$

3,552,781

‌

$

2,102,459

‌

$

459,456

‌

$

789,226

‌

Portfolio

turnover

rate

(h)

.................

5

%

11

%

17

%

15

%

12

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

101

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Financial

Services

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

.....

$

154.15

‌

$

162.97

‌

$

182.72

‌

$

115.36

‌

$

136.07

‌

$

130.98

‌

Net

investment

income

(a)

.............

1

.55

‌

3

.06

‌

2

.76

‌

2

.52

‌

2

.58

‌

2

.17

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

5

.19

)

(

8

.49

)

(

19.91

)

67.20

‌

(

20.69

)

5

.12

‌

Net

increase

(decrease)

from

investment

operations

.......................

(

3

.64

)

(

5

.43

)

(

17.15

)

69.72

‌

(

18.11

)

7

.29

‌

Distributions

from

net

investment

income

(c)

...

(

1

.52

)

(

3

.39

)

(

2

.60

)

(

2

.36

)

(

2

.60

)

(

2

.20

)

Net

asset

value,

end

of

period

..........

$

148.99

‌

$

154.15

‌

$

162.97

‌

$

182.72

‌

$

115.36

‌

$

136.07

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

2

.40

)

%

(e)

(

3

.29

)

%

(

9

.57

)

%

61.14

%

(

13.46

)

%

5

.72

%

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

.96

%

(g)

1

.93

%

1

.46

%

1

.85

%

1

.90

%

1

.68

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

1,080,161

‌

$

1,202,357

‌

$

2,029,031

‌

$

1,635,325

‌

$

865,166

‌

$

1,435,523

‌

Portfolio

turnover

rate

(h)

................

18

%

4

%

5

%

7

%

7

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

102

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.

Financials

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

......

$

73.16

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

$

62.97

‌

$

58.86

‌

Net

investment

income

(b)

..............

0

.73

‌

1

.45

‌

1

.20

‌

1

.09

‌

1

.17

‌

1

.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

0

.64

)

(

2

.71

)

(

4

.38

)

26.76

‌

(

9

.55

)

4

.16

‌

Net

increase

(decrease)

from

investment

operations

........................

0

.09

‌

(

1

.26

)

(

3

.18

)

27.85

‌

(

8

.38

)

5

.20

‌

Distributions

from

net

investment

income

(d)

....

(

0

.68

)

(

1

.39

)

(

1

.19

)

(

1

.06

)

(

1

.20

)

(

1

.09

)

Net

asset

value,

end

of

period

...........

$

72.57

‌

$

73.16

‌

$

75.81

‌

$

80.18

‌

$

53.39

‌

$

62.97

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

0

.10

%

(f)

(

1

.62

)

%

(

4

.11

)

%

52.80

%

(

13.47

)

%

9

.01

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

1

.94

%

(h)

1

.94

%

1

.42

%

1

.72

%

1

.85

%

1

.75

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,785,125

‌

$

1,828,976

‌

$

2,099,949

‌

$

2,353,202

‌

$

1,233,235

‌

$

1,693,736

‌

Portfolio

turnover

rate

(i)

.................

3

%

14

%

24

%

9

%

6

%

8

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

103

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Healthcare

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

.......

$

281.21

‌

$

273.12

‌

$

263.08

‌

$

212.48

‌

$

188.15

‌

$

173.95

‌

Net

investment

income

(a)

...............

1

.72

‌

3

.22

‌

2

.89

‌

2

.65

‌

2

.49

‌

2

.26

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

(

21.17

)

8

.08

‌

10.00

‌

50.86

‌

24.38

‌

15.50

‌

Net

increase

(decrease)

from

investment

operations

.........................

(

19.45

)

11.30

‌

12.89

‌

53.51

‌

26.87

‌

17.76

‌

Distributions

from

net

investment

income

(c)

.....

(

1

.72

)

(

3

.21

)

(

2

.85

)

(

2

.91

)

(

2

.54

)

(

3

.56

)

Net

asset

value,

end

of

period

............

$

260.04

‌

$

281.21

‌

$

273.12

‌

$

263.08

‌

$

212.48

‌

$

188.15

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

................

(

6

.95

)

%

(e)

4

.21

%

4

.86

%

25.40

%

14.44

%

10.27

%

Ratios

to

Average

Net

Assets

(f)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(g)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.43

%

Net

investment

income

..................

1

.24

%

(g)

1

.18

%

1

.03

%

1

.13

%

1

.25

%

1

.19

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

2,860,484

‌

$

3,261,993

‌

$

2,826,782

‌

$

2,565,039

‌

$

2,432,933

‌

$

2,097,818

‌

Portfolio

turnover

rate

(h)

..................

4

%

3

%

7

%

6

%

5

%

6

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

104

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.

Industrials

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

......

$

99.72

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

$

79.12

‌

$

70.80

‌

Net

investment

income

(b)

..............

0

.56

‌

1

.07

‌

0

.89

‌

0

.90

‌

1

.03

‌

0

.95

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

2

.44

)

2

.09

‌

(

12.64

)

41.28

‌

(

10.11

)

8

.39

‌

Net

increase

(decrease)

from

investment

operations

........................

(

1

.88

)

3

.16

‌

(

11.75

)

42.18

‌

(

9

.08

)

9

.34

‌

Distributions

from

net

investment

income

(d)

....

(

0

.57

)

(

1

.03

)

(

0

.92

)

(

0

.90

)

(

1

.06

)

(

1

.02

)

Net

asset

value,

end

of

period

...........

$

97.27

‌

$

99.72

‌

$

97.59

‌

$

110.26

‌

$

68.98

‌

$

79.12

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

1

.91

)

%

(f)

3

.32

%

(

10.75

)

%

61.51

%

(

11.57

)

%

13.34

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.42

%

0

.42

%

Net

investment

income

.................

1

.08

%

(h)

1

.11

%

0

.81

%

0

.99

%

1

.32

%

1

.29

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

1,045,604

‌

$

1,176,683

‌

$

1,249,092

‌

$

1,697,961

‌

$

682,848

‌

$

941,547

‌

Portfolio

turnover

rate

(i)

.................

3

%

4

%

26

%

5

%

4

%

5

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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.

105

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Technology

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

.......

$

93.05

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

$

50.85

‌

$

41.99

‌

Net

investment

income

(b)

...............

0

.17

‌

0

.39

‌

0

.25

‌

0

.37

‌

0

.48

‌

0

.40

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.....

10.69

‌

3

.50

‌

(

3

.33

)

34.42

‌

7

.75

‌

8

.84

‌

Net

increase

(decrease)

from

investment

operations

.........................

10.86

‌

3

.89

‌

(

3

.08

)

34.79

‌

8

.23

‌

9

.24

‌

Distributions

from

net

investment

income

(d)

.....

(

0

.16

)

(

0

.44

)

(

0

.30

)

(

0

.39

)

(

0

.50

)

(

0

.38

)

Net

asset

value,

end

of

period

............

$

103.75

‌

$

93.05

‌

$

89.60

‌

$

92.98

‌

$

58.58

‌

$

50.85

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

11.66

%

(f)

4

.41

%

(

3

.35

)

%

59.56

%

16.34

%

22.10

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.42

%

Net

investment

income

..................

0

.31

%

(h)

0

.46

%

0

.24

%

0

.47

%

0

.89

%

0

.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

11,495,662

‌

$

10,552,317

‌

$

7,338,434

‌

$

7,257,255

‌

$

4,862,141

‌

$

4,271,433

‌

Portfolio

turnover

rate

(i)

..................

3

%

10

%

13

%

12

%

16

%

19

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

106

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.

Transportation

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Year

Ended

04/30/20

Year

Ended

04/30/19

Net

asset

value,

beginning

of

period

.....

$

222.31

‌

$

242.94

‌

$

269.72

‌

$

149.76

‌

$

195.07

‌

$

187.76

‌

Net

investment

income

(a)

.............

1

.56

‌

3

.06

‌

2

.08

‌

1

.95

‌

2

.55

‌

2

.12

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

(

4

.42

)

(

20.60

)

(

26.68

)

119.89

‌

(

45.09

)

7

.34

‌

Net

increase

(decrease)

from

investment

operations

.......................

(

2

.86

)

(

17.54

)

(

24.60

)

121.84

‌

(

42.54

)

9

.46

‌

Distributions

from

net

investment

income

(c)

...

(

1

.65

)

(

3

.09

)

(

2

.18

)

(

1

.88

)

(

2

.77

)

(

2

.15

)

Net

asset

value,

end

of

period

..........

$

217.80

‌

$

222.31

‌

$

242.94

‌

$

269.72

‌

$

149.76

‌

$

195.07

‌

Total

Return

(d)

–

–

–

–

–

–

Based

on

net

asset

value

..............

(

1

.32

)

%

(e)

(

7

.18

)

%

(

9

.18

)

%

81.75

%

(

21.92

)

%

5

.12

%

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

.28

%

(g)

1

.37

%

0

.80

%

0

.90

%

1

.40

%

1

.11

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

794,987

‌

$

822,531

‌

$

1,178,276

‌

$

2,144,306

‌

$

456,765

‌

$

575,444

‌

Portfolio

turnover

rate

(h)

................

5

%

13

%

72

%

80

%

35

%

17

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

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.

107

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

U.S.

Utilities

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

period

......

$

85.24

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

$

74.36

‌

$

65.22

‌

Net

investment

income

(b)

..............

1

.15

‌

2

.00

‌

1

.98

‌

2

.10

‌

2

.10

‌

2

.02

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....

(

10.72

)

(

2

.15

)

4

.95

‌

11.60

‌

(

3

.06

)

9

.06

‌

Net

increase

(decrease)

from

investment

operations

........................

(

9

.57

)

(

0

.15

)

6

.93

‌

13.70

‌

(

0

.96

)

11.08

‌

Distributions

from

net

investment

income

(d)

....

(

1

.08

)

(

2

.09

)

(

2

.07

)

(

2

.28

)

(

2

.20

)

(

1

.94

)

Net

asset

value,

end

of

period

...........

$

74.59

‌

$

85.24

‌

$

87.48

‌

$

82.62

‌

$

71.20

‌

$

74.36

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

(

11.27

)

%

(f)

(

0

.15

)

%

8

.52

%

19.66

%

(

1

.39

)

%

17.29

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.40

%

(h)

0

.40

%

0

.39

%

0

.41

%

0

.43

%

0

.43

%

Net

investment

income

.................

2

.87

%

(h)

2

.33

%

2

.35

%

2

.78

%

2

.70

%

2

.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

783,231

‌

$

1,001,549

‌

$

970,990

‌

$

822,092

‌

$

875,673

‌

$

810,455

‌

Portfolio

turnover

rate

(i)

.................

2

%

3

%

14

%

5

%

4

%

6

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

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)

108

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

October

31,

2023,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

 Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period

or

as

of

the

report

date. The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

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. 

iShares

ETF

Diversification

Classification

Dow

Jones

U.S.

......................................................................................................

Diversified

MSCI

KLD

400

Social

..................................................................................................

Diversified

MSCI

USA

ESG

Select

.................................................................................................

Diversified

U.S.

Basic

Materials

...................................................................................................

Non-diversified

U.S.

Consumer

Discretionary

.............................................................................................

Diversified

U.S.

Consumer

Staples

................................................................................................

Non-diversified

U.S.

Energy

........................................................................................................

Non-diversified

U.S.

Financial

Services

.................................................................................................

Non-diversified

U.S.

Financials

......................................................................................................

Diversified

U.S.

Healthcare

......................................................................................................

Non-diversified

U.S.

Industrials

......................................................................................................

Diversified

U.S.

Technology

.....................................................................................................

Non-diversified

U.S.

Transportation

...................................................................................................

Non-diversified

U.S.

Utilities

........................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

109

Notes

to

Financial

Statements

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

110

2023

iShares

Semi-Annual

Report

to

Shareholders

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Dow

Jones

U.S.

Barclays

Bank

PLC

...............................................

$

1,223,637‌

$

(1,223,637‌)

$

—‌

$

—‌

Barclays

Capital,

Inc.

.............................................

21,062‌

(21,035‌)

—‌

27‌

BNP

Paribas

SA

.................................................

1,606,327‌

(1,606,327‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

2,790,290‌

(2,790,290‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

990,987‌

(987,187‌)

—‌

3,800‌

Citigroup

Global

Markets,

Inc.

........................................

767,804‌

(767,804‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

3,049,940‌

(3,049,940‌)

—‌

—‌

HSBC

Bank

PLC

................................................

596,851‌

(596,851‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

3,956,319‌

(3,956,319‌)

—‌

—‌

Jefferies

LLC

...................................................

49,852‌

(49,852‌)

—‌

—‌

Mizuho

Securities

USA

LLC

.........................................

18,808‌

(18,491‌)

—‌

317‌

Morgan

Stanley

.................................................

4,734,137‌

(4,734,137‌)

—‌

—‌

National

Financial

Services

LLC

......................................

30,305‌

(30,305‌)

—‌

—‌

Natixis

SA

.....................................................

305,342‌

(305,342‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

281,088‌

(281,088‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

272,484‌

(235,964‌)

—‌

36,520‌

SG

Americas

Securities

LLC

........................................

8,719‌

(8,719‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

9,342‌

(9,342‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

642,487‌

(642,487‌)

—‌

—‌

UBS

AG

......................................................

718,428‌

(718,428‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

643,266‌

(635,672‌)

—‌

7,594‌

Wells

Fargo

Securities

LLC

.........................................

140,831‌

(140,831‌)

—‌

—‌

$

22,858,306‌

$

(22,810,048‌)

$

—‌

$

48,258‌

a

MSCI

KLD

400

Social

Barclays

Bank

PLC

...............................................

4,521,328‌

(4,521,328‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

52,588‌

(50,563‌)

—‌

2,025‌

BNP

Paribas

SA

.................................................

777‌

(775‌)

—‌

2‌

BofA

Securities,

Inc.

..............................................

149,733‌

(149,733‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

187,050‌

(187,050‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,161,114‌

(4,161,114‌)

—‌

—‌

HSBC

Bank

PLC

................................................

11,831,184‌

(11,831,184‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

7,675‌

(7,675‌)

—‌

—‌

Morgan

Stanley

.................................................

223,779‌

(219,774‌)

—‌

4,005‌

Natixis

SA

.....................................................

55,608‌

(55,430‌)

—‌

178‌

RBC

Capital

Markets

LLC

..........................................

890,557‌

(890,557‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

3,835,198‌

(3,813,697‌)

—‌

21,501‌

Toronto-Dominion

Bank

............................................

7,700‌

(7,700‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

84,684‌

(84,535‌)

—‌

149‌

$

26,008,975‌

$

(25,981,115‌)

$

—‌

$

27,860‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

111

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)

MSCI

USA

ESG

Select

BofA

Securities,

Inc.

..............................................

$

4,420,922‌

$

(4,420,922‌)

$

—‌

$

—‌

HSBC

Bank

PLC

................................................

687,203‌

(687,203‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

51,432,993‌

(51,432,993‌)

—‌

—‌

Morgan

Stanley

.................................................

23,614,470‌

(23,614,470‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

688,058‌

(688,058‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

217,695‌

(217,695‌)

—‌

—‌

UBS

Securities

LLC

..............................................

836,868‌

(836,868‌)

—‌

—‌

$

81,898,209‌

$

(81,898,209‌)

$

—‌

$

—‌

a

U.S.

Basic

Materials

Barclays

Bank

PLC

...............................................

3,891,168‌

(3,891,168‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

1,164‌

(1,164‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

1,748,464‌

(1,748,464‌)

—‌

—‌

HSBC

Bank

PLC

................................................

725,472‌

(725,472‌)

—‌

—‌

Morgan

Stanley

.................................................

1,055,232‌

(1,055,232‌)

—‌

—‌

$

7,421,500‌

$

(7,421,500‌)

$

—‌

$

—‌

a

U.S.

Consumer

Discretionary

Barclays

Bank

PLC

...............................................

1,531,304‌

(1,531,304‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

65,498‌

(64,694‌)

—‌

804‌

BNP

Paribas

SA

.................................................

43,922‌

(43,922‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

8,539,367‌

(8,539,367‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

205,500‌

(205,500‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

2,589‌

(2,466‌)

—‌

123‌

Goldman

Sachs

&

Co.

LLC

.........................................

2,084,095‌

(2,084,095‌)

—‌

—‌

HSBC

Bank

PLC

................................................

17,248,681‌

(17,248,681‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

10,427,681‌

(10,427,681‌)

—‌

—‌

Jefferies

LLC

...................................................

174,400‌

(174,400‌)

—‌

—‌

Morgan

Stanley

.................................................

1,064,661‌

(1,064,661‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

1,340,254‌

(1,340,254‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

472,829‌

(472,829‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

342,298‌

(342,298‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

2,258,214‌

(2,258,214‌)

—‌

—‌

UBS

AG

......................................................

52,939‌

(47,702‌)

—‌

5,237‌

UBS

Securities

LLC

..............................................

1,617‌

(1,617‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

2,455‌

(2,455‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

593,874‌

(593,874‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

69,055‌

(69,055‌)

—‌

—‌

$

46,521,233‌

$

(46,515,069‌)

$

—‌

$

6,164‌

a

U.S.

Consumer

Staples

BofA

Securities,

Inc.

..............................................

2,940,495‌

(2,940,495‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

5,062,772‌

(5,062,772‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

4,796,607‌

(4,796,607‌)

—‌

—‌

$

12,799,874‌

$

(12,799,874‌)

$

—‌

$

—‌

a

U.S.

Energy

Barclays

Bank

PLC

...............................................

4,407,413‌

(4,407,413‌)

—‌

—‌

Barclays

Capital,

Inc.

.............................................

42,340‌

(42,340‌)

—‌

—‌

BNP

Paribas

SA

.................................................

3,940,270‌

(3,915,553‌)

—‌

24,717‌

BofA

Securities,

Inc.

..............................................

18,648‌

(18,648‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

13,058‌

(13,058‌)

—‌

—‌

Morgan

Stanley

.................................................

269,628‌

(269,628‌)

—‌

—‌

$

8,691,357‌

$

(8,666,640‌)

$

—‌

$

24,717‌

a

U.S.

Financial

Services

Morgan

Stanley

.................................................

3,623,020‌

(3,536,680‌)

—‌

86,340‌

$

3,623,020‌

$

(3,536,680‌)

$

—‌

$

86,340‌

a

Notes

to

Financial

Statements

(unaudited)

(continued)

112

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.

Financials

BNP

Paribas

SA

.................................................

$

160,864‌

$

(160,864‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

..............................................

1,156,070‌

(1,155,186‌)

—‌

884‌

J.P.

Morgan

Securities

LLC

.........................................

1,001,525‌

(1,001,525‌)

—‌

—‌

Jefferies

LLC

...................................................

25,755‌

(25,755‌)

—‌

—‌

Morgan

Stanley

.................................................

9,048,440‌

(8,737,624‌)

—‌

310,816‌

Toronto-Dominion

Bank

............................................

28,901‌

(28,901‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

143,075‌

(143,075‌)

—‌

—‌

$

11,564,630‌

$

(11,252,930‌)

$

—‌

$

311,700‌

a

U.S.

Healthcare

Barclays

Bank

PLC

...............................................

338,121‌

(338,121‌)

—‌

—‌

BNP

Paribas

SA

.................................................

2,813,694‌

(2,813,694‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

477,834‌

(477,834‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

467,592‌

(467,592‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

4,895,561‌

(4,895,561‌)

—‌

—‌

HSBC

Bank

PLC

................................................

2,144,627‌

(2,144,627‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

13,738,840‌

(13,738,840‌)

—‌

—‌

Jefferies

LLC

...................................................

1,241,412‌

(1,240,926‌)

—‌

486‌

Morgan

Stanley

.................................................

13,465,787‌

(13,465,787‌)

—‌

—‌

National

Financial

Services

LLC

......................................

1,046,302‌

(1,046,302‌)

—‌

—‌

Natixis

SA

.....................................................

1,980,660‌

(1,980,660‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

829‌

(829‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

381,632‌

(381,632‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

2,087,766‌

(2,087,766‌)

—‌

—‌

UBS

AG

......................................................

295,621‌

(295,621‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

3,578,712‌

(3,575,069‌)

—‌

3,643‌

Wells

Fargo

Bank

NA

.............................................

335,316‌

(335,316‌)

—‌

—‌

$

49,290,306‌

$

(49,286,177‌)

$

—‌

$

4,129‌

a

U.S.

Industrials

Barclays

Bank

PLC

...............................................

122,602‌

(122,602‌)

—‌

—‌

BNP

Paribas

SA

.................................................

379,841‌

(379,841‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

826,983‌

(823,195‌)

—‌

3,788‌

J.P.

Morgan

Securities

LLC

.........................................

297,886‌

(297,886‌)

—‌

—‌

Jefferies

LLC

...................................................

296,025‌

(296,025‌)

—‌

—‌

Morgan

Stanley

.................................................

697,187‌

(697,187‌)

—‌

—‌

National

Financial

Services

LLC

......................................

393,470‌

(393,470‌)

—‌

—‌

Natixis

SA

.....................................................

1,172,234‌

(1,172,234‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

2,543,134‌

(2,543,134‌)

—‌

—‌

UBS

AG

......................................................

4,022,605‌

(4,022,605‌)

—‌

—‌

$

10,751,967‌

$

(10,748,179‌)

$

—‌

$

3,788‌

a

U.S.

Technology

Barclays

Bank

PLC

...............................................

32,635,016‌

(32,635,016‌)

—‌

—‌

BNP

Paribas

SA

.................................................

24,306,076‌

(24,306,076‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

7,632,712‌

(7,632,712‌)

—‌

—‌

Citadel

Clearing

LLC

..............................................

6,985,340‌

(6,968,053‌)

—‌

17,287‌

Citigroup

Global

Markets,

Inc.

........................................

833,014‌

(826,201‌)

—‌

6,813‌

Goldman

Sachs

&

Co.

LLC

.........................................

29,447,117‌

(29,447,117‌)

—‌

—‌

HSBC

Bank

PLC

................................................

2,288,469‌

(2,288,469‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

53,407,576‌

(53,407,576‌)

—‌

—‌

Jefferies

LLC

...................................................

4,078,000‌

(4,078,000‌)

—‌

—‌

Morgan

Stanley

.................................................

27,641,737‌

(27,641,737‌)

—‌

—‌

National

Financial

Services

LLC

......................................

83,415‌

(83,415‌)

—‌

—‌

Natixis

SA

.....................................................

2,150,775‌

(2,150,775‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

45,239‌

(45,239‌)

—‌

—‌

Scotia

Capital

(USA),

Inc.

..........................................

9,173,519‌

(9,173,519‌)

—‌

—‌

SG

Americas

Securities

LLC

........................................

5,271,629‌

(4,440,621‌)

—‌

831,008‌

State

Street

Bank

&

Trust

Co.

........................................

6,804,007‌

(6,804,007‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

634,471‌

(634,471‌)

—‌

—‌

UBS

AG

......................................................

2,451,608‌

(2,451,608‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

505,872‌

(505,872‌)

—‌

—‌

$

216,375,592‌

$

(215,520,484‌)

$

—‌

$

855,108‌

a

Notes

to

Financial

Statements

(unaudited)

(

continued)

113

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock.

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

each

of

the

following

Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of

each

Fund

as

follows:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

U.S.

Transportation

Barclays

Bank

PLC

...............................................

$

1,377,108‌

$

(1,377,108‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

........................................

3,040,801‌

(3,040,801‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

438,478‌

(438,478‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

921,289‌

(921,289‌)

—‌

—‌

Morgan

Stanley

.................................................

2,539,588‌

(2,539,588‌)

—‌

—‌

Toronto-Dominion

Bank

............................................

288,151‌

(288,151‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

472,570‌

(472,570‌)

—‌

—‌

$

9,077,985‌

$

(9,077,985‌)

$

—‌

$

—‌

a

U.S.

Utilities

Citigroup

Global

Markets,

Inc.

........................................

303,010‌

(292,004‌)

—‌

11,006‌

J.P.

Morgan

Securities

LLC

.........................................

26,740‌

(26,609‌)

—‌

131‌

Morgan

Stanley

.................................................

1,621‌

(1,571‌)

—‌

50‌

Wells

Fargo

Bank

NA

.............................................

107,569‌

(107,569‌)

—‌

—‌

$

438,940‌

$

(427,753‌)

$

—‌

$

11,187‌

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

October

31,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

iShares

ETF

Investment

Advisory

Fees

Dow

Jones

U.S.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

0.20%

MSCI

KLD

400

Social

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

0.25

MSCI

USA

ESG

Select

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

0.25

Notes

to

Financial

Statements

(unaudited)

(continued)

114

2023

iShares

Semi-Annual

Report

to

Shareholders

For

its

investment

advisory

services

to

each

Fund,

except

for

the

iShares

Dow

Jones

U.S,

iShares

MSCI

KLD

400

Social

and

iShares

MSCI

USA

ESG

Select

ETFs,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended October

31,

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.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.3400

Over

$40

billion,

up

to

and

including

$50

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

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.

.

.

.

.

.

.

.

.

0.3300

Over

$50

billion,

up

to

and

including

$60

billion

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

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.

.

.

.

.

.

0.3100

Over

$60

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

0.2945

iShares

ETF

Amounts

Dow

Jones

U.S.

.....................................................................................................

$

32,552

‌

MSCI

KLD

400

Social

.................................................................................................

28,243

‌

MSCI

USA

ESG

Select

................................................................................................

25,103

‌

U.S.

Basic

Materials

..................................................................................................

3,965

‌

U.S.

Consumer

Discretionary

............................................................................................

73,535

‌

U.S.

Consumer

Staples

...............................................................................................

4,301

‌

U.S.

Energy

.......................................................................................................

23,061

‌

U.S.

Financial

Services

................................................................................................

9,560

‌

U.S.

Financials

.....................................................................................................

17,821

‌

U.S.

Healthcare

.....................................................................................................

104,887

‌

U.S.

Industrials

.....................................................................................................

7,331

‌

U.S.

Technology

....................................................................................................

131,833

‌

U.S.

Transportation

..................................................................................................

13,169

‌

U.S.

Utilities

.......................................................................................................

4,667

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

115

Notes

to

Financial

Statements

For

the

six

months

ended

October

31,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

October

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2023,

in-kind

transactions

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Dow

Jones

U.S.

.................................................................

$

3,747,261

‌

$

2,985,857

‌

$

(3,142,030

)

MSCI

KLD

400

Social

.............................................................

16,808,323

‌

22,153,344

‌

(3,264,019

)

MSCI

USA

ESG

Select

............................................................

101,751,345

‌

107,343,299

‌

(3,398,823

)

U.S.

Basic

Materials

..............................................................

31,741,167

‌

5,601,985

‌

(511,907

)

U.S.

Consumer

Discretionary

........................................................

17,380,213

‌

32,378,714

‌

932,693

‌

U.S.

Consumer

Staples

...........................................................

20,260,580

‌

15,261,718

‌

(1,148,156

)

U.S.

Energy

...................................................................

36,080,016

‌

6,353,291

‌

(1,008,335

)

U.S.

Financial

Services

............................................................

6,426,734

‌

53,802,330

‌

(7,215,568

)

U.S.

Financials

.................................................................

23,868,667

‌

11,371,670

‌

(7,923,917

)

U.S.

Healthcare

.................................................................

30,552,799

‌

22,833,481

‌

(15,227,534

)

U.S.

Industrials

.................................................................

10,985,547

‌

11,329,773

‌

(2,095,152

)

U.S.

Technology

................................................................

255,590,853

‌

183,220,934

‌

(12,555,411

)

U.S.

Transportation

..............................................................

26,300,921

‌

3,824,283

‌

(775,342

)

U.S.

Utilities

...................................................................

5,199,212

‌

1,807,232

‌

(111,957

)

iShares

ETF

Purchases

Sales

Dow

Jones

U.S.

...................................................................................

$

32,781,290

$

28,671,988

MSCI

KLD

400

Social

...............................................................................

104,384,832

98,925,236

MSCI

USA

ESG

Select

..............................................................................

305,101,704

304,137,220

U.S.

Basic

Materials

................................................................................

57,380,007

57,733,776

U.S.

Consumer

Discretionary

..........................................................................

58,994,467

47,274,776

U.S.

Consumer

Staples

.............................................................................

80,447,210

84,148,404

U.S.

Energy

.....................................................................................

62,713,260

61,517,611

U.S.

Financial

Services

..............................................................................

209,569,319

208,731,219

U.S.

Financials

...................................................................................

50,672,733

50,060,363

U.S.

Healthcare

...................................................................................

111,004,219

110,525,232

U.S.

Industrials

...................................................................................

33,225,618

33,333,320

U.S.

Technology

..................................................................................

401,782,101

389,456,897

U.S.

Transportation

................................................................................

44,869,984

45,938,947

U.S.

Utilities

.....................................................................................

21,104,436

20,732,552

iShares

ETF

In-kind

Purchases

In-kind

Sales

Dow

Jones

U.S.

...................................................................................

$

36,924,380

‌

$

62,472,972

‌

MSCI

KLD

400

Social

...............................................................................

60,559,707

‌

86,462,085

‌

MSCI

USA

ESG

Select

..............................................................................

1,773,161,295

‌

446,751,946

‌

U.S.

Basic

Materials

................................................................................

183,453,904

‌

428,921,510

‌

U.S.

Consumer

Discretionary

..........................................................................

192,714,265

‌

125,008,803

‌

U.S.

Consumer

Staples

.............................................................................

139,859,368

‌

389,634,816

‌

U.S.

Energy

.....................................................................................

53,760,480

‌

298,960,419

‌

U.S.

Financial

Services

..............................................................................

93,747,375

‌

177,147,523

‌

U.S.

Financials

...................................................................................

141,678,533

‌

168,869,457

‌

U.S.

Healthcare

...................................................................................

137,780,980

‌

297,835,259

‌

U.S.

Industrials

...................................................................................

127,167,018

‌

224,702,191

‌

U.S.

Technology

..................................................................................

2,446,732,135

‌

2,826,720,565

‌

U.S.

Transportation

................................................................................

788,337,690

‌

782,319,203

‌

U.S.

Utilities

.....................................................................................

59,407,401

‌

162,594,677

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

116

2023

iShares

Semi-Annual

Report

to

Shareholders

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

October

31,

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 April

30,

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.

As

of

October

31,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Dow

Jones

U.S.

.....................................................................................................

$

30,839,238

‌

MSCI

KLD

400

Social

.................................................................................................

91,800,344

‌

MSCI

USA

ESG

Select

................................................................................................

179,223,100

‌

U.S.

Basic

Materials

..................................................................................................

198,446,653

‌

U.S.

Consumer

Discretionary

............................................................................................

149,227,126

‌

U.S.

Consumer

Staples

...............................................................................................

48,544,041

‌

U.S.

Energy

.......................................................................................................

331,961,361

‌

U.S.

Financial

Services

................................................................................................

99,709,694

‌

U.S.

Financials

.....................................................................................................

153,418,300

‌

U.S.

Healthcare

.....................................................................................................

94,696,127

‌

U.S.

Industrials

.....................................................................................................

98,298,834

‌

U.S.

Technology

....................................................................................................

257,358,718

‌

U.S.

Transportation

..................................................................................................

111,822,593

‌

U.S.

Utilities

.......................................................................................................

60,714,978

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dow

Jones

U.S.

...............................................

$

923,024,471

‌

$

727,083,872

‌

$

(90,924,489

)

$

636,159,383

‌

MSCI

KLD

400

Social

...........................................

3,057,290,902

‌

781,216,447

‌

(267,565,798

)

513,650,649

‌

MSCI

USA

ESG

Select

..........................................

4,703,090,852

‌

276,784,170

‌

(442,094,602

)

(165,310,432

)

U.S.

Basic

Materials

............................................

759,629,990

‌

22,186,049

‌

(151,365,220

)

(129,179,171

)

U.S.

Consumer

Discretionary

......................................

985,788,027

‌

23,740,626

‌

(196,703,228

)

(172,962,602

)

U.S.

Consumer

Staples

.........................................

1,530,846,449

‌

23,710,137

‌

(176,438,537

)

(152,728,400

)

U.S.

Energy

.................................................

1,139,910,436

‌

228,136,683

‌

(57,133,950

)

171,002,733

‌

U.S.

Financial

Services

..........................................

1,298,157,124

‌

16,805,562

‌

(233,174,547

)

(216,368,985

)

U.S.

Financials

...............................................

1,994,979,304

‌

121,279,861

‌

(321,681,521

)

(200,401,660

)

U.S.

Healthcare

...............................................

2,915,898,722

‌

406,948,986

‌

(415,134,862

)

(8,185,876

)

U.S.

Industrials

...............................................

1,176,948,380

‌

59,981,594

‌

(181,146,085

)

(121,164,491

)

U.S.

Technology

..............................................

10,370,057,841

‌

1,989,512,854

‌

(643,460,565

)

1,346,052,289

‌

U.S.

Transportation

............................................

1,017,990,575

‌

5,100,246

‌

(219,332,788

)

(214,232,542

)

U.S.

Utilities

.................................................

899,169,001

‌

28,957,003

‌

(144,936,338

)

(115,979,335

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

117

Notes

to

Financial

Statements

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.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(unaudited)

(continued)

118

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:

‌

Six

Months

Ended

10/31/23

‌

Year

Ended

04/30/23

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

Dow

Jones

U.S.

Shares

sold

...............................................

350,000

‌

$

37,066,295

‌

1,100,000

‌

$

107,689,293

‌

Shares

redeemed

...........................................

(600,000

)

(62,711,707

)

(1,150,000

)

(112,304,120

)

(250,000

)

$

(25,645,412

)

(50,000

)

$

(4,614,827

)

MSCI

KLD

400

Social

Shares

sold

...............................................

750,000

‌

$

60,882,988

‌

6,350,000

‌

$

474,063,009

‌

Shares

redeemed

...........................................

(1,050,000

)

(86,812,748

)

(7,150,000

)

(533,168,669

)

(300,000

)

$

(25,929,760

)

(800,000

)

$

(59,105,660

)

MSCI

USA

ESG

Select

Shares

sold

...............................................

19,600,000

‌

$

1,778,342,767

‌

1,950,000

‌

$

166,937,116

‌

Shares

redeemed

...........................................

(5,100,000

)

(448,633,988

)

(6,400,000

)

(539,631,789

)

14,500,000

‌

$

1,329,708,779

‌

(4,450,000

)

$

(372,694,673

)

U.S.

Basic

Materials

Shares

sold

...............................................

1,400,000

‌

$

183,998,021

‌

3,800,000

‌

$

491,041,308

‌

Shares

redeemed

...........................................

(3,300,000

)

(430,006,616

)

(4,800,000

)

(591,997,064

)

(1,900,000

)

$

(246,008,595

)

(1,000,000

)

$

(100,955,756

)

U.S.

Consumer

Discretionary

Shares

sold

...............................................

2,800,000

‌

$

193,035,152

‌

4,150,000

‌

$

259,930,616

‌

Shares

redeemed

...........................................

(1,800,000

)

(125,280,200

)

(6,150,000

)

(375,104,320

)

1,000,000

‌

$

67,754,952

‌

(2,000,000

)

$

(115,173,704

)

U.S.

Consumer

Staples

Shares

sold

...............................................

700,000

‌

$

140,239,313

‌

5,200,000

‌

$

1,032,324,835

‌

Shares

redeemed

...........................................

(2,000,000

)

(390,996,027

)

(1,950,000

)

(381,565,781

)

(1,300,000

)

$

(250,756,714

)

3,250,000

‌

$

650,759,054

‌

U.S.

Energy

Shares

sold

...............................................

1,150,000

‌

$

53,912,131

‌

4,850,000

‌

$

213,444,323

‌

Shares

redeemed

...........................................

(6,950,000

)

(299,883,290

)

(58,950,000

)

(2,498,449,480

)

(5,800,000

)

$

(245,971,159

)

(54,100,000

)

$

(2,285,005,157

)

U.S.

Financial

Services

Shares

sold

...............................................

600,000

‌

$

94,330,994

‌

1,600,000

‌

$

249,836,623

‌

Shares

redeemed

...........................................

(1,150,000

)

(178,352,518

)

(6,250,000

)

(970,415,517

)

(550,000

)

$

(84,021,524

)

(4,650,000

)

$

(720,578,894

)

U.S.

Financials

Shares

sold

...............................................

1,900,000

‌

$

143,376,081

‌

5,000,000

‌

$

374,275,199

‌

Shares

redeemed

...........................................

(2,300,000

)

(170,699,642

)

(7,700,000

)

(565,785,286

)

(400,000

)

$

(27,323,561

)

(2,700,000

)

$

(191,510,087

)

U.S.

Healthcare

Shares

sold

...............................................

500,000

‌

$

138,070,763

‌

2,700,000

‌

$

741,128,167

‌

Shares

redeemed

...........................................

(1,100,000

)

(298,963,552

)

(1,450,000

)

(390,484,900

)

(600,000

)

$

(160,892,789

)

1,250,000

‌

$

350,643,267

‌

U.S.

Industrials

Shares

sold

...............................................

1,200,000

‌

$

127,522,337

‌

3,600,000

‌

$

352,415,178

‌

Shares

redeemed

...........................................

(2,250,000

)

(225,657,708

)

(4,600,000

)

(428,173,476

)

(1,050,000

)

$

(98,135,371

)

(1,000,000

)

$

(75,758,298

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

119

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

10/31/23

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

U.S.

Technology

Shares

sold

...............................................

23,200,000

‌

$

2,451,485,398

‌

45,200,000

‌

$

3,566,859,827

‌

Shares

redeemed

...........................................

(25,800,000

)

(2,824,392,669

)

(13,700,000

)

(1,132,254,321

)

(2,600,000

)

$

(372,907,271

)

31,500,000

‌

$

2,434,605,506

‌

U.S.

Transportation

Shares

sold

...............................................

3,300,000

‌

$

789,697,291

‌

6,150,000

‌

$

1,374,660,180

‌

Shares

redeemed

...........................................

(3,350,000

)

(783,854,742

)

(7,300,000

)

(1,632,174,017

)

(50,000

)

$

5,842,549

‌

(1,150,000

)

$

(257,513,837

)

U.S.

Utilities

Shares

sold

...............................................

800,000

‌

$

59,564,182

‌

3,700,000

‌

$

319,041,354

‌

Shares

redeemed

...........................................

(2,050,000

)

(163,124,332

)

(3,050,000

)

(263,022,589

)

(1,250,000

)

$

(103,560,150

)

650,000

‌

$

56,018,765

‌

Board

Review

and

Approval

of

Investment

Advisory

Contract

120

2023

iShares

Semi-Annual

Report

to

Shareholders

iShares

Dow

Jones

U.S.

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

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)

121

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

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

MSCI

KLD

400

Social

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

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)

122

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

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

123

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(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.

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

MSCI

USA

ESG

Select

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

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,

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

124

2023

iShares

Semi-Annual

Report

to

Shareholders

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

125

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(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

U.S.

Basic

Materials

ETF,

iShares

U.S.

Healthcare

ETF,

iShares

U.S.

Industrials

ETF,

iShares

U.S.

Transportation

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

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,

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

126

2023

iShares

Semi-Annual

Report

to

Shareholders

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

127

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(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.

Consumer

Discretionary

ETF,

iShares

U.S.

Consumer

Staples

ETF,

iShares

U.S.

Energy

ETF,

iShares

U.S.

Financial

Services

ETF,

iShares

U.S.

Financials

ETF,

iShares

U.S.

Technology

ETF,

iShares

U.S.

Utilities

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust’s

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

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)

128

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

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

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

129

Board

Review

and

Approval

of

Investment

Advisory

Contract

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(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

Supplemental

Information

(unaudited)

130

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.

October

31,

2023

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs 

Effective

January

24,

2023,

the

SEC adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Dow

Jones

U.S.

....................

$

0

.694351

‌

$

—

‌

$

—

‌

$

0

.694351

‌

100

%

—

%

—

%

100

%

MSCI

USA

ESG

Select

...............

0

.634168

‌

—

‌

—

‌

0

.634168

‌

100

—

—

100

U.S.

Energy

......................

0

.583099

‌

—

‌

—

‌

0

.583099

‌

100

—

—

100

U.S.

Financial

Services

...............

1

.523270

‌

—

‌

—

‌

1

.523270

‌

100

—

—

100

General

Information

131

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

132

2023

iShares

Semi-Annual

Report

to

Shareholders

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-401-1023

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

FTSE

Russell,

MSCI

Inc.,

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.   Code of Ethics.

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.   Recovery of Erroneously Awarded Compensation.

     

Not applicable

Item 14. 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:	December 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:		December 21, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		December 21, 2023